Abstract We examine the impact of COVID-19 on changes in firm value, and the moderating role of firm-level sustainability performance on this relationship We find that firms domiciled in countries where the COVID-19 impact is more devastating experienced greater decline in firm value The negative impact of COVID-19 on firm value is less pronounced for firms with better sustainability performance Firms domiciled in countries with higher levels of environmental- and stakeholder-value-oriented culture experienced less decline in firm value from the impact of COVID-19 Findings suggest a firm?s stakeholder-value orientation contributes to preserving a firm?s value when general stakeholder value declines
COVID-19 impact, sustainability performance and firm value: international evidence