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The Frontiers of Society, Science and Technology, 2023, 5(4); doi: 10.25236/FSST.2023.050402.

The Capital Market Reaction of Medical Enterprises’ Philanthropic Donation during COVID-19 Pandemic


Jinfeng Zhu, Lu Wei, Ruiqi Lin

Corresponding Author:
Lu Wei

School of Business, Xi'an International Studies University, Shaanxi, Xi'an, China


Based on the medical enterprises’ donation data during COVID-19 pandemic, using the event study method, this paper tested the capital market reactions of corporate donation announcements, taking the Yatai Group and Northeast Pharm as examples. The conclusions show that the economic consequences of corporate philanthropy is very different. The stock prices of Yatai Group increased after the donation, while Northeast Pharma’s donation did not bring positive effects. Further, we analyzed the influencing factors of such a difference and put forward suggestions for corporate strategic philanthropy.


Event research method; Capital market reaction; Strategic philanthropy

Cite This Paper

Jinfeng Zhu, Lu Wei, Ruiqi Lin. The Capital Market Reaction of Medical Enterprises’ Philanthropic Donation during COVID-19 Pandemic. The Frontiers of Society, Science and Technology (2023) Vol. 5, Issue 4: 11-15. https://doi.org/10.25236/FSST.2023.050402.


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