This study examines how the Delta variant wave of COVID-19 affects the cash holdings of state-owned enterprises (SOEs) in the context of China. Using a difference-in-difference method, we show that SOEs might increase their cash holdings after the Delta variant wave; rigorous government epidemic...

The COVID-19 crisis has brought about unprecedented government actions around the world. Given the background of rigorous government epidemic controls, how firms respond to COVID-19 is still underexplored. Integrated with the government response view, we examine whether CSR can act as a stock...