新型冠狀病毒（COVID-19）傳染性疾病對市場造成意想不到的影響，公司的經理人無法針對這場突發性的衝擊及時因應公司的策略，例如對企業社會責任的政策。因此，COVID-19提供一個獨特的機會研究市場崩盤期間，企業社會責任（CSR）對公司股票價值的影響。此篇的結果發現，疫情造成的股市崩盤中，台灣上市櫃公司的CSR分數與股票收益沒有統計學上的顯著關係。然而，在經營表現分析的結果發現，高CSR分數的公司人均銷售額高於低CSR分數的公司。總體而言，此篇研究並未提供顯著的結果，證明企業社會責任在股市崩盤中提供有效的抗跌策略。

The COVID-19 pandemic has been an unanticipated shock to the global market. Managers generally cannot well adjust their business strategies for this traumatic event. Thus, the COVID-19 pandemic provides a unique opportunity to investigate the effect of corporate social responsibility (CSR) on firm value. I find that CSR scores have no statistically significant relationship with stock returns for Taiwan’s publicly traded firms during the COVID-19 period. However, my operating performance analysis indicates that high-CSR firms have experienced higher sales per employee relative to low-CSR firms. Overall, my mixed findings do not provide compelling evidence that corporate social responsibility is an effective risk mitigation strategy during a worldwide health crisis.

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