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The value of targeted poverty alleviation to stock performance during the COVID-19 period

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  • Ling, Aifan
  • You, Xin

Abstract

Using China’s Targeted Poverty Alleviation (TPA) program as a quasi-natural experiment, we examine how corporate participation in TPA affects firm resilience during the COVID-19 pandemic. Theoretically, our corporate investment model shows that TPA’s implicit benefits can enhance abnormal returns during such a shock. Applying a difference-in-differences (DID) design to Chinese listed firms (2019-2024), we find TPA firms earn significantly higher abnormal returns during the pandemic (0.05% per week and 0.66% per month), and have an effect more pronounced during the COVID-19 period that later attenuated. Underlying mechanisms include improved information disclosure, greater resource access, reduced financial constraints, and enhanced management confidence. The benefits of TPA extend not only to a firm’s real operations, such as its profitability, efficiency, and supply chain stability, but also beyond the firm to positive socio-economic and environmental outcomes, which can build valuable social capital that enhances their resilience during a major external shock.

Suggested Citation

  • Ling, Aifan & You, Xin, 2026. "The value of targeted poverty alleviation to stock performance during the COVID-19 period," Economic Modelling, Elsevier, vol. 155(C).
    • Handle: RePEc:eee:ecmode:v:155:y:2026:i:c:s0264999325003852
    DOI: 10.1016/j.econmod.2025.107390
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    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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