Numerous organizational researchers have acknowledged that COVID-19 reduced the profit in the tourism industry. Some tourism firms decreased the cost by reducing the investment of CSR in order to increase the profit. However, the relevant literature remains scarce. The main purpose of this study is to explore the effect of COVID-19 on CSR investment in the tourism industry. This study fills the gap between stakeholder and cost stickiness theories. Based on a quasi-experiment of listed Chinese tourism companies from 2017 to 2021, the study finds that COVID-19 caused tourism firms to increase strategic CSR and decrease a responsive one. In addition, tourism firms that adopted cost leadership strategies trimmed responsive CSR more than strategic CSR. Tourism firms with differentiation leadership strategies increased strategic and decreased responsive CSR. Tourism firms with higher levels of political connections increased responsive CSR, while tourism firms with higher organizational resilience increased strategic CSR. At the theoretical level, this study reveals the theoretical mechanism of COVID-19 on tourism firms’ adjustment of CSR from the perspective of cost stickiness. On a practical level, it helps inform tourism firms’ decision-making regarding CSR adjustments for sustainable development when they face widespread crisis scenarios.

Although numerous organizational researchers have acknowledged that COVID-19 shocks reduced the tourism industry’s financial performance, relevant literature remains scarce. Do tourism firms reduce corporate social responsibility (CSR) investments to decrease costs? The answer is unclear. This study fills the gap between stakeholder and cost stickiness theories. Based on a quasi-natural experiment of listed Chinese tourism companies from 2017 to 2021, the study finds that the COVID-19 shock caused tourism firms to increase strategic and decrease responsive CSR. In addition, tourism firms that adopted cost leadership strategies trimmed responsive CSR more than strategic CSR. Tourism firms with differentiated leadership strategies increased strategic and decreased responsive CSR. Tourism firms with higher levels of political connections increased responsive CSR, while tourism firms with higher organizational resilience increased strategic CSR. At the theoretical level, this study reveals the theoretical mechanism of the COVID-19 epidemic’s shock on tourism firms' adjustment of CSR from the perspective of cost stickiness. On a practical level, it helps inform tourism firms’ decision-making regarding CSR adjustments for sustainable development when they face widespread crisis scenarios.

In the new model of China’s dual-circulation economy, the opening-up and deepening of financial markets have imposed higher requirements on the risk management capacity of financial institutions, with the issue of loan customers losing contact and defaulting becoming an urgent concern. Based on desensitized samples of lost-linking customers (with multidimensional features such as communication behavior and loan qualifications), this study uses the FP-Growth algorithm to systematically mine association rules between loss-of-contact features and three modes: “Hide and Seek”, “Flee with the Money”, and “False Disappearance”, providing effective risk management strategies for financial institutions. Through association rule mining, this study reveals significant correlations between some feature combinations and lost-linking modes. The results reveal substantial variations in correlation strength among different feature combinations and lost-linking modes, and the association strength increases significantly with the prolongation of overdue time. The results provide banks with quantitative early warning signs based on feature combinations, which can be applied to risk-grading monitoring systems. The research emphasizes the requirement for combined analysis of multidimensional features and dynamic monitoring in precise risk control.