Resilience captures firm capability to adjust to and recover from unexpected shocks in the environment. Being latent and path-dependent, the manifestation of organizational resilience is hard to be directly measured. This article assesses organizational resilience of firms in the context of the COVID-19 pandemic with pre-shock corporate social responsibility (CSR) performance as a predictor that positively influences the level of organizational resilience to the external shock caused by the pandemic. We develop three theoretical mechanisms based on stakeholder theory, resource-based theory, reputation perspective and means-end chain theory to explain how CSR fulfillment in the past could help firms maintain stability to adapt to and react flexibly to recover from the crisis. We examine the relationship in the context of the systemic shock caused by COVID-19, using a sample of 1597 listed firms in China during the time window from 20 January 2020 to 10 June 2020. We find that companies with higher CSR performance before the shock will experience fewer losses and will take a shorter time to recover from the attack.

Failure Mode and Effect Analysis (FMEA) is a reliability analysis technique that plays a prominent role in improving the reliability and safety of systems, products, and/or services. Although commonly used in quality improvement efforts, the conventional Risk Priority Number (RPN) method has been heavily criticized in the literature for its various limitations, such as in failure mode evaluations, risk factor weights, and RPN computation. In this article, we describe the application of an ELECTRE (ELimination Et Choix Traduisant la REalité)-based outranking approach for FMEA within the interval two-tuple linguistic environment. Considering different types of FMEA team members' assessment information, we employ a hybrid averaging operator to construct the group assessment matrix and use a modified ELECTRE method to analyze the group interval two-tuple linguistic data. Furthermore, the new risk-ranking model deals with the subjective and objective weights of risk factors concurrently, considering the degree of importance that each concept has in the risk analysis. The practicality and applicability of the proposed methodology are demonstrated by applying it to a risk evaluation problem of proton beam radiotherapy, and a comparative study is conducted to validate the effectiveness of the new FMEA approach.

This study attempts to investigate the influence of corporate social responsibility (CSR) on firm value. Drawing upon stakeholder theory and a resource-based view, we argue that corporate social responsibility is expected to positively affect firm value because it helps firms gain positive stakeholder responses. Based on longitudinal data of Chinese manufacturing firms listed at Shanghai and Shenzhen Stock Exchange between 2010 and 2015, we use multiple linear regression to find that corporate social responsibility has a positive relationship with firm value and that the relationship between CSR and firm value is weakened for firms with higher advertising intensity, as CSR by these firms gains negative stakeholder responses. State-owned firms were shown to benefit more from CSR, as CSR by these firms gains positive stakeholder responses for such firms.