Information Exposure and Corporate Citizenship

71 Pages Posted: 1 Jan 2021 Last revised: 6 Dec 2021

See all articles by Lisa Yao Liu

Lisa Yao Liu

Columbia Business School

Shirley Lu

Harvard Business School

Date Written: September 1, 2021


We explore how information exposure, specifically information transmission within organizations, facilitates companies’ roles as corporate citizens. We study whether US firms’ business networks with China and Italy become their information advantage, and examine whether firms use relevant information to mitigate the negative shocks of COVID-19. We start by validating our measurement of information exposure. Next, we find that a higher number of work-from-home (“WFH”) policies, as evidenced by a higher stay-at-home ratio, are implemented in areas with more information-exposure companies, even before local governments impose a lockdown. To further demonstrate corporate citizenship, we document firms’ positive social impact — lower COVID-19 growth and an influence on other firms’ WFH policies — and show suggestive evidence on firms’ social motives.

Keywords: Information mechanism, information transmission, business networks, COVID, corporate citizenship

JEL Classification: D83, D85, G3, M14

Suggested Citation

Liu, Lisa Yao and Lu, Shirley, Information Exposure and Corporate Citizenship (September 1, 2021). Available at SSRN: or

Lisa Yao Liu (Contact Author)

Columbia Business School ( email )

3022 Broadway
New York, NY 10027
United States

Shirley Lu

Harvard Business School ( email )

Boston, MA 02163
United States

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