Corporate Social Responsibility during COVID-19 Pandemic

The critical role of corporate governance in sustainable development goals prioritisation: A 5 P s-based analysis for emerging economies

The UN Sustainable Development Goals (SDGs) were developed in 2015 and serve as the main guide for achieving the 2030 Agenda. This paper analyses the impact of corporate governance (CG) and financial performance (FP) on SDG prioritisation, taking FP as a mediating variable and categorising the SDGs by the five pillars (5 Ps) commonly used for this purpose: People, Planet, Prosperity, Peace and Partnership. For this purpose, structural equations (PLS-SEM) were applied, using a sample of 312 Latin-American firms. The study results show there is a positive relationship between FP, CG and SDG prioritisation. Moreover, FP has a partial mediating role in the relationship between CG and SDG prioritisation. This study is innovative in the context of emerging Latin American economies and suggests paths for future research on this topic that would be of interest to academics, regulators and industry professionals. This paper highlights the important role of CG in helping achieve the objectives of the 2030 Agenda in Latin America. Furthermore, the study has implications for policymakers, showing that CG may enhance companies' FP and their commitment to the SDGs. Accordingly, regulators should establish minimum requirements for all companies regarding the structure and practices of CG. The study findings also have implications for stakeholders and responsible investors, suggesting that companies' level of sustainable development can be assessed via their CG policies.

Factors Affecting the Implementation of Corporate Social Responsibility in the Health Technology Industry in Greece

BACKGROUND

Corporate social responsibility (CSR) is an evolving business strategy worldwide, focusing on the sustainability of the enterprise and the provision of multiple benefits to the societies and economies.

OBJECTIVE

The aim of this paper was to explore the encouraging and deterrent factors for the implementation of CSR actions in companies specializing in pharmaceutical and biomedical products as well as in medical equipment in Greece.

METHODS

A cross-sectional study was conducted (April to June 2021) in member-companies of the Hellenic Association of Pharmaceutical Companies, the Panhellenic Association of Pharmaceutical Industry and the Association of Health-Research and Biotechnology Industry. Data collection was carried out via an anonymous, self-administered questionnaire. Descriptive and inferential statistical analyses were performed, using SPSS version 25 (IBM Corp., Armonk, NY, USA). The significance level was set at p≤0.05.

RESULTS

One hundred twelve questionnaires were distributed, out of which 87 were returned (response rate 77.7%). 81.1% of companies included CSR in their annual strategy, while only 32.4% of them follow the Global Reporting Initiative standards. The majority (62.2%) disposes ≤€100.000 from their annual turnover for CSR actions. The contribution to society and the ethical commitment of the enterprise are stated as the main encouraging factors for CSR, while bureaucracy and the lack of incentives as deterrents. Pharmaceutical companies reported social acceptance as the major CSR enabler compared to other companies (p=0.034), while companies specializing only in medical equipment/biotechnology mentioned industry competition (p=0.003). Bureaucracy has been revealed as the major disincentive for all participating companies. Corporate advertising is found as an important encouraging factor for the adoption of CSR for the international companies compared to the national ones (p=0.023). Moreover, 97.3% stated that the government should reward socially responsible companies by increasing financial incentives.  Conclusion: The health technology industry in Greece implements CSR actions. The company's contribution to society and its ethical commitment are important encouraging factors for CSR, while bureaucracy and lack of government incentives are the main deterrents. The reward of socially sensitive companies by the government would provide significant entrepreneurial and societal benefits, supporting the overall Greek economy.

Seasonal Changes in the Biochemical Composition of Dominant Macroalgal Species along the Egyptian Red Sea Shore

Macroalgae are significant biological resources in coastal marine ecosystems. Seasonality influences macroalgae biochemical characteristics, which consequentially affect their ecological and economic values. Here, macroalgae were surveyed from summer 2017 to spring 2018 at three sites at 7 km (south) from El Qusier, 52 km (north) from Marsa Alam and 70 km (south) from Safaga along the Red Sea coast, Egypt. Across all the macroalgae collected, Caulerpa prolifera (green macroalgae), Acanthophora spicifera (red macroalgae) and Cystoseira myrica, Cystoseira trinodis and Turbinaria ornata (brown macroalgae) were the most dominant macroalgal species. These macroalgae were identified at morphological and molecular (18s rRNA) levels. Then, the seasonal variations in macroalgal minerals and biochemical composition were quantified to determine the apt period for harvesting based on the nutritional requirements for commercial utilizations. The chemical composition of macroalgae proved the species and seasonal variation. For instance, minerals were more accumulated in macroalgae C. prolifera, A. spicifera and T. ornata in the winter season, but they were accumulated in both C. myrica and C. trinodis in the summer season. Total sugars, amino acids, fatty acids and phenolic contents were higher in the summer season. Accordingly, macroalgae collected during the summer can be used as food and animal feed. Overall, we suggest the harvesting of macroalgae for different nutrients and metabolites in the respective seasons.

Market capitalization shock effects on open innovation models in e-commerce: golden cut q-rung orthopair fuzzy multicriteria decision-making analysis

This research paper analyzes revenue trends in e-commerce, a sector with an annual sales volume of more than 340 billion dollars. The article evaluates, despite a scarcity of data, the effects on e-commerce development of the ubiquitous lockdowns and restriction measures introduced by most countries during the pandemic period. The analysis covers monthly data from January 1996 to February 2021. The research paper analyzes relative changes in the original time series through the autocorrelation function. The objects of this analysis are Amazon and Alibaba, as they are benchmarks in the e-commerce industry. This paper tests the shock effect on the e-commerce companies Alibaba in China and Amazon in the USA, concluding that it is weaker for companies with small market capitalizations. As a result, the effect on estimated e-trade volume in the USA was approximately 35% in 2020. Another evaluation considers fuzzy decision-making methodology. For this purpose, balanced scorecard-based open financial innovation models for the e-commerce industry are weighted with multistepwise weight assessment ratio analysis based on q-rung orthopair fuzzy sets and the golden cut. Within this framework, a detailed analysis of competitors should be made. The paper proves that this situation positively affects the development of successful financial innovation models for the e-commerce industry. Therefore, it may be possible to attract greater attention from e-commerce companies for these financial innovation products.

Did Corporate Social Responsibility Vaccinate Corporations Against COVID-19?

Using an international setting consisting of 5410 corporations domiciled in 24 countries, we test the insurance-like effect of corporate social responsibility (CSR) performance in the era of the pandemic and confirm that CSR performance increases socially responsible companies' resilience against the adverse effects of the crisis. Comparing stakeholders' responses to CSR activities during the pandemic and normal periods, we observe that the link between CSR performance and firm value is stronger during the crisis period. We also realize that the social aspect of CSR performance is the main driver for the mentioned effects. Finally, comparing the resilience of highly committed socially responsible companies with those with moderate and very low CSR ratings, we observe that best-in-class companies enjoy the greatest buffering effects, implying that the insurance-like effect of CSR performance is non-linear against systematic crises. Findings are robust to ceremonial CSR activities, extreme values of market-based instruments, endogeneity concern, etc.

CSR and firm value: is CSR valuable during the COVID 19 crisis in the French market?

This study examines the impact of the COVID-19 outbreak on the French stock market and investigates whether companies with a commitment to corporate social responsibility (CSR) were less affected. Examining a sample consisting of 464 French firms, we separate firms that have implemented CSR activities around the event period (considered as active CSR adopters) from CSR-adopters (firms that did not indulge in CSR activities around that period) and non-CSR adopters. The empirical results indicate that active CSR adopters were less affected as some positive returns have been observed around the event date, indicating that their stock prices were relatively resistant to the crisis. The multivariate analysis shows that the French market reacted significantly to CSR strategy and that active CSR adopters are the least affected.

Exploring the Effectiveness of Sustainability Measurement: Which ESG Metrics Will Survive COVID-19?

This paper aims to investigate the current state of play on Environmental Social and Governance (ESG) integration and check the validity of the current metrics system by assessing if it will survive the COVID-19 crisis. By adopting a qualitative research approach through semi-structured anonymous interviews with 14 senior managers of six European listed companies we use a framework by assessing the mechanisms of reactivity on the effectiveness of ESG measures in times of COVID-19. By interpreting the practitioners' points of view through the lens of the sociological framework by Espeland and Sauder (Am J Sociol 113:1-40, 2007) our findings show different mechanisms of reactivity by companies on the effectiveness of ESG measures in times of COVID-19, i.e., active and passive conformity and active resistance. We also identified the main Corporate Social Responsibility (CSR) institutional factors that affect managers' reactivity. An extensive re-formulation of the ESG metrics is required in the light of times of crisis, given that accountability and transparency are strongly linked to quantitative measures which can play a critical role in the financial system and investors' engagement. Particularly, the strict distinction between "E", "S" and "G" issues should be abandoned claiming a different holistic re-design of sustainability measures by considering the increasing relevance of the Social dimension in time of COVID-19. This study provides a valuable contribution to the existing literature on the measurement of sustainability within the link of accountability and crisis by highlighting new corporate needs to re-design the ESG metrics system.

COVID-19 Risk Management and Stakeholder Action Strategies: Conceptual Frameworks for Community Resilience in the Context of Indonesia

The coronavirus disease (COVID-19) pandemic has affected people’s lives globally. Indonesia has been significantly affected by this disease. COVID-19 has also affected certain social and economic aspects of Indonesia, including community resilience. Through a variety of contexts and geographic locales, we explore the previously mentioned concept of resilience. From existing literature reviews, we develop a holistic framework for community resilience during the COVID-19 pandemic. Then, we formulate crucial factors for community resilience during the COVID-19 pandemic: natural capital, social capital, human capital, stakeholder engagement, community participation, technology, and communication. Strategic stakeholder action in the community resilience domain has facilitated increases in economic as well financial capital for adapting to and surviving deficits in productivity in the face of the COVID-19 pandemic. This study is a reflection on and a comparative review of the existing literature from different countries.

The impact of intellectual property protection on the development of digital economy and regional entrepreneurial activity: Evidence from small and medium enterprises

Substantial intellectual property management (IPM) is vital in retaining competitive advantage and managing outbound open innovation (OI), which may enhance an organization's commercialization and entrepreneurial performance. Thus, the objective of this study was to develop an understanding of the impact of intellectual property protection on the development of the digital economy, regional entrepreneurial activity, and explore how IPM can enhance the entrepreneurial performance (EP) through open innovation (OI) and commercialization performance (CP) in the context of small and medium enterprises (SMEs) in Mainland China. Our study also shows how open innovation model constraints (OIMC) and information communication technology (ICT) enhance the performance. Using the organizational performance theory, we developed our research framework and collected usable data from 530 respondents from the management of SMEs in Mainland China. Data analyses were performed using SPSS, and structural equation modeling was performed using Amos 24 to test the hypothesis. Our results highlighted the significant effect of IPM on OI, CP, and EP. This study suggests various conclusions, stressing the mediating function of CP in improving EP and the direct and indirect effects of OI and CP on EP. This study also emphasizes that business managers need to ensure collaboration among SMEs since it is the best strategy to use each other's resources, including OI ideas, to improve the EP, and it should be done utilizing ICT.

Unethical Behaviors of Businesses in the Covid-19 Process

Bu çalışmanın temel amacı, Covid-19 sürecinin zorlayıcı etkilerinden işletmelerin ve tüketicilerin nasıl etkilendiğini ortaya koymak, bu süreçte işletmelerin uyguladığı etik dışı davranışları kavramsal bir model ile test etmektedir. Bu bağlamda işletmelerin etik dışı davranışları en çok fiyat artışları ile çalışan refahında azalma konularında gerçekleştirdikleri, kurumsal sosyal sorumluluğa ise daha fazla yatırım yaptıkları öne sürülmektedir. Ortaya konulan kavramsal model sonucunda işletmelerin fahiş fiyat artışı gerçekleştirdikleri ve haksız kazanç elde ettikleri anlaşılmaktadır. Ayrıca çalışanlarını daha uzun sürelerle ama daha az ücretlerle çalıştırdıkları, azınlık gruplara yönelik uygun olmayan çalışma ortamı sundukları, çalışanlarını süresiz izin almaya zorlamaları ve toplu işten çıkarmalar yaptıkları yine kavramsal model sonucunda ortaya çıkan sonuçlardandır. Salgın sonrasında firma ve markaların tüketicilerin gözünde daha güvenilir ve sorumlu bir kişilik kazanmaları için kurumsal sosyal sorumluluk uygulamalarına ağırlık verdikleri söylenebilir. Henüz Türkçe yazında kapsamlı bir şekilde neredeyse hiç bahsedilmemiş olan, Covid-19 sürecinde işletmelerin sergiledikleri etik dışı davranışları ele almak ve işletmeler, markalar, çalışanlar ve müşteriler nezdinde ne gibi sonuçlara yol açtığını göstermek bu çalışmanın temel amaçlarındandır. Çalışma ile hem literatüre katkı sağlanması hem de çalışmanın Covid-19 pandemisinin firma ve markalara getirdiği finansal sorunları başarılı çalışan refahı ve kurumsal sosyal sorumluluk faaliyetleri ile aşmalarına yardımcı olması beklenmektedir.

Corporate social responsibility budgeting and spending during COVID-19 in Oman: A humanitarian response to the pandemic

COVID-19 is causing economic panic among people, governments, and businesses, requiring greater corporate social responsibility (CSR). Using a sample of Omani-listed firms, this study shows that CSR budgeting and spending have increased considerably during the pandemic. It also shows that CSR budgeting is positively affected by the increase in COVID-19 deaths. CSR spending increases with the number of COVID-19 confirmed and fatal cases. These findings suggest that firms resort to CSR to reduce the negative consequences of the pandemic.

Renewable energy as a source of electricity for Murzuq health clinic during COVID-19

Abstract

A great number of populations of the world, primarily in developing countries, are living in rural areas and are commonly isolated from the grid connection. Unstable power supply and increasing energy prices have significant effects on developing countries, especially during this COVID-19 pandemic. Renewable energy sources can provide sustainable and efficient electricity supply. Murzuq is a rural community situated in the southern part of Libya and endowed with renewable energy resources. While there is high electricity consumption during the lockdown, health clinics also experienced higher energy consumption of longer operating hours and an increased number of electrical appliances. This study investigates the techno-economic assessment of three different hybrid energy systems for health clinics in Murzuq. HOMER (Hybrid optimization model for electric renewables) software tool was used to evaluate the feasibility of employing renewable energy, to provide sustainable energy supply to the clinic. The current unsteady energy supply comes from the national grid and the current energy supply is not sufficient for the clinic's operating hours and requires a sustainable and steady supply. Measured data collected from the health clinic and HOMER software were used to analyze and optimize the change in overall electricity demand for the health clinic before and during the COVID-19 pandemic. The results showed that the photovoltaic/battery hybrid energy system has a lower net present cost, compared to the Photovoltaic/Generator set/ battery hybrid energy system, but higher than the standalone generator set. However, the highest amount of carbon emission associated with the standalone generator set compared to the other two hybrid energy systems disqualifies it from being a suitable contender for the source of electricity for the health clinic. The photovoltaic/battery was deemed to be most economically beneficial in terms of emission reduction and energy price. The outcomes of this investigation will help stakeholders and designers to optimize hybrid energy systems that economically meet the health clinic energy demands, especially during this pandemic.

Graphical abstract

Sustainable Development Goals (SDGs) as a Framework for Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) has been an articulated practice for over 7 decades. Still, most corporations lack an integrated framework to develop a strategic, balanced, and effective approach to achieving excellence in CSR. Considering the world’s critical situation during the COVID-19 pandemic, such a framework is even more crucial now. We suggest subsuming CRS categories under Sustainable Development Goals (SDGs) be used and that they subsume CSR categories since SDGs are a comprehensive agenda designed for the whole planet. This study presents a new CSR drivers model and a novel comprehensive CSR model. Then, it highlights the advantages of integrating CSR and SDGs in a new framework. The proposed framework benefits from both CSR and SDGs, addresses current and future needs, and offers a better roadmap with more measurable outcomes.

The Impact of the COVID-19 Pandemic on the Labor Market: An Analysis of Supply and Demand in the Spanish Municipalities

The COVID-19 pandemic represents the largest health and economic crisis in recent history. It has particularly affected the countries of the Mediterranean area, with serious repercussions in terms of not only infections and deaths, but also economic losses. In particular, social distancing measures, severe restrictions, and lockdowns imposed by governments have had serious repercussions on the labor market. The impact of the pandemic on the labor market has prompted numerous researchers to examine and quantify its consequences. However, mainly macroeconomic analyses have been carried out and there is a lack of studies aimed at examining the impact on the labor market in the individual municipalities. This study aims to bridge this gap by examining the consequences of the COVID-19 pandemic on the supply and demand of labor in Spanish municipalities, and the factors that can influence these levels of employment. The results show the relevance of the characteristics of the business fabric in the supply and demand for employment during the first months of the pandemic. In addition, they show that the economic activity of the municipality and the demographic features of the population condition the labor market.

Socio-economic and corporate factors and COVID-19 pandemic: a wake-up call

The novel coronavirus 2019 (COVID-19) emerges from the Chinese city Wuhan and its spread to the rest of the world, primarily affected economies and their businesses, leading to a global depression. The explanatory and cross-sectional regression approach assesses the impact of COVID-19 cases on healthcare expenditures, logistics performance index, carbon damages, and corporate social responsibility in a panel of 77 countries. The results show that COVID-19 cases substantially increase healthcare expenditures and decrease corporate social responsibility. On the other hand, an increase in the coronavirus testing capacity brings positive change in reducing healthcare expenditures, increased logistics activities, and corporate social responsibility. The cost of carbon emissions increases when corporate activities begin to resume. The economic affluence supports logistics activities and improves healthcare infrastructure. It linked to international cooperation and their assistance to supply healthcare logistics traded equipment through mutual trade agreements. The greater need to enhance global trade and healthcare logistics supply helps minimize the sensitive coronavirus cases that are likely to provide a safe and healthy environment for living.

Role of Islamic Banking during COVID-19 on Political and Financial Events: Application of Impulse Indicator Saturation

This paper attempts to detect the unavoidable impacts of COVID-19 on geopolitical and financial events related to Islamic banking and the finance sector in Pakistan. It considers only those major events that triggered imbalances in the equity prices of selected Islamic banks. Employed here is the GARCH model, used to predict the volatility series using daily data from January 2007 to July 2020. The Impulse Indicator Saturation (IIS) helps to identify the structural breaks due to COVID-19, as well as the effects of political and financial events on the returns and volatility series of Islamic banks. The results indicate that all the events due to COVID-19 are significant. While 19 out of 21 political and financial events impacted the returns and volatility series, there were only 2 political events out of 18 that showed no significant effect on the returns and the volatility series. The state’s and Islamic banks’ policymakers can use these results to build an effective and sustainable financial policy regarding Islamic finance and the banking sector.

Pharmaceutical Industry's Engagement in the Global Equitable Distribution of COVID-19 Vaccines: Corporate Social Responsibility of EUL Vaccine Developers

(1) Objectives: Inequality in the global distribution of COVID-19 vaccines has brought about great challenges in terms of resolving the pandemic. Although vaccine manufacturers are undoubtedly some of the most influential players, studies on their role in global vaccine distribution have been scarce. This study examined whether the pharmaceutical industry is acting according to the principles of corporate social responsibility (CSR) during the pandemic. (2) Methods: Three categories were used to analyze the CSR of vaccine developers. The first was research and development: effectiveness, funding, and profits were measured. The second was transparency and accountability: the transparency of clinical trials and vaccine contracts was analyzed. The final was vaccine delivery: the status of the provision of vaccines to COVAX and lower-income countries, intellectual property management, manufacturing agreements, and equitable pricing were measured. (3) Results: Vaccine developers have acquired large profits. The vaccine delivery category faces the most challenges. Participation of pharmaceutical companies through COVAX was significantly low, and most vaccine supply agreements were secretive, bilateral deals. It was not clear if companies were maintaining equitable pricing. The evaluation indicated that the companies' CSR practices have differed during the pandemic. (4) Conclusions: Our study contributes to the methodology of assessing the CSR of vaccine developers. This would help understand the current COVID-19 vaccine distribution inequality and propose that pharmaceutical companies re-examine their roles and social responsibilities.

The impact of COVID-19 on business perspectives of sustainable development and corporate social responsibility in China

The new coronavirus (COVID-19) has generated an unprecedented degree of social and economic impact on the planet, but few researchers have explored the repercussion of COVID-19 for sustainable development (SD) and corporate social responsibility (CSR), especially from the perspective of Chinese businesses. This paper is the first to outline the priority changes of both SD and CSR over the period of COVID-19 incidence in China. An online questionnaire survey of 1161 owners and managers of Chinese companies was conducted, and respondents were asked to score the priorities of their company over the pre, during and post COVID-19 periods. The research was carried out at the end of the first COVID-19 wave in China but during the period of lockdown in some parts of the country. It was found that there was a priority change regarding three dimensions of sustainable development and 13 aspects of CSR. While the social dimension of SD was prioritized during and post COVID-19, the environmental dimension was the only one deemed to be less important and less prioritized over the longer term after the pandemic. The top three short-term CSR priorities were having in place a workplace health and safety plan, engaging in philanthropic activities and protecting biodiversity, and the top three longer-term CSR priorities were job creation, protecting biodiversity and having in place a workplace health and safety plan. Environmental protection and using clean energy were not reported as a CSR priority. The paper concludes that China's recovery mode cannot be called 'green' and suggests ways this could be changed.

Assessment of the Impact of Social Responsibility on Poverty

Being one of the open social innovations of business entities, social responsibility is taking an important role in our society. It not only contributes to the improvement of the financial indicators of business entities, but also has a significant impact on the economic development of countries and the creation of well-being of the society members. The business contribution to environmental and social initiatives influences various economic processes and, at the same time, affects the level of poverty in countries. The purpose of this thesis is to review the concept of social responsibility and its content after the analysis of the scientific literature, and to assess the impact of social responsibility on poverty indicators after an empirical study. The assessment was performed by using the methods of analysis of the scientific literature, mathematical–statistical analysis, comparative analysis, correlation analysis, as well as by studying the presented statistical data at the level of the three Baltic States — Lithuania, Latvia, and Estonia. The conducted research manifested a significant impact of the business units operating in the production sector on the employed people who are at the brink of poverty, by categorizing them by sex, age, and education. The research revealed the negative impact of the business social responsibility that is directed towards the environment field on the poverty rates of older age (65+) residents, due to the installation of new equipment and technologies. Additionally, business investments mostly affect people with secondary, and lower than secondary, education. The influence of the actual pollution amount in the production sector, to ensure the financial stability of the society, was observed. The research results are significant not only to the Baltic region, but to other economies that are seeking to reduce the poverty level in the country, by integrating the business social responsibility as well.

The Sustainable Socially Responsible Society: Well-Being Society 6.0

The purpose of this study is to introduce Sustainable Socially Responsible Society 6.0 as a new concept that is supposed to extend ‘Corporate Social Responsibility’ to the entire society for humankind to gain a new chance to survive beyond the dangerous neoliberalism that abuses the market and democracy to the benefit of very few humans—the richest one percent and a few around them—and beyond Society 5.0. This study aims to define the framework conditions of ‘Well-being Society 6.0’, where humans can both achieve and define their targeted quality of life, including work–life balance, etc. Mulej’s Dialectical Systems Theory provides requisite (i.e., sufficient and necessary) integrity/holism of approach that leads to a Sustainable Socially Responsible (SSR) Society without overlooking the necessity of personal, including managerial, responsibility. Most humans try to satisfy their basic survival needs by management, which is requisitely holistic; it can and shall contribute to setting the framework conditions, foremost with non-technological innovation management. The Economy for the Common Good can contribute to SSR Society 6.0, including ‘Well-being society’. In addition, in 2019–2021 humankind is experiencing the ‘new Corona Virus’ crisis, killing millions, but also enabling a crucial step toward a well-being society by returning worldwide economic governance from neoliberalism to Keynes-based state capitalism with no loud objections.

The impact of hotel CSR for strategic philanthropy on booking behavior and hotel performance during the COVID-19 pandemic

During the novel coronavirus (COVID-19) pandemic, some hotels have engaged in corporate social responsibility (CSR) activities to help overcome the crisis. Given that most existing research examines the impact of hotel CSR on a single stakeholder, how hotel CSR activities in a crisis are perceived by multiple stakeholders is unknown. Drawing on the concept of strategic philanthropy, this study examines the impact of hotel CSR activities during the pandemic, such as providing accommodations to healthcare workers, on hotel firms' market value and prospective hotel customers' booking behavior. Adopting mixed-methods approach, this study finds negative impacts of hotel CSR for strategic philanthropy on firm market value and customer booking behavior. The study result indicates that the value of hotel CSR depends on the nature and environmental contexts of CSR. Specific theoretical and practical implications are provided.

Reimagining Corporate Social Responsibility in the Era of COVID-19: Embedding Resilience and Promoting Corporate Social Competence

The debate over corporate objectives and how companies deal with amplified existing societal inequalities and vulnerabilities has received increasing attention in recent years, especially in the wake of the COVID-19 crisis. The pandemic encouraged companies and policy makers to consider ways to develop a more enabling institutional environment, not only to tackle the ongoing crisis but also to prepare for similar future tests. Against this backdrop, the purpose of this paper is to focus on the significance and effectiveness of ex ante corporate social responsibility (CSR) law approaches in tackling the challenges brought by the pandemic. We investigate the uniqueness of the sustainable development challenges in the era of the pandemic, and introduce “corporate social competence” as a compliance principle in response to the need for forward-looking approaches to risk management and strategic planning. We use two ex ante legislative approaches in company law, namely mandatory CSR policy and legally recognised inclusive business models, as examples to illuminate the contribution of company law to navigate the pandemic beyond philanthropic CSR actions.

Corporate Social Responsibility in the COVID-19 Pandemic Period: A Traditional Way to Address New Social Issues

The COVID-19 pandemic has had serious health, social and economic consequences. In this difficult context, companies are called upon to implement corporate social responsibility (CSR) activities to support society and the weakest individuals. This study examines how Spanish companies have supported society and vulnerable individuals through partnerships with non-governmental organizations (NGOs). In this regard, a multiple case study analysis based on 14 companies listed on the Madrid Stock Exchange that have created collaborations with different NGOs was conducted. The results show that these partnerships are mainly aimed at providing food, health, social and technological support to society and vulnerable individuals. To the best of our knowledge, this is the first study that examines the support provided by companies to society during the COVID-19 pandemic in the European context.

Different Leaders in a COVID-19 Scenario: CEO Altruism and Generous Discourse

Academic literature has begun to be interested in the informational gaps between what companies say and do in relation to their financial performance and their commitment to society and the environment, identifying the use of self-protection and self-enhancement strategies before their interest groups. In this research, based on a statistical analysis of textual data and a correspondence analysis, the sentiment of the discourse that Spanish CEOs have held with their stakeholders regarding the operational and strategic decisions they made in the face of COVID-19 is analysed. The evidence shows that managers who promptly reported negative news regarding divestments, cutting expenses and destroying jobs, used the epidemic as justification. The leaders who combined these decisions with responsible actions—focused on the ethical and commercial sustainable dimensions—adopted an approach with a different degree of self-enhancement to value their responsible decisions. In contrast, optimistic CEOs, altruistically committed to society, opted for more personal, emotional, dynamic and constant channels and procedures, avoiding selfish attributions for their actions.

Pandemic Uncertainty and Socially Responsible Investments

This paper examines the effects of pandemic uncertainty on socially responsible investments. We use the overall corporate sustainability performance index in the Global-100 Most Sustainable Corporations in the World dataset to measure socially responsible investments. The global pandemic uncertainty is also measured by the World Pandemic Uncertainty Index. We focus on the panel dataset from 2012 to 2020, and the results show that the World Pandemic Uncertainty Index is positively related to socially responsible investments. The main findings remain significant when we utilize various panel estimation techniques.

The Response of Islamic Financial Service to the COVID-19 Pandemic: The Open Social Innovation of the Financial System

Novel Coronavirus, also known as COVID-19, is a health emergency that is having an ever-growing impact on the global economy. COVID-19 has caused economic disruption at an unprecedented speed and scale. The economic costs it will bring to society can only be measured in times to come. Millions of people across the globe have already become unemployed, and similarly, millions of businesses have either shut down or are on the verge of collapse. It is a great challenge for policymakers to minimize the economic impact of COVID-19 and put the economy on a growth trajectory once again. Unfortunately, there is so far no country in the world that can be viewed as a role model for its economic response to the COVID-19 pandemic. The present study proposes Islamic finance as a potential tool to help affected economies safely pass through the economic crisis resulting from the pandemic. This study identifies a four-stage COVID-19 model and proposes ten innovative Islamic financial services for each stage of the pandemic. In addition, it analyzes how these services can be effectively utilized at different stages to overcome the economic damage caused by the pandemic.

The Influence of Female Directors and Institutional Pressures on Corporate Social Responsibility in Family Firms in Latin America

This paper has two main aims. Firstly, we examine whether, given a critical mass of female board members, their presence has a different effect on the firm’s CSR practices according to its family or non-family nature. We then consider whether the moderating role of the institutional environment in Latin America enhances the role of female directors in influencing the board’s attitude towards CSR strategies. The results obtained—from a sample of 22,958 observations, corresponding to an unbalanced data panel of 5124 companies for the period 2010–2016—confirm our hypothesis and also highlight the existence of type I (organisational) and type II (institutional) compensation effects, which reduce or eliminate differences between family and non-family firms, whether or not they are located in Latin American countries.

Communication Strategies for the 2030 Agenda Commitments: A Multivariate Approach

Companies are fully aware of the importance of including the Sustainable Development Goals (SDGs) in their corporate social responsibility (CSR) strategies, and of the importance of ensuring that the information disclosed allows groups to be identified. The business contribution to the 2030 Agenda is of interest, as it entails an accurate representation of company identity and is congruent with its contribution to the 2030 Agenda. For it, a content analysis of the business communication of 69 Spanish companies with their stakeholders was carried out in order to identify the possible existence of impression management practices. The evidence obtained indicates that although certain companies have adopted strategies to legitimise their contribution through self-promoting information or terms that allow diverting attention from irresponsible behaviour, companies that show a commitment to the 2030 Agenda do not make use of the information disclosed to manage stakeholder perceptions. Theoretically, our research contributes to increasing current knowledge about corporate communication strategies related to non-financial information, and identifying strategies to legitimise and manage impressions in the information related to the SDGs initiatives.