Corporate Social Responsibility and Organizational Resilience to COVID-19 Crisis: An Empirical Study of Chinese Firms

PLTS/ARAS-based financing risk resilience capability evaluation for fisheries enterprise: A case study of green transformation and upgrading

Clearly delineating the key capabilities of organizational resilience for fisheries enterprises holds significant practical implications, as it can mitigate financing risks and foster the sustainable development of the fisheries industry. Based on the "dynamic capabilities perspective", this study constructs an analytical framework for the resilience capabilities of fisheries enterprises against financing risk. A hybrid method comprising the probabilistic linguistic term set, the decision-making trial and evaluation laboratory, and the additive ratio assessment is applied to a case study of Homey Group, examining the diverse pathways through which financing risk forms and impacts outcomes. The main findings are: (1) In the comprehensive assessment of the role of resilience capabilities in addressing the "Risk-Seeking-Decline Type" financing risk factors, market diversification and sustainable practices are accorded higher weights surpassing financial resources as the two most value-enhancing resilience capabilities. Enterprises characterized by a "Risk-Seeking-Loss Type" profile tend to assign higher weights to market diversification and technological infrastructure when evaluating financing risk resilience capabilities. (2) Regarding the key capabilities of organizational resilience, Homey Group possesses a weak risk management system for monitoring and evaluating significant risks and implementing control activities. (3) With regards to suggestions for improvement, it is advisable to delegate oversight of the risk identification process to a designated risk committee or specialists in risk management. The conclusions contribute to a deeper understanding of the nature and mechanism of resilience capabilities for fisheries enterprises and provides implications for risk management and sustainable development.

From crisis to responsibility: The role of industry type, leadership style, and regulatory environment in shaping post-COVID-19 CSR initiative

Corporate social responsibility (CSR) is a major concern in modern industries. Chinese industries are growing rapidly and delivering products and services to the market. The Covid-19 pandemic has changed the working style of every type of industry. The objective of this research was to determine the influence of leadership style and industry type on the regulatory environment. This research also aims to determine the impact of the regulatory environment on CSR from the perspective of Chinese industries. Data based on a sample size of 599 was used for data analysis, and Smart PLS 3.0 was used for the results of measurement model assessment and structural model assessment. This study highlighted that industry type and leadership style have a significant positive impact on the regulatory environment and CSR. The framework of this research is based on the identified research gap, and the findings of this study are significant for Chinese policymakers. Furthermore, the research also asserted practical implications that are reliable to advance practices in the regulatory environment and achieve CSR by Chinese firms. This study has several limitations that are required to be significantly addressed for the sustainability of organizations.

Green management, access to credit, and firms' vulnerability to the COVID-19 crisis

This paper investigates the consequences of the COVID-19 crisis on firms' performance and financial vulnerability. Exploiting longitudinal firm-level data from the World Bank's "Enterprise Surveys follow-up on COVID-19" for 20 European countries, we assess whether green management quality and pre-pandemic credit access difficulties affect firms' ability to withstand the negative impact of the pandemic. Our results indicate that green firms are more resilient to the pandemic shock. In particular, the likelihood of pandemic-induced drops in sales and liquidity significantly decreases as the quality of green management improves. Conversely, prior financing constraints strongly exacerbate the pandemic's impact on firms' performance and amplify liquidity stress and financing problems. Credit-constrained enterprises are not only more likely to experience liquidity shortages and repayment problems, but they also face higher difficulties in accessing bank financing. The COVID-19 crisis has also hampered the beneficial role that green management exerted on access to credit in the pre-pandemic period. During the pandemic, firms with sound environmental management practices do not benefit from improved access to finance and have a lower demand for credit, possibly suggesting a slowdown in their green investment activities.

Supplementary information

The online version contains supplementary material available at 10.1007/s11187-023-00759-1.

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.

Female analysts and COVID-19 corporate donation

This paper examines the impact of female analysts' coverage on firm's philanthropic activities amidst the outbreak of the COVID-19 pandemic in China. Using a hand-collected dataset of corporate philanthropy, the paper provides robust evidence that firms covered by female analysts are more likely to contribute actively to the well-being of societies by increasing corporate donation. This positive relationship is more pronounced if the company is privately controlled or covered by female analysts with more working experience, or located in more infectious provinces. Overall, our findings call for more female analyst recruitment, yielding benefits of pressuring firms to engage in philanthropy.

Business as (un)usual: A qualitative study of clerkship experiences during a health crisis

INTRODUCTION

During a health crisis, hospitals must prioritise activities and resources, which can compromise clerkship-based learning. We explored how health crises affect clinical clerkships using the COVID-19 pandemic as an example.

METHODS

In a constructivist qualitative study, we conducted 22 semi-structured interviews with key stakeholders (i.e. medical students and doctors) from two teaching hospitals and 10 different departments. We used thematic analysis to investigate our data and used stakeholder theory as a sensitising concept.

RESULTS

We identified three themes: (1) emotional triggers and reactions; (2) negotiation of legitimacy; and (3) building resilience. Our results suggest that the health crisis accentuated already existing problems in clerkships, such as students' feelings of low legitimacy, constant negotiation of roles, inconsistencies navigating rules and regulations and low levels of active participation. Medical students and doctors adapted to the new organisational demands by developing increased resilience. Students responded by reaching out for guidance and acceptance to remain relevant in the clinical clerkships. Doctors developed a behaviour of closing in and focused on managing themselves and their patients. This created tension between these two stakeholder groups.

CONCLUSION

A health crisis can critically disrupt the hierarchical structure within the clinical clerkships and exacerbate existing conflicts between stakeholder groups. When medical students are not perceived as legitimate stakeholders in clinical clerkships during a health crisis, their attendance is perceived as unnecessary or even a nuisance. Despite increased student proactiveness and resilience, their roles inevitably shift from being doctors-to-be to students-to-be-managed.

The Start-Up Manager in Times of Crisis: Challenges and Solutions for Increasing the Resilience of Companies and Sustainable Reconstruction

The effects of the COVID-19 pandemic, amplified by the Russian–Ukrainian military conflict, have had a significant impact on economies and industries around the world, with serious implications for the activities of companies, including start-ups. In this context, this paper aims to examine the challenges and critical issues faced by the managers of start-ups during crises, and to identify solutions for increasing the resilience of companies and moving towards sustainable business reconstruction. Given that there are currently only limited data related to the long-term economic consequences of the COVID-19 pandemic on start-ups, and especially concerning the implications of the Russian–Ukrainian war, we use a qualitative research approach to explore Romanian start-up managers’ perceptions of how this difficult context affects their businesses, taking into account the economic, social, and psychological factors that affect their management. The issues faced by start-up managers in times of unprecedented crisis in recent history are highlighted. The results of the research identify response measures that can contribute to increasing companies’ resilience, helping start-up managers to overcome critical events, and making sustainable choices for subsequent business recovery and reconstruction.

COVID-19 Pandemic and SMEs Performance Decline: The Mediating Role of Management Innovation and Organizational Resilience

It is a major practical problem to find out a pathway for firms to quickly recover from the performance decline in the context of the COVID-19 pandemic and other sudden major crisis in the current academic circles. Based on event system theory and structural adjustment to regain fit model, this paper empirically explores the impact of the COVID-19 pandemic on SMEs performance decline and discusses the management innovation response and organizational resilience mechanism of firms by virtue of the questionnaire survey data of SMEs in Guangdong Science and Technology Park in China. The research results elucidate that the criticality and disruption of the COVID-19 pandemic will not only lead to the SMEs performance decline, but also enable SMEs to carry out management innovation. Moreover, management innovation does not directly curb the SMEs performance decline caused by the COVID-19 pandemic, but indirectly inhibit it by promoting organizational resilience. In other words, the COVID-19 pandemic will indirectly promote organizational resilience through firm management innovation, thereby curbing the SMEs performance decline. A path of management innovation response and organizational resilience to reverse the performance decline can be obtained in the study when SMEs confronting sudden major crisis. Furthermore, the study also expands the application scope of structural adjustment to regain fit model, which provides a useful reference for firm crisis response and sustainable development.

Corporate social responsibility and COVID ‐19: Prior reporting experience and assurance

The novel COVID‐19 has created an exogenous shock to capital markets and, hence, an ideal opportunity for researchers to assess whether CSR‐related activities provide an insurance‐like mechanism to protect firms against the shock. Using a large sample of 4361 firms domiciled in 40 countries, we investigate the roles of CSR reporting and assurance in the negative consequences of COVID‐19 on firm value. The results confirm that prior CSR reporting experience buffers firms against the adverse effects of the health crisis. The results also support that not only does the assurance on CSR reports create a buffering effect against the health crisis, but it also intensifies the buffering effects of prior CSR reporting experience against the pandemic. Moreover, using difference‐in‐difference method for testing the link between CSR reporting and firm value, we show that the positive association of reporting and assurance with firm value is more pronounced during the pandemic as compared with the years preceding it. The results of this study are robust to various analyses. Replicating the analyses to the context of the global financial crisis, we find that prior CSR reporting experience and assurance provide similar buffering effects when a market is exposed to various exogenous shocks. The results also hold for the mandatory disclosure regimes. By distinguishing first and subsequent reports and assurance, we show that, unlike subsequent CSR reports and assurance, the initial ones cannot mitigate the negative effects of the crisis on firm value, indicating that stakeholders take into account longer‐term CSR reporting experiences. Aside from reporting and assurance aspects of CSR, we analyze the role of CSR report's quality and accuracy and show that the adoption of Global Reporting Initiatives (GRI) frameworks can enhance socially responsible firms' resilience against systematic shocks.

Environmental performance and firm financing during COVID-19 outbreaks: Evidence from SMEs

The COVID-19 pandemic has resulted in substantial constraints for small and medium enterprises (SMEs) worldwide. The techniques in which SMEs handle recent crises and the degree to which environmental performance is advantageous when the marketplace experiences an adverse shock is fairly untouched in the literature. To assess this probability, we examine, using data from 6,597 SMEs in 13 developing countries, the effect of firm environmental efficiency on firm financing during the COVID-19 outbreak. We consider three aspects of external financing - bank, non-bank and trade credit - and suggest that it pays for firms to show devotion to environmental obligations in a global pandemic. Our research implies that the trust between a firm and its stakeholders, if it is based on environmental performance, pays off during periods of shock and adversity.

Changes in Corporate Responsibility Management during COVID-19 Crisis and Their Effects on Business Resilience: An Empirical Study of Swiss and German Companies

The COVID-19 pandemic has affected the activities and performance of companies worldwide. This article examines in what ways corporate responsibility management and corporate responsibility reporting activities have changed during the COVID-19 crisis in Switzerland and Germany, and how corporate responsibility management is related to aspects of business resilience in terms of maintaining expected financial performance during the COVID-19 crisis in Swiss companies. To answer these questions, we conducted a quantitative and qualitative content analysis of company reports of the top 10 Swiss and German companies in terms of market capitalization, as well as a quantitative survey among Swiss managers. Our results show that during the period under consideration, (i) a majority of the companies analyzed in Switzerland and Germany expanded their sustainability reporting, both overall and in all sustainability dimensions; (ii) there is a tendency for corporate responsibility management to move away from upstream and downstream sustainability topics and focus more on in-house sustainability topics; and (iii) there is a correlation between the two corporate responsibility topics of local recruitment and occupational health and expected financial performance as an aspect of maintained business resilience in times of crisis.

The philanthropic response of substantive and symbolic corporate social responsibility strategies to COVID-19 crisis: Evidence from China

The COVID-19 epidemic broke out in China in January 2020, which triggered the largest wave of corporate philanthropic donations since the 2008 Sichuan earthquake. Based on A-share listed firms in the Shanghai and Shenzhen stock exchanges in 2020, we study whether substantive and symbolic corporate social responsibility (CSR) strategies affect corporate philanthropic responses during the COVID-19 crisis. We use the lagged annual donation and technical dimension scores (T scores) of rankins ratings (RKS) as proxies of CSR performance and CSR disclosure and then define the CSR gap as the gap between the two. The results show that substantive and symbolic strategies cause firms to have material differential responses in the COVID-19 crisis. Specifically, the CSR gap is negatively related to the possibility and the level of crisis donation. In addition, (1) this difference is more pronounced in the earlier period of the COVID-19 crisis; (2) the negative correlation is more pronounced in private firms; and (3) the crisis donation of firms with either strategy obtains no different response from the capital market. Our evidence suggests that the established CSR strategy influences the substantive response of Chinese firms to public emergencies, but their substantive response does not result in different reactions in the capital market.

ESG scores and the response of the S&P 1500 to monetary and fiscal policy during the Covid-19 pandemic

Examining the S&P 1500 stocks, the responses of the stocks to fiscal and monetary policy are found to differ due to E, S and G scores by the type of legislation. Non-Financial firms that manage environmental and governance risks better performed better over the pandemic. Part of this was due to their high environmental and governance scores allowing them to hedge the negative effects of the announcements of fiscal policies during the pandemic.

Analyzing the impact of COVID-19 on environmental innovations in manufacturing firms

COVID-19 has had a significant impact on the manufacturing industry, and manufacturers have responded to the crisis in different ways. This study investigates Norwegian manufacturers' response to the crisis, particularly how it has influenced their adoption of environmental innovations. More specifically, the study investigates whether firms choose "general" or "green" strategic responses to the crisis and how this influences the overall adoption of environmental innovations. In addition, the study investigates how the degree of environmental innovation adoption occurring before COVID-19 affects how the crisis impacted firms. The study adopts a quantitative research approach using survey data from 526 manufacturing firms-a representative sample of manufacturers in Norway. The findings reveal that those manufacturers the most environmentally innovative before COVID-19 were more impacted by the crisis. Moreover, firms adopted both general and green responses to the crisis, and the overall conduction of environmental innovations decreased during the pandemic. The main contribution is the empirical findings related to the overall impact of COVID-19 on sustainability-oriented manufacturing. The implications are discussed for both theory and practice.

New Strategies to Explain Organizational Resilience on the Firms: A Cross-Countries Configurations Approach

Organizations need to develop their resilience to foster future success to survive complex environments. This research conducts a comparative analysis to understand firms’ strategies in a “black swan” event. We use the “strategy tripod” to operationalize resilience theory and explain the configurations or pathways that lead to high organizational resilience in a crisis context. The data correspond to 1936 firms drawn from the “Enterprise Survey 2020 for Innovation and Entrepreneurship in China (ESIEC)”, and to 66 Central American firms drawn from the “World Bank 2020 Enterprise Surveys” are also analyzed. The methodological approach fuzzy set qualitative comparative analysis (fsQCA) is applied. We discuss and analyze the strategies of companies in this “new normal”; our results establish that in the case of emerging economies, organizational innovation seems to be a necessary condition for becoming an organizational resilience to a black swan crisis (finding from both cases). We also found that labor flexibility and emotional intelligence for the case of firms from China, and adequate control of the turbulence environment for the cases of Central America, were also necessary conditions for each region. We further argue that digitalization depends on access to government support for its success. China reinforces its strategies in an intensification of human resources flexibility. In addition, they are better prepared for the “black swan” crisis, allowing them to adapt quickly and generate business model innovation to mitigate the effects of the pandemic in this “new normal.” In contrast, Central America needs rapid organization for organizational resilience.

Organisational resilience in the COVID-19: A case study from China

The sudden outbreak of coronavirus disease-2019 (COVID-19) sparked widespread concern about organisational resilience in the management domain. The resources, operations and practices of organisational resilience have to be considered in particular contexts at different stages and in relation to numerous inputs, processes and outputs. Selected as one example, the preparation, response and development of a retail supermarket's management and operations in China is examined through an empirical case study. Supply chain and digital construction, improvisational ability, system management and corporate social responsibility all played a positive role in this organisation's response to the outbreak of COVID-19 (2019–2020) in the Chinese management context. Organisational resilience is reflected in the case study organisation's self-interested and altruistic policies and practices. The case provides valuable insights on efficacious management practices for organisational resilience building in the retail industry.

Resilience in Organizations: An Integrative Multilevel Review and Editorial Introduction

The interest of organization and management researchers in the resilience concept has steadily grown in recent years. Although there is consensus about the importance of resilience in organizational contexts, many important research questions remain. For example, it is still largely unclear how resilience functions at different levels of analysis in organizations and how these various levels interact. In this special issue, we seek to advance knowledge about the complex resilience construct. For laying a foundation, in this editorial introduction we offer an integrative literature review of previous resilience research at three different levels of analysis (i.e., individual, team, and organization). Furthermore, we demonstrate what is already known about resilience as a multilevel construct and interactions among different resilience levels. Based on the results of our literature review, we identify salient research gaps and highlight some of the more promising areas for future research on resilience. Finally, we present an overview of the articles in this special issue and highlight their contributions in light of the gaps identified herein.

A qualitative study of the first batch of medical assistance team's first-hand experience in supporting the nursing homes in Wuhan against COVID-19

BACKGROUND

The pandemic of coronavirus disease 2019 (COVID-19) has global impact, Wuhan in Hubei province is a high-risk area. And the older people in nursing homes are the most susceptible group to COVID-19. The aim of this study was to describe the practice and experience of the first-line medical team, to provide insights of coping with COVID-19 in China.

METHOD

This qualitative study used a descriptive phenomenological design to describe the experience of medical staff supported the nursing homes in Wuhan fighting against COVID-19. Unstructured interviews via online video were conducted with seven medical staffs who supported the nursing homes in Wuhan. Data were analyzed using content analysis in five main themes: for nursing homes, we interviewed the difficulties faced at the most difficult time, services for the older people, and prevention and management strategies, for the medical staff, the psychological experience were interviewed, and the implications for public health emergencies were also reported.

CONCLUSIONS

It is imperative that effective preventive and response measures be implemented to face the outbreak of COVID-19 and meet the care needs of older people in the context of COVID-19.

IMPLICATIONS

Findings will inform managers of some reasonable instructional strategies for implementing effective infection management. Nursing homes need to provide targeted services to help alleviating their bad psychology for residents.