Financial performance of China's listed firms in presence of coronavirus: Evidence from corporate culture and corporate social responsibility.

Motivated from the shortage of the existing research studies on impacts of dangerously contagious diseases on firms' financial performance, this study sheds light on the impacts of Coronavirus (Covid-19) outbreak on financial performance upon on the quarterly data of 126 Chinese listed firms across 16 industries. Overall, the Covid-19 outbreak reduced Chinese listed firms' financial performance proxied by the revenue growth rate, ROA, ROE, and asset turnover. This outbreak's negative effects on Chinese firms' profitability were much smaller than that on their revenue growth rates. While this outbreak's negative effects on financial performance of Chinese listed firms were bigger for those that were seriously affected by this pandemic like airlines, travel, and entertainment (ATE), this pandemic's effects were positive for the medicine industry. In the meanwhile, Chinese listed firms that located in high-risk regions suffered a bigger financial loss during the outbreak, and especially there was a strong Hubei effect. The corporate culture and CSR moderated the inverse relationship between this outbreak and Chinese firms' financial performance. Findings of this study contribute to enrich the existing literature on impacts of the Covid-19 outbreak on firms' financial performance worldwide and suggest helpful practical and theoretical implications.

Global retailers' CSR initiatives during COVID-19 crisis: a cross-cultural examination

Purpose: This study develops a conceptual framework to examine (1) whether global retailers' CSR actions in the form of in-kind charitable contribution affect consumers' attribution of CSR to intrinsic motives, (2) whether consumers' attribution of CSR to intrinsic motives affects brand-self connection and (3) whether the cultural factors of self-transcendence and conservation moderate the relationship between consumers' attribution of CSR to intrinsic motives and brand-self connection. Design/methodology/approach: Data are collected from two culturally diverse countries, the US and China, each of which managed the pandemic in different ways. Before hypothesis testing, the invariance of measures is established. To measure differences between the groups, a multi-group analysis is conducted. Findings: Global retailers' in-kind charitable contribution is a significant drivers of consumers' attribution of CSR to intrinsic motives, and attribution of CSR to intrinsic motives has a positive effect on consumer brand-self connection. Both of the cultural values, self-transcendence and conservation, moderate the relationship between attribution of CSR to intrinsic motives and brand-self connection. Self-transcendence is a strong moderator in China, whereas conservation moderates strongly in the US. All of the relationships differ significantly between the groups (US versus China). Originality/value: To the best of our knowledge, this is the first study to investigate empirically the role of in-kind charitable contribution in creating an attribution of CSR to intrinsic motives that eventually leads to strong brand-self connection in the COVID-19 context. The study provides novel insights into how consumer behavior differs across two significantly different cultures with regard to COVID-19-related CSR. The findings help international marketers manage uncertainties and crisis and to design their CSR-based marketing programs and develop positioning strategies across cultures. © 2023, Emerald Publishing Limited.

Social impact as corporate strategy: responsibility and opportunity

The level of social responsibility expected by society has risen significantly in recent years. Some companies used to pursue Corporate Social Opportunity (CSO) thinking about how companies engage with significant social shocks over the short-term. These actions are symbolic and empty gestures. Based on our collected business cases and conceptual analysis, we suggest a three-part framework for turning short-term windows of opportunity into long-term value-creation: knowing, doing, and repeating the right things. Going beyond corporate social opportunity towards responsibility requires authentic long-term strategy driven by social impact.

Board attributes and CSR expenditure before and during COVID-19

PurposeThis study aims to investigate the impact of board attributes on the corporate social responsibility (CSR) expenditure of the listed firms before (2019) and during (2020) COVID-19 in Nigeria. Design/methodology/approachThe data were manually extracted from the annual reports of all the listed companies that published their reports for the years. A total of 266 firm-year observations were generated, comprising 140 and 126 observations for 2019 and 2020, respectively. FindingsThe results indicate that the frequency of board meetings and foreign directors on the board significantly influence CSR expenditure before and during COVID-19. Board independence had a significant positive association with CSR expenditure before COVID-19 but insignificantly positive during it. However, board size and gender diversity do not influence CSR expenditure before and during COVID-19. Research limitations/implicationsThe study used secondary data from the annual reports to compare the impact of board attributes on the CSR expenditures of listed firms in Nigeria between 2019 and 2020. Practical implicationsProviding effective CSR regulations and incentives could motivate or mandate the board of directors to incur CSR expenditure within the company's financial capacity for society's welfare, particularly under challenging times like COVID-19. Social implicationsEncouraging firms to incur more CSR expenditures to their ability will contribute to poverty alleviation and improve socio-economic development. Originality/valueThis study is one of the few that investigated the effects of board characteristics on CSR expenditure for the welfare of the poor and the needy. Besides, it uniquely focused on comparing the results before and during COVID-19.

Corporate donation behavior during the covid-19 pandemic. A case-study approach in the multinational inditex.

The situation created by the COVID-19 pandemic, especially the confinement in many countries, has led to a global crisis, not only in health but also in economy and social issues. But it has also provoked a wave of solidarity and unprecedented donation behavior by many companies worldwide. Inditex, one of the main fashion multinationals, has become a referent for its reaction speed and has been ranked number one among the most significant companies for its Corporate Social Responsibility during the lockdown. Drawing from Stakeholder, Legitimacy, and Ethics of Care Theories, the aim of this paper is to analyze Inditex as a case study and reflect on the impact of its donation behavior on its corporate reputation. A desk research approach by using secondary data about the corporation, and a content analysis of press releases with ATLASti software during this time, let conclude that effective corporate donation impacts and improves the reputation of the corporation among its stakeholders.

Compatibility of the CSR practices of Islamic banks with the United Nations SDGs amidst COVID-19: a documentary evidence

Purpose - This study aims to establish whether the corporate social responsibilities (CSR) practices of Islamic banks are compatible with the sustainable development goals (SDGs) of the United Nations. Design/methodology/approach - A documentary research method was applied by examining the annual reports of selected Islamic banks from Bangladesh, Indonesia, Pakistan, the UAE and Malaysia for 2020, which coincided with the COVID-19 pandemic. Findings - The results indicate that Islamic banks discharged various CSR activities and contributed huge funds toward achieving the SDGs of the United Nations. Specifically, the banks prioritized the following CSR sectors: education, health, environmental protection and disaster relief and management. Besides, they provided support to micro and small businesses toward poverty alleviation. Research limitations/implications - This study examined only CSR reports of the selected Islamic banks for 2020. Practical implications - The findings have practical implications that may enable Islamic banks across the globe to improve their CSR initiatives, activities and reporting toward realizing the SDGs. They arc also helpful to policyrnakers and regulators for the provisions of policies and regulations to motivate or mandate Islamic banks to effectively improve their CSR practices. Social implications - CSR practices of Islamic banks can significantly support the SDGs toward mitigating many economic and social problems. Originality/value - This study applied a relevant but rarely used method to explore the role of CSR practices of Islamic banks in achieving the SDGs.

The Mediating Effects of Green Innovation and Corporate Social Responsibility on the Link between Transformational Leadership and Performance: An Examination Using SEM Analysis

Since the inauguration of the United Nations Sustainable Development Goals (UNSDGs), environmental performance and sustainability have become more important to decision makers, scientists and leaders of organizations than before. In response to this, leaders of different organizations spend all endeavors conserving resources and ensuring environmental sustainability. In this context, transformational leaders have the capacity to ensure the green performance of their organization. The purpose of this study is to test the link between green transformational leadership (GTL), green innovation (GI), corporate social responsibility (CSR) and green performance (GP) in the hotel industry in the Kingdom of Saudi Arabia (KSA). The study empirically tests the mediating effect of GI and CSR on the link between GTL and GP. The study used a quantitative research method via a pre-test instrument, self-distributed and collected from employees in large hotels at different regions of the KSA. The findings from 732 valid responses, analyzed with structural equation modeling (SEM) showed that GTL had a significant effect on GI (β = +0.72, t-value = 14.603, p < 0.001), CSR (β = +0.58, t-value = 8.511, p < 0.001) and GP (β = +0.17, t-value = 2.585, p < 0.001). Moreover, GI and CSR had a direct positive effect on GP (β = +0.10, t-value = 2.866, p < 0.01 and β = +0.61, t-value = 4.358, p < 0.001, respectively). GI had a partial mediation effect (p = 0.048 < 0.05) on the link between GTL and GP. On the other hand, CSR had a perfect mediation effect (p = 0.077 > 0.05) on the link between GTL and GP. This reflects the vital part that CSR plays in this relationship, which can be changed based on the status of CSR. In addition, this reflects the value of CSR in achieving GP, which contributes to the achievement of environmental sustainability at a national level (i.e., the Green Saudi Initiative) at a regional level (i.e., the Green Middle East Initiative) and at an international level (i.e., UNSDGs).

Stimulating CSR learning collaboration by the mentor universities with digital tools and technologies – an empirical study during the COVID-19 pandemic

Purpose: The research aims to measure the effectiveness of collaborative learning exchanges transpired through digital tools and technologies (DT&Ts) employed by the mentor universities during the COVID-19 pandemic by conducting an empirical study on undergraduate students in Indian higher educational institutions (HEIs) under the mentorship program based on the corporate social responsibility (CSR) initiative. The pandemic scenario, its impact on the mentor university's social responsibility and the way DT&Ts can assist are investigated in this article. Design/methodology/approach: The interactions with experts and students were conducted to explore the DT&Ts for learning exchanges. Next, structural equation modeling (SEM) was performed to validate the model and perform regression analysis. The quantitative data collection was made through questionnaires during the second deadly wave of COVID-19 that hit India. Findings: The independent variables (IVs) such as the IT infrastructure support (IT_IS), virtual collaborative tools (VCTs) and future-oriented technologies (FOTs) have a significant impact on the CSR learning outcomes (CSR_LOs) of undergraduate students under the mentorship program. However, IV research instruments for innovation could not make a significant effect. Research limitations/implications: The IVs IT_IS, VCTs and FOTs influence the CSR_LOs, while RII does not have an influential impact. Practical implications: As the online learning environment is expected to stay at least in a blended form, adequate CSR funding in infrastructure is necessitated to harness the full potential of this important resource, technology. The results of this empirical investigation affirm that IT_IS, VOTs and FOTs significantly impact CSR_LOs during the crisis. The study findings would encourage the mendtor universities and their stakeholders, including the mentee universities, to evolve and create an ecosystem for effective management of these resources to attain positive outcomes. The study findings can guide the mentor universities in managing uncertainties like pandemics and effectively using the earlier-mentioned critical resources for social responsibility. This research also allows the development of future applications adnd models in mentor-mentee universities for social responsibility, post-pandemic transformation and resilience. Social implications: The DT&Ts came to the immediate rescue during the pandemic and positively affected collaborative CSR_LOs by the mentor universities, but they have not evolved to a level where offline learning can be replaced entirely. Hence, it can be inferred that a hybrid model is preferable. The study also improves the understanding of how DT&Ts are being harnessed to aid collaborative learning in fulfilling the mentors' CSR in fatal emergencies. The purpose is to equip the education system through mentorship so that universities can sustain, innovate and grow even in trying times. Also, it discusses the dynamics of various DT&Ts for creating a sustainable learning environment and utilizing them to make the teaching prolific and influential. Originality/value: There is a scarcity of literature regarding the learning outcomes realized through CSR initiatives and collaboration between mentor-mentee institutions. There is a need to understand how these knowledge exchanges continued despite the physical restrictions during the pandemic. In this direction, this study helps to understand how the DT&Ts played a critical role in continuing learning and keeping abreast in a knowledge society from the perspective of resource-based view (RBV) in these precarious situations. © 2022, Emerald Publishing Limited.

Logistic Regression of Czech Luxury Fashion Purchasing Habits During the Covid-19 Pandemic – Old for Loyalty and Young for Sustainability?

Research background: The sustainability reflected by the CSR of luxury fashion businesses, should meet stakeholders´ expectations and lead to an increase in customers´ buying decisions.Purpose: To analyze Czech luxury fashion purchasing habits during the COVID-19 pandemic and to achieve a deeper understanding with new propositions in this area.Research methodology: A logistic regression is performed and based on data gained from an investigative survey employing a questionnaire of a homogenous Czech group of purchasers. The comparison of the resulting logistic models and field observations with a holistic and empiric Meta-Analysis allows one to heuristically achieve an understanding of such an inclination.Results: Seven unexpected propositions emerge and call for further research, such as those during the COVID-19 pandemic, older Czech luxury fashion customers stick even more with their brand loyalty while younger buyers focus on sustainability.Novelty: The performed case study with a survey link sustainability perception and purchasing habits by relevant cohorts of luxury fashion stakeholders. The presented propositions about trends contributes to the development of the theory about purchase inclination determinants.

Corporate Influence and the Role of Corporate Social Responsibility in Combating Trafficking in Persons—The India Story

Trafficking in persons (TIP) has become ‘an issue without borders’, where worldwide, 24.9 million people are prey to this act of human rights violation. India has been combatting this issue as a source, transit and destination country for both sex-based and non-sex-based exploitation. This is because, India, despite much development in the socio-economic sector in recent times, remains an emerging nation with dismal social indicators and porous international borders that nurtures unsafe migration. To make matters worse, the COVID-19 pandemic has further increased the vulnerability of certain sections of the people to trafficking. While the government has taken certain steps to tackle the issue of trafficking in persons, but the business sector, has remained oblivious to such pressing social matters. However, only recently, the Companies Act, 2013 was passed and the new statute incorporated Section 135 and Schedule VII within its purview that deals with mandated Corporate Social Responsibility (CSR) for certain large, stable companies. Section 135 lays down the requirement of the law for conducting CSR and Section VII lays down a list of broad areas in which the CSR resources need to be spent. Interestingly, much of the Schedule VII corresponds to the 17 broader goals of the Sustainable Development Goals (SDGs) as laid down by the United Nations in the year 2015, that became effective from 2016. This paper aims to document some of the causes of trafficking in persons in India as well as map the various ways in which the corporate sector can do its part in combatting such a social problem through its CSR interventions. © 2022, Springer Nature Singapore Pte Ltd.

What is the relationship between quality of working life, work–life balance and quality of life?

Purpose>The study investigates the relationship between quality of work life (QWL), work–life balance (WLB) and quality of life (QoL), with reference to corporate social responsibility (CSR) approaches used at the Shangri-La, B&B and Rui hotel companies.Design/methodology/approach>The study draws on the literature and on comparative case study analysis of three very different companies.Findings> The findings indicate that CSR practices have a positive impact on QoL, regardless of company size, location or type of initiative, and that they underline the importance of education as a key to success.Originality/value>This article concentrates on the concept of QoL and explores different applications of the idea in various environments.

Diffusing corporate sustainability knowledge with online education: experiences from a massive open online course (MOOC) on sustainable fashion

Purpose: This study aims to show how a massive open online course (MOOC) can be used as an educational tool to diffuse specialised corporate sustainability research globally to a broad range of learners. Design/methodology/approach: This study is based on insights from the design and implementation of a sustainable fashion MOOC. The MOOC was launched in late 2019 on a global learning platform and has recently passed 40,000 enrolments (February 2022). The presentation of the MOOC draws on quantitative and qualitative data available to instructors on the global learning platform. Findings: Based on the data about the learners and their use of the MOOC, this study demonstrates how MOOC can be a powerful tool to diffuse sustainability research to new groups of learners, who differ significantly from the typical students at business schools and universities in the West. Moreover, the findings also demonstrate how the COVID-19 pandemic had a significant impact on the MOOC’s popularity. Originality/value: This study provides new empirical evidence on how sustainability research can be translated into online education material of relevance for a broad range of learners from around the world. Moreover, the study also points to the number of practical and structural challenges linked to the future mainstreaming of MOOCs and other types of online education material. © 2022, Emerald Publishing Limited.

We’re All in This Together: Legitimacy and Coronavirus-Oriented CSR Messaging

This study investigates how legitimization strategies embedded in CSR messages related to the COVID-19 pandemic influenced multidimensional stakeholder assessments of reputation. The results of this 3 × 2 × 2 experimental survey, which manipulated pragmatic and moral legitimacy using three conditions (self- vs. other- vs. both-oriented messaging);substantive and symbolic management (informative vs. uninformative content);and popularization and standardization approaches (leadership vs. followership), indicate that popularization strategies communicated substantively and standardization strategies communicated symbolically generally yield the greatest reputational gains. More nuanced findings from three-way interaction effects are further discussed, with an emphasis on the role of double-sided messages seeking to simultaneously establish pragmatic and moral legitimacy.

Towards a Model of Social Responsibility for Peruvian Companies in Response to the Covid-19 Pandemic: The Case of FARVET SAC

The COVID-19 crisis has brought with it a series of effects beyond the public health implications, others related to socioeconomic factors, as companies have had to reconcile business resilience with social resilience, thus becoming a complex challenge, where Social and business responsibility (CSR) plays an important role because it allows us to know the responsibility that each organization has with the environment in which it operates and with the society of which it is a part. The objective of this study was to identify the response capacity on the social responsibility of Peruvian businesses in the face of the COVID-19 pandemic, analyzing the particular case of the local company FARVET SAC, for which the different CSR activities of five main companies were analyzed. : Buenaventura, San Fernando, Sociedad Agrícola Virú and Arca Continental Lindley, as well as the analysis of the case study, obtaining as results that the types of response by these five companies were classified as selective, supportive and reactive;Regarding the case study, the company's CSR activities were described, with an emphasis on donations of health products, donations in kind, scientific research on COVID-19 and support for its collaborators. Additionally, a CSR model is proposed, based on a strategic organizational program that allows for sustainability to the actions that are being carried out, taking into account CSR indicators that ensure the monitoring of progress and objectives achieved, so that corrective measures or changes strategies can be identified and implemented in a timely manner. © 2021 IEEE.

Attracting Generation Z talents to the hospitality industry through COVID CSR practices

Purpose: This study aims to examine how COVID-related corporate social responsibility (CSR) activities affect future Generation Z employees’ intention to join the hotel industry through experimental designs. Design/methodology/approach: Based on signaling theory, construal level theory and value theory, this study established an integrated research framework to explain the mechanism of CSR communication. The proposed study conducted three online experiments on a total of 463 participants. ANCOVA test and PROCESS macro were performed to analyze the data for main, mediation and moderation effects. Findings: The results of this study indicate that in-kind donation is more efficacious in improving Generation Z’s job pursuit intention, as compared to cause-related marketing (CRM). CSR messages framed in a “how” mindset are favored by Generation Z members who are either unemployed or eager to change their current job. The findings also confirm the effect of brand warmth as a mediator and other-regarding personal value as a moderator. Research limitations/implications: The present study contributes to the limited knowledge on CSR initiatives by addressing the research gap of future employees and examining CSR as a response to COVID-19. The findings also provide hotel executives actionable implications to plan and communicate future CSR programs, especially during times of crisis. Originality/value: This study is one of the first studies to address Generation Z employees and to investigate the role of CSR initiatives on future hotel workers. © 2020, Emerald Publishing Limited.

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.

COVID-19 Outbreak and Financial Performance of Chinese Listed Firms: Evidence From Corporate Culture and Corporate Social Responsibility.

This research described Chinese listed firms' COVID-19 Outbreak and financial performance using corporate culture (CC) and corporate social responsibility (CSR) evidence. The epidemic's impact on Chinese companies' profits was much less than the impact on their sales growth rates. Although the COVID-19 has had a more significant negative impact on the financial performance of Chinese listed companies in sectors that are more severely impacted, such as travel and entertainment, we believe that the financial performance of the medical industry has improved as a result of the outbreak. Meanwhile, Chinese listed companies in high-risk areas experience more significant financial losses during the epidemic, and the Hubei impact is hefty weight. Corporate social responsibility moderated the inverse relationship between this epidemic and Chinese firms' economic success. This research enhances the current literature on the effects of the COVID-19 on financial success and practical, realistic, and theoretical consequences in companies worldwide.

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.

Corporate social responsibility in times of need: Community support during the COVID-19 pandemics.

Since the outbreak of COVID-19, the hotel sector has engaged in various corporate social responsibility (CSR) initiatives to show solidarity with local communities. Our research examines the impact of such initiatives on tourists' intentions to spread positive word-of-mouth (WOM) and their intentions to visit when the current pandemic ends. Our experimental results suggest community support in the form of providing free accommodation to homeless people increases tourists' intentions to spread positive WOM, bringing reputational benefits. But such initiatives reduce tourists' intentions to visit, presenting potential business risks. Our results further suggest that community support in the form of providing free accommodation to medical professionals has little impact, as it shows no significant difference to control (no CSR initiatives).

The COVID-19 pandemic and organisational commitment of senior hotel managers.

The COVID-19 pandemic will reduce the attractiveness of hospitality occupations. This particularly concerns senior management positions whose holders may substitute hospitality jobs with more secure and rewarding employment in other economic sectors. Organisational resilience of hospitality businesses, including their response to COVID-19, and corporate social responsibility (CSR) practices may, however, affect perceived job security of senior managers and, thus, influence their commitment to remain in their host organisations. This paper quantitatively tests the inter-linkages between the above variables on a sample of senior managers in hotels in Spain. It finds that the levels of organisational resilience and the extent of CSR practices reinforce perceived job security of managers which, in turn, determines their organisational commitment. Organisational response to COVID-19 affects perceived job security and enhances managers' organisational commitment. To retain senior management teams in light of future disastrous events, hotels should, therefore, strengthen their organisational resilience and invest in CSR.