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PurposeMotivated by the growing and urgent demands for a unified set of internationally accepted, and high-quality environmental, social and governance (hereafter ESG) disclosure standards, this exploratory study aims to propose a roadmap for setting out the proper technical groundwork for global ESG disclosure standards. Design/methodology/approachAn exploratory study is conducted to gain initial understanding and insights into establishing a worldwide set of standards for reporting on sustainability, as this topic has not been extensively studied. This study examines the viewpoints of various stakeholders, including sustainability practitioners, academics and organizations focused on ESG issues, to generate knowledge that is more solid than knowledge produced when one group of stakeholders work alone. FindingsThe results revealed that there is an ongoing and incompatible debate regarding several conceptual and practical challenges for setting a unified set of ESG disclosure standards. Practical implicationsThe study results provide multidimensional insights for regulatory parties and standard-setters to develop a high-quality package of global ESG reporting standards. This, in turn, enables different groups of stakeholders to understand the firm's impact on the environment, society and economy. Originality/valueResearch into this timely and relevant global issue is considered an appealing area of study and deserves significant attention. Thereby, working on this topic merits remarkable attention. Furthermore, this exploratory article provides valuable and informative suggestions for creating a unified and high-quality set of internationally accepted sustainability reporting standards.
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The purpose of this study was to examine the population's perception of corporate social responsibility of three (inter)national sport organizations during the first wave of the Covid-19 pandemic. Within an online survey in Germany, 389 open statements were gathered and analyzed using thematic analysis. Drawing on Carroll's CSR conceptualization, the identified themes were assigned to the economic, legal, ethical and discretionary responsibility of sport organizations. The analysis revealed a fifth dimension of responsibility referring to organizations' communication and transparency. Most answers were concerned with the economic and ethical theme, highlighting the importance of financial modesty and contributing to the health of others during the pandemic. This study stresses the importance for sport organizations to meet ethical and moral expectations of society during times of crisis to maintain mutually beneficial relationships with core stakeholders such as the resident population. © 2023 Informa UK Limited, trading as Taylor & Francis Group.
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Pandemic outbreaks can disrupt firms' normal operations, so they demand a resilient response. Firms can combine social responsibility initiatives with resilient responses by reconfiguring their production resources for pandemic relief. It remains unclear, however, whether pandemic-relieving product adaptation (in short, PRPA) improves financial performance. We draw on stakeholder theory to analyze the effect of a PRPA strategy on the stock returns of US-listed manufacturing firms during the COVID-19 pandemic—the most enduring and large-scale pandemic in recent history. The results reveal that the stock market reacts more positively to PRPA under severe pandemic circumstances and for firms with low political connectedness, low media coverage, and/or more unique production technology. The findings offer important implications for operations theory and practice. © 2023 Decision Sciences Institute.
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Globally, a growing number of stakeholders recognise that sustainability determines success on multiple levels. Therefore, asset managers in developing and emerging countries increasingly focus on sustainable investment opportunities. While institutional investors largely centred on governance considerations pre-2020, the Coronavirus pandemic highlighted substantial social and environmental concerns at companies worldwide. As South Africa is the most unequal country globally according to the World Bank, decisions made by local institutional investors can have significant implications for individuals and environments where capital is invested. The objectives of this study were hence to analyse the sustainability themes on which South African asset managers focused in their stewardship reports and to explore the Sustainable Development Goals (SDGs) that they addressed through their investment mandates. A content analysis was performed on stewardship reports that were published in 2020 and 2021 to consider the impact of the Coronavirus pandemic. The findings indicate that prioritised sustainability themes include climate action, infrastructure development and social considerations. The considered asset managers accordingly focused on addressing climate action (SDG 13), decent work and economic growth (SDG 8), and affordable and clean energy (SDG 7). Promising investment opportunities in companies that address key social issues, including the health and well-being of society (SDG 3) and broadening access to quality education (SDG 4) were also highlighted. The leaders of local investee companies are thus encouraged to ensure concise, transparent reporting on these material matters to enhance communication and engagement with institutional investors and other key stakeholders. This study offers a novel perspective on sustainable thematic investing in a highly unequal society.
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This study investigates the strategic responses to the Covid-19 pandemic by academic research from the distinctive lens of corporate social responsibility (CSR). Specifically, it examines the evolution and trend of published academic research covering the CSR-Covid-19 nexus by highlighting key characteristics of published theoretical and empirical research linking the two elements. A total of 99 papers on CSR-Covid-19 nexus derived from Scopus database were analysed using bibliometrics, social network techniques and content analysis to examine the research activities since the start of the pandemic up to November 2021. The results indicate that the pandemic had effectively stimulated rapid growth of research interests examining the intertwined nature of CSR and Covid-19 as reflected in the swift proliferation of studies theoretically explaining and empirically testing the roles and impacts of CSR on various Covid-19 outcomes within myriads of domains, including but not limited to health, business practices, economics, and socials. The practical implications of this article lies on its ability to accentuate key research characteristics that early and/or mature researchers should consider when planning their future research trajectory on the link between CSR and Covid-19.
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PurposeThis research aims to profoundly investigate the post-COVID-19's opportunities for customer-centric green supply chain management (GSCM) and perceived customer resilience by studying the correlation between fear-uncertainty of COVID-19, customer-centric GSCM, and the perceived customers' resilience. Moreover, to examine how the perceived corporate social responsibility (CSR) activities moderates the relationship among the variables.Design/methodology/approachIn this study partial least squares structural equation modeling (PLS-SEM) was adopted on a sample of 298 managers and customers in the Egyptian small and medium enterprises (SMEs) market for data analysis and hypotheses testing.FindingsPreliminary results indicate that the fear-uncertainty of COVID-19 positively affects customer-centric GSCM. Also, external CSR moderates the association between fear-uncertainty towards COVID-19 and customer-centric GSCM. However, internal CSR does not moderate this relationship. Customer-centric GSCM has a significant positive impact on the perceived environmental and social resilience. However, it has an insignificant effect on the perceived financial resilience. Also, customer-centric GSCM has a significant mediation outcome on the relation between fear-uncertainty of COVID-19 and the perceived environmental and social resilience. However, this relation is insignificant regarding the perceived financial resilience.Practical implicationsManagers could develop a consistent strategy for applying CSR practices, providing clear information and focusing on their procedures to meet their customer needs during COVID-19. Governments and managers should develop a consistent strategy to apply customer-oriented green practices to achieve customers' resilience, especially during the pandemic.Originality/valueBased on the "social-cognitive,” "stakeholder” and "consumer culture” theories, this study shed light on the optimistic side of the COVID-19 pandemic, as it also brings the concepts of social responsibility, resilience and green practices back into the light, which helps in solving customers' issues and help to achieve their resilience.
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This paper investigates the impact of corporate social responsibility (CSR) on shareholders' wealth during market downturn, focusing on the market crash caused by the COVID-19 pandemic and its aftermaths. We evaluate the relationship between firms' CSR and stock returns using a sample of 803 firms listed on the Korean stock market. The results of our study reveal that firms' pre-crisis CSR activities do not protect shareholders' wealth during the crisis;in fact, they negatively affected stock returns during the COVID-19 crisis. This finding is consistent across several robustness tests and challenges the prevailing notion that CSR is solely a philanthropic endeavor. This study suggests that firms need to reconsider their CSR approach in order to better align it with shareholders' interest.
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This study aims to investigate the nature and intensity of the changes in corporate financial performance due to the corporate social responsibility (CSR) disclosures as a result of certain relationships between corporate governance and company performance in the non-financial sector. This study selected 625 non-financial companies across six organizations for economic cooperations (OECD) countries' stock markets for the period of 10 years (2012–2021). For this qualitative study, corporate governance, financial performance, and corporate social responsibility score data were collected from the DataStream, a reliable database for examining the research on OECD countries' listed companies. For the data analysis we applied various statistical tools such as regression analysis and moderation analysis. The findings of the study show that all attributes of the corporate governance mechanism, except for audit board attendance, have significant positive impacts on financial performance indicators for all the selected OECD economies except the country France. France's code of corporate governance has a significant negative impact on return on asset (ROA) and return on equity (ROE) due to differences in cultural and operational norms of the country. The audit board attendance has no significant impact on ROA. Moreover, all the attributes except board size (BSIZ) have significant positive impacts on the earnings per share (EPS) in Spain, The United Kingdom (UK) and Belgium. The values obtained from the moderation effect show that Corporate social responsibility is the key factor in motivating corporate governance practices which eventually improves corporate financial performance. However, this study advocated the implications, Investors and stakeholders should consider both corporate governance and CSR disclosures when making investment decisions. Companies that prioritize both governance and CSR tend to have better financial performance and are more likely to mitigate risks. Moreover, the policy makers can improve the code of corporate governance in order to attain sustainable development in the stock market.
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In this concluding chapter, we draw together the various contributions presented in this volume, discuss the broader implications of our findings, and reflect on how this builds upon Willy Brown's work. The chapter examines how the patchwork of rules has been altered by new and emerging challenges, such as the COVID-19 pandemic, the rise of global supply chains and new forms of business. We return to the central objective of this volume of identifying and analysing the viability of various institutions for addressing these challenges and discuss how these might form the basis of a new web of rules for protecting labour standards in the future. © 2023 by Emerald Publishing Limited. All rights reserved.
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In this study, the relationship among natural resources, financial development, and the role of corporate social responsibility (CSR) on green economic growth in Vietnam has been analyzed. We have applied the Pooled Mean Group-Autoregressive Distributed Lag (PMG-ARDL) model to assess this relationship for the period of 1990-2018. The Johansen-Fisher panel cointegration and Kao tests show that the variables are cointegrated. Accordingly, CSR, the PMG-ARDL findings, financial development, and natural resources development all have a long-term positive association but a short-term negative relationship with green economic growth. If efficient fiscal and financial management measures are not implemented, the panel nations' public debt sustainability will be jeopardized due to CSR's overreliance on natural resources rents (NRR). Natural resources may have a detrimental impact on financial growth if laws are not implemented. CSR regulations in Vietnam may reduce greenhouse gases (GHG) emissions and promote green economic growth. If this criterion is met, NRR-related improvements in financial development may be sustained, and relevant policy recommendations may be made.
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Automotive industry is significant for Indonesian economy with more than 1.5 million workers directly and indirectly involved in it. COVID-19 pandemic affected the industry and government's economic stimulation is a short-term remedy and companies need a longer-term remedy. One of the possible solutions is by better understanding the customers. In recent years, customers' awareness of Corporate Social Responsibility (CSR) and Sustainability is increasing. Previous research showed that there is relationship between those variables with purchase intention. This research tested relationship between corporate social responsibility and sustainability with purchase intention. From 561 samples consisted of several provinces of Indonesia were gathered during January - February 2021. Analysis was performed using Partial Least Square technique and the result showed there is a significant relationship between CSR with purchase intention and we also found that the important indicators are legal and morality. This research also found no significant relationship between sustainability and purchase intention. Future research can take insights from this research and perform deeper analysis on these topics. Automotive companies must understand their customers preferences more and increase the impact of their CSR to society. © 2023 Author(s).
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The transition from primary sustainable goals to crisis management exemplifies a new era of corporate social responsibility, sustainable business models, corporate sustainability, and stakeholder theory. This study examines the varied dynamics of corporate social responsibilities (CSR) during COVID-19, as well as its potential and limitations, in order to gain a better understanding of CSR. The results expand upon the instrumental version of CSR and the application of stakeholder theory during COVID-19. It reflects on the necessity for a wider integration of societal issues in CSR's driving philosophy as well as the underlying need to study diverse sectors of governance across the globe due to the increased potential for exploitation of the weak, particularly during times of crisis. This study examines the theoretical foundations of the themes and the lines of divergence between CSR's past and present by reviewing the social, intellectual, and conceptual structure of the literature. It emphasizes the importance of post-COVID-19 policies that prioritize job creation by implementing stronger labor market standards. Governments should eliminate barriers and implement pro-SME laws and programs. A sustainable fiscal policy takes future generations into account. Sustainable corporate finance incorporates long-term financial goals and social values into stakeholder theory. © 2023 Wiley Periodicals LLC.
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This book introduces Catholic social teaching (CST) and its teaching on the common good to the reader and applies them in the realm of public health to critically analyze the major global issues of COVID-19 that undermine public interest. It uses the sociotheological approach that combines the moral principles of CST and the holistic analysis of modern sociology and also utilizes the secondary literature as the main source of textual data. Specifically, it investigates the corporate moral irresponsibility and some unethical business practices of Big Pharma in the sale and distribution of its anti-COVID vaccines and medicines, the injustice in the inequitable global vaccine distribution, the weakening of the United States Congress's legislative regulation against the pharmaceutical industry's overpricing and profiteering, the inadequacy of the World Health Organization's (WHO) law enforcement system against corruption, and the lack of social monitoring in the current public health surveillance system to safeguard the public good from corporate fraud and white-collar crime. This book highlights the contribution of sociology in providing the empirical foundation of CST's moral analysis and in crafting appropriate Catholic social action during the pandemic. It is hoped that through this book, secular scholars, social scientists, religious leaders, moral theologians, religious educators, and Catholic lay leaders would be more appreciative of the sociotheological approach to understanding religion and COVID-19. "This book brings into dialogue two bodies of literature: documents of Catholic social teaching, and modern sociology and its core thinkers and texts…The author does especially well to describe how taking ‘the sociotheological turn'…will benefit the credibility and dissemination of Catholic social thought.” - Rev. Fr. Thomas Massaro, S.J., Professor of Moral Theology, Jesuit School of Theology, Santa Clara University, Berkeley, California. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022.
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Nowadays, manifold business-to-business (B2B) organizations are embracing corporate social responsibility (CSR) to contribute to society. However, and largely due to several bad past practices, stakeholders are increasingly skeptical of CSR initiatives, often perceiving them as insincere and manipulative. This skepticism has been further accentuated during the COVID-19 pandemic, and stakeholders have started to demand organizations for a broader and more holistic approach to contributing to society. In this editorial, we present ‘conscience' as such broader and more holistic approach, and describe how the papers included in our special issue examine organizational conscience in the B2B context from different angles, including identity, leadership, relationships, communication, activism, social impact, corporate purpose, and co-creation. Finally, we propose several future research opportunities that can further advance knowledge in relation to conscientious organizations.
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Hotels have increasingly engaged in environmentally responsible initiatives to demonstrate their commitment to environmental concerns and sustainable hospitality and tourism. These initiatives are expected to become even more popular in the context that the COVID-19 crisis has driven people to further acknowledge the importance of the ecosystem. This study aims to examine how hotels' environmental corporate social responsibility (CSR) affects customers' green word-of-mouth (WOM). Structural equation modeling was employed to analyze data from an online survey of 749 Chinese respondents. The findings reveal that hotels' environmental CSR indirectly enhances customers' green WOM intention via green perceived value (i.e., cognitive route) and green hotel pride (i.e., emotional route). Furthermore, the indirect effects of hotels' environmental CSR on customers' green WOM are more substantial for hotels with higher star ratings. These findings offer valuable insights for hoteliers to develop genuine environmentally responsible initiatives that can generate positive customer responses.
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The novel Coronavirus (Covid-19) has badly affected individuals and organizations all around the globe. There are many efforts undertaken by organizations to assist governments in combating the pandemic. This include spending funds to curb the Coronavirus which is the corporate social responsibility (CSR) activities. This paper aims to investigate the extent of CSR activation by Malaysian companies in battling the Covid-19 pandemic via content analysis of online news during the implementation of the Movement Control Order by the government using the legitimacy theory and coercive isomorphism under the umbrella of institutional theory. The analysis includes the examination of online news which was captured from a Google search from a period 18 March to 17 May 2020. There were 95 online news captured during the period. The results found out that the types of CSR activation were classified into: monetary, non-monetary and both. It is also found that the CSR activation reported on online news is part of the companies' legitimation strategies in addition to the on-going business's marketing strategies. Several implications and limitations are also provided in this paper. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
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PurposeWhile researchers recognize the significance of philanthropic donations in disaster relief and recovery, the benefits that firms derive from such donations remain unclear, particularly when firms are adversely impacted by the disaster. To address this gap, this study seeks to elucidate the impact of various donation strategies on firm resilience in the context of the COVID-19 pandemic.Design/methodology/approachBased on the hand-collected data on donations, the authors employ ordinary least squares regressions to investigate the effectiveness of various donation strategies - including type, timing and location - in enhancing firm resilience in terms of the severity of stock price losses during the pandemic. To address potential endogeneity concerns, the authors use a two-stage least squares regression with instrumental variables.FindingsThis study finds robust evidence that certain donation strategies are more effective at mitigating stock price losses during the pandemic. Specifically, the authors find that in-kind donations (compared to monetary ones), earlier donations (compared to later ones) and donations targeting severely impacted areas (Hubei province vs. other places) are more effective methods to reduce the severity of stock price losses.Originality/valueThis study points out an alternative mechanism through which donations influence firm resilience during a crisis context and provides important managerial implications for firms to better engage in disaster donations.
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The debate on the relationship between business and human rights has gradually grown in institutional and doctrinal terms, as well as the recognition that mechanisms to promote the social responsibility of these private actors are lacking. In this context, this study investigates the limits and possibilities of the corporate social responsibility (CSR) of transnational pharmaceutical companies for the unequal access to essential medicines in the global South, a reality aggravated in pandemic contexts such as HIV/AIDS and COVID-19. To this end, it discusses the actors, factors and processes of global health governance and debates some CSR strategies in the light of those elements. Methodologically, the study makes a review of the specialized literature, document and primary data analysis and conducts a normative approach of the topic. © 2023 Universidad Nacional Autonoma de Mexico. All rights reserved.
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This book seeks to revise and challenge the roles and traditional realms of influence that national and local governments, and businesses at a critical juncture in terms of achieving sustainable development, faces when tackling the dual challenges of climate change and post-COVID recovery. Using the broader lens of the 2030 UN Sustainable Development Goals (SDGs) to assess the roles and responsibilities of each of these stakeholders and their relationships, the book offers policy, economic arguments, case studies and examples to argue that neither national or local governments, nor companies, could afford to deviate from the SDGs in the recovery from the current crisis, nor that the imperative of bold climate action should detract from the broader focus on sustainability. The analysis frames the debate of how a balance between people, planet, and profits can be achieved and how nations, regions and cities, and businesses, with their representative organizations, can achieve a sustainable recovery from the current global crisis, and contribute to climate smart, resilient and inclusive development. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2023. All rights reserved.
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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.