IDEAS home Printed from https://ideas.repec.org/a/vrs/econom/v11y2023i2p25-50n14.html
   My bibliography  Save this article

The Effects of the Covid-19 Pandemic on Corporate Social Responsibility and Business Performance in Companies Listed on the Warsaw Stock Exchange

Author

Listed:
  • Stojanovic Ilija

    (American University in the Emirates, Dubai, United Arab Emirates)

  • Puška Adis

    (Government of Brcko District, Brcko, Bosnia and Herzegovina)

  • Ozbalci Seval

    (University of the People, Business Administration Department, CA, USA)

  • Bolek Monika

    (University of Lodz, Poland)

Abstract

The COVID-19 virus pandemic had an impact on all segments of life, including dally operations of companies. Companies had to adapt to market developments and change their business philosophy in order to survive in the market. This paper showed how the crisis caused by the COVID-19 virus pandemic affects the business of companies. This study aims to examine the business performance indicators (BPI) of companies listed on the Warsaw Stock Exchange (WSE) before and during the COVID-19 pandemic with a focus on corporate social responsibility (CSR). In order to examine this, a multivariate regression analysis was conducted. The findings show that there were no changes in the BPIs before and during the COVID-19 pandemic in companies in relation to CSR strategy. The only exception was found in the group of CSR companies that reported a lower profit margin during the COVID-19 pandemic. Companies with better BPIs may be willing to introduce CSR principles into their strategy and during the pandemic, intangibles influenced CSR strategy in a negative way. The limitations of the article are related to the study of only one market. Identified relationships allowed for a better understanding of the application of social responsibility principles among enterprises in Central Europe.

Suggested Citation

  • Stojanovic Ilija & Puška Adis & Ozbalci Seval & Bolek Monika, 2023. "The Effects of the Covid-19 Pandemic on Corporate Social Responsibility and Business Performance in Companies Listed on the Warsaw Stock Exchange," Economics, Sciendo, vol. 11(2), pages 25-50, December.
    • Handle: RePEc:vrs:econom:v:11:y:2023:i:2:p:25-50:n:14
    DOI: 10.2478/eoik-2023-0059
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/eoik-2023-0059
    Download Restriction: no
    File URL: https://libkey.io/10.2478/eoik-2023-0059?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Gerda Barauskaite & Dalia Streimikiene, 2021. "Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 278-287, January.
    2. Carroll, Archie B., 1991. "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders," Business Horizons, Elsevier, vol. 34(4), pages 39-48.
    3. Andrew Crane & Trish Ruebottom, 2011. "Stakeholder Theory and Social Identity: Rethinking Stakeholder Identification," Journal of Business Ethics, Springer, vol. 102(1), pages 77-87, March.
    4. Dumitrescu, Ariadna & El Hefnawy, Menatalla & Zakriya, Mohammed, 2020. "Golden geese or black sheep: Are stakeholders the saviors or saboteurs of financial distress?," Finance Research Letters, Elsevier, vol. 37(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zaheer Alam & Yasir Bin Tariq, 2023. "Corporate Sustainability Performance Evaluation and Firm Financial Performance: Evidence from Pakistan," SAGE Open, , vol. 13(3), pages 21582440231, July.
    2. Despoina Caminis & Victoria Pekka-Economou, 2022. "Human Rights Issues in the Central Core Values of Corporate Sustainability Principles. Evidence from Voluntary Corporate Disclosure," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 72(3-4), pages 64-77, July-Dece.
    3. Yu Jin Chang & Jae Wook Yoo, 2023. "When CSR Matters: The Moderating Effect of Industrial Growth Rate on the Relationship between CSR and Firm Performance," Sustainability, MDPI, vol. 15(18), pages 1-13, September.
    4. Michael O. Erdiaw-Kwasie & Khorshed Alam & Md. Shahiduzzaman, 2017. "Towards Understanding Stakeholder Salience Transition and Relational Approach to ‘Better’ Corporate Social Responsibility: A Case for a Proposed Model in Practice," Journal of Business Ethics, Springer, vol. 144(1), pages 85-101, August.
    5. Inayat ul Haq Subhani & Jun Fan & Muhammad Ashar Asdullah & Waqas Ahmad Watto & Fareeha Nigar, 2024. "The relationship between dimensions of corporate social responsibility and consumer’s buying intentions in a cross-cultural context," Future Business Journal, Springer, vol. 10(1), pages 1-22, December.
    6. Agata Rudnicka & Janusz Reichel, 2012. "Improvement of social and environmental dimensions of quality in the context of ISO 26000 standard (Doskonalenie jakoœci organizacji w wymiarze spo³ecznym i œrodowiskowym w kontekœcie normy ISO 26000)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 10(37), pages 84-93.
    7. Daewook Kim & Myung-Il Choi, 2013. "A Comparison of Young Publics’ Evaluations of Corporate Social Responsibility Practices of Multinational Corporations in the United States and South Korea," Journal of Business Ethics, Springer, vol. 113(1), pages 105-118, March.
    8. Mariya Georgieva, 2020. "About the Corporate Social Responsibility Beyond the Framework of Charity," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 9(1), pages 35-44, April.
    9. Meyer, Margit & Waßmann, Jan, 2011. "Strategische Corporate Social Responsibility. Konzeptionelle Entwicklung und Implementierung in der Praxis am Beispiel 'dm-drogerie markt'," Research Papers on Marketing Strategy 3/2011, Julius-Maximilians-Universität Würzburg, Lehrstuhl für BWL und Marketing.
    10. Hangeun Lee & Seong Ho Lee, 2019. "The Impact of Corporate Social Responsibility on Long-Term Relationships in the Business-to-Business Market," Sustainability, MDPI, vol. 11(19), pages 1-12, September.
    11. Juelin Yin & Yuli Zhang, 2012. "Institutional Dynamics and Corporate Social Responsibility (CSR) in an Emerging Country Context: Evidence from China," Journal of Business Ethics, Springer, vol. 111(2), pages 301-316, December.
    12. Asif Khan & Chih-Cheng Chen & Kwanrat Suanpong & Athapol Ruangkanjanases & Santhaya Kittikowit & Shih-Chih Chen, 2021. "The Impact of CSR on Sustainable Innovation Ambidexterity: The Mediating Role of Sustainable Supply Chain Management and Second-Order Social Capital," Sustainability, MDPI, vol. 13(21), pages 1-25, November.
    13. Jared Peifer, 2014. "Fund Loyalty Among Socially Responsible Investors: The Importance of the Economic and Ethical Domains," Journal of Business Ethics, Springer, vol. 121(4), pages 635-649, June.
    14. WANG Jifu & GUPTA Vipin & LYBOLT Liza & WANG Xiuli, 2022. "Corrected Game Model In Csr: Mnc Strategies And Chinese Practice," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(3), pages 269-287, December.
    15. Gupta, Shruti & Pirsch, Julie, 2008. "The influence of a retailer's corporate social responsibility program on re-conceptualizing store image," Journal of Retailing and Consumer Services, Elsevier, vol. 15(6), pages 516-526.
    16. Diane Sharratt & Bitten H. Brigham & Martin Brigham, 2007. "The Utility of Social Obligations in the UK Energy Industry," Journal of Management Studies, Wiley Blackwell, vol. 44(8), pages 1503-1522, December.
    17. Hao He & Chonlavit Sutunyarak, 2024. "Perception of Corporate Social Responsibility, Organizational Commitment and Employee Innovation Behavior: A Survey from Chinese AI Enterprises," JRFM, MDPI, vol. 17(6), pages 1-21, June.
    18. Cedric Dawkins, 2010. "Beyond Wages and Working Conditions: A Conceptualization of Labor Union Social Responsibility," Journal of Business Ethics, Springer, vol. 95(1), pages 129-143, August.
    19. Ewa Grzegorzewska-Ramocka, 2009. "Cele ekonomiczne i społeczne przedsiębiorstwa," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 7-8, pages 59-78.
    20. Mohammad Nurunnabi & Yazeed Alfakhri & Demah H. Alfakhri, 2018. "Consumer perceptions and corporate social responsibility: what we know so far," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 15(2), pages 161-187, June.

    More about this item

    Keywords

    business performance indicators; COVID-19; CSR; ESG; sustainability;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:econom:v:11:y:2023:i:2:p:25-50:n:14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.