Corporate Social Responsibility in Times of Crisis: Evidence from Romania

In times of financial and economic crisis companies face difficulties causing them to review their costs and restructure their activities. This affects also corporate social responsibility programs, both in terms of size and complexity, despite the fact that current economic, social and environmental challenges any society faces are even more pronounced. During such difficult periods, some companies choose to strengthen their social responsibility programs as to increase their reputation and to gain the trust of the local community where they operate. On other hand, there are companies that substantially reduce their social responsibility budgets and activities. In this chapter, the authors will address the issue of social responsibility in RomaniaRomania , during the economic crisis both in terms of microeconomic and macroeconomic analyses. In this regard, qualitative and quantitative analyses of OMV Petrom 2010–2014 social responsibility programs were performed, as OMV Petrom is the largest company in Romanian economy, whose turnover represents around 5% of national GDP. Macroeconomic analysis focused on the solutions that Romanian Government developed as to overcome the threats and challenges faced by financial responsibility due to economic and financial crisis. Romanian Government has developed a National Strategy on Social ResponsibilitySocial responsibility to raise awareness of the importance and benefits of applying social responsibility and increasing involvement of public sector, Romanian companies, multinational corporations, and civil society in implementing social responsibility. The chapter analysed the elements of this strategy and the effects it has on society.