Corporate Social Responsibility during COVID-19 Pandemic

Abstract

The health, economic, and social consequences of the SARS-CoV-2 virus have highlighted the need for collaboration among all agents to face a scenario that we have not before seen. The aims of this paper are to analyze the involvement that large Spanish companies have shown during the toughest moments of the epidemic and to determine the objectives these companies have pursued with them. The results show that several firms have shown a great commitment with society, developing actions that alleviate the consequences of the COVID-19 like others have developed several strategies with different objectives. More concretely, three clusters of responsibility have been identified: (i) protecting only the interests of shareholders and investors; (ii) favoring the wellbeing of the Spanish society in general and vulnerable groups in particular; and (iii) combining the previous altruistic actions with commercial interests.

Pandemic Uncertainty and Socially Responsible Investments

“…The main finding is robust and used different estimation techniques. This finding is in line with the results of Garcia-Sanchez and Garcia-Sanchez (20). Our findings show that CSP investments are positively associated with extreme events, such as pandemics.…”

“…Crane and Matten (19) also indicated that the COVID-19 pandemic has significantly changed the CSR concepts and practices, including its political economy, societal risk, stakeholders, and supply chain responsibility. Garcia-Sanchez and Garcia-Sanchez (20) used the data of the large Spanish companies to determine the objectives of the companies during the COVID-19 pandemic. The authors found that several firms protected the interests of shareholders and investors.…”

Communication Strategies for the 2030 Agenda Commitments: A Multivariate Approach

“…Faced with the initial generalised illusion with responsible business, there is currently great scepticism regarding certain CSR strategies [24]. This situation has led experts in this area to analyse business commitments in detail so that the benefits derived from CSR practices are dependent on the reasons that lead managers to implement one or another sustainability strategy [25]. These reasons can range from egocentricity to managerial altruism [26], without the altruism being detrimental to investors and owners [27,28].…”

The Effect of Corporate Philanthropy on Consumer Behavior: Open Innovation in the Operating Mechanism

“…CP is now acquiring a much better position in business strategies among all the CSR activities [22], generating positive benefits by changing the behavior of internal stakeholders of a company [23]. In fact, during COVID-19, pandemic several firms have opted for CP, not only to alleviate its consequences, but also to protect the interest of their shareholders [24]. Philanthropy also reduces the costs of formal controls [23].…”