Social, Economic, and Financial Aspects of Modelling Sustainable Growth in the Irresponsible World during COVID-19 Pandemic

Abstract

The subject matter of this study is connected to the functions of socially responsible business, which has become an essential topic within the insurance sector during the COVID-19 pandemic. This issue has received increasing attention from scientific, business, and political communities. Our study is devoted to the social, economic, and financial dimensions of the problem concerning sustainable development, and is analysed from the perspective of the financial market, including the insurance sector, during the COVID-19 pandemic. Our research indicates that the emerging social, economic, and financial phenomena offer an adequate description of the changes in the global economy. This study could become the basis for a better strategy against the COVID-19 pandemic than the current view of the economy, and may lead to a breakthrough in the development of social sciences. We attempt to integrate the environments and concepts into the starting point of a central question: does the social responsibility of a business allow for the chance of sustainable growth from social, economic, and financial perspectives? Thus, this study deals with the hypothesis that the social, economic, and financial aspects concerning the development of Poland are connected to the behaviours of the financial market, which compose their strategy by taking socially responsible actions both during the COVID-19 pandemic and after it into account by modelling sustainable growth. Statistical data from the Central Statistical Office from the years 2010–2020 concerning age, place of residence, and level of education was a selection basis while creating the layers. The methodological concept of the study was theoretical and empirical. In the empirical section, the research was conducted in the territory of the Polish state using proprietary indicators of sustainable development and a questionnaire. Moreover, a theoretical and historical analysis has been conducted. Within sustainable development, there is a noticeable attitude among the respondents who are aware of the COVID-19 threat characteristic of mature customers. Customers of insurance companies in Poland expect to receive a good-quality insurance product and to be well served in the event of an insurance accident. Moreover, it is expected that, as CSR develops, insurers will continue to serve as shock absorbers for the economy and society.

Analyzing the Impact of COVID-19 on Economic Sustainability: A Clustering Approach

“…After analyzing the economic indicator and identifying the significant factors influencing the long-term loans that were issued, they concluded that the banks had enough funds to support sustainable economic growth, but the commercial banks were not willing to take the credit risk due to their risk tolerance. Similarly, Przybytniowski et al [42] assume that the social, economic, and financial aspects concerning the development of Poland are related to the behavior of the financial market, which are responsible for modeling economic growth by implementing socially responsible actions both during and after the COVID-19 pandemic.…”