U.S. Fortune 500’s stakeholders engagement during the COVID-19 pandemic: Evidence for proactive approaches

Yang, Aimei; Sun, Jingyi; Taylor, Maureen

doi:10.1016/j.pubrev.2022.102230

Cited by 10 publications

(8 citation statements)

References 51 publications

(78 reference statements)

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“…The present research establishes the legitimacy of an organization to stay committed to the core principles of CSR for the realization of the intended welfare of all stakeholders, even in times of uncertainty. These findings resonate with those of Carroll (2021), Momin et al (2022) and Yang et al (2022).…”

Section: Discussionsupporting

confidence: 90%

CSR initiatives and stakeholder engagement amidst COVID-19 pandemic: insights using content analysis and literature review

Hasan¹,

Singh²,

Kashiramka³

2023

SRJ

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Purpose The coronavirus disease (COVID-19) has impacted all economies, businesses and societies. The purpose of this paper is to analyze and present a case for corporate social responsibility (CSR) in terms of its relevance amidst the turmoil caused by the pandemic. Design/methodology/approach The authors use a directed content analysis approach to retrieve relevant information from news articles using Thomson Reuters’ Eikon® and Bloomberg® databases. Based on stakeholder theory, the authors evaluate some of the CSR initiatives undertaken by organizations around the world. The authors then undertake a systematic literature review using the preferred reporting items for systematic reviews and meta-analyses standard to provide possible implications for organizations. Findings The findings suggest that in response to the pandemic, corporations from both developed and developing countries have been pursuing CSR measures for stakeholder engagement. The systematic literature review signals positive outcomes that companies might expect at the organizational level. The paper concludes by suggesting research propositions that indicate effective CSR at a time of crisis like COVID-19 encourages stakeholder partnerships and helps to gain a competitive advantage. Originality/value The authors present an overview of the CSR responses taken by firms globally in response to the pandemic by way of stakeholder engagement. The authors analyze the stakeholders targeted through such initiatives and report possible implications based on the extant literature. The findings of the study can be used to understand the various transitions that happen in an unprecedented situation like COVID-19 at all levels of business and society.

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Section: Discussionsupporting

confidence: 90%

CSR initiatives and stakeholder engagement amidst COVID-19 pandemic: insights using content analysis and literature review

Hasan¹,

Singh²,

Kashiramka³

2023

SRJ

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“…Companies have more and higher quality disclosure during the crisis (Brennan et al, 2022). Besides that, the company showed stakeholders a proactive and accommodating strategy to build relationships with external parties (Yang et al, 2022). Authors believe companies increase the quality and transparency of the information they provide, particularly during times of uncertainty.Managers respond to uncertainty by disclosing more forward-looking information.…”

Section: Discussionmentioning

confidence: 97%

Forward-Looking Information Disclosure and Firm Value in the Pandemic Era

Widiastuti

Utami

Purnamasari

2022

JRAK

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The study investigates the forward-looking information disclosure (FLID), firm performance, and firm value during the COVID-19 pandemic. The population of this study was firms listed on the Indonesia Stock Exchange (IDX). The sampling methods used purposive sampling based on specific criteria. Our total sample was 478 observations. The data were analyzed based on multiple regressions utilizing the EViews program. The results of this study revealed that forward-looking information disclosure did not affect firm value. However, firm performance has a positive effect on firm value. Therefore, the interaction of firm performance and forwardlooking information positively affects firm value. During the pandemic, managers disclose more forward-looking information than before the pandemic.

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“…The market penalises actions not directly related to financial performance at such times of crisis (Al-Dah et al, 2018). In crisis contexts, companies may focus their attention on the demands of internal stakeholders, such as investors and employees, who do not seem to respond favourably to environmental and social practices (Yang et al, 2022).…”

Section: Stakeholder Engagement and Corporate Environmental Performan...mentioning

confidence: 99%

Determinants of corporate environmental performance and the moderating effect of economic crises

Arco-Castro,

López-Pérez,

Alonso-Conde

et al. 2024

BJM

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PurposeThis paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships.Design/methodology/approachA regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation.FindingsThe results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis.Research limitations/implicationsThe study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic.Practical implicationsThe results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board.Social implicationsFollowing the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades.Originality/valueThe paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis.

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U.S. Fortune 500’s stakeholders engagement during the COVID-19 pandemic: Evidence for proactive approaches

Cited by 10 publications

References 51 publications

CSR initiatives and stakeholder engagement amidst COVID-19 pandemic: insights using content analysis and literature review

CSR initiatives and stakeholder engagement amidst COVID-19 pandemic: insights using content analysis and literature review

Forward-Looking Information Disclosure and Firm Value in the Pandemic Era

Determinants of corporate environmental performance and the moderating effect of economic crises

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