IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i11p6177-d565884.html
   My bibliography  Save this article

Risk and Opportunity Assessment Model for CSR Initiatives in the Face of Coronavirus

Author

Listed:
  • Maria Krechowicz

    (Faculty of Management and Computer Modelling, Kielce University of Technology, 25-314 Kielce, Poland)

  • Katarzyna Kiliańska

    (Faculty of Management and Computer Modelling, Kielce University of Technology, 25-314 Kielce, Poland)

Abstract

This paper concerns an important and current problem of taking Corporate Social Responsibility (CSR) initiatives in the specific market conditions of the COVID-19 pandemic. CSR activities, aimed at combating COVID-19, contribute to creating favorable conditions for the sustainable development of enterprises and the entire society. In this work, analysis of the survey results, interviews with the initiatives’ beneficiaries, and brainstorm sessions with CSR specialists and companies’ employees allowed us to identify risk and opportunity categories, factors, and develop scales for their probability and consequences assessment. Survey results revealed that socially responsible actions are important in the fight against the coronavirus pandemic, and social expectations, in this regard, are growing. Two-parametric risk/opportunity matrix was used to calculate risk/opportunity level. The aim of this work is to present a new model of risk and opportunity assessment dedicated to organizations carrying out of CSR ventures in the pandemic era. The proposed risk and opportunity assessment model is an effective tool to identify the CSR initiative advantages and drawbacks, as well as a starting point for managing them, to maximize chances and minimize threats. Three examples of practical applications of the proposed model confirm that it can be successfully used in practice. The developed model is based on universal assumptions and criteria, so that it can be used in any country struggling with the pandemic.

Suggested Citation

  • Maria Krechowicz & Katarzyna Kiliańska, 2021. "Risk and Opportunity Assessment Model for CSR Initiatives in the Face of Coronavirus," Sustainability, MDPI, vol. 13(11), pages 1-22, May.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:11:p:6177-:d:565884
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/11/6177/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/11/6177/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hsin-Hong Kang & Shu-Bing Liu, 2014. "Corporate social responsibility and corporate performance: a quantile regression approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(6), pages 3311-3325, November.
    2. Maria Krechowicz & Adam Krechowicz, 2021. "Risk Assessment in Energy Infrastructure Installations by Horizontal Directional Drilling Using Machine Learning," Energies, MDPI, vol. 14(2), pages 1-28, January.
    3. He, Hongwei & Harris, Lloyd, 2020. "The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy," Journal of Business Research, Elsevier, vol. 116(C), pages 176-182.
    4. Shilu Sun & Tiantian Li & Hong Ma & Rita Yi Man Li & Kostas Gouliamos & Jianming Zheng & Yan Han & Otilia Manta & Ubaldo Comite & Teresa Barros & Nelson Duarte & Xiao-Guang Yue, 2020. "Does Employee Quality Affect Corporate Social Responsibility? Evidence from China," Sustainability, MDPI, vol. 12(7), pages 1-19, March.
    5. Boubaker, Sabri & Cellier, Alexis & Manita, Riadh & Saeed, Asif, 2020. "Does corporate social responsibility reduce financial distress risk?," Economic Modelling, Elsevier, vol. 91(C), pages 835-851.
    6. Warwick McKibbin & Roshen Fernando, 2021. "The Global Macroeconomic Impacts of COVID-19: Seven Scenarios," Asian Economic Papers, MIT Press, vol. 20(2), pages 1-30, Summer.
    7. Málovics, György & Csigéné, Noémi Nagypál & Kraus, Sascha, 2008. "The role of corporate social responsibility in strong sustainability," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(3), pages 907-918, June.
    8. Isabel-María García-Sánchez & Víctor Amor-Esteban & Alejandra García-Sánchez, 2021. "Different Leaders in a COVID-19 Scenario: CEO Altruism and Generous Discourse," Sustainability, MDPI, vol. 13(7), pages 1-19, March.
    9. Benedict Sheehy, 2015. "Defining CSR: Problems and Solutions," Journal of Business Ethics, Springer, vol. 131(3), pages 625-648, October.
    10. Aysu Göçer & Yao Henry Jin & Stanley E. Fawcett, 2019. "How Does the Contingent Sustainability–Risk–Cost Relationship Affect the Viability of CSR? An Emerging Economy Perspective," Sustainability, MDPI, vol. 11(19), pages 1-25, September.
    11. Massimiliano Giacalone & Vito Santarcangelo & Vincenzo Donvito & Oriana Schiavone & Emilio Massa, 2021. "Big data for corporate social responsibility: blockchain use in Gioia del Colle DOP," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(6), pages 1945-1971, December.
    12. Min Liu & Weijie Lu, 2021. "Corporate social responsibility, firm performance, and firm risk: the role of firm reputation," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 28(5), pages 525-545, September.
    13. Luis Perez-Batres & Van Miller & Michael Pisani, 2010. "CSR, Sustainability and the Meaning of Global Reporting for Latin American Corporations," Journal of Business Ethics, Springer, vol. 91(2), pages 193-209, February.
    14. Andrew Atkeson, 2020. "What Will be the Economic Impact of COVID-19 in the US? Rough Estimates of Disease Scenarios," Staff Report 595, Federal Reserve Bank of Minneapolis.
    15. Marcela Rocha Haase Uhlig & Emerson Wagner Mainardes & Valcemiro Nossa, 2020. "Corporate social responsibility and consumer's relationship intention," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(1), pages 313-324, January.
    16. Naveed Ahmad & Asif Mahmood & Heesup Han & Antonio Ariza-Montes & Alejandro Vega-Muñoz & Mohi ud Din & Ghazanfar Iqbal Khan & Zia Ullah, 2021. "Sustainability as a “New Normal” for Modern Businesses: Are SMEs of Pakistan Ready to Adopt It?," Sustainability, MDPI, vol. 13(4), pages 1-17, February.
    17. Yves Fassin & Annick Van Rossem & Marc Buelens, 2011. "Small-Business Owner-Managers' Perceptions of Business Ethics and CSR-Related Concepts," ULB Institutional Repository 2013/191947, ULB -- Universite Libre de Bruxelles.
    18. Subhabrata Bobby Banerjee, 2007. "Corporate Social Responsibility," Books, Edward Elgar Publishing, number 12532.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maria Krechowicz, 2022. "Towards Sustainable Project Management: Evaluation of Relationship-Specific Risks and Risk Determinants Threatening to Achieve the Intended Benefit of Interorganizational Cooperation in Engineering Pr," Sustainability, MDPI, vol. 14(5), pages 1-24, March.

    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. George, Ammu & Li, Changtai & Lim, Jing Zhi & Xie, Taojun, 2021. "From SARS to COVID-19: The evolving role of China-ASEAN production network," Economic Modelling, Elsevier, vol. 101(C).
    2. Eline Moens & Louis Lippens & Philippe Sterkens & Johannes Weytjens & Stijn Baert, 2022. "The COVID-19 crisis and telework: a research survey on experiences, expectations and hopes," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 23(4), pages 729-753, June.
    3. Imen Khanchel & Naima Lassoued & Rym Gargoury, 2023. "CSR and firm value: is CSR valuable during the COVID 19 crisis in the French market?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(2), pages 575-601, June.
    4. Mazhar Mughal & Rashid Javed, 2022. "Perturbed nuptiality, delayed fertility: childbirth effects of Covid19," Journal of Population Research, Springer, vol. 39(4), pages 589-597, December.
    5. 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.
    6. Jose Ribamar Siqueira Junior & Enrique Horst & German Molina & Laura H. Gunn & Felipe Reinoso-Carvalho & Burcu Sezen & Nathalie Peña-García, 2023. "Branding in the eye of the storm: the impact of brand ethical behavior on brand commitment during the COVID-19 crisis in a South American country," Journal of Marketing Analytics, Palgrave Macmillan, vol. 11(1), pages 95-115, March.
    7. Alipio, Mark, 2020. "Education during COVID-19 era: Are learners in a less-economically developed country ready for e-learning?," EconStor Research Reports 216098, ZBW - Leibniz Information Centre for Economics.
    8. Takahashi, Hidenori & Yamada, Kazuo, 2021. "When the Japanese stock market meets COVID-19: Impact of ownership, China and US exposure, and ESG channels," International Review of Financial Analysis, Elsevier, vol. 74(C).
    9. Cindy Cheng & Joan Barceló & Allison Spencer Hartnett & Robert Kubinec & Luca Messerschmidt, 2020. "COVID-19 Government Response Event Dataset (CoronaNet v.1.0)," Nature Human Behaviour, Nature, vol. 4(7), pages 756-768, July.
    10. Bianco, Débora & Bueno, Adauto & Godinho Filho, Moacir & Latan, Hengky & Miller Devós Ganga, Gilberto & Frank, Alejandro G. & Chiappetta Jabbour, Charbel Jose, 2023. "The role of Industry 4.0 in developing resilience for manufacturing companies during COVID-19," International Journal of Production Economics, Elsevier, vol. 256(C).
    11. Juliane Peters & Ana Simaens, 2020. "Integrating Sustainability into Corporate Strategy: A Case Study of the Textile and Clothing Industry," Sustainability, MDPI, vol. 12(15), pages 1-35, July.
    12. Assis de Salles, Andre, 2021. "Assessing the First Shocks of Covid-19 Pandemic on the Idiosyncratic Risk in the Brazilian and the Emerging Markets," MPRA Paper 113586, University Library of Munich, Germany.
    13. Vladislav V. Afanasev & Yulia A. Tarasova, 2022. "Default Prediction for Housing and Utilities Management Firms Using Non-Financial Data," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 91-110, December.
    14. Tiffany Chenneville & Kemesha Gabbidon & Patricia Hanson & Cashea Holyfield, 2020. "The Impact of COVID-19 on HIV Treatment and Research: A Call to Action," IJERPH, MDPI, vol. 17(12), pages 1-14, June.
    15. Berman, Nicolas & Couttenier, Mathieu & Monnet, Nathalie & Ticku, Rohit, 2022. "Shutdown policies and conflict worldwide," Journal of Comparative Economics, Elsevier, vol. 50(1), pages 240-255.
    16. Ambrocio, Gene & Juselius, Mikael, 2020. "Dealing with the costs of the COVID-19 pandemic – what are the fiscal options?," BoF Economics Review 2/2020, Bank of Finland.
    17. Andre Assis de Salles, 2021. "COVID-19 Pandemic Initial Effects on the Idiosyncratic Risk in Latin America," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 16(3), pages 1-21, Julio - S.
    18. ElBannan, Mona A., 2021. "On the prediction of financial distress in emerging markets: What matters more? Empirical evidence from Arab spring countries," Emerging Markets Review, Elsevier, vol. 47(C).
    19. Chiara Sotis, 2021. "How do Google searches for symptoms, news and unemployment interact during COVID-19? A Lotka–Volterra analysis of google trends data," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(6), pages 2001-2016, December.
    20. Ivanaj, Ernest & Oukhallou, Youssef, 2020. "The Economic and Institutional Determinants of COVID-19 Mortality," MPRA Paper 103895, University Library of Munich, Germany.

    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:gam:jsusta:v:13:y:2021:i:11:p:6177-:d:565884. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.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.