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The Effects of the Covid-19 Pandemic on Corporate Social Responsibility and Business Performance in Companies Listed on the Warsaw Stock Exchange

Author

Listed:
  • Stojanovic Ilija

    (1 American University in the Emirates, Dubai, United Arab Emirates)

  • Puška Adis

    (2 Government of Brcko District, Brcko, Bosnia and Herzegovina)

  • Ozbalci Seval

    (3 University of the People, Business Administration Department, CA, USA)

  • Bolek Monika

    (4 University of Lodz, Poland)

Abstract

The COVID-19 virus pandemic had an impact on all segments of life, including dally operations of companies. Companies had to adapt to market developments and change their business philosophy in order to survive in the market. This paper showed how the crisis caused by the COVID-19 virus pandemic affects the business of companies. This study aims to examine the business performance indicators (BPI) of companies listed on the Warsaw Stock Exchange (WSE) before and during the COVID-19 pandemic with a focus on corporate social responsibility (CSR). In order to examine this, a multivariate regression analysis was conducted. The findings show that there were no changes in the BPIs before and during the COVID-19 pandemic in companies in relation to CSR strategy. The only exception was found in the group of CSR companies that reported a lower profit margin during the COVID-19 pandemic. Companies with better BPIs may be willing to introduce CSR principles into their strategy and during the pandemic, intangibles influenced CSR strategy in a negative way. The limitations of the article are related to the study of only one market. Identified relationships allowed for a better understanding of the application of social responsibility principles among enterprises in Central Europe.

Suggested Citation

  • Stojanovic Ilija & Puška Adis & Ozbalci Seval & Bolek Monika, 2023. "The Effects of the Covid-19 Pandemic on Corporate Social Responsibility and Business Performance in Companies Listed on the Warsaw Stock Exchange," Economics, Sciendo, vol. 11(2), pages 25-50, December.
    • Handle: RePEc:vrs:econom:v:11:y:2023:i:2:p:25-50:n:14
    DOI: 10.2478/eoik-2023-0059
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    References listed on IDEAS

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    1. Gerda Barauskaite & Dalia Streimikiene, 2021. "Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 278-287, January.
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    4. Dumitrescu, Ariadna & El Hefnawy, Menatalla & Zakriya, Mohammed, 2020. "Golden geese or black sheep: Are stakeholders the saviors or saboteurs of financial distress?," Finance Research Letters, Elsevier, vol. 37(C).
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    More about this item

    Keywords

    business performance indicators; COVID-19; CSR; ESG; sustainability;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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