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Corporate Social Responsibility in the Context of Financial Crisis: A Comparison between Romania and Lithuania

Author

Listed:
  • Rodica Milena Zaharia

    () (Academy of Economic Studies, Bucharest, Romania)

  • Dainora Grundey

    (Vilnius University, Kaunas, Lithuania)

Abstract

The paper aims to identify the link between the corporate social responsibility (CSR) and the recent financial crisis, and to determine the main features of the companies’ responsible behavior during this period. This inquiry follows the pattern of a descriptive study and will concentrate on the search of the literature, in order to identify the relationship between the present financial crisis and CSR, and the corporate behavior in this period. Companies’ reports, and discourses on CSR will be considered to characterize firms’ behavior. Examples of CSR from Romania and Lithuania are offered in order to illustrate the conclusions of the paper. The investigation of the literature leads to two major conclusions. One conclusion of the paper is that CSR is on a turning point and it is expected that a new orientation toward theoretical and practical approaches regarding the concept will be developed after this crisis. The other outcome reveals the contradiction between discourse and action: companies’ priorities in crisis time are more concentrated on financial aspects; even if at the discourse level all companies declare their commitment to responsible actions.

Suggested Citation

  • Rodica Milena Zaharia & Dainora Grundey, 2011. "Corporate Social Responsibility in the Context of Financial Crisis: A Comparison between Romania and Lithuania," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 13(29), pages 195-206, February.
  • Handle: RePEc:aes:amfeco:v:13:y:2011:i:29:p:195-206
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    Cited by:

    1. Madalina Dumitru & Nadia Albu & Valentin Florentin Dumitru & Catalin Nicolae Albu, 2014. "Practices Regarding the Forms of Communication with the Consumers used by a Multinational Company at Global and Local Level," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 16(35), pages 1-41, February.
    2. Andreea-Daniela Moraru & Silvia Ghita-Mitrescu, 2016. "The Romanian Banking System –Key Dimensions and Visibility of CSR Practices," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 559-564, February.
    3. FRECEA Georgiana - Loredana, 2016. "CSR Integration into the Financial Economy: A Conceptual Approach," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 01, March.
    4. Aleksandra Gasior, 2013. "Financial liquidity analysis of CSR based Capital Group Zywiec SA," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 15(Special 7), pages 784-801, November.

    More about this item

    Keywords

    corporate social responsibility; financial crisis; business; Romania; Lithuania;

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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