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

Abstract

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.

The Relationship between Perceptions of High-Performance Work Systems and Corporate Social Responsibility (CSR) Considering the Moderating Effect of a Positive Diversity Climate

“…Based on the above, this study is distinct from previous studies and significantly advances theoretical understanding by synthesizing insights from different theories and perspectives. For instance, this study advances stakeholder theory by confirming that employees are the agents responsible for performing CSR activities; therefore, the success of companies' CSR initiatives depends on their employees' behaviors and attitudes [37][38][39]. Further, this study highlights the relationship between a company's social performance and high-performance work systems in conjunction with other variables, which has been overlooked in previous research [15,31,32].…”

“…Corporate social responsibility (CSR) is structured around managing various stakeholders, not just individual shareholders [37]. According to stakeholder theory, companies should strive for social good beyond basic economic interests, catering to various stakeholders [38]. This study specifically focuses on employees among these diverse stakeholders.…”

Strengthening accountability and sustainability reporting: does stakeholder engagement really work? Evidence from the judicial sector

“…Several studies have found a positive relationship between SE and social performance and its crucial role in shaping a CSR culture (Doni et al , 2022; Agudo‐Valiente et al , 2015). Furthermore, its importance has also been emphasised during the COVID-19 pandemic (Hasan et al , 2023; Momin et al , 2022). In this direction, recent literature seems to highlight the ability of the SE to co-create shared value, i.e.…”