Towards a Synergistic Multi‐stakeholder Approach to CSR in Crisis: Learning from Large Global Firms’ Responses to COVID‐19

Abstract

Firms are increasingly expected to engage in corporate social responsibility (CSR) in reaction to external crises. Yet, we still know little about how they do it. This study discusses what we can learn from how large global firms responded to the COVID‐19 pandemic. Employing a cluster analysis on Fortune Global 500 firms, our findings reveal that to meet both institutional and economic pressures posed by the crisis, global firms adopted what we call a synergistic multi‐stakeholder approach by addressing the needs of multiple stakeholder groups simultaneously through transferable response strategies. These strategies varied by firm, ranging from donations and educational initiatives to collaboration and minimal support. We discuss the characteristics and potential drivers of each strategy. Our findings suggest that synergistic CSR strategies combine (social) value creation with operational efficiencies across stakeholder groups, with critical implications for how firms may respond to future disasters and crises.