corporate social responsibility response strategies to COVID-19

LC Leonidou, B Aykol, P Eteokleous… - COVID-19 and …, 2020 - api.taylorfrancis.com
COVID-19 and international business, 2020api.taylorfrancis.com
The recent coronavirus pandemic crisis, apart from impacting public health worldwide, has
resulted in an uncertain socio-economic climate with serious implications for the business
community at large. These implications have been more profound among firms operating
internationally, because:(a) they have to cope with the idiosyncratic conditions of the
pandemic prevailing in the various countries in which they operate;(b) they are confronted
with different stakeholder groups in each of these countries, which exert pressures of …
The recent coronavirus pandemic crisis, apart from impacting public health worldwide, has resulted in an uncertain socio-economic climate with serious implications for the business community at large. These implications have been more profound among firms operating internationally, because:(a) they have to cope with the idiosyncratic conditions of the pandemic prevailing in the various countries in which they operate;(b) they are confronted with different stakeholder groups in each of these countries, which exert pressures of different nature and intensity; and (c) they are immediately visible to a wider global audience with regard to their specific actions taken to accommodate and mitigate the coronavirus crisis. All these necessitate a careful crafting of a set of response strategies, with corporate social responsibility (CSR) strategies playing a particularly crucial role (Ham and Kim, 2019). By demonstrating a socially responsible behavior in this crisis situation, international firms aim to preserve a favorable image and enhance their reputation by helping their various stakeholders (eg, employees, customers and suppliers) to reduce various negative emotions (eg, anxiety, uncertainty and helplessness) and by providing solutions to various social problems (eg, poverty, job losses and health risk) caused by the adversities of this unprecedented phenomenon (Pearson and Clair, 1998; Zyglidopoulos and Phillips, 1999). Indeed, the widespread presence, abundance of resources and considerable power of multinational firms has increased pressures on them by governments, organized groups and individuals to provide assistance to members of the society in these difficult and obscure times (Dillard and Murray, 2012). An effective CSR strategy under a crisis situation necessitates the proper management of stakeholder interdependence, as firms need to interact and improvise with each of their stakeholder groups during the crisis development process and its aftermath (Pearson and Clair, 1998). Moreover, the uncertainty associated with the crisis also increases the need for firms to disseminate timely, accurate and comprehensive
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