Paradigm shift in the concept of corporate social responsibility: COVID-19

• Published in: Green finance 2021-01, Vol.3 (2), p.138-152
• Main Authors: Navickas, Valentinas, Kontautiene, Rima, Stravinskiene, Jurgita, Bilan, Yuriy
• Format: Article
• Language: English
• Subjects: Capitalism; challenges; Cooperation; corporate responses; corporate social responsibility (csr); COVID-19; Decision making; Economic development; Entrepreneurs; Ethics; Great Depression; Pandemics; Social responsibility; socially responsible activities; stakeholders; Stockholders; the covid-19 pandemic
• ISSN: 2643-1092; 2643-1092
• DOI: 10.3934/GF.2021008

The purpose of the paper is to analyse the development of the concept of corporate social responsibility (CSR) between two the most drastic crisis periods that have shaken the world society, i.e., the Great Depression and the COVID-19 pandemic. The concept of CSR has expanded from its perception as philanthropic actions to the systematic corporate activities and intensive interaction with stakeholders based on social, economic, and environmental interests aimed at long-term sustainable economic development and public welfare. With the rapid spread of the COVID-19 around the world, the companies have faced the challenge of moving to a new environment. Our findings suggest that CSR activities are implemented by the companies around the world as a response to the COVID-19, regardless of the country's level of development. The companies with many years of CSR experience act responsibly towards their communities and society. The concept of CSR is still evolving, but the main goal remains the same at any stage of development—to contribute to public safety and well-being. The results show that the companies, analysed in the paper, contribute to the implementation of CSR goals through socially responsible activities even in the crisis period.