La RSC en tiempos de crisis según los indicadores ASG en Europa: análisis del impacto del COVID-19
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Publicado
11-09-2024
Ana Cuesta-González
Laura Cabeza-García
Roberto Fernández-Gago
https://orcid.org/0009-0008-2499-1335
Laura Cabeza-García
Roberto Fernández-Gago
Resumen
Vivimos en un mundo globalizado caracterizado en los últimos tiempos por acontecimientos que han derivado en crisis de alcance internacional y mundial, en las que las empresas juegan un papel protagonista. Estas circunstancias crean una oportunidad única para estudiar cómo varía la responsabilidad social corporativa (RSC) al adaptarse las compañías al nuevo entorno, siendo un buen ejemplo al respecto el relacionado con la situación derivada del Covid-19. Esta crisis sanitaria provocó que las empresas se vieran obligadas a adoptar nuevas pautas de gestión para adaptarse a las difíciles condiciones del entorno y poder sobrevivir en esa «nueva normalidad». Así, será interesante saber si el impacto de esta crisis, que fue desigual entre países, afecta a los indicadores ambientales, sociales y de gobierno (ASG) de las compañías. Utilizando una amplia muestra de empresas de los países de la Unión Europa (UE), los resultados confirman que el compromiso empresarial en materia de RSC aumentó en el periodo de la pandemia (2020-2022) con respecto al periodo previo (2017-2019). Adicionalmente, los resultados de este estudio confirman que la intensidad del impacto de dicha crisis hace que mejoren los indicadores ASG. Desde un punto de vista práctico, es posible establecer ciertas implicaciones a nivel político y de gestión a partir de nuestros resultados y aprovecharlos para planificar posibles actuaciones frente a potenciales crisis futuras.
Cómo citar
Cuesta-González, A., Cabeza-García, . L., & Fernández-Gago, . R. (2024). La RSC en tiempos de crisis según los indicadores ASG en Europa: análisis del impacto del COVID-19. Cuadernos De Gestión, 24(2), 69–80. https://doi.org/10.5295/cdg.232120ac
##plugins.themes.bootstrap3.article.details##
Keywords
COVID-19, CSR, ASG, Environmental, Social, Governance
References
Abed, S. S. (2022). A literature review exploring the role of technology in business survival during the Covid-19 lockdowns. Interna-tional Journal of Organizational Analysis, 30(5), 1045-1062.
Adams-Prassl, A., Boneva, T., Golin, M., & Rauh, C. (2020). Inequality in the impact of the coronavirus shock: evidence from real time surveys. Journal of Public Economics, 189, 104245.
Akrofi, M. M., & Antwi, S. H. (2020). Covid-19 energy sector responses in Africa: a review of preliminary government interventions. Energy Research & Social Science, 68, 101681.
Afonso, P., Fonseca, M., & Teodoro, T. (2022). Evaluation of anxiety, depression and sleep quality in full-time teleworkers. Journal of Public Health, 44(4), 797-804.
Aguinis, H., Villamor, I., & Gabriel, K. P. (2020). Understanding employee responses to Covid-19: a behavioral corporate social responsibility perspective. Management Research, 18(4), 421-438.
Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500.
Ajeigbe, K. B., & Ganda, F. (2023). The implications of the pandemic for the corporate governance, remuneration and sustainability performance of South African listed companies. International Journal of Innovative Research and Scientific Studies, 6(1), 174-184.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: theory and empirical evidence. Management Science, 65(10), 4451-469.
Amoah, J., Jibril, A. B., Owusu, V. K., Odei, M. A., & Naatu, F. (2021). Covid-19 pandemic and future business prospects: a concep-tual study. In Resilience and Economic Intelligence Through Digitalization and Big Data Analytics.
Amorelli, M. F., & García‐Sánchez, I. M. (2023). Leadership in heels: women on boards and sustainability in times of Covid-19. Corporate Social Responsibility and Environmental Management, 30(4), 1987-2010.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employ-ment equations. The Review of Economic Studies, 58(2), 277-297.
Arias, D., Barriola, X., & Loza Adaui, C. R. (2024). Corporate purpose and early disaster response: providing evidence of dynamic materiality? Business Strategy and the Environment, 1–15.
Arora, P., & Dharwadkar, R. (2011). Corporate governance and corporate social responsibility (CSR): the moderating roles of at-tainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136-152.
Baek, E. M., Kim, W. Y., & Kwon, Y. J. (2021). The impact of Covid-19 pandemic on workplace accidents in Korea. International Journal of Environmental Research and Public Health, 18(16).
Ballesteros, B. C., Rubio, R. G., & Ferrero, J. M. (2015). Efecto de la composición del consejo de administración en las prácticas de responsabilidad social corporativa. Revista de Contabilidad, 18(1), 20-31.
Barko, T., Cremers, M., & Renneboog, L. (2022). Shareholder engagement on environmental, social, and governance performance. Journal of Business Ethics, 180(2), 777-812.
Barmparis, G. D., & Tsironis, G. P. (2020). Estimating the infection horizon of Covid-19 in eight countries with a data-driven ap-proach. Chaos, Solitons & Fractals, 135, 109842.
Barrachina, M., & Barrachina, L. (2021). Mitigation of Covid Strategies Comparison Between United States and Europe. In N. Bap-orikar (Ed.), Handbook of Research on Strategies and Interventions to Mitigate Covid-19 Impact on SMEs (pp. 359-382). IGI Global.
Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2021). Board diversity and corporate social responsibility: empirical evidence from France. Journal of Business Ethics, 173(1), 133-155.
Ben Saad, S., & Belkacem, L. (2022). How does corporate social responsibility influence firm financial performance? Corporate Governance, 22(1), 1-22.
Bishara, A. J., & Hittner, J. B. (2014). Reducing bias and error in the correlation coefficient due to nonnormality. Educational and Psychological Measurement, 75(5), 785-804.
Boubaker, S., Liu, Z., & Zhan, Y. (2022). Customer relationships, corporate social responsibility, and stock price reaction: lessons from China during health crisis times. Finance Research Letters, 47, 102699.
Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: evi-dence from Covid-19 in China. Finance Research Letters, 38, 101716.
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115.
Cabeza-García, L., Fernández-Gago, R., & Nieto, M. (2018). Do board gender diversity and director typology impact CSR reporting? European Management Review, 15(4), 559-575.
Campo, A. M. D. V., Avolio, B., & Carlier, S. I. (2021). The relationship between telework, job performance, work-life balance and family supportive supervisor behaviours in the context of Covid-19. Global Business Review. Working Paper.
Carracedo, P., Puertas, R., & Marti, L. (2021). Research lines on the impact of the Covid-19 pandemic on business. A text mining analysis. Journal of Business Research, 132, 586-593.
Carroll, A. B. (2021). Corporate social responsibility (CSR) and the Covid-19 pandemic: organizational and managerial implications. Journal of Strategy and Management, 14(3), 315-330.
Cera, G., Belas, J., Marousek, J., & Cera, E. (2020). Do size and age of small and medium-sized enterprises matter in corporate social responsability? Economics & Sociology, 13(2), 86-99.
Cincalova, S., & Hedija, V. (2020). Firm characteristics and corporate social responsibility: the case of czech transportation and storage industry. Sustainability, 12(5), 1992.
Colli, F. (2020). The end of “business as usual”? Covid-19 and the European Green Deal. Egmont European Policy Brief No. 60.
Costa, A.J., Curi, D., Bandeira, A.M., Ferreira, A., Tomé, B., Joaquim, C., Santos, C., Góis, C., Meira, D., Azevedo, G., Inácio, H., Jesus, M., Goreti, M., Monteiro, P., Duarte, R., & Marques, R. P. (2022). Literature review and theoretical framework of the evolution and interconnectedness of corporate sustainability constructs. Sustainability, 14(8), 4413.
D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909-924.
Delgado-Ceballos, J., Ortiz-De-Mandojana, N., Antolín-López, R., & Montiel, I. (2023). Connecting the Sustainable Development Goals to firm-level sustainability and ESG factors: the need for double materiality. BRQ Business Research Quarterly, 26(1), 2-10.
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: institutional isomorphism and collective rationality in organiza-tional fields. American Sociological Review, 48, 147-160.
Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the Covid-19 pandemic. Journal of Financial Economics, 141(2), 802-830.
Eurostat. (2023). Data Browser. https://ec.europa.eu/eurostat/databrowser/view/DEMO_GIND__custom_6661929/default/table?lang=en.
Fana, M., Milasi, S., Napierala, J., Fernández-Macías, E., & Vázquez, I. G. (2020). Telework, work organisation and job quality dur-ing the Covid-19 crisis: a qualitative study. JRC Working Papers Series on Labour, Education and Technology. (No. 2020/11).
Fernández-Gago, R., Cabeza-García, L., & Nieto, M. (2016). Corporate social responsibility, board of directors, and firm perfor-mance: an analysis of their relationships. Review of Managerial Science, 10(1), 85-104.
Ferrell, O. C. (2021). Addressing socio-ecological issues in marketing: environmental, social and governance (ESG). AMS Review, 11(1), 140-144.
Ferrón-Vílchez, V., & Leyva-de la Hiz, D. I. (2023). Calm after the storm? The role of social and environmental practices on small and medium enterprises resilience throughout Covid-19 crisis. Business Ethics, the Environment & Responsibility, 32, 179-195.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
García-Sánchez, I. M., & García-Sánchez, A. (2020). Corporate social responsibility during Covid-19 pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 126.
Godos-Díez, J. L.; Cabeza-García, L., Fernández-Gago, R., & Nieto, M. (2020). “Does CEO media exposure affect corporate social responsibility?” Corporate Social Responsibility and Environmental Management, 27(2), 825-840.
He, H., & Harris, L. (2020). The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of Business Research, 116, 176-182.
Islam, M. S., Rahman, M. N., Ritu, N. S., Rahman, M. S., & Sarker, M. N. I. (2024). Impact of COVID-19 on urban environment in developing countries: case study and environmental sustainability strategy in Bangladesh. Green Technologies and Sustainabil-ity, 2(2), 100074
Katsabian, T. (2020). The telework virus: how the Covid-19 pandemic has affected telework and exposed its implications for privacy and equality. Social Science Research Network. Working Paper.
Kaur, M., Malik, K., & Sharma, S. (2021). A note on boardroom challenge, board effectiveness and corporate stewardship during Covid-19. Vision, 25(2), 131-135.
Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: first evidence on materiality. The Accounting Review, 91(6), 1697-1724.
Khanchel, I., Lassoued, N., & Gargoury, R. (2023). CSR and firm value: is CSR valuable during the Covid-19 crisis in the french mar-ket? Journal of Management and Governance, 27(2), 575-601.
Kleinbaum, D. G., Kupper, L. L., & Muller, K. E. (1988). Applied regression analysis and other multivariable methods (2nd ed.). PWS Publishing Co.
Kludacz-Alessandri, M., & Cygańska, M. (2021). Corporate social responsibility and financial performance among energy sector companies. Energies, 14(19), 6068.
Kocmanova, A., Nemecek, P., & Docekalova, M. (2012). Environmental, social and governance (ESG) key performance indicators for sustainable reporting. In the 7th International Scientific Conference.
Kumar, R. (2021). Impact of Covid-19 pandemic on environment and society. International Journal for Research in Applied Science and Engineering Technology, 9(2), 114-118.
Kumar, S., & Rao, P. (2021). Challenges are thrown in corporate governance during Covid-19. Fortune Institute of International Business. Working paper.
La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
Li, Y., & Mei, H. (2021). An analysis of enterprise growth from the perspective of environmental, social and governance (ESG): an empirical study based on A-Share listed companies. In Proceedings of the Fifteenth International Conference on Management Science and Engineering Management, 2(15), 184-197. Springer International Publishing.
Lins, K. V., Servaes, H., & Tamayo, A. (2019). Social capital, trust, and corporate performance: how CSR helped companies during the financial crisis (and why it can keep helping them). Journal of Applied Corporate Finance, 31, 59-71.
Lin, W., Shao, Y., Li, G., Guo, Y., & Zhan, X. (2021). The psychological implications of Covid-19 on employee job insecurity and its consequences: the mitigating role of organization adaptive practices. Journal of Applied Psychology, 106(3), 317-329.
Liu, B., Cifuentes-Faura, J., Ding, C. J., & Liu, X. (2023). Toward carbon neutrality: how will environmental regulatory policies affect corporate green innovation? Economic Analysis and Policy, 80(C), 1006-1020.
Liu, L., Wan, W., & Fan, Q. (2021). How and when telework improves job performance during Covid-19? Job crafting as mediator and performance goal orientation as moderator. Psychology Research and Behavior Management, 14, 2181-2195.
Liu, X., Cifuentes-Faura, J., Zhao, S., & Wang, L. (2024). The impact of government environmental attention on firms’ ESG perfor-mance: evidence from China. Research in International Business and Finance, 67, 102124.
Luo, L., Lan, Y. C., & Tang, Q. (2012). Corporate incentives to disclose carbon information: evidence from the CDP global 500 report. Journal of International Financial Management & Accounting, 23(2), 93-120.
Malik, F., Wang, F., Naseem, M. A., Ikram, A., & Ali, S. (2020). Determinants of corporate social responsibility related to CEO at-tributes: an empirical study. Sage Open, 10(1), 1-12.
Massimo, F. S. (2020). Impact of the Covid-19 confinement measures on telework in France-A qualitative survey. JRC Working Papers Series on Labour, Education and Technology. (No. 2020/09).
Meyer, B. H., Prescott, B., & Sheng, X. S. (2022). The impact of the Covid-19 pandemic on business expectations. International Journal of Forecasting, 38(2), 529-544.
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340-36.
Mezulis, A. H., Abramson, L. Y., Hyde, J. S., & Hankin, B. L. (2004). Is there a universal positivity bias in attributions? A me-ta-analytic review of individual, developmental, and cultural differences in the self-serving attributional bias. Psychological Bulletin, 130(5), 711-747.
Ministerio de Asuntos Exteriores, Unión Europea y Cooperación. (2023). Brexit. https://www.exteriores.gob.es/es/PoliticaExterior/Paginas/Brexit.aspx.
Moens, E., Lippens, L., Sterkens, P., Weytjens, J., & Baert, S. (2020). The Covid-19 crisis and telework: a research survey on experi-ences, expectations and hopes. The European Journal of Health Economics, 23, 729-753.
Nahar, H. S., & Mohamad, M. (2023). Academic research responses to Covid-19: the corporate social responsibility perspective. Studies in Business and Economics, 18(1), 171–197.
Navickas, V., Kontautiene, R., Stravinskienė, J., & Bilan, Y. (2021). Paradigm shift in the concept of corporate social responsibility: Covid-19. Green Finance, 3(2), 138-152.
Nhamo, G., Dube, K., & Chikodzi, D. (2020). Preparedness and responses to COVID-19: a comparison from selected countries. In G. Nhamo, K. Dube, & D. Chikodzi (Eds.), Counting the Cost of Covid-19 on the Global Tourism Industry (pp. 53-86). Springer Inter-national Publishing.
Nguyen, C., & Nguyen L. (2021). The relationship between corporate social responsibility and financial performance: empirical evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 8(8), 75-83.
Nguyen, P., & Nguyen, A. (2015). The effect of corporate social responsibility on firm risk. Social Responsibility Journal, 11(2), 324-339.
Nieto, M. A., & Fernández Gago, R. (2004). Responsabilidad social corporativa: la última innovación en management. Universia Business Review, 1(1), 28-39.
Orlitzky, M., & Benjamin, J. D. (2001). Corporate social performance and firm risk: a meta-analytic review. Business & Society, 40(4), 369-396.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: a meta-analysis. Organization Stud-ies, 24(3), 403-441.
Paolone, F., Bifulco, G. M., & Perona Alfageme, M. (2024). Creating value through diversity: analysis of the strategic management of BoD diversity in favor of sustainable performance. Strategic Change, 33(3), 169-186.
Park, J. G., Park, K., Noh, H., & Kim, Y. G. (2023). Characterization of CSR, ESG, and corporate citizenship through a text min-ing-based review of literature. Sustainability, 15(5), 3892.
Patel, D. C. S., & Patel, N. K. (2020). Covid-19 and corporate governance (India): practical issues, implications and new relief measures. Working Paper.
Pham, A. V., Adrian, C., Garg, M., Phang, S. Y., & Truong, C. (2021). State-level Covid-19 outbreak and stock returns. Finance Re-search Letters, 43, 102002.
Pindado, J., & Requejo, I. (2015). Panel data: a methodology for model specification and testing. In C. Cooper, & K. Paudyal (Eds.), Wiley Encyclopedia of Management (3rd ed.). John Wiley & Sons. (Chap. 4).
Phugat, N., & Chitranshi, J. (2021). The effect of Covid-19 over employees’ mental health- a review. Journal of Pharmaceutical Research International, 33(37B), 104-110.
Pourmansouri, R., Mehdiabadi, A., Shahabi, V., Spulbar, C., & Birau, R. (2022). An investigation of the link between major share-holders’ behavior and corporate governance performance before and after the Covid-19 pandemic: a case study of the compa-nies listed on the Iranian stock market. Journal of Risk and Financial Management, 15(5), 208.
Poursoleyman, E., Mansourfar, G., Hassan, M.K., & Homayoun, S. (2024). Did corporate social responsibility vaccinate corporations against COVID-19? Journal of Business Ethics, 189(3), 525-551.
Purwanto, A., Fahlevi, M., Zuniawan, A., Dimas, R., Kusuma, P., Supriatna, H., & Maryani, E. (2020). The Covid-19 pandemic impact on industries performance: an explorative study of Indonesian companies. Journal of Critical Reviews, 7(15), 1965-1970.
Qiu, S. C., Jiang, J., Liu, X., Chen, M. H., & Yuan, X. (2021). Can corporate social responsibility protect firm value during the Covid-19 pandemic? International Journal of Hospitality Management, 93, 102759.
Raimo, N., Rella, A., Vitolla, F., Sánchez-Vicente, M. I., & García-Sánchez, I. M. (2021). Corporate social responsibility in the Covid-19 pandemic period: a traditional way to address new social issues. Sustainability, 13(12), 6561.
Ranjbari, M., Shams Esfandabadi, Z., Zanetti, M. C., Scagnelli, S. D., Siebers, P.-O., Aghbashlo, M., Peng, W., Quatraro, F., & Tabatabaei, M. (2021). Three pillars of sustainability in the wake of Covid-19: a systematic review and future research agenda for sustainable development. Journal of Cleaner Production, 297, 126660.
Rashed, M. N., Hussein, A. A. R. M., Ismail, A. M. I., & Galal, I. (2020). Impact of Covid-19 pandemic on the world environment. Aswan University Journal of Environmental Studies, 1(1), 3-12.
Rassanjani, S., Risky, N., Maz, D., Alqarni, W., & Tharis, M. A. (2021). Impact of Covid-19 on economic activities and poverty threats in the Asia-Pacific region. Policy & Governance Review, 5(1), 82-96.
Raza, A., Ilyas, M. I., Rauf, R., & Qamar, R. (2012). Relationship between corporate social responsibility (CSR) and corporate finan-cial performance (CFP): literature review approach. Elixir Financial Management, 46(9), 8404-8409.
Refinitiv. (2023). Environmental, Social and Governance (ESG) Scores from Refinitiv. https://www.refinitiv.com/en.
Reverte, C., Gómez-Melero, E., & Cegarra-Navarro, J. G. (2016). The influence of corporate social responsibility practices on organ-izational performance: evidence from Eco-Responsible Spanish firms. Journal of Cleaner Production, 112, 2870-2884.
Riggs, W. (2020). Telework and sustainable travel during the Covid-19 era working paper. University of San Francisco. Working paper.
Rita, E., Chizoo, E., & Cyril, U. S. (2021). Sustaining Covid-19 pandemic lockdown era air pollution impact through utilization of more renewable energy resources. Heliyon, 7(7).
Rosati, F., & Faria, L. G. D. (2019). Addressing the SDGs in sustainability reports: the relationship with institutional factors. Journal of Cleaner Production, 215, 1312-1326.
Rumman, J. B. A., & Rumman, S. B. A. (2024). The status of the environmental management system, its improvement aspects under Covid-19 crisis, and its impact on sustainable environmental development in Jordan (an applied study on mining indus-tries sector). International Journal of Professional Business Review, 9(2), 04364.
Sheikh, S. (2019). Corporate social responsibility and firm leverage: the impact of market competition. Research in International Business and Finance, 48, 496-510.
Shen, H., Fu, M., Pan, H., Yu, Z., & Chen, Y. (2020). The impact of the Covid-19 pandemic on firm performance. Emerging Markets Finance and Trade, 56(10), 2213-2230.
Swandari, F., & Sadikin, A. (2016). The effect of ownership structure, profitability, leverage, and firm size on corporate social re-sponsibility (CSR). Binus Business Review, 7(3), 315-320.
Waheed, A., Shehzad, F., Arif, F., Abbas, A. A., Mehmood, Z., & Usman, M. (2022). Role of CSR in achieving customers’ satisfaction and retention during Covid-19 and post-pandemic period: empirical evidence from emerging nations. Human Systems Man-agement, 41(6), 731-743.
Wang, H., Yan, J., & Yan, X. (2023). Spearman rank correlation screening for ultrahigh-dimensional censored data. Proceedings of the AAAI Conference on Artificial Intelligence, 37(8), 10104-10112.
Wang, Z., Chu, E., & Hao, Y. (2024). Towards sustainable development: how does ESG performance promotes corporate green transformation. International Review of Financial Analysis, 91, 102982.
World Health Organization (2023). WHO Coronavirus (COVID-19) Dashboard. World Health Organization. https://covid19.who.int/.
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39 (C), 101593.
Woodcraft, S. (2012). Social sustainability and new communities: moving from concept to practice in the UK. Procedia - Social and Behavioral Sciences, 68, 29-42.
Yan, B., Zhang, X., Wu, L., Zhu, H., & Chen, B. (2020). Why do countries respond differently to Covid-19? A comparative study of Sweden, China, France and Japan. The American Review of Public Administration, 50(6-7), 762-769.
Adams-Prassl, A., Boneva, T., Golin, M., & Rauh, C. (2020). Inequality in the impact of the coronavirus shock: evidence from real time surveys. Journal of Public Economics, 189, 104245.
Akrofi, M. M., & Antwi, S. H. (2020). Covid-19 energy sector responses in Africa: a review of preliminary government interventions. Energy Research & Social Science, 68, 101681.
Afonso, P., Fonseca, M., & Teodoro, T. (2022). Evaluation of anxiety, depression and sleep quality in full-time teleworkers. Journal of Public Health, 44(4), 797-804.
Aguinis, H., Villamor, I., & Gabriel, K. P. (2020). Understanding employee responses to Covid-19: a behavioral corporate social responsibility perspective. Management Research, 18(4), 421-438.
Ahmad, N., Mobarek, A., & Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500.
Ajeigbe, K. B., & Ganda, F. (2023). The implications of the pandemic for the corporate governance, remuneration and sustainability performance of South African listed companies. International Journal of Innovative Research and Scientific Studies, 6(1), 174-184.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: theory and empirical evidence. Management Science, 65(10), 4451-469.
Amoah, J., Jibril, A. B., Owusu, V. K., Odei, M. A., & Naatu, F. (2021). Covid-19 pandemic and future business prospects: a concep-tual study. In Resilience and Economic Intelligence Through Digitalization and Big Data Analytics.
Amorelli, M. F., & García‐Sánchez, I. M. (2023). Leadership in heels: women on boards and sustainability in times of Covid-19. Corporate Social Responsibility and Environmental Management, 30(4), 1987-2010.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employ-ment equations. The Review of Economic Studies, 58(2), 277-297.
Arias, D., Barriola, X., & Loza Adaui, C. R. (2024). Corporate purpose and early disaster response: providing evidence of dynamic materiality? Business Strategy and the Environment, 1–15.
Arora, P., & Dharwadkar, R. (2011). Corporate governance and corporate social responsibility (CSR): the moderating roles of at-tainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136-152.
Baek, E. M., Kim, W. Y., & Kwon, Y. J. (2021). The impact of Covid-19 pandemic on workplace accidents in Korea. International Journal of Environmental Research and Public Health, 18(16).
Ballesteros, B. C., Rubio, R. G., & Ferrero, J. M. (2015). Efecto de la composición del consejo de administración en las prácticas de responsabilidad social corporativa. Revista de Contabilidad, 18(1), 20-31.
Barko, T., Cremers, M., & Renneboog, L. (2022). Shareholder engagement on environmental, social, and governance performance. Journal of Business Ethics, 180(2), 777-812.
Barmparis, G. D., & Tsironis, G. P. (2020). Estimating the infection horizon of Covid-19 in eight countries with a data-driven ap-proach. Chaos, Solitons & Fractals, 135, 109842.
Barrachina, M., & Barrachina, L. (2021). Mitigation of Covid Strategies Comparison Between United States and Europe. In N. Bap-orikar (Ed.), Handbook of Research on Strategies and Interventions to Mitigate Covid-19 Impact on SMEs (pp. 359-382). IGI Global.
Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2021). Board diversity and corporate social responsibility: empirical evidence from France. Journal of Business Ethics, 173(1), 133-155.
Ben Saad, S., & Belkacem, L. (2022). How does corporate social responsibility influence firm financial performance? Corporate Governance, 22(1), 1-22.
Bishara, A. J., & Hittner, J. B. (2014). Reducing bias and error in the correlation coefficient due to nonnormality. Educational and Psychological Measurement, 75(5), 785-804.
Boubaker, S., Liu, Z., & Zhan, Y. (2022). Customer relationships, corporate social responsibility, and stock price reaction: lessons from China during health crisis times. Finance Research Letters, 47, 102699.
Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: evi-dence from Covid-19 in China. Finance Research Letters, 38, 101716.
Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115.
Cabeza-García, L., Fernández-Gago, R., & Nieto, M. (2018). Do board gender diversity and director typology impact CSR reporting? European Management Review, 15(4), 559-575.
Campo, A. M. D. V., Avolio, B., & Carlier, S. I. (2021). The relationship between telework, job performance, work-life balance and family supportive supervisor behaviours in the context of Covid-19. Global Business Review. Working Paper.
Carracedo, P., Puertas, R., & Marti, L. (2021). Research lines on the impact of the Covid-19 pandemic on business. A text mining analysis. Journal of Business Research, 132, 586-593.
Carroll, A. B. (2021). Corporate social responsibility (CSR) and the Covid-19 pandemic: organizational and managerial implications. Journal of Strategy and Management, 14(3), 315-330.
Cera, G., Belas, J., Marousek, J., & Cera, E. (2020). Do size and age of small and medium-sized enterprises matter in corporate social responsability? Economics & Sociology, 13(2), 86-99.
Cincalova, S., & Hedija, V. (2020). Firm characteristics and corporate social responsibility: the case of czech transportation and storage industry. Sustainability, 12(5), 1992.
Colli, F. (2020). The end of “business as usual”? Covid-19 and the European Green Deal. Egmont European Policy Brief No. 60.
Costa, A.J., Curi, D., Bandeira, A.M., Ferreira, A., Tomé, B., Joaquim, C., Santos, C., Góis, C., Meira, D., Azevedo, G., Inácio, H., Jesus, M., Goreti, M., Monteiro, P., Duarte, R., & Marques, R. P. (2022). Literature review and theoretical framework of the evolution and interconnectedness of corporate sustainability constructs. Sustainability, 14(8), 4413.
D’Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909-924.
Delgado-Ceballos, J., Ortiz-De-Mandojana, N., Antolín-López, R., & Montiel, I. (2023). Connecting the Sustainable Development Goals to firm-level sustainability and ESG factors: the need for double materiality. BRQ Business Research Quarterly, 26(1), 2-10.
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: institutional isomorphism and collective rationality in organiza-tional fields. American Sociological Review, 48, 147-160.
Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the Covid-19 pandemic. Journal of Financial Economics, 141(2), 802-830.
Eurostat. (2023). Data Browser. https://ec.europa.eu/eurostat/databrowser/view/DEMO_GIND__custom_6661929/default/table?lang=en.
Fana, M., Milasi, S., Napierala, J., Fernández-Macías, E., & Vázquez, I. G. (2020). Telework, work organisation and job quality dur-ing the Covid-19 crisis: a qualitative study. JRC Working Papers Series on Labour, Education and Technology. (No. 2020/11).
Fernández-Gago, R., Cabeza-García, L., & Nieto, M. (2016). Corporate social responsibility, board of directors, and firm perfor-mance: an analysis of their relationships. Review of Managerial Science, 10(1), 85-104.
Ferrell, O. C. (2021). Addressing socio-ecological issues in marketing: environmental, social and governance (ESG). AMS Review, 11(1), 140-144.
Ferrón-Vílchez, V., & Leyva-de la Hiz, D. I. (2023). Calm after the storm? The role of social and environmental practices on small and medium enterprises resilience throughout Covid-19 crisis. Business Ethics, the Environment & Responsibility, 32, 179-195.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
García-Sánchez, I. M., & García-Sánchez, A. (2020). Corporate social responsibility during Covid-19 pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 126.
Godos-Díez, J. L.; Cabeza-García, L., Fernández-Gago, R., & Nieto, M. (2020). “Does CEO media exposure affect corporate social responsibility?” Corporate Social Responsibility and Environmental Management, 27(2), 825-840.
He, H., & Harris, L. (2020). The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of Business Research, 116, 176-182.
Islam, M. S., Rahman, M. N., Ritu, N. S., Rahman, M. S., & Sarker, M. N. I. (2024). Impact of COVID-19 on urban environment in developing countries: case study and environmental sustainability strategy in Bangladesh. Green Technologies and Sustainabil-ity, 2(2), 100074
Katsabian, T. (2020). The telework virus: how the Covid-19 pandemic has affected telework and exposed its implications for privacy and equality. Social Science Research Network. Working Paper.
Kaur, M., Malik, K., & Sharma, S. (2021). A note on boardroom challenge, board effectiveness and corporate stewardship during Covid-19. Vision, 25(2), 131-135.
Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: first evidence on materiality. The Accounting Review, 91(6), 1697-1724.
Khanchel, I., Lassoued, N., & Gargoury, R. (2023). CSR and firm value: is CSR valuable during the Covid-19 crisis in the french mar-ket? Journal of Management and Governance, 27(2), 575-601.
Kleinbaum, D. G., Kupper, L. L., & Muller, K. E. (1988). Applied regression analysis and other multivariable methods (2nd ed.). PWS Publishing Co.
Kludacz-Alessandri, M., & Cygańska, M. (2021). Corporate social responsibility and financial performance among energy sector companies. Energies, 14(19), 6068.
Kocmanova, A., Nemecek, P., & Docekalova, M. (2012). Environmental, social and governance (ESG) key performance indicators for sustainable reporting. In the 7th International Scientific Conference.
Kumar, R. (2021). Impact of Covid-19 pandemic on environment and society. International Journal for Research in Applied Science and Engineering Technology, 9(2), 114-118.
Kumar, S., & Rao, P. (2021). Challenges are thrown in corporate governance during Covid-19. Fortune Institute of International Business. Working paper.
La Porta, R., Lopez de Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
Li, Y., & Mei, H. (2021). An analysis of enterprise growth from the perspective of environmental, social and governance (ESG): an empirical study based on A-Share listed companies. In Proceedings of the Fifteenth International Conference on Management Science and Engineering Management, 2(15), 184-197. Springer International Publishing.
Lins, K. V., Servaes, H., & Tamayo, A. (2019). Social capital, trust, and corporate performance: how CSR helped companies during the financial crisis (and why it can keep helping them). Journal of Applied Corporate Finance, 31, 59-71.
Lin, W., Shao, Y., Li, G., Guo, Y., & Zhan, X. (2021). The psychological implications of Covid-19 on employee job insecurity and its consequences: the mitigating role of organization adaptive practices. Journal of Applied Psychology, 106(3), 317-329.
Liu, B., Cifuentes-Faura, J., Ding, C. J., & Liu, X. (2023). Toward carbon neutrality: how will environmental regulatory policies affect corporate green innovation? Economic Analysis and Policy, 80(C), 1006-1020.
Liu, L., Wan, W., & Fan, Q. (2021). How and when telework improves job performance during Covid-19? Job crafting as mediator and performance goal orientation as moderator. Psychology Research and Behavior Management, 14, 2181-2195.
Liu, X., Cifuentes-Faura, J., Zhao, S., & Wang, L. (2024). The impact of government environmental attention on firms’ ESG perfor-mance: evidence from China. Research in International Business and Finance, 67, 102124.
Luo, L., Lan, Y. C., & Tang, Q. (2012). Corporate incentives to disclose carbon information: evidence from the CDP global 500 report. Journal of International Financial Management & Accounting, 23(2), 93-120.
Malik, F., Wang, F., Naseem, M. A., Ikram, A., & Ali, S. (2020). Determinants of corporate social responsibility related to CEO at-tributes: an empirical study. Sage Open, 10(1), 1-12.
Massimo, F. S. (2020). Impact of the Covid-19 confinement measures on telework in France-A qualitative survey. JRC Working Papers Series on Labour, Education and Technology. (No. 2020/09).
Meyer, B. H., Prescott, B., & Sheng, X. S. (2022). The impact of the Covid-19 pandemic on business expectations. International Journal of Forecasting, 38(2), 529-544.
Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: formal structure as myth and ceremony. American Journal of Sociology, 83(2), 340-36.
Mezulis, A. H., Abramson, L. Y., Hyde, J. S., & Hankin, B. L. (2004). Is there a universal positivity bias in attributions? A me-ta-analytic review of individual, developmental, and cultural differences in the self-serving attributional bias. Psychological Bulletin, 130(5), 711-747.
Ministerio de Asuntos Exteriores, Unión Europea y Cooperación. (2023). Brexit. https://www.exteriores.gob.es/es/PoliticaExterior/Paginas/Brexit.aspx.
Moens, E., Lippens, L., Sterkens, P., Weytjens, J., & Baert, S. (2020). The Covid-19 crisis and telework: a research survey on experi-ences, expectations and hopes. The European Journal of Health Economics, 23, 729-753.
Nahar, H. S., & Mohamad, M. (2023). Academic research responses to Covid-19: the corporate social responsibility perspective. Studies in Business and Economics, 18(1), 171–197.
Navickas, V., Kontautiene, R., Stravinskienė, J., & Bilan, Y. (2021). Paradigm shift in the concept of corporate social responsibility: Covid-19. Green Finance, 3(2), 138-152.
Nhamo, G., Dube, K., & Chikodzi, D. (2020). Preparedness and responses to COVID-19: a comparison from selected countries. In G. Nhamo, K. Dube, & D. Chikodzi (Eds.), Counting the Cost of Covid-19 on the Global Tourism Industry (pp. 53-86). Springer Inter-national Publishing.
Nguyen, C., & Nguyen L. (2021). The relationship between corporate social responsibility and financial performance: empirical evidence from Vietnam. The Journal of Asian Finance, Economics and Business, 8(8), 75-83.
Nguyen, P., & Nguyen, A. (2015). The effect of corporate social responsibility on firm risk. Social Responsibility Journal, 11(2), 324-339.
Nieto, M. A., & Fernández Gago, R. (2004). Responsabilidad social corporativa: la última innovación en management. Universia Business Review, 1(1), 28-39.
Orlitzky, M., & Benjamin, J. D. (2001). Corporate social performance and firm risk: a meta-analytic review. Business & Society, 40(4), 369-396.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: a meta-analysis. Organization Stud-ies, 24(3), 403-441.
Paolone, F., Bifulco, G. M., & Perona Alfageme, M. (2024). Creating value through diversity: analysis of the strategic management of BoD diversity in favor of sustainable performance. Strategic Change, 33(3), 169-186.
Park, J. G., Park, K., Noh, H., & Kim, Y. G. (2023). Characterization of CSR, ESG, and corporate citizenship through a text min-ing-based review of literature. Sustainability, 15(5), 3892.
Patel, D. C. S., & Patel, N. K. (2020). Covid-19 and corporate governance (India): practical issues, implications and new relief measures. Working Paper.
Pham, A. V., Adrian, C., Garg, M., Phang, S. Y., & Truong, C. (2021). State-level Covid-19 outbreak and stock returns. Finance Re-search Letters, 43, 102002.
Pindado, J., & Requejo, I. (2015). Panel data: a methodology for model specification and testing. In C. Cooper, & K. Paudyal (Eds.), Wiley Encyclopedia of Management (3rd ed.). John Wiley & Sons. (Chap. 4).
Phugat, N., & Chitranshi, J. (2021). The effect of Covid-19 over employees’ mental health- a review. Journal of Pharmaceutical Research International, 33(37B), 104-110.
Pourmansouri, R., Mehdiabadi, A., Shahabi, V., Spulbar, C., & Birau, R. (2022). An investigation of the link between major share-holders’ behavior and corporate governance performance before and after the Covid-19 pandemic: a case study of the compa-nies listed on the Iranian stock market. Journal of Risk and Financial Management, 15(5), 208.
Poursoleyman, E., Mansourfar, G., Hassan, M.K., & Homayoun, S. (2024). Did corporate social responsibility vaccinate corporations against COVID-19? Journal of Business Ethics, 189(3), 525-551.
Purwanto, A., Fahlevi, M., Zuniawan, A., Dimas, R., Kusuma, P., Supriatna, H., & Maryani, E. (2020). The Covid-19 pandemic impact on industries performance: an explorative study of Indonesian companies. Journal of Critical Reviews, 7(15), 1965-1970.
Qiu, S. C., Jiang, J., Liu, X., Chen, M. H., & Yuan, X. (2021). Can corporate social responsibility protect firm value during the Covid-19 pandemic? International Journal of Hospitality Management, 93, 102759.
Raimo, N., Rella, A., Vitolla, F., Sánchez-Vicente, M. I., & García-Sánchez, I. M. (2021). Corporate social responsibility in the Covid-19 pandemic period: a traditional way to address new social issues. Sustainability, 13(12), 6561.
Ranjbari, M., Shams Esfandabadi, Z., Zanetti, M. C., Scagnelli, S. D., Siebers, P.-O., Aghbashlo, M., Peng, W., Quatraro, F., & Tabatabaei, M. (2021). Three pillars of sustainability in the wake of Covid-19: a systematic review and future research agenda for sustainable development. Journal of Cleaner Production, 297, 126660.
Rashed, M. N., Hussein, A. A. R. M., Ismail, A. M. I., & Galal, I. (2020). Impact of Covid-19 pandemic on the world environment. Aswan University Journal of Environmental Studies, 1(1), 3-12.
Rassanjani, S., Risky, N., Maz, D., Alqarni, W., & Tharis, M. A. (2021). Impact of Covid-19 on economic activities and poverty threats in the Asia-Pacific region. Policy & Governance Review, 5(1), 82-96.
Raza, A., Ilyas, M. I., Rauf, R., & Qamar, R. (2012). Relationship between corporate social responsibility (CSR) and corporate finan-cial performance (CFP): literature review approach. Elixir Financial Management, 46(9), 8404-8409.
Refinitiv. (2023). Environmental, Social and Governance (ESG) Scores from Refinitiv. https://www.refinitiv.com/en.
Reverte, C., Gómez-Melero, E., & Cegarra-Navarro, J. G. (2016). The influence of corporate social responsibility practices on organ-izational performance: evidence from Eco-Responsible Spanish firms. Journal of Cleaner Production, 112, 2870-2884.
Riggs, W. (2020). Telework and sustainable travel during the Covid-19 era working paper. University of San Francisco. Working paper.
Rita, E., Chizoo, E., & Cyril, U. S. (2021). Sustaining Covid-19 pandemic lockdown era air pollution impact through utilization of more renewable energy resources. Heliyon, 7(7).
Rosati, F., & Faria, L. G. D. (2019). Addressing the SDGs in sustainability reports: the relationship with institutional factors. Journal of Cleaner Production, 215, 1312-1326.
Rumman, J. B. A., & Rumman, S. B. A. (2024). The status of the environmental management system, its improvement aspects under Covid-19 crisis, and its impact on sustainable environmental development in Jordan (an applied study on mining indus-tries sector). International Journal of Professional Business Review, 9(2), 04364.
Sheikh, S. (2019). Corporate social responsibility and firm leverage: the impact of market competition. Research in International Business and Finance, 48, 496-510.
Shen, H., Fu, M., Pan, H., Yu, Z., & Chen, Y. (2020). The impact of the Covid-19 pandemic on firm performance. Emerging Markets Finance and Trade, 56(10), 2213-2230.
Swandari, F., & Sadikin, A. (2016). The effect of ownership structure, profitability, leverage, and firm size on corporate social re-sponsibility (CSR). Binus Business Review, 7(3), 315-320.
Waheed, A., Shehzad, F., Arif, F., Abbas, A. A., Mehmood, Z., & Usman, M. (2022). Role of CSR in achieving customers’ satisfaction and retention during Covid-19 and post-pandemic period: empirical evidence from emerging nations. Human Systems Man-agement, 41(6), 731-743.
Wang, H., Yan, J., & Yan, X. (2023). Spearman rank correlation screening for ultrahigh-dimensional censored data. Proceedings of the AAAI Conference on Artificial Intelligence, 37(8), 10104-10112.
Wang, Z., Chu, E., & Hao, Y. (2024). Towards sustainable development: how does ESG performance promotes corporate green transformation. International Review of Financial Analysis, 91, 102982.
World Health Organization (2023). WHO Coronavirus (COVID-19) Dashboard. World Health Organization. https://covid19.who.int/.
Wong, W. C., Batten, J. A., Ahmad, A. H., Mohamed-Arshad, S. B., Nordin, S., & Adzis, A. A. (2021). Does ESG certification add firm value? Finance Research Letters, 39 (C), 101593.
Woodcraft, S. (2012). Social sustainability and new communities: moving from concept to practice in the UK. Procedia - Social and Behavioral Sciences, 68, 29-42.
Yan, B., Zhang, X., Wu, L., Zhu, H., & Chen, B. (2020). Why do countries respond differently to Covid-19? A comparative study of Sweden, China, France and Japan. The American Review of Public Administration, 50(6-7), 762-769.
Número
Sección
Artículos
Los autores mantienen el copyright de la publicación. Las publicaciones en Cuadernos de Gestión se distribuyen bajo la licencia de Creative Commons -CC-BY-NC-ND, garantizando el acceso abierto a toda la sociedad.
En concreto la licencia CC-BY-NC-ND permite utilización, copia, distribución y comunicación pública de la obra, siempre que los autores y la fuente sean correctamente citados y no se utilice para propósitos comerciales.
El/la autor/a puede hacer libre uso de su artículo indicando siempre que el texto ha sido publicado en Management Letters/Cuadernos de Gestión y cualquier re-edición del mismo deberá contar con la autorización de la revista.