Changes in Corporate Social Responsibility Practices in Times of the COVID-19 Pandemic
Journal Title: Revista CEA - Year 2024, Vol 10, Issue 23
Abstract
Purpose: This study aimed to identify changes in Corporate Social Responsibility (CSR) practices occurred in times of the COVID-19 pandemic and their relationship with the financial performance of organizations in Colombia. Design/Methodology: First, content analysis was applied to identify CSR practices in reports by companies in the CSR and corporate governance ranking called Corporate Reputation Business Monitor (MERCO in Spanish), using a measurement index adjusted to the needs of this study. Second, a multiple regression model was estimated considering the constructed index as the dependent variable to quantify these changes. Findings: A positive and significant relationship was observed between the financial performance of the organizations (measured using ROA, ROE, and net margin) and their implementation and disclosure of CSR practices in 2020. In 2019, the relationship with ROA was positive and significant, while that with the other variables was not. Conclusions: This study shows that, in the year of the crisis, there was a non-significant decrease in the implementation of CSR practices and a positive association between CSR disclosure and financial performance. Therefore, the organizations that obtained better financial results were those that performed more CSR activities during the crisis produced by the COVID -19 pandemic. Originality: This is the first paper to study CSR practices in times of the COVID-19 pandemic in Colombia.
Authors and Affiliations
Leidy Katerine Rojas-Molina, Yuly Andrea Franco, Jaime Flórez-Bolaños
Keywords
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