The Effects of the Covid-19 Pandemic on Corporate Social Responsibility and Business Performance in Companies Listed on the Warsaw Stock Exchange

Stojanovic Ilija (), Puška Adis, Ozbalci Seval and Bolek Monika
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Stojanovic Ilija: American University in the Emirates, Dubai, United Arab Emirates
Puška Adis: Government of Brcko District, Brcko, Bosnia and Herzegovina
Ozbalci Seval: University of the People, Business Administration Department, CA, USA
Bolek Monika: University of Lodz, Poland

Economics, 2023, vol. 11, issue 2, 25-50

Abstract: The COVID-19 virus pandemic had an impact on all segments of life, including dally operations of companies. Companies had to adapt to market developments and change their business philosophy in order to survive in the market. This paper showed how the crisis caused by the COVID-19 virus pandemic affects the business of companies. This study aims to examine the business performance indicators (BPI) of companies listed on the Warsaw Stock Exchange (WSE) before and during the COVID-19 pandemic with a focus on corporate social responsibility (CSR). In order to examine this, a multivariate regression analysis was conducted. The findings show that there were no changes in the BPIs before and during the COVID-19 pandemic in companies in relation to CSR strategy. The only exception was found in the group of CSR companies that reported a lower profit margin during the COVID-19 pandemic. Companies with better BPIs may be willing to introduce CSR principles into their strategy and during the pandemic, intangibles influenced CSR strategy in a negative way. The limitations of the article are related to the study of only one market. Identified relationships allowed for a better understanding of the application of social responsibility principles among enterprises in Central Europe.

Keywords: business performance indicators; COVID-19; CSR; ESG; sustainability (search for similar items in EconPapers)
JEL-codes: D51 G14 M14 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:econom:v:11:y:2023:i:2:p:25-50:n:14

DOI: 10.2478/eoik-2023-0059

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