How did European firms adjust their corporate social responsibility investments during the global financial crisis?

Abstract

AbstractThe crisis period of 2008 triggered European firms to undertake more corporate social responsibility (CSR) activities than during non‐crisis periods in all four dimensions, governance, economic, environmental, and social. The exogenous shock of 2008 significantly reduced European companies' profitability. The crisis period triggered firms to undertake more CSR activities than non‐crisis periods in all four dimensions, governance, economic, environmental, and social. Compared to other dimensions, corporate governance received more attention, implying that firms tried to alleviate the shock's disadvantages by strengthening their governance structures.