Influence of corporate social responsibility on firm’s performance during COVID-19: Evidence of the emerging markets

Abstract

This study analyzed how corporate social responsibility (CSR) affected business performance during the pandemic. The epidemic has allowed businesses to move closer to authenticity, present practical CSR applications, and assist in the urgently needed solutions to environmental and social issues. The effectiveness of CSR initiatives has been evaluated from the CSR activities carried towards several stakeholders, including employees, clients, investors, members of the community, the environment, and suppliers. The effectiveness of a company is evaluated from both financial and non-financial viewpoints. The data has been collected using a self-administered questionnaire from Gujarat, India’s most enterprising state. The data was collected after the COVID-19 impact was reduced in India from January 2020 to May 2020. The CSR activities affecting stakeholders like employees, investors, and suppliers had a favorable effect on the company’s financial and non-financial performance, whereas CSR activities affecting customers just had a favorable impact on the company’s financial performance. This article aids in determining whether CSR initiatives add value, particularly in trying times.