Research on approaches to improve Corporate Performance through CSR: From the perspective of Stakeholder Theory

Abstract

Since the outbreak of COVID-19, pharmaceutical enterprises have become increasingly important and have played a crucial role in ensuring people's life, health, and safety. Meanwhile, people continuously pay attention to the social responsibility performed by pharmaceutical enterprises. On the one hand, corporate social responsibility can maintain the brand image and improve its popularity. On the other hand, it can form a supervision role for the enterprise itself. Based on the role of stakeholders, does corporate social responsibility have a positive impact on corporate performance? This issue becomes the focus of this paper. Using the case of Pfizer, this paper analyzes corporate social responsibility (CSR) at the level of shareholders, employees, consumers, government, and social groups. Also, this paper compares CSR with corporate performance from the second quarter of 2021 to the second quarter of 2022. This paper found that corporate performance indicators would move in a negative direction when Pfizer did not actively fulfill its social responsibilities, especially at the level of shareholders, consumers, and the government. Therefore, through the case study of Pfizer, it can be concluded that corporate social responsibility has an impact on corporate performance. If an enterprise actively performs its social responsibility, corporate performance would also be improved accordingly, and vice versa.