Abstract
Background: The ongoing coronavirus disease 2019 (COVID-19) pandemic has caused tremendous socio-economic problems. All societies worldwide were faced with an emergency situation, and many were puzzled by the implementation of various countermeasures to overcome this situation. Such events call for active engagement and support from the private sector. Noting the expected social role of the private sector, this study builds on stakeholder theory and investigates the corporate social responsibility (CSR) activities of Korean global firms facing the difficulties of this situation. Methods: This study collected and analyzed news reports about the CSR activities of three representative Korean global firms (Samsung Electronics, LG Electronics, and Hyundai Motors). News reports posted from January 2019 and after January 2020, when the COVID-19 outbreak occurred in Korea, were collected. From the reports, the main keywords illustrating their CSR activities were extracted, and the frequency of each company was analyzed. Results: Findings showed that their CSR activities during the COVID-19 pandemic were conducted in a prompt and systemic way. They maintained focus on their main CSR activities, which were closely aligned with their business and CSR visions; simultaneously, they rapidly identified the areas needing support from their daily business activities and responded to them immediately and discretionary. This highlights their genuine motives in their CSR activities and good citizenship, as well as their significant role as rescuers during countrywide disasters. Conclusions: Supporting stakeholder theory, this study shows the broadly defined CSR activities of Korean global firms focusing on their target stakeholders. The agile and systemic approach to the companies’ CSR activities can benefit both society and businesses, contributing to creating social values and sustained co-prosperity with society. Furthermore, this study suggests that a close collaborative relationship with the government can produce a synergistic effect on community building recovering from a nationwide disaster.
Highlights
The ongoing coronavirus disease 2019 (COVID-19) pandemic has caused a serious economic downturn and countless social problems and losses worldwide
Increases in continuing and evolving cases of coronavirus variants have rendered the actions taken by the government futile; it has had to ask for support from the private sector
corporate social responsibility (CSR) activities of Korean global firms The findings from the analysis show the patterns and strategies of CSR activities
Summary
The ongoing coronavirus disease 2019 (COVID-19) pandemic has caused a serious economic downturn and countless social problems and losses worldwide. This global crisis has put individuals and companies at risk, pushing numerous low-income earners and small-business owners to the verge of bankruptcy. Results: Findings showed that their CSR activities during the COVID19 pandemic were conducted in a prompt and systemic way They maintained focus on their main CSR activities, which were closely aligned with their business and CSR visions; simultaneously, they rapidly identified the areas needing support from their daily business activities and responded to them immediately and discretionary. This study suggests that a close collaborative version 1
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