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The impact of the crisis on corporate responsibility: the case of UN global compact participants in the USA

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Corporate Social Responsibility Reporting Corporate Social Responsibility and Sustainability Corporate Identity and Reputation

Abstract

Purpose This paper seeks to understand what impact the current economic and financial crisis has had on the business and non‐business sector's corporate responsibility (CR) efforts, as well as to describe the critical obstacles being reported to such efforts. It proposes to do this by examining one key CSR initiative, namely, the United Nations Global Compact (GC). Design/methodology/approach A two‐part empirical investigation was conducted on a sample of GC participants (US signatories). The first method comprises a comprehensive survey completed mainly by company CEOs. The second approach involves content analysis of CEO statements (extracted from CSR reports – fiscal years 2007‐2009), which describe new strategies for managing under challenging economic and financial times. Findings It was found that the CSR efforts of participants of the GC that have integrated their CSR into their policies, programs, performance, and goals, and those with lesser conformity with the active principles of the GC will be affected more by the economic crisis. The paper also reports on the challenges, opportunities, and new strategies for managing during the downturn. Research limitations/implications While the study focuses on a relatively small sample of CSR‐driven organizations, it is shared with a framework that investigates CSR initiatives in distress and suggest anchors for future research. Originality/value To the best of one's knowledge, this research is the first effort to understand the implications of the current economic crisis on the CSR initiatives of GC participants in the USA. In addition to investigating the practical concerns of managers in times of crisis, our research questions the role of the initiative itself in dealing with these concerns.

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References

1984Content Analysis: An Introduction to its Methodology.1983The Strength of Weak Ties: A Network Theory Revisited 1999Corporate Social Responsibility 2004Corporate Social Responsibility Theories: Mapping the Territory 1985Social Structure and Network Analysis.2008This Time is Different: A Panoramic View of Eight Centuries of Financial Crises 2004Reconstituting the Global Public Domain — Issues, Actors, and Practices 2008Building a New Institutional Infrastructure for Corporate Responsibility

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2020Changes in Sustainability Priorities in Organisations due to the COVID-19 Outbreak: Averting Environmental Rebound Effects on Society 2013CSR in the aftermath of the financial crisis 2016The United Nations Global Compact: Engaging Implicit and Explicit CSR for Global Governance 2014What Determines Principle-Based Standards Implementation? Reporting on Global Compact Adoption in Spanish Firms 2021Corporate social responsibility actions and organizational legitimacy at the peak of COVID-19: a sentiment analysis

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