• Ilija Stojanovic
  • Adis Puška
  • Seval Ozbalci
  • Monika Bolek



The COVID-19 virus pandemic had an impact on all segments of life,
including dally operations of companies. Companies had to adapt to
market developments and change their business philosophy in order
to survive in the market. This paper showed how the crisis caused
by the COVID-19 virus pandemic affects the business of companies.
This study aims to examine the business performance indicators (BPI)
of companies listed on the Warsaw Stock Exchange (WSE) before and
during the COVID-19 pandemic with a focus on corporate social re-
sponsibility (CSR). In order to examine this, a multivariate regression
analysis was conducted. The findings show that there were no changes
in the BPIs before and during the COVID-19 pandemic in companies
in relation to CSR strategy. The only exception was found in the group
of CSR companies that reported a lower profit margin during the
COVID-19 pandemic. Companies with better BPIs may be willing to
introduce CSR principles into their strategy and during the pandemic,
intangibles influenced CSR strategy in a negative way. The limitations
of the article are related to the study of only one market. Identified
relationships allowed for a better understanding of the application of
social responsibility principles among enterprises in Central Europe.


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