THE EFFECTS OF THE COVID-19 PANDEMIC ON CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS PERFORMANCE IN COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

Ilija Stojanović; Adis Puška; Seval Ozbalci; Monika Bolek

doi:10.2478/eoik-2023-0059

Authors

Ilija Stojanović American University in the Emirates, Dubai, United Arab Emirates
Adis Puška Government of Brcko District, Brcko, Bosnia and Herzegovina
Seval Ozbalci University of the People, Business Administration Department, CA, USA
Monika Bolek University of Lodz, Poland

DOI:

https://doi.org/10.2478/eoik-2023-0059

Keywords:

business performance indicators, COVID-19, CSR, ESG, sustainability

Abstract

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 responsibility (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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