The New Perspectives Of Corporate Social Responsibility In The Post-Corona Economy

The recent socio-economic evolutions generated by the Covid-19 is showing tectonic shifts in every country economic structure, with entire sectors being affected with unprecedented contractions. The economic cost of the pandemic is unprecedented, the most important international financial institutio...

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Bibliographic Details
Published inIDEAS Working Paper Series from RePEc
Main Authors Loredana, Avram Roxana, Nicolescu, Ana Cristina, Buglea Alexandru
Format Paper
LanguageEnglish
Published St. Louis Federal Reserve Bank of St. Louis 01.01.2020
Subjects
COVID-19
Pandemics
Social responsibility
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Summary:The recent socio-economic evolutions generated by the Covid-19 is showing tectonic shifts in every country economic structure, with entire sectors being affected with unprecedented contractions. The economic cost of the pandemic is unprecedented, the most important international financial institutions placing the following recession to World War 2 levels. However, in times of great catastrophes, natural or manmade, there has always been a time of great shifts in the social behavior, determined by the solidarity between society, decision-makers and corporations. Our study is focusing in shifts of the Corporate Social Responsibility and the behavior of corporate management, characterized by temporarily abandoning the path of profit maximization and reorientation towards supporting the community and the decision makers, in the fight against the effects of the pandemic. In addition, our study tries to examine the alteration of social behavior, from an entrepreneurial orientated society, in the pre-pandemic economy, towards a more security driven behavior, in terms of food, job and health security. The social-economic implications of the changes could bring changes in the behavioral economics that seemed impossible only a few months ago.