Устойчивость корпораций к потрясениям: роль корпоративной социальной ответственности и корпоративной репутации

Основная цель данного исследования - определить влияние раскрытия информации о корпоративной социальной ответственности (КСО) на устойчивость корпораций. Кроме того, анализируется опосредованное влияние на устойчивость компании корпоративной репутации. Использовалась выборка всех компаний, зарегистрированных на Индонезийской фондовой бирже в период 2017-2020 гг., в которую вошли 222 компании с общим количеством наблюдений 444. Использовался метод обыкновенного наименьшего квадрата (OLS). Результаты показывают, что корпоративная репутация играет важную роль в опосредовании эффекта между корпоративной социальной ответственностью и устойчивостью. Выяснилось, что инвесторы в Индонезии учитывали репутацию компании во время кризиса в дополнение к КСО. Другие результаты показывают, что КСО и корпоративная репутация негативно влияют на степень потерь и время восстановления. Это свидетельствует о том, что инвесторы на фондовых рынках Индонезии больше внимания уделяют раскрытию информации о КСО и репутации компании, когда переживают шок. Компании с высокой КСО и хорошей репутацией обладают большей корпоративной устойчивостью, чем компании с низкой КСО и неблагоприятной репутацией. КСО может стать одним из факторов повышения устойчивости компании. Однако КСО должна проводиться постоянно, чтобы создать отличную корпоративную репутацию, которая в долгосрочной перспективе не будет подвергаться риску при возникновении потрясений. Благодаря корпоративной репутации компании могут быстрее расти и нести меньшие потери, чем другие предприятия.

1. Ding W., Levine R., Lin C., Xie W. Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics. 2021;141(2):802-830. DOI: 10.1016/j.jfineco.2021.03.005

2. Roundy P. T., Brockman B. K., Bradshaw M. The resilience of entrepreneurial ecosystems. Journal of Business Venturing Insights. 2017;8:99-104. DOI: 10.1016/j.jbvi.2017.08.002

3. Duchek S. Organizational resilience: A capability-based conceptualization. Business Research. 2020;13(1):215-246. DOI: 10.1007/s40685-019-0085-7

4. DesJardine M., Bansal P., Yang Y. Bouncing back: Building resilience through social and environmental practices in the context of the 2008 global financial crisis. Journal of Management. 2017;45(4):1434-1460. DOI: 10.1177/0149206317708854

5. Sajko M., Boone C., Buyl T. CEO greed, corporate social responsibility, and organizational resilience to systemic shocks. Journal of Management. 2021;47(4):957-992. DOI: 10.1177/0149206320902528

6. Boubaker S., Liu Z., Zhan Y. Customer relationships, corporate social responsibility, and stock price reaction: Lessons from China during health crisis times. Finance Research Letters. 2022;47B:102699. DOI: 10.1016/j.frl.2022.102699

7. Bhattacharya C. B., Sen S., Korschun D. Using corporate social responsibility to win the war for talent. MIT Sloan Management Review. 2008;49(2):37-44. URL: https://www.researchgate.net/publication/279905171_Using_Corporate_Social_Responsibility_to_Win_the_War_for_Talent

8. Huang W., Chen S., Nguyen L. T. Corporate social responsibility and organizational resilience to COVID-19 crisis: An empirical study of Chinese firms. Sustainability. 2020;12(21):8970. DOI: 10.3390/su12218970

9. Tampakoudis I., Noulas A., Kiosses N., Drogalas G. The effect of ESG on value creation from mergers and acquisitions. What changed during the COVID-19 pandemic? Corporate Governance. 2021;21(6):1117-1141. DOI: 10.1108/CG-10-2020-0448

10. Maaloul A., Zeghal D., Ben Amar W., Mansour S. The effect of environmental, social, and governance (ESG) performance and disclosure on cost of debt: The mediating effect of corporate reputation. Corporate Reputation Review. 2023;26(1):1-18. DOI: 10.1057/s41299-021-00130-8

11. Mahrani M., Soewarno N. The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian Journal of Accounting Research. 2018;3(1):41-60. DOI: 10.1108/AJAR-06-2018-0008

12. Koronis E., Ponis S. T. Introducing corporate reputation continuity to support organizational resilience against crises. Journal of Applied Business Research. 2012;28(2):283-290. DOI: 10.19030/jabr.v28i2.6850

13. Gillan S.L, Koch A., Starks L. T. Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance. 2021;66:101889. DOI: 10.1016/j.jcorpfin.2021.101889

14. Balmer J. M.T. Corporate marketing: Apocalypse, advent and epiphany. Management Decision. 2009;47(4):544- 572. DOI: 10.1108/00251740910959413

15. Fombrun C.J, van Riel C. B.M. The reputational landscape. Corporate Reputation Review. 1997;1(1):5-13. DOI: 10.1057/palgrave.crr.1540024

16. Sethi S. P., Martell T. F., Demir M. Building corporate reputation through corporate social responsibility (CSR) reports: The case of extractive industries. Corporate Reputation Review. 2016;19(3):219-243. DOI: 10.1057/s41299-016-0004-1

17. Odriozola M. D., Baraibar-Diez E. Is corporate reputation associated with quality of CSR reporting? Evidence from Spain. Corporate Social Responsibility and Environmental Management. 2017;24(2):121-132. DOI: 10.1002/csr.1399

18. Tracey N., French E. Influence your firm’s resilience through its reputation: Results won’t happen overnight but they will happen! Corporate Reputation Review. 2017;20(1):57-75. DOI: 10.1057/s41299-017-0014-7

19. Xia Y., Qiao Z., Xie G. Corporate resilience to the COVID-19 pandemic: The role of digital finance. Pacific- Basin Finance Journal. 2022;74:101791. DOI: 10.1016/j.pacfin.2022.101791

20. Castaldo S., Perrini F., Misani N., Tencati A. The missing link between corporate social responsibility and consumer trust: The case of fair trade products. Journal of Business Ethics. 2009;84(1):1-15. DOI: 10.1007/s10551-008-9669-4

21. Park J., Lee H., Kim C. Corporate social responsibilities, consumer trust and corporate reputation: South Korean consumers’ perspectives. Journal of Business Research. 2014;67(3):295-302. DOI: 10.1016/j.jbusres.2013.05.016

22. Lamberti L., Lettieri E. CSR practices and corporate strategy: Evidence from a longitudinal case study. Journal of Business Ethics. 2009;87(2):153-168. DOI: 10.1007/s10551-008-9876-z

23. Albuquerque R., Koskinen Y., Zhang C. Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science. 2018;65(10):4451-4469. DOI: 10.1287/mnsc.2018.3043

24. Rjiba H., Jahmane A., Abid I. Corporate social responsibility and firm value: Guiding through economic policy uncertainty. Finance Research Letters. 2020;35:101553. DOI: 10.1016/j.frl.2020.101553

25. Ellouze D. The role of customers and employees in the buffer effect of corporate social responsibility in times of crisis. Managerial Finance. 2020;46(7):955-975. DOI: 10.1108/MF-11-2018-0575

26. Raj A., Mukherjee A. A., de Sousa Jabbour A. B.L., Srivastava S. K. Supply chain management during and post-COVID-19 pandemic: Mitigation strategies and practical lessons learned. Journal of Business Research. 2022;142:1125-1139. DOI: 10.1016/j.jbusres.2022.01.037

27. Andres L., Round J. The creative economy in a context of transition: A review of the mechanisms of microresilience. Cities. 2015;45:1-6. DOI: 10.1016/j.cities.2015.02.003

28. Zhou D., Zhou R. ESG performance and stock price volatility in public health crisis: Evidence from COVID-19 pandemic. International Journal of Environmental Research and Public Health. 2022;19(1):202. DOI: 10.3390/ijerph19010202

29. Livnat J., Smith G., Suslava K., Tarlie M. Board tenure and firm performance. Global Finance Journal. 2021;47:100535. DOI: 10.1016/j.gfj.2020.100535

30. Baron R. M., Kenny D. A. The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology. 1986;51(6):1173-1182. DOI: 10.1037/0022-3514.51.6.1173

31. Choi S., Lee S. Revisiting the financial performance — corporate social performance link. International Journal of Contemporary Hospitality Management. 2018;30(7):2586-2602. DOI: 10.1108/IJCHM-04-2017-0195

32. Heinberg M., Ozkaya H. E., Taube M. Do corporate image and reputation drive brand equity in India and China? Similarities and differences. Journal of Business Research. 2018;86:259-268. DOI: 10.1016/j.jbusres.2017.09.018

33. Dewi N. K.A.T., Kawisana P. G.W.P., Larasdiputra G. D. Effect of user involvement peak management support training and education program on the performance of accounting information systems star hotels 4 and 5. Journal of Governance, Taxation and Auditing. 2023;1(3):304-308. DOI: 10.38142/jogta.v1i3.556

34. Sundari A., Rozi A. F., Bilgies A. F., Muhajir A., Anggraini N. M. Financial performance analysis using economic value-added methods. Journal of Tourism Economics and Policy. 2023;3(1):42-48. DOI: 10.38142/jtep.v3i1.546

35. Zabłocka-Kluczka A., Sałamacha A. Moderating role of corporate reputation in the influence of external support on organisational resilience and performance. Engineering Management in Production and Services. 2020;12(3):87-102. DOI: 10.2478/emj-2020-0021

36. Palma-Ruiz J.M., Castillo-Apraiz J., Gomez-Martinez R. Socially responsible investing as a competitive strategy for trading companies in times of upheaval amid COVID-19: Evidence from Spain. International Journal of Financial Studies. 2020;8(3):41. DOI: 10.3390/ijfs8030041

37. Selmi R., Hammoudeh S., Errami Y., Wohar M. E. Is COVID-19 related anxiety an accelerator for responsible and sustainable investing? A sentiment analysis. Applied Economics. 2021;53(13):1528-1539. DOI: 10.1080/00036846.2020.1834501

38. Berek Y. M.F., Kase P., Rozari P. E.D. Implementation of activity program planning and budget accountability in efforts to increase the performance of state universities (case study at Kupang State Agricultural Polytechnic). Journal of Governance, Taxation and Auditing. 2022;1(2):97-109. DOI: 10.38142/jogta.v1i2.437

39. Marsat S., Pijourlet G., Ullah M. Does environmental performance help firms to be more resilient against environmental controversies? International evidence. Finance Research Letters. 2022;44:102028. DOI: 10.1016/j.frl.2021.102028