Industry performance is a pivotal indicator for assessing the robustness of economic growth of a country. Any fluctuations in this indicator wield considerable influence over economic growth. Previous research has established that the industry performance is not a static phenomenon but rather exhibits variations across different time periods. Amongst the multitude of crises, the COVID-19 pandemic reverberated across every nation, spreading to all strata of society. It had an adverse impact on both public and private sector impacting the lives of millions. Industries were struggling with dwindling profits, thus trying vehemently to cut costs in diverse realms. This challenging financial predicament made it difficult for companies to uphold their corporate social responsibilities. Hence, only a few companies initiated CSR activities due to the paucity of funds. Having this in the backdrop, this case study analysis aims to examine corporate involvement and implementation of CSR activities during the COVID-19 pandemic and assesses the extent to which these activities have helped improve people's lives.
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The spread of SARS-CoV-2 virus in 2020 created social and economic risks pan world. It had impacted nearly 32.5 million people worldwide by the end of September 2020. This worsened the economic standard of the countries when compared to previous years. During the pandemic, the country’s GDP has witnessed a steady decline with a decrease of 2 to 3 points each month. This unfortunate situation has led to the loss of over 195 million jobs for countless employees. However, amidst these challenging times, the companies recognized and embraced their social responsibility in supporting society. The study effectively illustrates the relationship between the Government and corporations to overcome the disasters.
The onset of the coronavirus outbreak sent shockwaves throughout the world, introducing a perilous illness that rapidly spread, affecting countless individuals and thus leading to a global crisis. This unprecedented pandemic, caused by the SARS-CoV-2 virus, has emerged as a significant public health crisis, standing as one of the most profound challenges humanities has faced to date. Its far-reaching consequences have resulted in severe socio- economic disruptions, grinding everyday activities to a halt and inflicting a detrimental blow to the global economy (Lee,2022; Ramya and Baral,2021). As on November 11, 2022, The World Health Organisation (WHO) has reported a total of 630,832,131 confirmed cases of COVID-19 worldwide, with 6,584,104 fatalities.
In March 2020, as the Covid-19 pandemic grew increasingly severe, numerous businesses found themselves compelled to shutter their operations and impose restrictions, which had a profound impact on their operations, activities, and competitiveness (Ursic and Cestar, 2022). Amidst the challenging time of fear and uncertainty, people worldwide rallied together, extending their support one another, and the business community proved no exception (Mahmud et al., 2021). This crisis period necessitated a comprehensive study to understand the situation fully and devise solutions to address the consequences of the lockdown, thereby aiding in the revival of the economy and mitigating the aftermath of the pandemic (Ramya and Baral, 2021).
Companies have embraced the principles of Corporate Social Responsibility (CSR), with remarkable enthusiasm, prioritizing philanthropic endeavors and lending support to governments worldwide to combat the pandemic (Ramya and Baral, 2021; Dwivedi and Kumar, 2021). These CSR activities have bolstered the government efforts to fight the challenges posed by Covid-19 (Dwivedi and Kumar, 2021). According to Benedict Sheehy’s study “Defining CSR: Problems and Solutions” (2014), CSR is not only a field of study, and a management practice, but also an approach that fosters a meaningful dialogue on the social contribution made by businesses (Bansal and Song, 2017; Cvik, 2021). Through a diverse range of CSR programs, organizations have extended their support to employees, customers, and communities at large(Mahmud et al., 2021). These initiatives during the Covid-19 pandemic, have encompassed direct relief efforts and indirect involvement through donations to foundations or non-profit organizations, aimed at assisting healthcare workers, procuring vital medical equipment for hospitals and clinics, providing essential needs such as food and housing assistance, and supporting education and elderly care (Mahmud et al., 2021).