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The Impact of Financial Crisis on Corporate Social Responsibility and Its Implications for Reputation Risk Management

机译：金融危机对企业社会责任的影响及其对声誉风险管理的启示

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This paper explores the impact of the financial crisis of 2008 on Corporate Social Responsibility initiatives – CSR –and its implications for reputational risk management. The social risk theory suggests that there is a new kind of risk related to CSR that can affect a company’s reputational value. This research is a multiple case study that considers two multinationals operating in the same sector. Qualitative data have been collected in many ways such as document analysis, semi-structured interviews and a scaling survey in several locations in three different countries including expert views from reliable sustainability management consultants. Findings show that the financial crisis of 2008 had a clear impact on CSR initiatives in many companies because of the exceptional pressure that they had to face in order to survive and with massive layoffs and expenditure cuts on community involvement programs being the most obvious outcomes of the crisis. However, not all impacts were seen as negative, many CSR issues were pushed forward and gained more depth after the crisis, such as organizational governance and environmental policies, as well as compensation policies. The main stakeholders that were affected by the crisis were employees; followed by investors and customers. Similarly, in relation to CSR issues, it was labor practices that were the most severely impacted. What is interesting to observe was that in the studied companies, there was a belief that these issues were not considered as having the highest impact on their companies’ reputations. Companies gave more importance to the issues that related to the stakeholders that they perceive to be the most influential. Therefore, an issue such as environmental policies forms a social risk if green investors decide to withdraw. However, employees are not perceived as influential at the time of the crisis because of the deterioration in labor market conditions and hence the drop in labor practices is not perceived as a threat to reputational value. Implications for reputation risk management can be identified by risk considerations within the studied companies. Social risks impacting reputation are sometimes reported explicitly in annual reports with direct reference to environmental and human rights issues as well as supply chain management and risks related to compliance and code of business conduct. The reporting is less explicit in other cases with these elements present in the internal documents for risk management but not in the published reports. This implies that many companies have a better understanding of the importance of social risks and their impact on reputation but they do not necessarily report it openly.
机译：本文探讨了2008年金融危机对企业社会责任计划（CSR）的影响及其对声誉风险管理的影响。社会风险理论表明，存在一种与企业社会责任有关的新型风险，可能会影响公司的声誉价值。这项研究是一个多案例研究，其中考虑了两个在同一行业运营的跨国公司。已通过多种方式收集了定性数据，例如文件分析，半结构化访谈和在三个不同国家/地区的多个地点进行的规模调查，包括可靠的可持续发展管理顾问的专家意见。调查结果表明，2008年的金融危机对许多公司的CSR举措产生了明显的影响，因为它们为了生存必须承受巨大的压力，而大规模裁员和削减社区参与计划的支出是该公司最明显的成果。危机。然而，并非所有影响都被视为负面影响，危机后许多企业社会责任问题得到了推动并得到了更深入的了解，例如组织治理，环境政策以及薪酬政策。受危机影响的主要利益相关者是员工。其次是投资者和客户。同样，就企业社会责任问题而言，受影响最大的是劳工惯例。有趣的是，在所研究的公司中，人们认为这些问题并未被认为对其公司声誉的影响最大。公司对与他们认为最有影响力的利益相关者有关的问题给予了更多重视。因此，如果绿色投资者决定退出，那么诸如环境政策之类的问题就会构成社会风险。但是，由于劳动力市场状况的恶化，在危机发生时，员工并未被认为具有影响力，因此，员工行为的下降并不被视为对声誉价值的威胁。声誉风险管理的含义可以通过研究公司内部的风险考虑来确定。有时会在年度报告中明确报告影响声誉的社会风险，直接参考环境和人权问题以及供应链管理以及与合规性和商业行为守则相关的风险。在其他情况下，报告的内容不太明确，因为这些要素存在于风险管理的内部文档中，而在已发布的报告中则没有。这意味着许多公司对社会风险的重要性及其对声誉的影响有更好的了解，但不一定公开。

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