Corporate Social Responsibility during the COVID-19 Pandemic: Learnings from Austrian Family Businesses
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Michael Kuttner
Abstract
This qualitative study explores the impact of the COVID-19 pandemic on corporate social responsibility (CSR) in ten Austrian family businesses. Results show that CSR and non-financial goals, particularly stakeholder relationships, remained priorities during the COVID-19 pandemic. The integration of financial and non-financial objectives underscores CSR as a long-term investment. While CSR strategies largely remained stable, operational adjustments included a heightened focus on employees, enhanced CSR communication, and the implementation of tools like materiality analyses to better align with stakeholder needs. Key stakeholders (e.g., employees, customers) emerged as critical for building resilience. Furthermore, the results illustrate the high relevance of socioemotional wealth (SEW), which is developed and maintained through CSR and can strengthen resilience. Practical implications suggest family businesses focus on non-financial goals and CSR during crises to enhance resilience. Prioritizing employee well-being, fostering stakeholder trust, and integrating economic considerations into CSR strategies are essential. Future research should examine other industries, organizational forms, and international contexts to deepen understanding of CSR’s role in resilience.
Abstract
This qualitative study explores the impact of the COVID-19 pandemic on corporate social responsibility (CSR) in ten Austrian family businesses. Results show that CSR and non-financial goals, particularly stakeholder relationships, remained priorities during the COVID-19 pandemic. The integration of financial and non-financial objectives underscores CSR as a long-term investment. While CSR strategies largely remained stable, operational adjustments included a heightened focus on employees, enhanced CSR communication, and the implementation of tools like materiality analyses to better align with stakeholder needs. Key stakeholders (e.g., employees, customers) emerged as critical for building resilience. Furthermore, the results illustrate the high relevance of socioemotional wealth (SEW), which is developed and maintained through CSR and can strengthen resilience. Practical implications suggest family businesses focus on non-financial goals and CSR during crises to enhance resilience. Prioritizing employee well-being, fostering stakeholder trust, and integrating economic considerations into CSR strategies are essential. Future research should examine other industries, organizational forms, and international contexts to deepen understanding of CSR’s role in resilience.
Chapters in this book
- Frontmatter I
- Contents V
- Preface VII
- Strategy Development in the Light of Radical Change: A Perspective on the Evolution and Revolution of Family Businesses 1
- The Importance of VUCA and BANI in Developing Sustainable and Long-term Oriented Strategies in Family Businesses 27
- Employee Resilient Behavior and Its Leadership Prerequisites: Strategies for Founder Generation Family Firms 53
- The Impact of Family Ownership on SME Resilience: A Three-Circle Model Analysis 73
- Implications of Company Succession on Resilience of Small and Medium Size Companies 85
- Passing the Torch: Perceived Risks and Opportunities in Family Business Succession 103
- Convenience Study of Criminal Deviance in the Entrepreneurial Family Business: Husband as Lawyer and Wife as Accountant in the Law Firm 119
- The Adaptive Capacity of Tourism Family Firms – An Owners’ Perspective on Risk Resilience 147
- Corporate Social Responsibility during the COVID-19 Pandemic: Learnings from Austrian Family Businesses 169
- Resilience beyond Metrics: How Hidden Resources in Small Family Firms Challenge the Resource-Based View 183
- The Impact of AI-Induced Downsizing on Family Businesses 201
- List of Contributors
- Index
Chapters in this book
- Frontmatter I
- Contents V
- Preface VII
- Strategy Development in the Light of Radical Change: A Perspective on the Evolution and Revolution of Family Businesses 1
- The Importance of VUCA and BANI in Developing Sustainable and Long-term Oriented Strategies in Family Businesses 27
- Employee Resilient Behavior and Its Leadership Prerequisites: Strategies for Founder Generation Family Firms 53
- The Impact of Family Ownership on SME Resilience: A Three-Circle Model Analysis 73
- Implications of Company Succession on Resilience of Small and Medium Size Companies 85
- Passing the Torch: Perceived Risks and Opportunities in Family Business Succession 103
- Convenience Study of Criminal Deviance in the Entrepreneurial Family Business: Husband as Lawyer and Wife as Accountant in the Law Firm 119
- The Adaptive Capacity of Tourism Family Firms – An Owners’ Perspective on Risk Resilience 147
- Corporate Social Responsibility during the COVID-19 Pandemic: Learnings from Austrian Family Businesses 169
- Resilience beyond Metrics: How Hidden Resources in Small Family Firms Challenge the Resource-Based View 183
- The Impact of AI-Induced Downsizing on Family Businesses 201
- List of Contributors
- Index
