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Prior research studies have discussed the role of corporate social responsibility (CSR) during crisis situations in increasing the resilience and sustainability of the companies. There are two basic models of crisis management – reactive and proactive. When a crisis occurs, suddenly firms tend to act reactively and progressively take proactive steps to manage the crisis. CSR can also be reactive and proactive during crisis situations. Against this backdrop, this paper aims to explore whether CSR during the COVID-19 pandemic moved from a reactive to a proactive stance, with specific focus on CSR legislation, corporate CSR response and corporate thinking about CSR.

This paper adopts a mixed methods approach, using both qualitative and quantitative research designs. This study draws upon both primary and secondary data.

The results highlighted the change in the CSR approach from being reactive to being proactive as the pandemic progressed. This was observed through the increase in frequency of CSR legislation, and the shift in the intent of CSR legislation from “prompting to donate” to “prompting to volunteer.” Similarly, the shift in reactive to proactive CSR corporate response was observed through the increased spending on CSR and improved COVID-related CSR reporting.

This study recommends companies to manage crises by becoming more proactive. CSR activities need to be closely aligned with national developmental objectives, and collaborate with various stakeholders to achieve the intended outcomes of the activities.

To the best of the authors’ knowledge, this research paper is one of the few to study the impact of COVID-19 pandemic on CSR in India at a time when India went through three waves of the pandemic. This study corroborates with other studies in terms of managing crisis.

The purpose of this paper is to investigate the impact of different dimensions of corporate governance practices such as board characteristics, ownership structure, corporate disclosure and CEO education on the operating performance of Russian banks before, during and after financial crises. Based on the findings, it proposes some policy measures for improved governance practices to protect banks from future financial crisis or economic downturns.

The study comprises data from the largest publicly traded Russian banks listed on the Russian Stock Exchange RST for the period. Operating performance data were collected from financial statements, while corporate governance mechanisms were collected from annual reports available on the banks’ websites. Because panel data were used, the panel regression model was used to control unobserved time-constant heterogeneity.

The findings revealed a positive impact of corporate governance on bank performance before and after the financial crisis. The financial crisis enforced Russian banks to improve their corporate governance practices, resulting in better operating performance after the crisis. Surprisingly, the results for the during-crisis period show that better governance did not yield higher operating performance in Russian banks.

This is one of the first studies to provide empirical results regarding the relationship between corporate governance practices and bank performance in Russia across different financial crisis periods. The findings revealed the uniqueness of corporate governance scenarios of Russia which could provide important guidelines for other transition economies and emerging markets.

The purpose of this paper is to investigate the evolution of online sentiments toward a company (i.e. Chipotle) during a crisis, and the effects of corporate apology on those sentiments.

Using a very large data set of tweets (i.e. over 2.6m) about Company A’s food poisoning case (2015–2016). This case was selected because it is widely known, drew attention from various stakeholders and had many dynamics (e.g. multiple outbreaks, and across different locations). This study employed a supervised machine learning approach. Its sentiment polarity classification and relevance classification consisted of five steps: sampling, labeling, tokenization, augmentation of semantic representation, and the training of supervised classifiers for relevance and sentiment prediction.

The findings show that: the overall sentiment of tweets specific to the crisis was neutral; promotions and marketing communication may not be effective in converting negative sentiments to positive sentiments; a corporate crisis drew public attention and sparked public discussion on social media; while corporate apologies had a positive effect on sentiments, the effect did not last long, as the apologies did not remove public concerns about food safety; and some Twitter users exerted a significant influence on online sentiments through their popular tweets, which were heavily retweeted among Twitter users.

Even with multiple training sessions and the use of a voting procedure (i.e. when there was a discrepancy in the coding of a tweet), there were some tweets that could not be accurately coded for sentiment. Aspect-based sentiment analysis and deep learning algorithms can be used to address this limitation in future research. This analysis of the impact of Chipotle’s apologies on sentiment did not test for a direct relationship. Future research could use manual coding to include only specific responses to the corporate apology. There was a delay between the time social media users received the news and the time they responded to it. Time delay poses a challenge to the sentiment analysis of Twitter data, as it is difficult to interpret which peak corresponds with which incident/s. This study focused solely on Twitter, which is just one of several social media sites that had content about the crisis.

First, companies should use social media as official corporate news channels and frequently update them with any developments about the crisis, and use them proactively. Second, companies in crisis should refrain from marketing efforts. Instead, they should focus on resolving the issue at hand and not attempt to regain a favorable relationship with stakeholders right away. Third, companies can leverage video, images and humor, as well as individuals with large online social networks to increase the reach and diffusion of their messages.

This study is among the first to empirically investigate the dynamics of corporate reputation as it evolves during a crisis as well as the effects of corporate apology on online sentiments. It is also one of the few studies that employs sentiment analysis using a supervised machine learning method in the area of corporate reputation and communication management. In addition, it offers valuable insights to both researchers and practitioners who wish to utilize big data to understand the online perceptions and behaviors of stakeholders during a corporate crisis.

The purpose of this paper is to address the importance of effective crisis management, and the commensurate lessons to be learned from the Toyota Corporation's denial of malfunctions on a number of different Toyota brands of vehicles during the period 2007‐2010. The case analysis identifies key opportunities the Toyota Corporation had to minimize the crisis by acknowledging the issues and being transparent in its decision making. The article addresses the difficulty now faced by Toyota, previously recognized as the world's leading manufacturer of automotive vehicles, to re‐establish the consumers' trust.

A crisis, typically considered to be a negative issue, can be a positive event in the life of a corporate firm, such as Toyota, if the corporate leadership involved seizes the opportunity to make appropriate changes in its operations. The crisis management paradigm that is the focus for this case identifies four stages of a crisis – the preliminary (pre‐) crisis, acute crisis, chronic crisis, and crisis resolution. The present crisis deals with several different malfunctions that were identified, apparently by customers, in various Toyota brands, but publically ignored by Toyota's management. Therefore, the pre‐crisis stage was not appropriately dealt with by Toyota, and the firm was thrust into an acute crisis that evolved into a chronic crisis. A brief overview of the historical development of Toyota is presented, and a case analysis of the crisis situation in which the firm is now involved is presented in some detail.

It was concluded that Toyota is now in a very difficult position in the chronic crisis stage due to the failure of its corporate leaders' willingness to acknowledge the malfunctions of its vehicles and take corrective actions early in the crisis.

This is an excellent example of crisis mismanagement by a previously recognized world leader. This treatise includes a pervasive focus on the strategic lessons that should be learned from Toyota's experience.

In times of crisis, the fundamental principles of companies erode, leading to strategy shifts. This paper aims to examine whether corporate social responsibility (CSR) is on management’s agenda in times of crisis, indicating CSR embeddedness into corporate strategy. The focus is on the four pillars of CSR: social, environment, economy and governance.

Starting points are competing hypotheses based on shareholder and stakeholder theory. Chief executive officer (CEO) letters to shareholders of German HDAX firms from 2003 to 2012 are analyzed by means of computer-aided text analysis.

The authors find that CEOs talk less about CSR in times of crisis, especially about social and governance issues, indicating that CSR is not fully embedded into corporate strategy, and that, in times of crisis, other aspects gain more importance on management’s agenda.

CEO communication is an indicator for management’s attention. Less talk about CSR in times of crisis does not automatically indicate less real CSR activity. This study is a starting point for analyses of the discrepancy between both, if any exists.

Managers should regard CSR as a strategic and trust enhancing element and stick to CSR even when under pressure from market distortions.

Environment issues – exposed to companies’ attention for a long time – are embedded into corporate strategy. More research and management attention is essential to get the other CSR aspects woven into company DNA as well.

The paper is the first to research CSR in times of crisis in depth: CSR as umbrella covers social, environment, economy and governance issues. The institutional level of analysis ensures that implications for the business-society link are central.

This paper focuses on the analysis of fashion blog activity regarding brands under corporate crisis situations and discusses how these opinion leaders may be agents of corporate crisis management.

The authors analyzed four influential Portuguese fashion blogs regarding eight fashion brands that had experienced a corporate crisis situation. In total, five of the selected brands were mentioned in 2.846 posts of blog content, whose discourse was deeply analyzed.

The absence of express reference to brand crisis suggests that fashion bloggers tend to ignore these crisis events or divert the readers' attention to the brands' more positive aspects. This result opens the discussion whether fashion bloggers downplay corporate crisis in brand equity or whether it expresses strategies of brand crisis communication through digital influencers.

Though social media may be a source of negative word-of-mouth, social media influencers have been considered important partners of corporate crisis communication in particularly challenging times. Many studies have focused on the role of social media influencers in crisis management, but there was a dearth of research on the specific case of blogs. This study contributes to the understanding of fashion bloggers as agents of brand communication, particularly regarding crisis management and their role on brand activation and positive electronic word-of-mouth, even under crisis situations. This contribution paves the way for future research on whether this is a spontaneous phenomenon or the reflection of possible partnerships between companies and fashion bloggers for the management of corporate crisis situations in the context of fashion brands.

This paper aims to investigate the impact of corporate governance, as measured by the Corporate Governance Index, on firm performance and dividend payouts during the financial crisis of 2008.

The empirical approach followed in the study involved constructing a comprehensive measure of corporate governance for 298 non-financial companies listed on the Warsaw Stock Exchange in the years 2006-2010.

The results show that prior to the crisis, there was a positive association between corporate governance and performance as measured by Tobin’s q. Moreover, the study presents evidence that higher corporate governance leads to an increase in cash dividends. Amid the financial crisis, corporate governance was positively associated with a higher return on assets, yet this was not observed when measured by Tobin’s q. Additionally, during this period, better-governed companies paid dividends less generously than firms with lower corporate governance standards did.

The study provides new evidence on the impact of corporate governance on firm performance and valuation in an emerging market during the financial crisis. Moreover, the study shows that governance mechanisms operate differently in crisis and non-crisis periods.

Once a corporate crisis is entangled with a social issue, how consumers make sense of the crisis can be impacted by issue-based opinion polarization. This study investigates the underlying mechanisms as consumers go through this process. This study also examines whether corporate social advocacy (CSA) can be an effective crisis-response strategy for mitigating reputational loss.

Theoretical inquiries were empirically tested using an online experiment (N = 792). The experiment set the context in China, in a working-overtime-issue-related crisis. It had a 2 (online exposure: anti-issue opinion vs. pro-issue opinion) × 2 (CSA: absence vs. presence) between-subject design with a continuous variable (pre-existing issue attitudes) measured before the manipulation.

This study found that pre-existing issue attitudes can be directly and indirectly associated with corporate reputation, for the issue attitudes influence how consumers attribute crisis blame. Such a direct effect of pre-existing issue attitudes varies depending on which polarized opinion consumers were exposed to on social media. This study also found CSA to be a robust crisis response strategy, through multiple mechanisms, in protecting the corporate reputation.

Scholars are scarcely aware of the threats that issue-based opinion polarization poses to corporate reputation. This study serves as an early attempt to provide theoretical explanations. In addition to this, this study extends the current conceptual understandings of CSA during corporate crises that involve social issues while adding fresh insights into the established typology of crisis-response strategies.

This paper aims to explore the explanations of “information effect” and “agency effect” of corporate diversification with cross-industry knowledge under a crisis situation.

Based on an event study of 203 public companies’ crises in China between 2008 and 2018, the authors verify the information and agency effects of corporate diversification under a crisis situation by, respectively, examining the effects of interactions of corporate unrelated diversification with corporate transparency and knowledge deficiency attribution on the stock market’s responses to the crises.

It is found that corporate unrelated diversification serves as a buffer in protecting firm value while attribution of knowledge deficiency can be a burden. The buffering effect is stronger when the corporate transparency is higher but weaker when the crisis is attributed to be caused by corporate tacit knowledge deficiency.

Unrelated diversified firms should strengthen information communication with stakeholders so as to break down the stakeholders’ cross-industry knowledge barriers, and thus protect their own value at the crisis’ onset. Also, they can further buffer the loss by reducing stakeholders’ perceptions of the corporate tacit knowledge deficiency revealed in the crisis.

This study is the first to illustrate that the information and agency effects of corporate diversification strategy can be partially explained under a crisis situation, which provides meaningful insights about how firms can conduct knowledge management in their daily operations to deal better with corporate crises.