The Importance of Social Responsible Business During The Covid Pandemic: Islamic Vs. Conventionally-Comparative Analysis

International Journal of Economics and Management Studies

© 2020 by SSRG - IJEMS Journal

Volume 7 Issue 11

Year of Publication : 2020

Authors : Adisa Delić, Amra Nuhanović, Samra Fehrić - Sarajlić

10.14445/23939125/IJEMS-V7I11P108

How to Cite?

Adisa Delić, Amra Nuhanović, Samra Fehrić - Sarajlić, "The Importance of Social Responsible Business During The Covid Pandemic: Islamic Vs. Conventionally-Comparative Analysis," SSRG International Journal of Economics and Management Studies, vol. 7,  no. 11, pp. 50-57, 2020. Crossref, https://doi.org/10.14445/23939125/IJEMS-V7I11P108

Abstract:

Within the company, socially responsible business implies an established strategic approach to business. In this paper, the authors explore how corporate social responsibility responds to changes in times of crisis, in our case during the COVID-19 pandemic, in Islamic versus Western capitalist economies. Every enterprise is part of the larger economy and community in which it operates, from which it receives incentives and has influences. This is defined as the so-called "two-way street." Just as the community influences the enterprise, the enterprise can influence the economy and the society in which it operates. This means that it is impossible to separate the company from the outside world completely. Its business choices have a major impact on different areas of society, from employees to the environment. In light of this, customers, employees, and the general public expect companies to implement initiatives that are in line with societal values that the whole community can benefit from.
Simply put, this paper's contribution is reflected in the analysis of the concept of corporate social responsibility during a pandemic. In Islamic and Western capitalist economies, various good social responsibility practices were undertaken during the corona crisis. From this aspect, it is very interesting to see how they affect companies' ability to improve their image, financial performance, innovate, and update their portfolio of products and services. The paper also took into account the limitation of the research - and that is that it will take a long time for things to return to the "new-old normal." Coping with the pandemic and its consequences led the authors to conclude that it is necessary to gather all resources and unite the efforts of individuals, companies, and the environment, regardless of whether they were pro-Islamic countries or conventional Western capitalist economies. Businesses have begun efforts to support coping with the pandemic in various ways, in line with the concept of social responsibility. Therefore, bearing in mind the above, the paper provides an overview of the various corporate social responsibility efforts in the fight against the Coronavirus pandemic, which should help better understand corporate social responsibility practices.

Keywords:

Corporate social responsibility, COVID-19, Islamic, conventional economy.

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