Abstract
Maintaining operations in the face of crises like COVID-19 is difficult. Using the stakeholder theory, this study examines the impact of corporate social responsibility (CSR) programs targeting company employees. Their social position and the likelihood of a green economic rebound (GER) are evaluated. Evidence shows that employee-focused CSR activities implemented by tourism boost organizational GER by fostering a more trusting work environment for their staff. Management and non-management staff at Chinese Tourism were polled using a non-probabilistic convenience sample and a 5-point Likert scale. Structured equation modeling was used to conduct structural analyses. Employee-focused CSR is a significant predictor of a firm reputation in the Chinese tourism industry. In addition, it is found that trust inside the organization acts as a go-between. The evidence also supports the hypothesis that a company’s rising profile triggers GER. This research delves deeply into the connection between employees’ perceptions of a company’s employee-focused CSR initiatives, that company’s reputation in the community, and employees’ general enthusiasm for their job, a group that has been understudied until now. The findings are helpful for tourism management because they show them how to employ employee-focused CSR activities to strengthen connections with internal stakeholders while also using that reputation to shift to a greener way of doing business.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Data availability
The data that support the findings of this study are openly available on request.
References
Abbas Q, Ahmad R, Asif M, Mehmood A (2022) The impact of investment decisions on firm profitability of non-financial sectors in Pakistan: mediating role of sales growth. iRASD J Econ 4(4):527–543
Anser MK, Ahmad M, Khan MA et al (2021) The role of information and communication technologies in mitigating carbon emissions: evidence from panel quantile regression. Environ Sci Pollut Res 28:21065–21084. https://doi.org/10.1007/S11356-020-12114-Y
Bardos KS, Ertugrul M, Gao LS (2020) Corporate social responsibility, product market perception, and firm value. J Corp Finan 62:101588
Bi L, Zhou S, Ke J, et al (2023) Knowledge-Mapping analysis of urban sustainable transportation using CiteSpace. mdpi.com. https://doi.org/10.3390/su15020958
Bolarinwa S, Olaoye O (2022) Does financial development really matter for poverty reduction in Africa? Taylor Fr. https://doi.org/10.3390/economies10090226
Brière M, Keip M, Le Berthe T (2022) Artificial Intelligence for sustainable finance: why it may help. https://doi.org/10.2139/ssrn.4252329
Custodio M, Moulaert I, Asselman J et al (2022) Prioritizing ecosystem services for marine management through stakeholder engagement. Ocean Coast Manag 225:106228. https://doi.org/10.1016/J.OCECOAMAN.2022.106228
Ding X, Gao L, Wang G, Nie Y (2022) Can the development of digital financial inclusion curb carbon emissions? Empirical test from spatial perspective. Front Environ Sci 10. https://doi.org/10.3389/FENVS.2022.1045878/FULL
Du M, Hou Y, Zhou Q, Ren S (2022) Going green in China: how does digital finance affect environmental pollution? Mechanism discussion and empirical test. Environ Sci Pollut Res 29:89996–90010. https://doi.org/10.1007/S11356-022-21909-0
Du L, Razzaq A, Waqas M (2023) The impact of COVID-19 on small- and medium-sized enterprises (SMEs): empirical evidence for green economic implications. Environ Sci Pollut Res 30:1540–1561. https://doi.org/10.1007/S11356-022-22221-7
Dzwigol H, Kwilinski A, Lyulyov O, Pimonenko T (2023) Renewable energy, knowledge spillover and innovation: capacity of environmental regulation. Energies 16. https://doi.org/10.3390/EN16031117
Fandella P, Sergi B (2023) Corporate social responsibility performance and the cost of capital in BRICS countries. The problem of selectivity using environmental, social and governance scores. Wiley Online Libr. https://doi.org/10.1002/csr.2447
Gao Y, Zhang J (2023) Investigating financialization perspective of oil prices, green bonds, and stock market movement in COVID-19: empirical study of E7 economies. Environ Sci Pollut Res. https://doi.org/10.1007/S11356-023-26808-6
Ghosh S (2022) COVID-19, clean energy stock market, interest rate, oil prices, volatility index, geopolitical risk nexus: evidence from quantile regression. J Econ Dev 24:329–344. https://doi.org/10.1108/jed-04-2022-0073
Gunarathne ADN, Lee KH, Hitigala Kaluarachchilage PK (2021) Institutional pressures, environmental management strategy, and organizational performance: the role of environmental management accounting. Bus Strateg Environ 30:825–839. https://doi.org/10.1002/BSE.2656
Henseler J, Ringle CM, Sarstedt M (2015) A new criterion for assessing discriminant validity in variance-based structural equation modeling. J Acad Mark Sci 43:115–135. https://doi.org/10.1007/s11747-014-0403-8
Iazzolino G, Bruni ME, Veltri S et al (2023) The impact of ESG factors on financial efficiency: an empirical analysis for the selection of sustainable firm portfolios. Wiley Online Libr. https://doi.org/10.1002/csr.2463
issues AA-F-E and sustainability (2020) Impact of COVID-19 on SMEs and employment. pdfs.semanticscholar.org 8. https://doi.org/10.9770/jesi.2020.8.2(38)
Jakob M, Steckel JC (2022) The Political economy of coal: obstacles to clean energy transitions
Kolli S (2023) A study on corporate social responsibility (CSR) in times of COVID-19. pnrjournal.com 11. https://doi.org/10.1080/23322039.2023.2171575
Koomson I (2020) Financial inclusion and energy poverty: empirical evidence from Ghana. Elsevierhttps://doi.org/10.2139/ssrn.3759480
Korže S (2020) Covid-19 footprint to tourism and small toursim businesses in the first period of pandemic. absrc.org 11
Le TT (2022) Corporate social responsibility and SMEs’ performance: mediating role of corporate image, corporate reputation and customer loyalty. Int J Emerg Mark. https://doi.org/10.1108/IJOEM-07-2021-1164/FULL/HTML
Li Q, Sharif A, Razzaq A, Yu Y (2022) Do climate technology, financialization, and sustainable finance impede environmental challenges? Evidence from G10 economies. Technol Forecast Soc Change 185. https://doi.org/10.1016/j.techfore.2022.122095
Liu J, Abbas Q, Alharthi M et al (2021) Managerial policy and economic analysis of wind-generated renewable hydrogen for light-duty vehicles: green solution of energy crises. Environ Sci Pollut Res 28:10642–10653. https://doi.org/10.1007/S11356-020-11018-1
Liu H, Yao P, Latif S et al (2022) Impact of green financing, FinTech, and financial inclusion on energy efficiency. Environ Sci Pollut Res 29:18955–18966. https://doi.org/10.1007/S11356-021-16949-X
Lu Y, Wu J, Peng J, Lu L (2020) The perceived impact of the Covid-19 epidemic: evidence from a sample of 4807 SMEs in Sichuan Province, China. Environ Hazards 19:323–340. https://doi.org/10.1080/17477891.2020.1763902
Luo S, Yimamu N, Li Y et al (2022) Digitalization and sustainable development: how could digital economy development improve green innovation in China? Bus Strateg Environ. https://doi.org/10.1002/BSE.3223
Matar A, Fareed Z, Magazzino C et al (2023) Assessing the co-movements between electricity use and carbon emissions in the GCC area: evidence from a wavelet coherence method. Environ Model Assess. https://doi.org/10.1007/S10666-022-09871-0
Medeiros V, Ribeiro RSM, do Amaral PVM (2021) Infrastructure and household poverty in Brazil: a regional approach using multilevel models. World Dev. https://doi.org/10.1016/j.worlddev.2020.105118
Mustaffa NK, Kudus SA, Aziz MFHA (2022) Key drivers, challenges and strategies towards successful low-carbon campus: the case of UiTM Shah Alam campus. J Facil Manag. https://doi.org/10.1108/JFM-10-2021-0121/FULL/HTML
Nasir MH, Wen J, Nassani AA, et al (2022) Energy security and energy poverty in emerging economies: a step towards sustainable energy efficiency. Front Energy Res 10. https://doi.org/10.3389/FENRG.2022.834614/FULL
Nsiah AY, Yusif H, Tweneboah G et al (2021) The effect of financial inclusion on poverty reduction in Sub-Sahara Africa: does threshold matter? Taylor Fr 7:1903138. https://doi.org/10.1080/23311886.2021.1903138
Phoong SW, Al MM, Phoong SY (2023) A Markov switching approach in assessing oil price and stock market nexus in the last decade: the impact of the COVID-19 pandemic. SAGE Open 13:215824402311538. https://doi.org/10.1177/21582440231153855
Raimi L, Olowo R, Shokunbi M (2021) A comparative discourse of sustainable finance options for agribusiness transformation in Nigeria and Brunei: implications for entrepreneurship and enterprise development. World J Sci Technol Sustain Dev 18:325–350. https://doi.org/10.1108/WJSTSD-05-2021-0051/FULL/HTML
Rajic S, Đorđević V (2021) The role of food systems in achieving the sustainable development goals: environmental perspective. Wiley Online Libr 31:988–1001. https://doi.org/10.1002/bse.2930
Rapi K, Maisarah S, Ayu S, et al (2021) Green finance for the era of post COVID-19: a systematic literature. atlantis-press.com
Rashid F, Ullah A (2023) Practices of green financing and sustainable development: scope and complexity. article.intjsge.org 12:6–12. https://doi.org/10.11648/j.ijrse.20231201.12
Rasoulinezhad E, Taghizadeh-Hesary F (2022) Role of green finance in improving energy efficiency and renewable energy development. Energy Effic 15. https://doi.org/10.1007/S12053-022-10021-4
Sadiq M, Nonthapot S, Mohamad S et al (2021) Does green finance matter for sustainable entrepreneurship and environmental corporate social responsibility during COVID-19? China Financ Rev Int. https://doi.org/10.1108/CFRI-02-2021-0038
Singh AS, Parahoo SK, Ayyagari M, Juwaheer TD (2023) Conclusion: how could rural tourism provide better support for well-being and socioeconomic development? Worldw Hosp Tour Themes 15:84–93. https://doi.org/10.1108/WHATT-09-2022-0108/FULL/HTML
Sun Y, Li Y (2021) COVID-19 Outbreak and financial performance of chinese listed firms: evidence from corporate culture and corporate social responsibility. Front Public Heal 9. https://doi.org/10.3389/FPUBH.2021.710743/FULL
Sun YY, Drakeman D (2022) The double-edged sword of wine tourism: the economic and environmental impacts of wine tourism in Australia. J Sustain Tour 30:932–949. https://doi.org/10.1080/09669582.2021.1903018
Ungson GR, Hudgens D, Gonzalez-Perez MA et al (2022) The contribution of the private sector to poverty alleviation programs: exploring business engagement in conditional cash transfers. Manag Res. https://doi.org/10.1108/MRJIAM-08-2021-1222/FULL/HTML
Wang K;, Bian Y;, Cheng Y, et al (2022) Exploring the spatial correlation network structure of green innovation efficiency in the Yangtze river delta, China. mdpi.com. https://doi.org/10.3390/su14073903
Widagdo A (2022) The impact of audit committee characteristics, financial performance, and listing age on greenhouse gas emission disclosures of highly emitted industry in Indonesia. iopscience.iop.org 1016:12047. https://doi.org/10.1088/1755-1315/1016/1/012047
Williams J, Love W (2022) Low-carbon research and teaching in geography: pathways and perspectives. Prof Geogr 74:41–51. https://doi.org/10.1080/00330124.2021.1977156
Xue W, Li H, Ali R, et al (2021) Assessing the static and dynamic efficiency of scientific research of HEIs China: three stage dea–malmquist index approach. mdpi.com. https://doi.org/10.3390/su13158207
Yang G, Wang F, Deng F, Xiang X (2023) Impact of digital transformation on enterprise carbon intensity: the moderating role of digital information resources. Int J Environ Res Public Health 20:2178. https://doi.org/10.3390/IJERPH20032178
Zhao J, Wang J, Dong K (2022) The role of green finance in eradicating energy poverty: ways to realize green economic recovery in the post-COVID-19 era. Econ Chang Restruct. https://doi.org/10.1007/S10644-022-09411-6
Zhou J, Lan H, Zhao C, et al (2021) Haze pollution levels, spatial spillover influence, and impacts of the digital economy: empirical evidence from China. mdpi.com. https://doi.org/10.3390/su13169076
Funding
This research was supported by the following funds: The National Social Foundation of China (Grant No. 20BGL247); China Postdoctoral Science Foundation: A study on the mechanism of physician engagement behaviour in online medical communities from the perspective of network effects (No. 2022M710038), 2022 Ministry of Education University-Industry Cooperation and Collaborative Education Project: Construction of the Civic and Political System and Teaching Team for Marketing Courses (No. 220506038100406); Guangxi Science and Technology Base and Talent Special Project: Research on the incentive mechanism of user information sharing in live e-commerce—based on social capital perspective (No. 2020AC19034); 2022 Guangxi Philosophy and Social Science Planning Research Project: Path and Policy Optimization of High-Quality Integration of Rural Agriculture, Culture and Tourism for Rural Revitalization (No. 22FGL024); 2021 Guangxi 14th Five-Year Education Science Planning Key Special Project: Research on the influence of learning communities on users’ online learning behavior in the information technology environment (No. 2021A033); 2021 Guangxi 14th Five-Year Education Science Planning Key Special Project: Research on the influence of short video sharing on Chinese cultural identity of international students in China—taking Jieyin as an example (No. 2021ZJY1607) and Research on the impact of the “One Belt, One Road” initiative on the moral education of international students from countries along its route (No. 2021ZJY1612); 2022 Guangxi 14th Five-Year Education Science Planning Key Special Project: Research on the Design of Informatization Classroom Teaching Evaluation Index System in General Higher Undergraduate Institutions (No. 2022ZJY354) and Research on the Model Mechanism of High-Quality Development of Study Tours for Rural Revitalization (No. 2022ZJY1699); 2022 Innovation Project of Guangxi Graduate Education: Research on Cultivating Innovation and Practical Ability of Postgraduates in Local Universities in Guangxi. (No. JGY2022122); Guangxi undergraduate teaching reform project in 2022: research on the construction of thinking and government in marketing courses under the online and offline mixed teaching mode (No. 2022JGB180); Teaching reform project of Guilin University of Electronic Science and Technology: research on the construction of the ideology and politics of the course of Brand Management (No. JGB202114) and Research and practice on the cultivation of innovation and entrepreneurship of university students based on the trinity of “curriculum + base + platform” (No. JGB202114); and Doctoral research initiation project of Guilin University of Electronic Science and Technology: “Research on the incentive mechanism of knowledge sharing in online medical communities” (No. US20001Y).
Author information
Authors and Affiliations
Contributions
ShiYong Zheng: conceptualization and data curation. Rongjia Chen: methodology. Hua Liu: writing—original draft. JiaYing Li: visualization. Shah Fahad: supervision. Biqing Li: review and editing.
Corresponding author
Ethics declarations
Ethical approval and consent to participate
We declared that we do not have human participants, human data, or human tissue.
Consent for publication
We do not have any individual person’s data in any form.
Competing interest
The author declares no competing interests.
Additional information
Responsible Editor: Arshian Sharif
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Zheng, S.Y., Chen, R., Liu, H. et al. Corporate social responsibility initiatives and their role in firms’ reputation and green economic recovery through organizational trust. Environ Sci Pollut Res 30, 101817–101828 (2023). https://doi.org/10.1007/s11356-023-29259-1
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11356-023-29259-1