The Covid-19 Pandemic's Impact on Corporate Social Responsibility (CSR) and Governance in Pakistan

Abstract

The impact of the novel coronavirus infection (COVID-19) on numerous elements of human existence, livelihoods, and national and global economy is immeasurable. It has effectively established a "new normal" that has been ingrained in human existence. In response to the continent's serious health and economic issues, African governments have been forced to pursue a variety of fiscal and monetary solutions. These initiatives attempt to reduce economic recessions, assure readiness for a recovery period following the COVID-19 pandemic, and address the disease's severe effects on populations and economies. The persistent interruptions and surges of uncertainty continue to have a negative impact on businesses. As firms fight for survival and business continuity, the rates of corporate bankruptcy and insolvency during and after the COVID-19 pandemic remain erratic and uncertain. Although the strategic functions that contemporary companies play in the socioeconomic growth of society have long been recognized, this is owing to the enormous financial resources that they now hold, which places certain firms ahead of some nations in terms of economic strength. This article discusses the implications of COVID-19 on corporate governance and corporate social responsibility (CSR) using stakeholder theories. It also looks at how African firms have aided government attempts to battle the epidemic and provided support in reaction to its risks. A number of problems and key advancements that must occur in the future in order to exercise influence over corporate laws and legal transformations in Africa are listed. According to the report, good corporate governance procedures and firm investments in CSR can impact the operational efficiency and resilience of African businesses in the face of severe interruptions like as the present COVID-19 epidemic.