The relationship between CSR and profit: Research based on case studies in the medical industry during COVID-19
DOI:
https://doi.org/10.54691/bcpbm.v20i.986Keywords:
Business management; Corporate social responsibility; Covid-19; Case study.Abstract
During COVID-19, with the economic downturn and the challenges to people's health, corporate social responsibility (CSR) in the medical industry has become a popular topic. The issue of how to make profits while being socially responsible is a worthwhile topic to explore and investigate. In order to find out the relationship between the CSR actions and profits of medical companies, using mainly qualitative research, this research conducted three case studies of Chinese medical corporations and an experimental design based on them. In the study, it appears that well-behaved CSR actions have a positive correlation with the profitability of medical companies. CSR actions that better benefit humanity could have a positive impact on companies' profitability by increasing consumer preference, while companies that do not take up social responsibility properly will have their brand equity damaged, resulting in lost profits.
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