The role of social responsibility accounting in mitigating the economic impacts of the COVID-19 pandemic in Jordan

Abstract

The purpose of this research was to determine whether or not social responsibility accounting plays a part in reducing the negative effects of the COVID-19 epidemic on Jordan’s economy. The study’s secondary objective was to investigate the COVID-19 pandemic that broke out in Jordan. It is vital to find adequate remedies, just as it is necessary in other nations, in order to avert the damage that this pandemic might cause to society, individuals, and the economy. The methodology of the study centered on utilizing both descriptive and inferential techniques to data collection and analysis. Participants in the survey were 861 branch managers working for Jordanian and international banks that were licensed to do business in the country. Each participant utilized the Purposive Sample Approach while completing one of the 500 questionnaires that were handed out. The research identified a number of conclusions, including the fact that there is a statistically significant role for social responsibility accounting (economic and social) in reducing the negative effects of the COVID-19 epidemic on Jordan’s economy. According to the findings of the study, economic and social responsibility accounting both play a part in reducing the impact of adverse economic conditions such as unemployment, budget deficits, and the risk of consumer credit. This study is one of the most important studies in terms of its scientific contribution at the level of Jordan as a Middle Eastern country, as well as for all countries around the world in the process of developing solutions and strategies to mitigate the economic and social consequences of the coronavirus pandemic, as well as the possibility of many future crises, whether as a result of wars or the emergence of new viruses. This study makes a contribution to the formation of research frameworks that researchers from all over the world can use to search for solutions to reduce the effects of the coronavirus pandemic on the global economy as well as the spread of poverty and unemployment as a direct result of the pandemic. This research, which is also a scientific supplement, is intended for companies in all nations throughout the world in order to assist in mitigating the consequences of the coronavirus pandemic.

Keywords:

• social responsibility accounting
• economic dimension
• social dimension
• COVID-19 pandemic

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

The author received no direct funding for this research.

Notes on contributors

Laith Akram Al-Qudah

Dr. Laith Akram Al-Qudah is an Associate professor in the Department of Accounting and Accounting Information System at Al- Balqa Applied University since September 2014. Dr. AlQudah research interests lie in the area of financial accounting, cost, banking sectors, and taxes. He has focused on auditing and risk, and have about 30 papers published in scientific international journal. He supervised (14) master students in Accounting and discussed over (25) master thesis. This study is to investigate the function of social responsibility accounting in mitigating the economic effects of the COVID-19 outbreak in Jordan. Since the beginning of the COVID-19 Pandemic, Jordan’s private sector has continued to play an active role in the field of social responsibility by collaborating with the public sector to support the local community and create economic opportunities that lay the groundwork for a stimulating environment that fosters its confidence in sustainable development and economic affairs while mitigating the effects of the COVID-19 Pandemic’s economic ramifications, it is imperative to identify effective solutions for mitigating the effects of the pandemic on society, individuals, and the economy. Restructuring loans for individuals and enterprises, particularly those that are medium and big in size, is one of the ways that Jordanian banks have been actively contributing to minimizing the detrimental effects that the coronavirus has had on the local economy.