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

Figures & data

Table 1. The value of (Cronbach’s Alpha) for the questionnaire’s paragraphs

Type of variable	Independent			Dependent					Overall index
Variables	Economic dimension	Social dimension	Social responsibility accounting	Economic downturn	Unemployment	Budget deficit	Consumer credit risk	Economic repercussions of COVID-19
Cronbach’s Alpha	0.756	0.767	0.835	0.752	0.820	0.861	0.816	0.895	0.899
No. of paragraphs	6	6	12	6	6	7	6	25	37

Table 2. Degrees of correlation of the paragraphs of the scale with their axis

Independent: social responsibility accounting
Economic dimension					Social dimension
Paragraph		Correlation			Paragraph			Correlation
1		0.695			7			0.648
2		0.739			8			0.705
3		0.650			9			0.724
4		0.664			10			0.744
5		0.633			11			0.716
6		0.648			12			0.562
Dependent: Economic repercussions of COVID-19
Economic downturn			Unemployment			Budget deficit			Consumer credit risk
Paragraph	Correlation		Paragraph	Correlation		Paragraph	Correlation		Paragraph	Correlation
13	0.719		19	0.615		25	0.751		32	0.759
14	0.653		20	0.721		26	0.732		33	0.790
15	0.658		21	0.715		27	0.753		34	0.579
16	0.755		22	0.720		28	0.743		35	0.695
17	0.784		23	0.812		29	0.740		36	0.729
18	0.729		24	0.762		30	0.698		37	0.773
						31	0.776

Table 3. Normal distribution of data based on Skewness & Kurtosis test

Variables	Economic dimension	Social dimension	Social responsibility accounting	Economic downturn	Unemployment	Budget deficit	Consumer credit risk	Economic repercussions of COVID-19
Skewness	0.478-	0.585-	0.400-	0.540-	0.476-	0.352-	0.380-	0.405-
Kurtosis	0.484	0.643	0.248	0.809	0.457	0.165	0.012-	0.285

Table 4. Results of the multicollinearity test

Social responsibility accounting	VIF	Tolerance
Economic dimension	1.449	0.690
Social dimension	1.449	0.690

Table 5. The results of the autocorrelation test (D-W) of the study hypotheses

Hypothesis	Ho	Ho.1	Ho.2	Ho.3	Ho.4
The calculated D-W value	1.848	1.703	1.743	1.979	1.756
Result	There is no autocorrelation problem

Table 6. Analysis of the economic dimension paragraphs

No.	Paragraph	Mean	Standard deviation	Relative weight %	Degree of approval	Rank
1	The bank provides great job opportunities during the COVID-19 pandemic	2.77	1.179	55.4	Medium	6
2	The bank shares the burdens of economic development and works to improve the living conditions of its workforce during the COVID-19 pandemic	2.89	1.186	57.8	Medium	5
3	The bank contributes to human resource development to achieve economic development during the COVID-19 pandemic	3.94	0.925	78.8	High	4
4	The bank contributes to solving problems and mitigating harm to the local community during economic crises like the COVID-19 pandemic	4.20	0.943	84	High	2
5	The bank has a clear vision of the concept of social responsibility accounting and its role as an economic dimension during the COVID-19 pandemic	4.23	0.940	84.6	High	1
6	The bank makes proposals on policies needed to stimulate the economy and mitigate the effects of the crisis on different sectors during the COVID-19 pandemic	3.98	0.932	79.6	High	3
Overall index		3.66	0.687	73.2%	Medium	2

Table 7. Analysis of the social dimension paragraphs

No.	Paragraph	Mean	Standard deviation	Relative weight %	Degree of approval	Rank
7	The bank is keen on providing equal job opportunities for members of society in order to reduce unemployment during the COVID-19 pandemic.	3.74	0.967	74.8	High	5
8	The bank contributes to the implementation of essential projects for the community, especially hospitals, during the COVID-19 pandemic	4.11	0.901	82.2	High	2
9	The bank has a clear vision of the concept of social responsibility to enhance the social dimension during the COVID-19 pandemic	4.14	0.926	82.8	High	1
10	The bank helps open donation accounts for charities and organizations during the current COVID-19 pandemic	3.91	1.148	78.2	High	3
11	The bank seeks to promote social values and social solidarity through services provided during the COVID-19 pandemic	3.86	0.930	77.2	High	4
12	The bank is laying off employees due to unaffordable high ongoing expenses during the COVID-19 pandemic	2.79	1.070	55.8	Medium	6
Overall index		3.76	0.676	75.2%	High	1

Table 8. Analysis of the economic downturn paragraphs

No.	Paragraph	Mean	Standard deviation	Relative weight %	Degree of approval	Rank
13	Jordan’s economy will enter a recession, with all its repercussions unpredictable at present time due to the COVID-19 pandemic	3.75	0.883	75	High	4
14	Jordan’s economy will suffer from lower aggregate demand due to declining consumption and investment due to the COVID-19 pandemic	4.68	0.785	93.6	High	1
15	There will be an increase in the number of companies in Jordan that are in bankruptcy due to reduced demand due to the COVID-19 pandemic	4.04	0.704	80.8	High	2
16	There will be external shocks that Jordan’s economy will receive due to the decline in external demand for local products due to the COVID-19 pandemic	4.00	0.776	80	High	3
17	Due to the economic downturn, Jordan’s economy will depend on taxes to generate domestic revenue	3.60	0.875	72	Medium	5
18	Due to the economic downturn, Jordan’s economy will depend on taxes without focusing on investment	3.56	0.973	71.2	Medium	6
Overall index		3.94	0.559	78.8%	High	3

Table 9. Analysis of the unemployment paragraphs

No.	Paragraph	Mean	Standard deviation	Relative weight %	Degree of approval	Rank
19	Jordan suffers from high unemployment rates due to companies laying off workers and the economy’s inability to create jobs and new job opportunities	4.10	0.615	82	High	3
20	Jordan suffers from the inability of the economy to create new jobs and opportunities	4.03	0.771	80.6	High	4
21	Some people in Jordan have lost their jobs or are finding it difficult to get new job opportunities due to the COVID-19 pandemic	4.25	0.738	85	High	1
22	Jordan suffers from declining production, investments and profits in all fields, leading to high unemployment rates due to the COVID-19 pandemic	4.12	0.758	82.4	High	2
23	The government focused on attracting investments, which would contribute to reducing poverty and unemployment rates	3.91	0.892	78.2	High	5
24	The government focused on supporting small and medium-sized enterprises, which would contribute to reducing poverty and unemployment rates	3.87	0.870	77.4	High	6
Overall index		4.05	0.566	81%	High	1

Table 10. Analysis of the budget deficit paragraphs

No.	Paragraph	Mean	Standard deviation	Relative weight %	Degree of approval	Rank
25	There is a large budget deficit in Jordan resulting from the gap between what the government imposes on tax increases and what it spends on public services.	3.74	0.844	74.8	High	6
26	Due to the COVID-19 pandemic, Jordan is set to increase external borrowing from the International Monetary Fund.	4.01	0.881	80.2	High	4
27	Due to a budget deficit, Jordan stopped fulfilling its internal and external government obligations	3.71	0.935	74.2	High	7
28	Due to the budget deficit, many employees have been laid off, whether in the public or private sectors	4.04	0.779	80.8	High	3
29	Due to the budget deficit, the salaries of public sector employees have been reduced, or capital spending has been reduced.	4.14	0.765	82.8	High	1
30	Due to the budget deficit, capital spending has been reduced	4.06	0.770	81.2	High	2
31	The budget deficit in Jordan is caused by the exceptional circumstances imposed by the repercussions of the COVID-19 pandemic	3.99	0.714	High	High	5
Overall index		3.96	0.603	79.2%	High

Table 11. Analysis of the consumer credit risk

No.	Paragraph	Mean	Standard deviation	Relative weight %	Degree of approval	Rank
32	Customers in Jordan suffer from an inability to pay their premiums due to the COVID-19 pandemic	4.11	0.785	82.2	High	1
33	There are many government measures to inject liquidity to mitigate the impact of the COVID-19 pandemic on the private sector	3.83	0.895	76.6	High	4
34	There are many government measures to reduce the interest rate to mitigate the impact of the Corona Crisis on citizens	3.90	0.787	78	High	2
35	Anticipation of collapses in the banking sector due to non-payment of borrowers during the COVID-19 pandemic	3.72	0.889	74.6	High	6
36	There are many government measures to inject liquidity to mitigate the impact of the COVID-19 pandemic on citizens	3.73	0.818	74.4	High	5
37	There are many government measures to reduce interest rates to mitigate the impact of the COVID-19 pandemic on investors	3.90	0.857	78	High	3
Overall index		3.87	0.606	77.4%	High

Table 12. Results of the multiple linear regression model

Hypothesis	Model Summery			ANOVA			Coefficient
	R	R^2	Adj R^2	F	F.Sig	DF	Aspect	Std. Error	Beta	T	Sig
HO.1	0.259	0.067	0.061	11.138	0.00	2/310	Economic	0.051	0.294	4.457	0.00
							Social	0.052	0.249	3.770	0.00
HO1.1	0.269	0.072	0.066	12.092	0.00	2/310	Economic	0.054	0.137	2.080	0.038
							Social	0.055	0.320	4.860	0.00
HO1.2	0.262	0.069	0.063	11.435	0.00	2/310	Economic	0.054	0.310	4.706	0.00
							Social	0.055	0.220	3.328	0.001
HO1.3	0.245	0.060	0.054	9.894	0.00	2/310	Economic	0.058	0.287	4.324	0.00
							Social	0.059	0.217	3.276	0.001
HO1.4	0.266	0.071	0.065	11.780	0.00	2/310	Economic	0.058	0.318	4.829	0.00
							Social	0.059	0.150	2.278	0.023