The impact of COVID-19 on the philosophy of doing business in a sustainable environment

Abstract

The article presents the results of the analysis of business philosophy changes under the influence of COVID-19 in the context of sustainable development. The aim of the article is to study the change in the philosophy of doing business under the influence of COVID-19 consequences and to highlight the main features of the philosophy and vectors of development. In the process of describing the business philosophy, the authors proposed an approach based on the criteria of sustainable development. The methodological basis of the study were methods of comparison, generalisation, analysis and synthesis, scientific abstraction, and expert evaluation. Characterisation of certain business philosophies was based on open public information on certain sectors of the economy, according to GICS. This approach enabled international comparability of research results. The authors found that the business philosophy has changed under the influence of COVID-19 and received an ecological, socio-psychological focus. Analysis of business philosophies allowed us to identify new slogans in the philosophy of generalised enterprises by sectors of the economy (industrial and consumer). The hypothesis that the business philosophy should be simple and customer-oriented has been confirmed. At the heart of this philosophy are social responsibility, economic aspects, corporate culture, and the goals of sustainable development.