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Half of companies in the Greek part of Cyprus claim they will be increasing corporate responsibility activities despite the island's economic problems.
Research by Marlen Martoudi, assistant professor at Nicosia University, found 14 of 30 medium to large respondent companies were intending to enlarge their CSR programmes, and only six said they would be cutting back. Three-quarters agreed CSR could be viable even during recession.
Martoudi said the motivation for continuing with programmes was a mixture of ethical and business considerations. 'Many said they thought it would be unethical to abandon their social commitments with the excuse of an economic crisis,' she said. 'But they also thought that CSR would provide them with opportunities to enhance their brand.'
Cyprus's economy has been in recession for most of the past two years, partly thanks to a property price crash. However, economic indicators have recently improved.
The Cyprus chamber of commerce has urged the government to give tax breaks to CSR leaders.
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