Entrepreneurship Lessons on Creating Shared Value and enhancing Competitive Advantage. Case studies from COVID-19 pandemic responses by Volvo Group, Essity, Autoliv, and ICA Gruppen.

Abstract: The COVID-19 pandemic prompted many Swedish businesses to reconsider their survival techniques and the support they offer to societies in which they operate. The purpose of this study is to examine the COVID -19 responses practiced by four Swedish Companies (Essity, Volvo Group, ICA Gruppen, and Autoliv) to see what entrepreneurs can learn in the event of another pandemic. Furthermore, the study explores the different ways in which CSV and competitive advantage may be attained using the lessons learned from the COVID-19 pandemic. A qualitative study based on secondary data analyzing information from company homepages, and annual and sustainability reports for the years 2020 and 2021 are the only ones used to provide systematic and comprehensive insights. The theoretical framework includes Archie Carroll’s pyramid which includes the legal, ethical, economic, and philanthropic responsibilities of the organization towards society, the stakeholder theory as well as the concept of creating Value Creation. The results show that Essity, Volvo Group, ICA Gruppen, and Autoliv responded differently to COVID-19 through philanthropic activities, commitment to ethical goals, upholding legal requirements, and maintaining business operations. And the ways in which they can contribute to value creation through these responses include enhanced employee relations, customer relations, innovation, collaborations, and government regulatory compliance. The study revealed that solving societal challenges is integral to guaranteeing that the organization can obtain an economic benefit for a long-term sustainability. When dealing with society in times of uncertainty, entrepreneurial innovations can be a source of future competitive advantage.