Authors: Antonios Persakis, Georgios Kolias, Panayiotis Tzeremes, Efstratios Kypriotelis

Title: How pandemic uncertainty mediate the relationship between religiosity, spirituality and firm performance? A worldwide evidence

Abstract

Religion and spirituality have long been intrinsic components of human societies, exerting considerable influence over individuals' value systems, attitudes, and actions. Furthermore, the COVID-19 pandemic has had a significant impact on economies worldwide, presenting distinct challenges to businesses operating in diverse sectors. In the midst of prevailing uncertainty, there has been a notable scholarly inclination towards comprehending the impact of religiosity and spirituality on the performance of firms in times of uncertainty. Hence, by employing a comprehensive dataset comprising 56,442 publicly listed companies across 58 nations and encompassing the time span from 1996 to 2022 and using a correlated random effects model (CRE), we present empirical evidence that highlights the substantial and favourable influence of religiosity and spirituality on the financial performance of firms situated in middle-income and low-income economies. Nevertheless, a negative correlation is observed between religiosity and spirituality in countries with high income levels. This study additionally demonstrates that the impacts of religiosity and spirituality are deteriorated in times of pandemic uncertainties. Through a comprehensive examination of the intricate relationship among these variables, the primary objective of this study is to provide significant and meaningful perspectives for leaders in the business sector, policymakers, and the academic community. The aim is to enable these stakeholders to make well-informed decisions and adopt effective strategies that foster resilience and facilitate achievement in times characterised by volatility and uncertainty.