On the drivers of corporate social responsibility in banks: evidence from an ethical rating model
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On the drivers of corporate social responsibility in banks: evidence from an ethical rating model Giuliana Birindelli • Paola Ferretti • Mariantonietta Intonti • Antonia Patrizia Iannuzzi
Springer Science+Business Media New York 2013
Abstract The purpose of our paper is the construction of a multidimensional ethical rating model, based on many items that represent the most significant Corporate Social Responsibility drivers of the banks. The items considered have been drawn from literature and from corporate reporting and websites of banks and then subjected to content analysis. The model, applied to a sample of European banks, was divided into four areas of analysis (Disclosure; Organization and Management; Offer of Socially Responsible Instruments; International Agreements, Certifications and Indexes) to identify the most frequent ethical conducts and the ones that require improvement measures. Our research highlights that banks pay more attention to the offer of socially responsible instruments and organization and management issues. On the contrary, the banks examined could enhance their socially responsible approach by reinforcing disclosure on Corporate Social Even if the study reflects a common view, Giuliana Birindelli mainly contributed to Sects. 3.2 and 4.2, Paola Ferretti to Sects. 1, 4.1 and 5, Mariantonietta Intonti to Sects. 3.1 and 4.3, Antonia Patrizia Iannuzzi to Sects. 2 and 4.4. G. Birindelli Dipartimento di Economia Aziendale, University ‘‘G. d’Annunzio’’ of Chieti-Pescara, Pescara, Italy e-mail: [email protected] P. Ferretti Dipartimento di Economia e Management, University of Pisa, Pisa, Italy e-mail: [email protected] M. Intonti (&) Dipartimento di Studi aziendali e giusprivatistici, University of Bari ‘‘Aldo Moro’’, Bari, Italy e-mail: [email protected] A. P. Iannuzzi Dipartimento di Scienze giuridiche, storiche, economiche e sociali, University ‘‘Magna Graecia’’ of Catanzaro, Catanzaro, Italy e-mail: [email protected]
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Responsibility. In particular, there is a modest orientation towards disclosure on the basis of the triple bottom-line approach. Finally, as for international agreements, certifications and indexes, improvement actions are still needed: there are still many international principles which have not yet been adhered to and an increase in requests for more ethical/quality certifications and inclusion in reputational ratings would be desirable. Keywords Corporate social responsibility Ethical rating European banks Sustainability Environmental, social and governance performance JEL Classification
G21 M14
1 Corporate social responsibility in banks: introductory remarks The academic community and industry have, for some time, paid attention to Corporate Social Responsibility (henceforth CSR), recently defined by the European Commission as ‘‘the responsibility of enterprises for their impacts on society’’ (European Commission 2011). Questions have been raised regarding the nature of CSR, the approaches to be follo
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