Developing corporate social responsibility in financial services. Issue 3 (31st May 2021)

• Record Type: Journal Article
• Authors: Deigh, Linda; Farquhar, Jillian Dawes
• Is Part Of: International journal of bank marketing. Volume 39:Issue 3(2021)
• Page Start: 478
• Page End: 496
• Publication Date: 2021-05-31
• Subjects: Financial services -- Sub-Saharan Africa -- Corporate social responsibility -- Stakeholders; Bank marketing -- Periodicals; Financial services industry -- Marketing -- Periodicals; 332.106888
• DOI: 10.1108/IJBM-07-2020-0410
• Languages: English
• ISSNs: 0265-2323

Abstract

Abstract : Purpose: The purpose of this study is to contribute to the theory and practice of financial services marketing in sub-Saharan Africa (sSA) by investigating how financial service providers are developing corporate social responsibility (CSR) practices, in particular, seeking to uncover the involvement of stakeholders. Design/methodology/approach: Following an interpretivist approach, the study uncovers fresh and context-rich insights through an analysis of a multiple case study consisting of retail banks in Ghana. Data consist of semi-structured interviews with senior managers and analysis of documents and archives. Findings: The study uncovers three key CSR practices practised by the retail banks: giving, community and corporate reputation/brand with which their stakeholders are only to some extent involved. Banks not as yet drawing extensively on stakeholder resources for CSR practices. Research limitations/implications: The study uses an inductive and in-depth approach to explore contextual insights into CSR, but with subsequent limitations on how far the findings can be extended. Practical implications: The study offers outline for financial services marketing involving stakeholders in CSR. Social implications: It discovers that banks acquire social capital through their CSR activities in the community. Originality/value: The study contributes to financial services marketing theory and practice through an evidence-based framework uncovering the development of CSR through practices that as yet draw on stakeholder resources to a limited extent. Research suggests that CSR practices are dynamic and subject to a range of situational conditions.