DEVELOPING A CULTURE OF CORPORATE SOCIAL RESPONSIBILITY: A SURVEY OF BANKING AND FINANCIAL INSTITUTIONS

Vikkie McCarthy, Austin Peay State University, U.S.A.
Dong Nyonna, Austin Peay State University, U.S.A.

Published in

JOURNAL OF ACADEMY OF BUSINESS AND ECONOMICS
Volume 19, Issue 1, p51-60, March 2019

ABSTRACT

Since the 1960’‘s companies worldwide Corporate Social Responsibility (CSR) has evolved into an important focus of business operations (MIT Sloan Report, 2014). As of now CSR and sustainability reporting are not a global requirement. However, more than 77% of society believes that in the near future, it will be a worldwide obligation for companies to participate in the maintenance of human rights and the planet (Smith, 2011). Some countries have already begun a proactive approach and now require a small percentage of company net profit to be used towards charitable causes overseen by a board-level CSR subcommittee (Wang, Tong, Takeuchi, & George, 2016). The question remains, however, are global efforts such as the United Nations Compact and the Global Reporting Initiatives trickling down to local communities. The purpose of this study is to explore whether or not CSR and sustainability are becoming social norms for local businesses. In a study of middle Tennessee banking and financial services business leaders (n=57), 84% of respondents believe US companies relationship between business and society is important. Over 89% believe that it is important to integrate social concerns (better contribute to society) into their business operations.

Keywords

Corporate Social Responsibility, Sustainability, United Nations Global Compact, Global Reporting Initiatives, Business Leadership


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