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Social Responsibility And Performance Of Financial Institutions

Author

Listed:
  • Silvia Stănoiu

    (Bucharest University of Economic Studies)

Abstract

The clients of the financial institutions, investors, employees, members of the community have high expectations regarding the corporate responsibility of the financial institutions. Therefore, the CSR performance assessment of a financial-banking institution is a complex undertaking which needs to take into account several aspects regarding the direct and indirect impact of the banks. The apparent conflict between corporate social responsibility and company objectives was noticed quite early by Nobel Prize winner Milton Friedman, who stated that any effort to use corporate resources to purely altruist ends could mean socialism. In fact, Friedman recommended the amendment of the law regarding corporations in order to discourage corporate social responsibility (Manne, 2006). And yet, more than 30 years after Friedman’s statement, corporate social responsibility has become a norm.

Suggested Citation

  • Silvia Stănoiu, 2013. "Social Responsibility And Performance Of Financial Institutions," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(Special I), pages 147-163, March.
  • Handle: RePEc:agr:journl:v:xx:y:2013:i:special-i:p:147-163
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