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Corporate Social Responsibility in the Financial Sector: Are Financial Cooperatives Ready to the Challenge?

Author

Listed:
  • Élias Rizkallah

    (Université du Québec à Montréal)

  • Inmaculada Buendía Martínez

    (Universidad de Castilla-La Mancha)

Abstract

After the crash of financial institutions and the negative effects of the financial crisis, financial service cooperatives (FSCs) emerged as good performer compared to commercial banks. But this condition will not be enough to face the challenges that the new financial panorama will bring on the banking arena. Among them, challenges related to the corporate social responsibility (CSR) sphere will play a special role. In Canada, the financial regulatory framework forces some federal institutions to publish information on social responsibility. Although FSCs are not forced to disclose information they need to provide CSR information to show their role as an institution capable of innovating in sustainable matters. This work analyses public communications of Canadian FSCs to determine the degree of inclusion of CSR information requested from financial institutions. Results show that the CSR Canadian legal framework has a reduced impact on FSCs communication practices, although with significant differences among them.

Suggested Citation

  • Élias Rizkallah & Inmaculada Buendía Martínez, 2011. "Corporate Social Responsibility in the Financial Sector: Are Financial Cooperatives Ready to the Challenge?," CIRIEC-España, revista de economía pública, social y cooperativa, CIRIEC-España, issue 73, pages 127-149, October.
    • Handle: RePEc:cic:revcir:y:2011:i:73:p:127-149
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    References listed on IDEAS

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    1. Habib‐Uz‐Zaman Khan & Muhammad Azizul Islam & Johra Kayeser Fatima & Khadem Ahmed, 2011. "Corporate sustainability reporting of major commercial banks in line with GRI: Bangladesh evidence," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 7(3), pages 347-362, August.
    2. Bert Scholtens, 2009. "Corporate Social Responsibility in the International Banking Industry," Journal of Business Ethics, Springer, vol. 86(2), pages 159-175, May.
    3. Carmen VALOR & Ricardo PALOMO & Javier ITURRIOZ & José Luis MATEU, 2007. "Socially Responsible Investments Among Savings Banks And Credit Unions: Empirical Findings In The Spanish Context," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 78(2), pages 301-326, June.
    4. Zeuli, Kimberly A. & Radel, Jamie, 2005. "Cooperatives as a Community Development Strategy: Linking Theory and Practice," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 35(01), pages 1-12.
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    More about this item

    Keywords

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    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises

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