The influence of corporate social responsibility and social values on bank performance: A global study

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.03.012
Antonios Persakis , Ra'fat T. Al-Jallad
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Abstract

This study responds to the need for deeper empirical investigation into the relationship between corporate social responsibility (CSR) and financial performance in the banking industry. Specifically, it investigates whether and how CSR performance and social values influence bank performance. Furthermore, it explores the moderating role of social values on the CSR and bank performance relationship. To address these research questions, we use the generalized method of moments estimator technique described by Arellano and Bover (1995) and analyze a sample of 3139 banks worldwide over the period 2010–2020. Dividing the countries into two groups based on their income level, that is, middle- and high-income countries, we show a positive association between CSR and bank performance. Furthermore, we illustrate that all dimensions of national culture have a positive impact on bank performance. The results on the moderating role of social values in the relationship between CSR and bank performance indicate that, in societies with higher indulgence, uncertainty avoidance, and a long-term orientation, increasing CSR performance has a positive impact on bank performance. However, the relationship between CSR and bank performance is stronger in countries that are low in individualism, masculinity, and power distance than in countries that are high in individualism, masculinity, and power distance. These results vary widely across levels of country income in terms of the significance, sign, and size of the effect. Nonetheless, our findings have important implications for regulators, managers, and scholars that highlight the influence of social values on the effectiveness of legal settings and regulations on financial performance. Specifically, this research is particularly useful for scholars and practitioners in finance and CSR, suggesting that customizing CSR strategies to align with local social values can enhance financial performance.

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企业社会责任和社会价值观对银行绩效的影响:全球研究
本研究回应了对银行业企业社会责任(CSR)与财务业绩之间关系进行更深入实证调查的需求。具体而言,本研究探讨了企业社会责任绩效和社会价值观是否以及如何影响银行绩效。此外,它还探讨了社会价值观对企业社会责任和银行绩效关系的调节作用。为了解决这些研究问题,我们使用了 Arellano 和 Bover(1995 年)描述的广义矩估计法技术,分析了 2010-2020 年间全球 3139 家银行的样本。根据收入水平将国家分为两组,即中等收入国家和高收入国家,我们发现企业社会责任与银行绩效之间存在正相关关系。此外,我们还表明,国家文化的所有维度都对银行绩效有积极影响。社会价值观在企业社会责任与银行绩效关系中的调节作用结果表明,在溺爱、避免不确定性和长期取向较高的社会中,提高企业社会责任绩效会对银行绩效产生积极影响。然而,在个人主义、大男子主义和权力距离较低的国家,企业社会责任与银行绩效之间的关系要强于个人主义、大男子主义和权力距离较高的国家。在影响的显著性、符号和大小方面,这些结果在不同国家的收入水平上有很大差异。尽管如此,我们的研究结果对监管者、管理者和学者都有重要的启发意义,它们强调了社会价值观对法律环境和法规对财务绩效的影响。具体而言,这项研究对金融和企业社会责任领域的学者和从业人员尤其有用,它表明,定制符合当地社会价值观的企业社会责任战略可以提高财务绩效。
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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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