Bank customers’ preferences and responses to Corporate Social Responsibility initiatives in Ghana

Abstract

The study seeks to investigate Ghanaian bank customers’ ranked preference for corporate social responsibility (CSR) initiatives and determine which initiative has the greatest effect on attitude and behaviour toward banks. A sample of 384 retail bank customers is employed in the study. Applying a one-way MANOVA and two uni-variate ANOVAs, the study finds that customers have the highest preference for corporate philanthropy initiatives, followed by customer-centric and community volunteering initiatives. Additionally, the overall effects of CSR initiatives on customers’ attitude and behavioural intentions toward bank brands are found to be significant. More specifically, the study finds, using a Scheffe post-hoc test, that corporate philanthropy initiative have the greatest effect on both attitude and behavioural intentions towards bank brands. Based on the findings, the study recommends that the best type of CSR initiative that retail banks should apply to stimulate customers’ attitude and behaviour towards their brands in Ghana is corporate philanthropy initiatives.