Corporate social responsibility of commercial banks in Serbia: Reporting practice, implemented activities and perception of stakeholders

Abstract

The contemporary phase of marketing development emphasizes the increasingly important role of economic entities as an integral part of society and a catalyst for positive changes. Researchers mainly focus their attention on large companies and sectors that significantly impact the local community and society. In that sense, this article addresses the Serbian banking sector. The authors analyzed the corporate social responsibility activities of 24 banks and their reporting practices. The analysis included a study of the content of publicly available documents and reports and news published on banks' websites and Facebook profiles. In addition, the authors explored stakeholders' perceptions of socially responsible banking activities. A survey of 30 banks stakeholder representatives showed: what are the critical issues in local communities; what are the respondents' attitudes about banks and the way they operate in Serbia; to what extent have stakeholders noticed the social marketing activities of commercial banks; what is the attitude of stakeholders regarding the issue of rewarding banks for socially responsible behavior. After reviewing and discussing the main findings, the authors provide key recommendations and possible directions for further research.