Relationship among CSR Initiatives and Financial and Non-Financial Corporate Performance in the Ecuadorian Banking Environment
Abstract
:1. Introduction
2. Theory and Hypotheses
2.1. CSR
2.2. Corporate Performance Measurement
2.3. CSR and Corporate Performance in the Banking Industry
2.4. CSR and Customer’s Brand Trust
2.5. CSR and Customer’s Brand Loyalty
2.6. CSR and Customer’s Perception of Service Quality
2.7. CSR and Customer Satisfaction
3. Research Model
Measurement of Constructs
- for firm i in year t, for firm i in year t,
- for firm i in year t, for firm i in year t, is a dummy that represents the year of information of firm i, and is the error term for firm i in year t.
4. Empirical Results
4.1. CSR and Financial Performance
4.2. CSR and Non-Financial Performance
4.2.1. Demographical Analysis
4.2.2. Descriptive Statistics and Exploratory Factor Analysis
4.2.3. Reliability Analysis
4.2.4. Regression Analysis
5. Conclusions
Author Contributions
Funding
Conflicts of Interest
References
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Constructs | Items | Label | Related Literature |
---|---|---|---|
Demographic information | Gender, age, occupation, level of education, and banking entity. | Nominal scale | |
CSR knowledge | Are you familiarized with the definition of CSR? | CSR1, CSR2 [32,47], CSR3 | |
Customer’s brand trust (TRU) | In general, I trust my bank. | Tru1 | [2,33,34] |
My bank is an honest entity and treats me fairly and justly. | Tru2 | ||
I believe faithfully in the financial and service information provided by my bank. | Tru3 | ||
When I have a problem with the bank, its staff responds with sufficient consideration and clarifies my doubts. | Tru4 | ||
Customer’s brand loyalty (LOY) | I am a loyal customer of my bank. | Loy1 | [48,49,50] |
When I have the possibility, I manifest attributes (positive things) of my bank. | Loy2 | ||
I will recommend my bank to other people. | Loy3 | ||
I will continue to do more business with my bank in the future. | Loy4 | ||
Customer’s perception of service quality (QUA) | My bank provides caring and individualized attention to customers. | Qua1 | [17,42,50] |
The workers of my bank treat me with courtesy. | Qua2 | ||
My bank call center provides efficient and effective answers to any problem. | Qua3 | ||
My bank provides me with good quality financial services fast. | Qua4 | ||
Customer satisfaction (SAT) | Overall, my feeling with this bank is satisfactory. | Sat1 | [48,51,52] |
My bank is one of the best five entities in the entire national financial system. | Sat2 | ||
I would choose this bank again. | Sat3 | ||
Overall, I am satisfied with the CSR activities of my bank. | Sat4 | ||
Economic responsibility (ECO) | My bank has a strong competitive position in the Ecuadorian financial market. | Eco1 | [46,47,53] |
My bank promotes financial innovation through the inclusion of fresh financial products and services. | Eco2 | ||
Investments and deposits in my banking institution are profitable to me (payment of interest and financial costs according to the law). | Eco3 | ||
My bank quickly incorporates new technologies (mobile application, instant messaging, cash management, data encryption) into the financial service compared to other national banking entities. | Eco4 | ||
Legal responsibility (LEG) | My bank promotes policies and executes controls to avoid money laundering (request of origin and destination of funds when a certain amount is exceeded in transactions). | Leg1 | [46,47] |
My bank keeps the secrecy of my financial information (confidentiality—it does not reveal my personal financial information). | Leg2 | ||
My bank obeys and respects national laws and regulations. | Leg3 | ||
My bank meets minimal legal requirements related to financial services. | Leg4 | ||
Ethical responsibility (ETH) | My bank owns and executes ethical standards within the business of financial intermediation (i.e., does not encourage over-indebtedness, transparent information, fair, and equal treatment). | Eth1 | [46,47] |
My bank operates with transparency, providing full and accurate information when I require it. | Eth2 | ||
My bank has been involved in scandals regarding financial mismanagement and/or legal problems. | Eth3 | ||
My bank has mission, vision, and institutional values and they have been socialized with me. | Eth4 | ||
Philanthropic (discretionary) responsibility (PHI) | My bank promotes financial inclusion for vulnerable groups. | Phi1 | [46,47] |
My bank participates in charitable activities and combines them with its commercial activities. | Phi2 | ||
My perception of the degree of education and specialization of the staff of my bank is high (i.e., the staff of my bank is continuously trained in financial, legal, and customer service issues). | Phi3 | ||
I have observed/heard that my bank helps communities in need (i.e., disadvantaged people, disaster relief, anti-drug plans, and educational scholarship). | Phi4 |
Variables | Model 1—Equation (1) | Model 2—Equation (2) | ||
---|---|---|---|---|
ROA | ROE | ROA | ROE | |
Education | 0.0003 *** | 0.0016 *** | ||
(2.706) | (4.537) | |||
Housing | 0.0042 ** | 0.0096 | ||
(2.018) | (1.646) | |||
Microenterprise | 0.0003 *** | 0.0007 *** | ||
(2.631) | (2.592) | |||
CSR Initiatives | 0.0001 ** | 0.0005 *** | ||
(2.257) | (3.364) | |||
Size | 0.0038 *** | 0.0196 *** | 0.0036 *** | 0.0193 *** |
(9.852) | (18.519) | (9.620) | (18.313) | |
Intercept | 0.0677 *** | 0.3224 *** | 0.0654 *** | 0.3163 *** |
(9.166) | (15.706) | (8.917) | (15.468) | |
Year-fixed effects | Yes | Yes | Yes | Yes |
Adjusted R-Square | 0.148 | 0.367 | 0.140 | 0.356 |
F-Statistics | 18.950 *** | 63.526 *** | 26.883 *** | 91.028 *** |
Durbin-Watson | 1.617 | 1.557 | 1.623 | 1.560 |
N | 304 |
Constructs | Label | Mean | Std. Deviation | Variance | Composite Mean | Factor Loadings |
---|---|---|---|---|---|---|
Customer’s brand trust (TRU) | Tru1 | 3.912 | 0.911 | 0.829 | 3.825 | 0.773 |
Tru2 | 3.737 | 0.998 | 0.997 | 0.798 | ||
Tru3 | 3.825 | 0.955 | 0.912 | 0.752 | ||
Customer’s brand loyalty (LOY) | Loy1 | 4.000 | 0.975 | 0.952 | 3.962 | 0.734 |
Loy2 | 3.719 | 1.078 | 1.163 | 0.786 | ||
Loy3 | 3.851 | 0.973 | 0.947 | 0.742 | ||
Loy4 | 4.276 | 0.767 | 0.589 | 0.701 | ||
Customer’s perception of service quality (QUA) | Qua1 | 3.860 | 1.057 | 1.117 | 3.885 | 0.663 |
Qua2 | 4.149 | 0.903 | 0.815 | 0.775 | ||
Qua3 | 3.702 | 1.164 | 1.356 | 0.702 | ||
Qua4 | 3.829 | 1.012 | 1.023 | 0.757 | ||
Customer satisfaction (SAT) | Sat1 | 3.974 | 0.839 | 0.704 | 3.798 | 0.683 |
Sat2 | 3.820 | 1.032 | 1.064 | 0.784 | ||
Sat3 | 3.930 | 1.009 | 1.017 | 0.758 | ||
Sat4 | 3.469 | 1.112 | 1.237 | 0.740 | ||
Economic responsibility (ECO) | Eco2 | 4.048 | 0.901 | 0.813 | 3.537 | 0.765 |
Eco3 | 3.026 | 1.330 | 1.770 | 0.704 | ||
Legal responsibility (LEG) | Leg2 | 3.689 | 1.229 | 1.511 | 4.026 | 0.664 |
Leg3 | 4.096 | 0.966 | 0.933 | 0.731 | ||
Leg4 | 4.294 | 0.838 | 0.702 | 0.786 | ||
Ethical responsibility (ETH) | Eth2 | 3.855 | 1.087 | 1.182 | 3.803 | 0.752 |
Eth4 | 3.750 | 1.200 | 1.439 | 0.777 | ||
Philanthropic (discretionary) responsibility (PHI) | Phi1 | 3.259 | 1.134 | 1.285 | 3.165 | 0.822 |
Phi2 | 3.263 | 1.165 | 1.358 | 0.802 | ||
Phi4 | 2.974 | 1.283 | 1.647 | 0.852 |
Var. | Items | CA | CR | AVE | Correlations | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Tru | Loy | Qua | Sat | Eco | Leg | Eth | Phi | |||||
Tru | 3 | 0.859 | 0.818 | 0.600 | (0.775) | |||||||
Loy | 4 | 0.748 | 0.830 | 0.550 | 0.622 *** | (0.741) | ||||||
Qua | 4 | 0.794 | 0.816 | 0.526 | 0.591 *** | 0.572 *** | (0.726) | |||||
Sat | 4 | 0.819 | 0.830 | 0.551 | 0.604 *** | 0.692 *** | 0.632 *** | (0.742) | ||||
Eco | 2 | 0.715 | 0.701 | 0.541 | 0.643 *** | 0.615 *** | 0.567 *** | 0.668 *** | (0.735) | |||
Leg | 3 | 0.762 | 0.772 | 0.531 | 0.537 *** | 0.503 *** | 0.559 *** | 0.596 *** | 0.405 *** | (0.729) | ||
Eth | 2 | 0.793 | 0.738 | 0.585 | 0.616 *** | 0.536 *** | 0.613 *** | 0.657 *** | 0.557 *** | 0.558 *** | (0.765) | |
Phi | 3 | 0.840 | 0.865 | 0.682 | 0.532 *** | 0.409 *** | 0.460 *** | 0.569 *** | 0.602 *** | 0.409 *** | 0.648 *** | (0.826) |
Hypothesis | Prop Effect | Adj. R2 | Durbin Watson | F | Constant | β | Test Results |
---|---|---|---|---|---|---|---|
H1a. CSR→ NFCP | + | 0.657 | 2.054 | 435.891 *** | 1.233 *** (9.5553) | 0.725 *** (20.878) | Supported |
H1b. ECO→ NFCP | + | 0.515 | 1.946 | 242.029 *** | 2.069 *** (17.256) | 0.508 *** (15.557) | Supported |
H1c. LEG→ NFCP | + | 0.399 | 2.030 | 151.904 *** | 1.774 *** (10.221) | 0.520 *** (12.325) | Supported |
H1d. ETH→ NFCP | + | 0.488 | 2.007 | 217.721 *** | 1.967 *** (14.809) | 0.500 *** (14.755) | Supported |
H1e. PHI→ NFCP | + | 0.323 | 1.812 | 109.270 *** | 2.667 *** (22.080) | 0.379 *** (10.453) | Supported |
H2. CSR→ TRU | + | 0.518 | 2.200 | 245.210 *** | 0.965 *** (5.167) | 0.787 *** (15.659) | Supported |
H3. CSR→ LOY | + | 0.403 | 1.966 | 154.193 *** | 1.805 *** (10.163) | 0.594 *** (12.417) | Supported |
H4. CSR→ QUA | + | 0.458 | 2.008 | 192.529 *** | 1.285 *** (6.706) | 0.716 *** (13.875) | Supported |
H5. CSR→ SAT | + | 0.592 | 1.985 | 330.706 *** | 0.876 *** (5.333) | 0.804 *** (18.185) | Supported |
Variable | Proposed Effect | NFCP Model | Testing Hypothesis |
---|---|---|---|
ECO | + | 0.310 *** (9.200) | Supported |
LEG | + | 0.240 *** (6.635) | Supported |
ETH | + | 0.211 *** (5.505) | Supported |
PHI | + | 0.103 *** (3.077) | Supported |
Constant | 1.010 *** (7.623) | ||
Adj. R2 | 0.701 | ||
Durbin Watson | 2.144 | ||
F-statistics | 133.746 *** |
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Tulcanaza-Prieto, A.B.; Shin, H.; Lee, Y.; Lee, C.W. Relationship among CSR Initiatives and Financial and Non-Financial Corporate Performance in the Ecuadorian Banking Environment. Sustainability 2020, 12, 1621. https://doi.org/10.3390/su12041621
Tulcanaza-Prieto AB, Shin H, Lee Y, Lee CW. Relationship among CSR Initiatives and Financial and Non-Financial Corporate Performance in the Ecuadorian Banking Environment. Sustainability. 2020; 12(4):1621. https://doi.org/10.3390/su12041621
Chicago/Turabian StyleTulcanaza-Prieto, Ana Belen, HoKyun Shin, Younghwan Lee, and Chang Won Lee. 2020. "Relationship among CSR Initiatives and Financial and Non-Financial Corporate Performance in the Ecuadorian Banking Environment" Sustainability 12, no. 4: 1621. https://doi.org/10.3390/su12041621