Corporate Social Responsibility in banking sector

• Main Authors: Lucie Kvasničková Stanislavská, K. Margarisová, K. Šťastná
• Format: Article
• Language: English
• Published: Mendel University Press 2012-01-01
• Series: Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis
• Subjects: corporate social responsibility; stakeholders; banking sector; financial and economic crisis
• Online Access: https://acta.mendelu.cz/60/2/0157/

After popularity increase of the concept of Corporate Social Responsibility over last century in the USA, with the 21st century the concept comes into the European Union as well, actually into Czech Republic. For the European Union, the concept of social responsibility becomes one of the tool for achieving the most competitive and dynamic knowledge-based economy (Lisbon Strategy, 2000). With the start of the financial and economic crisis, the European Commission sees in the Corporate Social Responsibility a way how to cope with the crisis. Also scientific studies (Ghoul, 2011; Gruz, 2009) indicate the positive influence of Corporate Social Responsibility on financial performance of the company. In the Czech Republic, the implementation of the concept is especially for multinational corporations. For example, Corporate Social Responsibility is very popular in financial sector, which the financial crisis did not damage so perceptible as in other countries of developed economies (Singer, 2009). This article defines on a theoretical level the concept of Corporate Social Responsibility, its development, its present form and the influence on financial performance of the company. Another part of the article focuses on three czech banking subjects (Česká spořitelna, Komerční banka a Československá obchodní banka), which regularly take the leading positions of the official corporate donors chart „TOP Filantrop“. The article explores the evolution of corporate donations and finds the connection between corporate donations and corporate profit and financial and economic crisis.