Abstract
Banking firms are becoming increasingly aware that their clients’ management of environmental and social risks may in term threaten their own business as lenders and investors. In addition, stakeholders are requiring banks to improve their social performance. As a result, some banks are developing corporate social responsibility (CSR) policies and management systems to reduce potential risks and improve their performance. In the Spanish financial system, half of the banking firms are savings banks, most of which have always used some Corporate Social Responsibility (CSR) criteria in their management. Private Banks have only recently started to integrate social aspects in their performance. However, no formal analysis has been carried out on the impact of CSR strategies. Various initiatives have been launched nationally and internationally to include the social dimension in management systems. The purpose of this research is to analyse the social performance of the main Spanish financial companies through public data such as social or sustainability reports and media sources. In order to do this, we need to determine which CSR criteria most greatly affect banking firms and to choose the most accurate quantitative and qualitative indicators to measure social performance.
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Acknowledgements
We wish to acknowledge the constructive and useful comments received in the Annual seminar of the European Association of University Teachers of Banking and Finance, 2003. We would like to thank the two anonymous reviewers and the editor for their comments on an earlier draft. This paper has been funded by projects: P1·1A2004–17 from Universitat Jaume I; GV04B/15 from the Valencia Community Local Government and SEC2003-07899 Science and Technology Ministry.
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Marta de la Cuesta-González has auniversity degree(Licencitaura) in Economics from the Universidad Complutense of Madrid (University school-CUNEF) and Ph.D. (with distinction) in Economics, Universidad Nacional de Educación a Distancia (UNED), Spain. She is a senior Lecturer in Applied Economics at the UNED. Since December 2005 Marta de la Cuesta has been designed economic affairs Vicechancellor at UNED University. She is a founder member and active collaborator of the economistas sin Fronterals Fountation (Spain) and dedicates part of her free time to promote and foster ethical investment and CSR in Spain by participating in some national and international working groups and networks. At present she is vice president of the Association Observatorio de Responsabilidad Social Corporativa (Spain).
María Jesús Muñoz-Torres is an agronomist Engineer (1989), and graduated with a PhD in Agricultural Economics Engineering from the Polytechnic University of Valencia (1994), Spain. Since 1992 she is a Senior Lecturer in Finance in the Department of Finance and Accountancy, University Jaume I, Spain.She is member of the Spanish Institute of Financial Analyst since 1994.Now, her reserach focuses on Stock markets and its derivatives, Corporate Social Responsibility (CSR) and social responsible investing. Demand models applied to financial markets, and efficiency of public financial support to Companies. She is currently a faculty member in a number of master and postgraduate courses related with CSR and Development. She also contributes actively with the NGO Economists Without Borders in sensitising and research projects and with Observatory for Social Responsibility.
María Ángeles Fernández-InQuierdo in Bachelor in Economics (1981, Universidad de Valencia), Ph. D. in Financial Economics and Accountancy. (with distinction) (1991, Universidad de Valencia). Full Professor in Finance and Accountancy from 2002 in the Department of Finance and Accountancy, University jaume I, Spain.She is member of the Spanish Institute of Financial Analyst since 1994. From 1981 to 1987 she had position as economist in Valencia Stock Exchange and since then she has focused her research on financial markets, ethical investment and CSR in Spain, and published scientific papers in international journals with high impact in the academic world. She is currently a faculty member in a number of master and postgraduate courses related with finance and financial markets. She also contributes actively with the NGO Economists Without Borders in sensitizing and research projects and with the Observatory for Social Responsibility.
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de la Cuesta-González, M., Muñoz-Torres, M.J. & Fernández-Izquierdo, M. Analysis of Social Performance in the Spanish Financial Industry Through Public Data. A Proposal. J Bus Ethics 69, 289–304 (2006). https://doi.org/10.1007/s10551-006-9091-8
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DOI: https://doi.org/10.1007/s10551-006-9091-8