IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i5p3976-d1076633.html
   My bibliography  Save this article

Supporting Culture to Improve Corporate Image: The Case of Greek Banks

Author

Listed:
  • Iordanis Kotzaivazoglou

    (Department of Business Administration, International Hellenic University, 62124 Serres, Greece)

  • Garyfallos Fragidis

    (Department of Business Administration, International Hellenic University, 62124 Serres, Greece)

  • Eugenia Papaioannou

    (Department of Organization Management, Marketing and Tourism, International Hellenic University, 57400 Sindos, Greece)

  • Costas Assimakopoulos

    (Department of Organization Management, Marketing and Tourism, International Hellenic University, 57400 Sindos, Greece)

  • Ioannis Nanos

    (Department of Organization Management, Marketing and Tourism, International Hellenic University, 57400 Sindos, Greece)

  • Nektaria Astrini

    (Department of Organization Management, Marketing and Tourism, International Hellenic University, 57400 Sindos, Greece)

Abstract

Banks are under criticism that their business models are not adequately sustainable and also that they do not contribute largely to the resolution of the big issues of humanity. For this, banks seek eagerly to develop sustainable and socially responsible strategies as a means for supporting their public image, establishing trusted relationships with society and increasing customer loyalty. Greek banks implement such strategies; however, they seem to have image issues due to the harsh and extended economic crisis that occurred in the country, as well as their policies of the past. It is interesting to investigate the impact of such activities undertaken by institutions with a damaged image, an area that does not seem to have been investigated yet in the relevant literature. The purpose of the paper is to record the supporting activities in culture of the Greek banks and explore the public’s attitude towards them. The research method combines a content analysis on the banks’ websites and published annual reports to specify their actions in culture, and a structured survey to investigate the evaluation of these actions by the public. The findings of this study reveal that the Greek banks pay much attention to the support of culture. These activities have a positive impact on the public’s attitude towards them, but not on customer loyalty.

Suggested Citation

  • Iordanis Kotzaivazoglou & Garyfallos Fragidis & Eugenia Papaioannou & Costas Assimakopoulos & Ioannis Nanos & Nektaria Astrini, 2023. "Supporting Culture to Improve Corporate Image: The Case of Greek Banks," Sustainability, MDPI, vol. 15(5), pages 1-16, February.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:5:p:3976-:d:1076633
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/5/3976/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/5/3976/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Abdifatah Ahmed Haji, 2013. "Corporate social responsibility disclosures over time: evidence from Malaysia," Managerial Auditing Journal, Emerald Group Publishing, vol. 28(7), pages 647-676, July.
    2. Won-Moo Hur & Hanna Kim & Jeong Woo, 2014. "How CSR Leads to Corporate Brand Equity: Mediating Mechanisms of Corporate Brand Credibility and Reputation," Journal of Business Ethics, Springer, vol. 125(1), pages 75-86, November.
    3. Wu, Meng-Wen & Shen, Chung-Hua, 2013. "Corporate social responsibility in the banking industry: Motives and financial performance," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3529-3547.
    4. Anna Avrampou & Antonis Skouloudis & George Iliopoulos & Nadeem Khan, 2019. "Advancing the Sustainable Development Goals: Evidence from leading European banks," Sustainable Development, John Wiley & Sons, Ltd., vol. 27(4), pages 743-757, July.
    5. Nicholas Igbudu & Zanete Garanti & Temitope Popoola, 2018. "Enhancing Bank Loyalty through Sustainable Banking Practices: The Mediating Effect of Corporate Image," Sustainability, MDPI, vol. 10(11), pages 1-11, November.
    6. Nizam, Esma & Ng, Adam & Dewandaru, Ginanjar & Nagayev, Ruslan & Nkoba, Malik Abdulrahman, 2019. "The impact of social and environmental sustainability on financial performance: A global analysis of the banking sector," Journal of Multinational Financial Management, Elsevier, vol. 49(C), pages 35-53.
    7. Saeed Nosratabadi & Gergo Pinter & Amir Mosavi & Sandor Semperger, 2020. "Sustainable Banking; Evaluation of the European Business Models," Sustainability, MDPI, vol. 12(6), pages 1-19, March.
    8. Busaya Virakul & Kalayanee Koonmee & Gary N. McLean, 2009. "CSR activities in award‐winning Thai companies," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 5(2), pages 178-199, June.
    9. repec:eme:aaaj00:09513579610109987 is not listed on IDEAS
    10. repec:eme:maj000:maj-07-2012-0729 is not listed on IDEAS
    11. Céline Louche & Timo Busch & Patricia Crifo & Alfred Marcus, 2019. "Financial Markets and the Transition to a Low-Carbon Economy: Challenging the Dominant Logics," Post-Print hal-02016756, HAL.
    12. Mehmoona Sharif & Kashif Rashid, 2014. "Corporate governance and corporate social responsibility (CSR) reporting: an empirical evidence from commercial banks (CB) of Pakistan," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(5), pages 2501-2521, September.
    13. Alexia Katsanidou & Zoe Lefkofridi, 2020. "A Decade of Crisis in the European Union: Lessons from Greece," Journal of Common Market Studies, Wiley Blackwell, vol. 58(S1), pages 160-172, September.
    14. Truscott, Rachael A. & Bartlett, Jennifer L. & Tywoniak, Stephane A., 2009. "The reputation of the corporate social responsibility industry in Australia," Australasian marketing journal, Elsevier, vol. 17(2), pages 84-91.
    15. Kansal, Monika & Joshi, Mahesh & Batra, Gurdip Singh, 2014. "Determinants of corporate social responsibility disclosures: Evidence from India," Advances in accounting, Elsevier, vol. 30(1), pages 217-229.
    16. Bert Scholtens, 2009. "Corporate Social Responsibility in the International Banking Industry," Journal of Business Ethics, Springer, vol. 86(2), pages 159-175, May.
    17. Busaya Virakul & Kalayanee Koonmee & Gary N. McLean, 2009. "CSR activities in award‐winning Thai companies," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 5(2), pages 178-199, June.
    18. John O'Hagan & Denice Harvey, 2000. "Why Do Companies Sponsor Arts Events? Some Evidence and a Proposed Classification," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(3), pages 205-224, August.
    19. Salome Zimmermann, 2019. "Same Same but Different: How and Why Banks Approach Sustainability," Sustainability, MDPI, vol. 11(8), pages 1-20, April.
    20. Jonathan A. Jensen, 2017. "Assessing corporate demand for sponsorship: marketing costs in the financial services industry," Marketing Letters, Springer, vol. 28(2), pages 281-291, June.
    21. Syed Shujaat Ali Shah & Zia Khan, 2021. "Creating advocates: understanding the roles of CSR and firm innovativeness," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 26(2), pages 95-106, June.
    22. Campa, Domenico & Zijlmans, Evy Wilhelmina Anna, 2019. "Corporate social responsibility recognition and support for the arts: Evidence from European financial institutions," European Management Journal, Elsevier, vol. 37(6), pages 818-827.
    23. Alan Pomering & Sara Dolnicar, 2009. "Assessing the Prerequisite of Successful CSR Implementation: Are Consumers Aware of CSR Initiatives?," Journal of Business Ethics, Springer, vol. 85(2), pages 285-301, April.
    24. Mohammad Jizi & Aly Salama & Robert Dixon & Rebecca Stratling, 2014. "Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector," Journal of Business Ethics, Springer, vol. 125(4), pages 601-615, December.
    25. Roselyne Cheruiyot-Koech & Colin David Reddy, 2022. "Corporate Social Responsibility Preferences in South Africa," Sustainability, MDPI, vol. 14(7), pages 1-16, March.
    26. Saeed Nosratabadi & Gergo Pinter & Amir Mosavi & Sandor Semperger, 2020. "Sustainable Banking; Evaluation of the European Business Models," Papers 2003.13423, arXiv.org.
    27. Mariano Méndez-Suárez & Abel Monfort & Fernando Gallardo, 2020. "Sustainable Banking: New Forms of Investing under the Umbrella of the 2030 Agenda," Sustainability, MDPI, vol. 12(5), pages 1-13, March.
    28. Athanasios Tsagkanos & Konstantinos Gkillas & Christoforos Konstantatos & Christos Floros, 2021. "Does Trading Volume Drive Systemic Banks’ Stock Return Volatility? Lessons from the Greek Banking System," IJFS, MDPI, vol. 9(2), pages 1-13, April.
    29. Andrea Pérez & Ignacio Rodríguez del Bosque, 2012. "The Role of CSR in the Corporate Identity of Banking Service Providers," Journal of Business Ethics, Springer, vol. 108(2), pages 145-166, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Campa, Domenico & Zijlmans, Evy Wilhelmina Anna, 2019. "Corporate social responsibility recognition and support for the arts: Evidence from European financial institutions," European Management Journal, Elsevier, vol. 37(6), pages 818-827.
    2. Juan Camilo Mejia-Escobar & Juan David González-Ruiz & Eduardo Duque-Grisales, 2020. "Sustainable Financial Products in the Latin America Banking Industry: Current Status and Insights," Sustainability, MDPI, vol. 12(14), pages 1-25, July.
    3. Juan J. Nájera-Sánchez, 2019. "A Systematic Review of Sustainable Banking through a Co-Word Analysis," Sustainability, MDPI, vol. 12(1), pages 1-23, December.
    4. Md. Nur-E-Alam Siddique & Shifa Mohd Nor & Zizah Che Senik & Nor Asiah Omar, 2023. "Corporate Social Responsibility as the Pathway to Sustainable Banking: A Systematic Literature Review," Sustainability, MDPI, vol. 15(3), pages 1-19, January.
    5. Abhishek Sharma & Chandana Hewege & Chamila Perera, 2022. "Violations of CSR Practices in the Australian Financial Industry: How Is the Decision-Making Power of Australian Women Implicated?," Sustainability, MDPI, vol. 15(1), pages 1-21, December.
    6. Herenia Gutiérrez-Ponce & Sigit Arie Wibowo, 2023. "Do Sustainability Activities Affect the Financial Performance of Banks? The Case of Indonesian Banks," Sustainability, MDPI, vol. 15(8), pages 1-17, April.
    7. Markus Riegler, 2023. "Towards a definition of sustainable banking - a consolidated approach in the context of guidelines and strategies," International Journal of Corporate Social Responsibility, Springer, vol. 8(1), pages 1-26, December.
    8. Laura Baselga-Pascual & Antonio Trujillo-Ponce & Emilia Vähämaa & Sami Vähämaa, 2018. "Ethical Reputation of Financial Institutions: Do Board Characteristics Matter?," Journal of Business Ethics, Springer, vol. 148(3), pages 489-510, March.
    9. Danisman, Gamze Ozturk & Tarazi, Amine, 2024. "ESG activity and bank lending during financial crises," Journal of Financial Stability, Elsevier, vol. 70(C).
    10. Khurshid Djalilov & Christopher A. Hartwell, 2023. "The spirit is willing, but the institutions are weak: disclosure of corporate social responsibility and the financial sector in transition," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(2), pages 385-427, June.
    11. Simona Galletta & Sebastiano Mazzù & Valeria Naciti, 2021. "Banks' business strategy and environmental effectiveness: The monitoring role of the board of directors and the managerial incentives," Business Strategy and the Environment, Wiley Blackwell, vol. 30(5), pages 2656-2670, July.
    12. Taneja, Shilpa & Ali, Liaqat, 2021. "Determinants of customers’ intentions towards environmentally sustainable banking: Testing the structural model," Journal of Retailing and Consumer Services, Elsevier, vol. 59(C).
    13. Souad Moufty & Basil Al‐Najjar & Abdulhadi Ibrahim, 2024. "Communications of sustainability practices in the banking sector: Evidence from cross‐country analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 135-161, January.
    14. Francisco Javier Forcadell & Elisa Aracil, 2017. "European Banks' Reputation for Corporate Social Responsibility," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 24(1), pages 1-14, January.
    15. María del Mar Miras-Rodríguez & Domingo Martínez-Martínez & Bernabé Escobar-Pérez, 2018. "Which Corporate Governance Mechanisms Drive CSR Disclosure Practices in Emerging Countries?," Sustainability, MDPI, vol. 11(1), pages 1-20, December.
    16. Nobahar , Emad & Dehghan Nayeri , Mahmoud & Azar , Adel, 2019. "Sustainability of Iranian Banks: Role of Financial and Non-Financial Determinants," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 14(4), pages 495-524, October.
    17. Kuldeep Singh & Madhvendra Misra & Jitendra Yadav, 2021. "Corporate social responsibility and financial inclusion: Evaluating the moderating effect of income," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(5), pages 1263-1274, July.
    18. Mario La Torre & Sabrina Leo & Ida Claudia Panetta, 2021. "Banks and environmental, social and governance drivers: Follow the market or the authorities?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(6), pages 1620-1634, November.
    19. Begoña Torre Olmo & María Cantero Saiz & Sergio Sanfilippo Azofra, 2021. "Sustainable Banking, Market Power, and Efficiency: Effects on Banks’ Profitability and Risk," Sustainability, MDPI, vol. 13(3), pages 1-24, January.
    20. Diego Monferrer & José Ramón Segarra & Marta Estrada & Miguel Ángel Moliner, 2019. "Service Quality and Customer Loyalty in a Post-Crisis Context. Prediction-Oriented Modeling to Enhance the Particular Importance of a Social and Sustainable Approach," Sustainability, MDPI, vol. 11(18), pages 1-27, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:5:p:3976-:d:1076633. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.