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Corporate social responsibility in the banking sector: a focus on Latin America and the Caribbean

Author

Listed:
  • Valeria Fernanda Mesta-Cabrejos

    (Universidad Privada del Norte)

  • Karla Stefanny Huertas-Vilca

    (Universidad Privada del Norte)

  • Higinio Guillerno Wong-Aitken

    (Universidad Privada del Norte)

  • Franklin Cordova-Buiza

    (Universidad Privada del Norte
    Universidad Continental)

Abstract

Corporate social responsibility [CSR] represents the need to maintain a stable commitment to the needs of a human group. In this sense, the objective of this research is to analyze the actions of corporate social responsibility implemented in the banking sector in Latin America and the Caribbean, taking Bancolombia, Banco de Crédito e Inversiones, and Banco General as a reference. The methodology used was qualitative, cross-sectional, and non-experimental. This was carried out based on a documentary analysis of the annual reports of the aforementioned companies, ranked in the top CSR positions, according to the Merco Ranking. As a result, it was determined that the companies most predominantly carry out social responsibility actions based on the internal dimension, with 26% regarding the adoption of equitable salaries and 28% regarding the quality of the job. On the other hand, the external dimension shows that 25% of corporate actions emphasize the potential for responsible investment. Finally, it was found that the CSR actions and resources allocated by the aforementioned banks in 2021 were used for business sustainability, seen from the promotion of employee stability and satisfaction in the company, as well as responsible investment, evaluating the social, economic, and environmental impact. In this sense, CSR activities that have an impact on an external context stand out with greater importance despite the percentage differences between dimensions, since their impact is identified from the investment in employee training and development programs; the contributions to local and regional economic development based on job creation, as well as the reduction of polluting gas emissions, conversation and environmental education.

Suggested Citation

  • Valeria Fernanda Mesta-Cabrejos & Karla Stefanny Huertas-Vilca & Higinio Guillerno Wong-Aitken & Franklin Cordova-Buiza, 2023. "Corporate social responsibility in the banking sector: a focus on Latin America and the Caribbean," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-6, December.
    • Handle: RePEc:pal:palcom:v:10:y:2023:i:1:d:10.1057_s41599-023-01950-1
    DOI: 10.1057/s41599-023-01950-1
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    References listed on IDEAS

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