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The genesis and evolution of CSR self-regulation with special refer-ence to the case of financial institutions

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  • Michał Jurek

    (Department of Banking, Poznan University of Economics)

Abstract

The paper creates a background for the analysis of the prerequisites of a sustainable finan-cial institution, whose activity is fully consistent with the requirements of sustainable devel-opment and contributes to its implementation. The primary aim of the paper is the analysis of CSR self-regulation with special reference to the case of financial institutions. The specif-ic target is the analysis of: * the linkages between global financial crisis and the evolution of CSR issues in financial institutions in the EU, and * CSR self- and formal regulations framework and its re-modelling required to build sus-tainability of financial institutions that would be socially responsible for offered services and conducted operations. In order to achieve these targets, extensive research is undertaken. Characteristics of gene-sis, evolution, and motivation for implementing CSR in financial institutions are described and differences in impact of the financial sector on the real sector of the economy in the analysed EU member states are recognized, as well as impacts and perspectives of CSR self-regulations in the EU member states. Finally, linkages and feedbacks between the global financial crisis and CSR in the financial sector and their consequences are identified. Conducted analysis allows formulating many remarks. Among them, the most important appears to be that the proper regulatory environment is crucial to build sustainability of the financial sector and prevent social externalities of its improper functioning. Public authorities should, on the one hand, regulate and supervise CSR in the financial sector, and, on the other, create favourable conditions for dissemination of social responsibility ideas and con-cepts among financial institutions, supporting the introduction of effective self-regulations.

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  • Michał Jurek, 2014. "The genesis and evolution of CSR self-regulation with special refer-ence to the case of financial institutions," Working papers wpaper70, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper70
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    More about this item

    Keywords

    financial institutions; corporate social responsibility; CSR self-regulations;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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