Abstract
The objective of this study is to explore empirically the dimensions that generate high impact in the finance industry to better understand its contribution from a Corporate Social Responsibility (CSR) perspective. We analyze data concerning impacts of finance sector firms certified by B Corp in order to identify the combinations that are necessary and/or sufficient to obtain a recognition of their high impact generation. The methodology followed to identify the impact dimensions is fsQCA, (fuzzy set Qualitative Comparative Analysis), a qualitative comparative analysis method applied to a sample of finance firms (n-181). The results indicate that financial sector firms exhibited four combinations focusing on different impact dimensions. Specifically, the first route indicates that a high degree of focus on customers and communities is sufficient to obtain a high impact score. The second path signals that the combination of the impacts on customers and corporate governance could lead to the same result, while in the third pathway the focus would be on the employees. Finally, the fourth route indicates that some financial firms focus strongly on their communities, corporate governance and their employees, but very weakly on the environmental dimension. Consequently, diverse combinations of CSR dimensions characterize financial sector contributions to impact generation and sustainable development.
Highlights
In recent years, increasing attention has been paid by academic researchers to the non-financial performance of organizations, driven by both external pressure from stakeholders [1,2] and by firm managers initiating campaigns of awareness and action [3]
Answering recent calls for research on Corporate Social Responsibility (CSR) which jointly considers the different factors that constitute it [78], in order to contribute to knowledge regarding what are the strategies followed by financial sector firms which generate a high number of positive impacts, the main goal of this study has been to identify the dimensions of impacts and/or combinations of them which have been the major focus of the financial sector firms that have been recognized for their high generation of impact through their B Corp certification and its associated impact score
The generation of a high amount of positive impact should be understood as a complex problem, as suggested by the four combinations of focus on different impact dimensions that characterized the financial firms that obtained a high impact score, and which have been differently chosen among firms constituting each of the considered sub-sectors
Summary
In recent years, increasing attention has been paid by academic researchers to the non-financial performance of organizations, driven by both external pressure from stakeholders [1,2] and by firm managers initiating campaigns of awareness and action [3]. Concerning the need to create high impact, there has been an emergence of some certifications to measure the impacts of companies, such as B Corp certification, which allow measuring impacts in different dimensions (community, governance, customers, employment and environment) They promote the generation of positive social and environmental impacts [6] of companies and, in particular, the finance industry, related to their corporate sustainability strategies [7]. As companies can create an impact in several ways, it is useful for academics and practitioners to analyze the different routes followed by companies in the finance sector certified as high-impact firms, showing which dimensions are relevant for firms To explore these dimensions, we analyze the literature concerning impacts in the finance sector, which has shown an increasing interest in CSR and sustainable development in recent years [9]
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