Abstract
The study focuses on corporate social responsibility, which is of pivotal significance in the banking sectors of the countries of the so-called Visegrád Group, located in the Central European region and representing similar levels of economic development (V4). The aim of this paper is to examine the changes in the CSR activities of notable banks in the V4 countries between 2007, 2013 and 2018. The study consisted of three phases: first, it determined the relevant CSR goals based on the content (document) analysis; then, a questionnaire survey was conducted among banks for three years (2007, 2013, 2018); and finally, the data were analyzed using variance analysis. As a result of the first phase, 15 CSR activities were identified, and as a result of a questionnaire survey, the focus of each CSR area was presented on a spider-web diagram showing a shift in the “priority order” of CSR areas and target groups, in other words, the intensification of activity towards social groups closer to the activities of banks or even clients. Using both qualitative and quantitative methods, this study confirmed with primary research that the focus of CSR activities in the V4 countries has shifted from general societal challenges to climate protection and the development of financial culture. These results were also evidenced by multivariate statistical methods proving a significant change in 66% of the examined areas.
Highlights
The study focuses on corporate social responsibility, which is of pivotal significance in the banking sectors of the countries of the so-called Visegrád Group, located in the Central European region and representing similar levels of economic development (V4)
Banks have made efforts to implement their CSR policies or their responsibility to society, for the most part, due to the quality of their clientele. This means that they improve the financial literacy and awareness of customers related to a bank, and they implement their corporate social policy through these people, starting with an individual and moving on to the general
This means that smooth operation of banks basically requires clients with financial literacy, financial awareness and forethought as key contributors to the banks’ profitable business management
Summary
This study analyzes the transformation of CSR policy in commercial banks and in the most significant financial institutions in the Central European region, and in the V4 countries, and draws relevant conclusions regarding this sector and the population of this region, fundamental political, social and economic changes occurred in the late 1980s. An additional new element that emerged in the erations and target groups The hypothesis of this period that followed the crisis was the re-defini- study is that since the crisis, corporate social retion of the role to be played by central banks in sponsibility of banks has increased, and certain maintaining financial stability.
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