‘Radiomarathon’ in the Guinness World of Records: A tool for building a strong corporate reputation through corporate social responsibility

Abstract

Is it in corporations' long‐term interests to exceed their social and environmental obligations and deliver a superior ethical performance? This is one of the key questions raised in the debate launched by the European Commission's green paper last year regarding the concept of corporate social responsibility (CSR). It is clear that the commercial world must rise to the challenge of building the confidence and trust demanded by stakeholders worldwide. There is a broad consensus on the need for businesses to take the social, economic, and environmental impact of their actions — the ‘triple bottom line’ — into account. Businesses are an integral part of the society (local and international) and they have to consider the impact their behaviour has on it. Many businesses highlight the links between CSR and their wider sustainable development agenda. Corporate reputation or image depends on how the company conducts or is perceived as conducting its business. Today the ability to build a sustainable corporate reputation is more important than ever before as stakeholders are more educated, more knowledgeable, and more demanding. The Cyprus Popular Bank, the second largest banking organisation in Cyprus, has developed and launched ‘Radiomarathon’ in support of children with special needs, which has won a place in the Guinness World of Records as the most successful charitable event in the world on the basis of per capita contribution, and was chosen among the top five charity events worldwide by the Chartered Institute of Bankers for 2003. Radiomarathon has been used in order to build a strong corporate identity and corporate reputation: “With the Radiomarathon we have hit a vein of gold…our corporate reputation is stronger than ever before! In such a turbulent climate, a positive corporate reputation can play a vital role in ensuring that the organisation is on a solid footing. ” (Yiannos Pissourios, Cyprus Popular Bank). The bank realised the importance and need for corporate social responsibility in their efforts to build a good corporate reputation and achieve competitive differentiation.