Title: CSR and indirect impacts of core business products/services of financial services institutions
Authors: George T.K. Thien
Addresses: Faculty of Business and Law, Auckland University of Technology, New Zealand
Abstract: Financial services institutions (FSIs) are generally seen as organisations that have relatively minimal negative environmental impacts, compared to the heavy industrialised organisations. Their effort to minimise the direct environmental impacts as a result of their business processes is commendable, together with their highly publicised philanthropic/sponsorship activities. Whether FSIs should contribute even more positive social and environmental impacts through their core business products/services (indirect CSR impacts) has been less studied. Powerful FSIs have huge potential to make a difference because of their intermediary function that involves most if not all business organisations in the world. This paper examines the extent of reporting of indirect CSR impacts of FSIs' core business products/services. Literature review, content analysis and interviews were conducted to inform this study. There was evidence/admittance of lesser regard for indirect CSR impacts, despite an awareness of the huge potential for the powerful FSIs to influence global sustainability through their core business products/services.
Keywords: corporate social responsibility; CSR; financial services; finacial institutions; FSIs; direct impact; indirect impact; core business products; core business services; environmental impact; global sustainability; sustainable development.
International Journal of Corporate Strategy and Social Responsibility, 2016 Vol.1 No.1, pp.86 - 100
Received: 04 Mar 2015
Accepted: 28 Jul 2015
Published online: 05 Jul 2016 *