Have banks been supportive during the COVID19 pandemic?
Keywords:
Banking during the COVID-19 pandemic, CSR in the banking sector, Responsible banking, Involvement of banks in healthcare
Abstract
The COVID-19 pandemic has had disrupting and negative effects on economies and society. Nevertheless, it seems that it has contributed to increased solidarity, and determined individuals and organizations to be more responsible, at least concerning health-related aspects. Companies around the world have been involved in supporting the health care system and minimizing the impact of the pandemic on economies around the world. During the COVID-19 pandemic, companies were motivated by utilitarianism and deontological factors to get involved in philanthropic CSR actions in the toughest moments of the pandemic. Banks seem to be no exception. Even more, during this pandemic, banks have done much to rehabilitate their reputations, tarnished during the previous financial and economic crises. This paper aims to analyze the perception of the involvement of Romanian banks during the pandemic, especially for overcoming the crises of the healthcare system. The findings could guide banks to be more consistent and better communicate their CSR activities and involvement for the benefit of society, and helps understand how people observe and evaluate the CSR efforts of banks.
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References
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2. Qiu S, Jiang J, Liu X, Chen MH, Yuan, X. Can corporate social responsibility protect firm value during the COVID-19 pandemic?. International Journal of HospitalityManagement [Internet]. 2021 [cited 2021 Jun 16];93:1-12. Available from: https://doi.org/10.1016/j.ijhm.2020.102759
3. Sheldon H. Why Maintain a CSR Presence During COVID-19 Impact? YourCause [Internet]. 2020 [cited 2021 Jun 16]. Available from: https://solutions.yourcause.com/covid-pandemic-maintain-csr/
4. Garcia-Sanchez IM, Garcia-Sanchez A. Corporate Social Responsibility during COVID-19 Pandemic. Journal of Open Innovation [Internet]. 2020 [cited in 2021 Jun 16];6(126):1-21. Available from: https://doi/10.3390/joitmc6040126
5. Anca C, Aston J, Stanciu E, Rusu D.(2011). Responsibilitate Socială (Corporativă) în România - Analiză situaţională şi recenzie a practicilor actuale.CSR Media. 2011 Dec 16. Available from: http://www.csrmedia.ro/wp-content/uploads/2013/01/Analiza-Situatiei-RSC-in-Romania-RO1.pdf
6. Agrawal U, Sinha R. Banks beyond banking: A study of CSR activity during the pandemic. International Journal of Applied Research [Internet]. 2020 [cited 2021 June 16];6(12):328-332. Available from: https://www.allresearchjournal.com/archives/2020/vol6issue12/PartE/7-1-74555.pdf
7. Medrega C. Top of the big banks after the profit registered in H1 / 2020. The cumulative gain of the 10 largest banks was 2.67 billion lei in H1, representing over 95% of the profit of the banking system. ZiarulFinanciar [Internet]. 2020 Sep 5. Available from: https://www.zf.ro/banci-siasigurari/topul-bancilor-mari-dupa-profitul-inregistrat-in-s1-2020-castigul-19530267
8. McKinsey Global Institute. What’s next for remote work: An analysis of 2,000 tasks, 800 jobs, and nine countries. McKinsey [Internet]. 2020 Nov 23. Available from: https://www.mckinsey.com/featured-insights/future-of-work/whats-next-for-remote-work-ananalysis-of-2000-tasks-800-jobs-and-nine-countries
9. KPMG. New ways of working becoming the norm for banks in the new reality. Five predictions for banks as they prepare for the new reality ways of working. KPMG [Internet]. 2020 Jul 23. Available from: https://home.kpmg/xx/en/home/insights/2020/07/new-ways-of-working-becoming-the-normfor-banks.html
10. Medrega C. How have banks been restructured in a pandemic? A number of 181 branches and bank branches were closed and 1,039 employees left the system between Q1 / 2020 and Q1 / 2021. Banks had 52,130 employees and 3,789 branches in March. ZiarulFinanciar [Internet]. 2021 May 15. Available from: https://www.zf.ro/banci-si-asigurari/s-au-restructurat-bancile-pandemienumar-181-sucursale-agentii-20107717
11. McKinsey Global Institute. Platform operating model for the AI bank of the future. McKinsey [Internet]. 2021 May 18. Available from: https://www.mckinsey.com/industries/financialservices/our-insights/platform-operating-model-for-the-ai-bank-of-the-future
12. McKinsey Global Institute. Shaping and safeguarding the banking workforce after COVID-19. McKinsey [Internet]. 2020 Apr 24. Available from: https://www.mckinsey.com/industries/financialservices/our-insights/shaping-and-safeguarding-the-banking-workforce-after-covid-19
13. Mahmud A. Ding D. Hasan M. Corporate Social Responsibility: Business Responses to Coronavirus (COVID-19) Pandemic. SAGE Open [Internet]. 2021 Jan 22. Available from: https://doi.org/10.1177/2158244020988710
14. Caby J, Ziane Y, Lamarque E.The determinants of voluntary climate change disclosure commitment and quality in the banking industry.Technological Forecasting and Social Change [Internet] 2020 [cited 2021 June 13]. Available from https://doi.org/10.1016/j.techfore.2020.120282
15. Romanian Associations of Banks. Romanian banks have donated over 23.5 million lei in the fight against the COVID-19 pandemic. Bucharest; 2020 [cited 2021 June 17]. Available from: https://www.arb.ro/wp-content/uploads/Comunicat-donatii-banci-COVID.pdf
16. Sustainability report . BancaTransilvania- More than banking [Internet] Bucharest; 2020 [cited 2021 June 19]. Available from: https://beta.bancatransilvania.ro/files/app/media/relatiiinvestitori/aga/2021/Situatii-financiare-Consolidate-si-Individuale-la-31-decembrie-2020/Raportde-sustenabilitate-2019-2020.pdf
17. Frecea G L, Schipor, C. Corporate Social Responsibility- The Romanian Banking Sector Perspective. Intercultural Management,[Internet]. 2017 [cited 2021 june 18] 39(2): 155162.Available from: https://seaopenresearch.eu/Journals/articles/MI_39_3.pdf
18. BRD.Annual Report of the Council of Administration. [Internet] . Bucharest; 2021 [cited 2021 June 19]. Available from: https://www.brd.ro/_files/pdf/BoD_Report_2020_RO_aprilie.pdf
19. Liu F, Meng L, Zhao Y, Duan S.The influence of the corporate social responsibility disclosures on consumer brand attitudes under the impact of COVID-19. Front [Internet] 2020 [cited 2021 June 19],14 (28). Available from: https://doi.org/10.1186/s11782-020-00096-0
20. BCR.Measures to alleviate the impact of the COVID19 epidemic [Internet] Bucharest; 2020 March 30 [cited 2021 June 17] Available from: https://www.bcr.ro/ro/persoane-fizice/informatii-utile/bcrmasuri-de-atenuare-a-impactului-covid-19
21. BCR .Bursa Binelui donations [Internet] Bucharest; 2021 January 18 [cited 2021 June 16]. Available from https://www.bcr.ro/ro/presa/informatii-de-presa/2021/01/19/bursa-binelui-28-dedonatii-in-medie-pe-zi-si-aproape-10-000-de-donatii-in-2020measures to alleviate the impact of the COVID19 epidemic.
22. Ponto J. Understanding and evaluating survey research. Journal of the Advanced Practitioner in Oncology [Internet]. 2015 [cited 2021 June 18] 6(2): 168. Available from: https://www.researchgate.net/publication/286445115_Understanding_and_Evaluating_Survey_R esearch
23. Nardi PM. Doing survey research: A guide to quantitative methods. Routledge; 2018
24. Bell J, Waters S, Ebooks Corporation.Doing your research project: A guide for first-time researchers. 6th ed. Open University. 2014.
25. O’Leary Z.The essential guide to doing your research project, 2nd ed., London: Sage; 2014
26. Zbuchea A. Are customers rewarding responsible businesses? An overview of the theory and research in the field of CSR.Management Dynamics in the Knowledge Economy. 2013 [cited 2021 June 16];1(3): 367-385.Available from: https://www.researchgate.net/publication/261797365_Are_Customers_Rewarding_Responsible_ Businesses_An_Overview_of_the_Theory_and_Research_in_the_Field_of_CSR
27. Mubarak Z, Benhamed A, Mubarak M. Impact of corporate social responsibility on bank’s corporate image. Social Responsibility Journal [Internet]. 2018 [cited 2021 June 19]; 15(5): 710-722. Available from: https://doi.org/15. 10.1108/SRJ-01-2018-0015
Published
2021-08-15
Section
Banking and Finance
