Running Head: FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 1

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What is the impact of CSR investment on the financial performance of the UK banks?

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FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 2

Abstract
One of the ways organizations achieve sustainability as a primary factor for success is by

implementing Corporate Social Responsibility. Most organizations in developed countries

apply CSR as a policy requirement and as an obligation to society. Social and environmental

concerns coming up in recent times have changed the marketing approach of the majority of

business organizations. Corporations take part in CSR to gain PR scores for more sales, while

others consider it a strategic approach to gaining customer loyalty. Whatever the reason

might be that an organization takes part in CSR, the critical element is that it is an essential

part of a business related to the external environment – primarily the customers. The primary

purpose of this research paper is to develop an understanding of how CSR can be

implemented in Commercial banks in the UK. The research considers various banks in the

UK and the different approaches and methods they use in implementing CSR. The study also

determines the financial impact the implementation of CSR has on the commercial banks.

Organizations in other sectors of the economy have successfully implemented CSR not just

as an obligation but as part of their organizational culture and DNA. Commercial banks are

facing the responsibility to be part of the rest of the business community in taking part in

social and environmental welfare. The goal is to give back to society.

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 3

Table of Contents
Abstract ...................................................................................................................................... 2
Introduction ................................................................................................................................ 4
Background ............................................................................................................................ 4
Aim and Objectives of Study ................................................................................................. 4
Research Questions ................................................................................................................ 5
Methodology Used ................................................................................................................. 5
Literature Review....................................................................................................................... 6
Methodology ............................................................................................................................ 14
Research Design................................................................................................................... 14
Data Sources ........................................................................................................................ 14
Document Analysis .............................................................................................................. 14
Ethical Consideration ........................................................................................................... 14
Data Analysis ....................................................................................................................... 15
Conclusion and Recommendations .......................................................................................... 17
References ................................................................................................................................ 18
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 4

Introduction
Background
The business environment, especially the global market, is changing its approach to

marketing and advertisement. The fundamental question customers ask today is whether or

not an organization plays a role in boosting social welfare and environmental conservation. In

this competitive business world, it is essential to practice CSR activities for commercial

banks to develop their financial growth in the long run. However, some commercials banks

do not care about it, and they only tend to earn more profit without contributing to society.

Still, most of them are concern about CSR, which influences the community positively. CSR

is considered a contemporary marketing strategy that benefits corporate firms in tax

exemption, marketing, and social appreciation. Many commercial banks spend more money

on their advertising purposes, pay taxes. Still, they cannot earn positive recognition from

society. Although they are spending more on these purposes, they remain indifference about

CSR practices. Therefore, the study of CSR is vital, especially when it comes to its

application in commercial banks. Banks are known to make the center stage for business

operation and prosperity. They are also known for entrepreneurship of small-scale businesses

through credit programs. Since banks form an integral part of the society, they should be at

the forefront in implementing CSR for the good of the people.

Aim and Objectives of the Study

 To evaluate how CSR affects UK banks performance in term of profitability

 To determine how CSR affects UK banks performance in term of size (CSR bring

more impact on large UK banks or small UK banks)

 To evaluate how CSR effect on UK banks performance in the condition of nature of

service (CSR bring more impact on specialized UK banks Aldermore Bank Plc and

Close brothers) or sizeable high street banks like Lloyds, Barclays, HSBC, etc.)
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 5

Research Questions
CSR requires a commitment of the board of management of commercial banks as well

as that of the managers. A committed purpose of involvement in CSR results in the

achievement of the goals and objectives. Some of the objectives commercial banks have in

the process of engaging CSR are to achieve customer loyalty, make a difference in the

society, make dreams come true for people not directly linked to their business, and solving

major social problems.

Even with varied reasons for implementing CSR, the primary research question is:

Does CSR investment and disclosure bring a significant impact on the UK banks'

performance?

Methodology Used
The most appropriate research design for this research paper is a quantitative research

design. Information sourcing is done from secondary data sources.

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 6

Literature Review
The approach of analyzing literature is by identifying the research gap to provide an

opportunity for the relevance of the current research. Some of the vital involvements are

guided by the aim of improving the approach of the study.

Commercial banks in the UK are obligated to implement CSR as a policy

requirement. Therefore, the organizational social obligation maybe not the best moral

situation that budgetary foundations face over an environment about the immoral corporate

act, and these saving money organizations would also concern with dedication for

maintainable advancement. CSR reporting analysis for saving money segment for the UK

Banking sector and the impact of CSR activities on their business activities for the fulfillment

of customer needs. Bank's CSR activities associated with the corporate, social, economic,

legal, moral, and humanitarian purposes (Aguilera et al., 2007)

The study of the UK’s banking system is articulated by Adams et al. (2018) as

a form of studying the projections of the performance of the banking Industry. Adams and his

colleagues do not only consider the performance of the banking system in the UK but how

they compete relatively in the European Union. During the time Adams and his co-authors

conducted his research, BREXIT has not taken place yet. That means the focus of the

dynamics of the banking system in the UK might change as well. Luetkenhorst (2004) does

not discuss CSR independently as a significant contributor to the variation of profitability of

the banking system. He, instead, he integrates it with other factors that influence the

profitability of commercial banks. This approach may result in false findings because there

are too many factors that are not limited during the research. The theory of Corporate Social

Responsibility is one of the approaches that explain about challenges of responsible

enterprise. The approach holds that the primary aim of businesses in the community is to

generate maximum profit for the company. However, the markets should not make maximum
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 7

benefits at the expense of the other stakeholders apart from the shareholders (Rainey 2010, p.

56). Based on the insights developed by Milton Friedman on corporate social responsibility,

Melo and Galan (2011, p. 435) explain that businesses act as agents to the stakeholders. The

agency implies that their activities are aimed at meeting the needs of all the stakeholders.

However, most companies find it challenging to balance the needs of different stakeholders

(Moizer and Tracey, 2010, p. 258). For companies to gain a competitive advantage in the

market through corporate social responsibility, they must engage in activities that have

economic gains.

The commitment of the companies towards corporate social responsibility has yield

positive results that promote their competitive advantage (Massetti 2012, p. 54). However,

the increased competition in the business environment demands high efficiency of the CSR

actions. Establishing effective communication in the organization is a particular way of

succeeding in CSR initiatives. Effective communication ensures that the employees work in

unison towards achieving the intended objectives. The commitment of top managers is the

other method of ensuring the successful implementation of CSR strategies (Garavan and

McGuire 2010, p. 490). The senior managers play a significant role in motivating the middle-

level and supervisors towards supporting CSR actions. Additionally, the top managers

provide the resources needed for the implementation of amicably because they understand the

significance of adopting CSR policies. It is also crucial for companies to link their business

activities and sustainability strategies for success.

A study by Kashmanian, Wells, and Keenan (2011, p. 108) proposes that companies

may increase their competitiveness by giving back to the community. One of the best

strategies that the authors suggest is the alignment of company strategies with business

objectives to ensure optimal use of resources. Improvement of operational performance is

also an essential strategy for enhancing sustainability through reduced costs. Companies also
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 8

need to recognize the extent of the pollution caused by their activities and define appropriate

measures to protect the environment. A healthy relationship between the company and all its

stakeholders also promotes sustainability because it ensures uninterrupted operations.

Based on the literature as mentioned above, it is observed that there is the main

difference among different researchers on corporate social responsibility of the British

banking sector, which has significant implications for the banking sector to create a positive

image of the society. However, there is a gap in research of CSR to out the sector-wise

expenditure (Nicolopoulou, 2011). Moreover, these reports adequately not provide CSR

activities of every bank in the UK, which are listed as financial institutions. But they try to

express the actual data and relevant information that is disclosed in the financial statement

and annual reports based on the rules and regulations of bank guidelines.

According to Nicolopoulou (2011), CSR is evolving to match the organizational

cultures of various organizations. The purpose of the CSR is directed to the achievement of

the commitment to sustainable development. The objective engagement of the commercial

banks is viewed as an approach to improve the speed of achieving the objectives of CSR.

Nicolopoulou defines CSR as the purpose of the cleansing of the methods of competition

among commercial banks in the UK. The approach is geared towards enhancing the well-

being of the local people in the society. About 77% of the commercial banks surveyed are

involved in the provision of ethical disclosure; 90% of the commercial banks made

employees disclose their commitment to the service towards the well-being of the local

citizens. Even with the changes in the approaches taken by the commercial banks, it is only

20% of the organizations that have disclosed environmental conservation. Other

organizational commitments that are made are determined to be personal commitments in the

spirit of achieving the implementation of CSR. Even though the CSR combined objectives
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 9

are the same, various commercial banks in the UK apply it in different approaches and

strategies.

A research conducted by Williams et al. (2000) [9] contends that ventures increase

total deal profits. Eventually, Tom's perusing attempting for A CSR perspective; same the

long run critics argue that CSR distracts beginning with association’s fiscal a feature. An

examination compared existing econometric investigations of the relationship in the middle

of social Additionally cash related performance, completing up that those clashing

conclusions something like previous investigations rests positive, negative, and impartial cash

related impact, were due to faulty test analysis. Besides, guaranteed those perspectives, the

point when the examination will have a chance to be suitably specified, CSR compelling

reason an impartial influence when cash related conclusions. Luetkenhorst (2004), secured

nearby an investigation named ―Corporate social disclosure clinched alongside Bangladesh.

An examination of the money related Sector‖, corporate social commitment maybe not the

individuals just right circumstance that cash related associations face looking into An

environmental to simple corporate one gesture.

According to Wu, Meng-Wen (2017), British research yet again an examination

named CSR hones around sparing trade part reason for existing insane CSR recognizes an

organization's promise will fill in previously, socially during hazard route. Wu, Meng-Wen,

prompts an examination of "around ten profits of those benefits of the business banks.

Moreover, ran across that 100 banks accounted for their CSR activities settle on that;

similarly, 60% of banks took. A premium will prescribe CSR locale concerning outline stated

in budgetary indicate. Formerly expressed Think as of generally profitable touched hones

level of the corporate social commitment from a different viewpoint in this bringing over

indicate the individuals CSR in the obsession for admiration to sparing cash fragment toward
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 10

those frameworks starting with asserting business bank Concerning delineation the

individuals setting from submitting prudent crucial behavior procedure.

The voluntary disclosure that starts with the guarantee of standalone CSR reports

might be on those ascensions over corresponding commitments similar to those made a

decade ago (Wu, Meng-Wen, 2017). According to Corporate-Register, the individual's

issuances to voluntary standalone CSR Reports concerning canachites requirement produced

beginning for best Dow compound canachitesinc. Issuing independent CSR reports should

correspond with the 177 associations issuing standalone reports covering the individuals

exactly sometime 2008. Wu, Meng-Wen (2017), found that regarding 95% of, the most

significant 250 associations in the truth might immediately issue these standalone reports.

Similarly, as a delayed consequence of this improvement for issuing independent CSR

reports, there might make a forcing motivation behind on view every last one of the reason

associations pick around issue these reports When their practicality exertions Moreover

issues (Wu, Meng-Wen, 2017). Those late extension looking into voluntary rest of CSR is

excellent on the way due to the individual's effect something like Creating weight beginning

with both internal Also external stakeholders for associations for being of service corporate

nationals (Wu, Meng-Wen, 2017).

On the representative hand, bringing a feature On Besides rest CSR activities might

energy cost axillary vein once a firm, likewise of the degree that rivals misfire will

participate, A firm’s kept tabs position in the business focus might white collar of the way

(Luetkenhorst, 2004). On the other hand, a couple of diminishments gather will of service

corporate nationals. For example, previous inspect necessity showed that associations that

need aid alluded with requirement a particular obligation would CSR have help obligated will

productive surroundings.
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 11

Upkeep for agents sure dares the operations within the principles of CSR (Hopkins,

2015). Thus, A firm may voluntarily pick to issue a standalone CSR report out ought to

further bolster undertaking a picture that those associations might have a chance to be

socially careful Besides Regularly friendly (Hopkins, 2015). Standalone reports distinctively

sort starting with guaranteeing voluntary disclosure compelling reason support subordinate

upon those present that managers to associations wish to look into uncover additional

dominant part of the information in the trusts that the individual's stakeholders interpret such

information Also Similarly as Perfect of the stakes of the association.

According to McGuire et al. (2013), concerning illustration expressed toward, chiefs

acknowledge that a considerable benefit starting with guaranteeing to issue standalone CSR

reports will be reputation overhaul. These discoveries are asserted; eventually, Tom's

perusing McGuire’s who noted that mark overhaul Moreover reputation was the individual's

legitimate purpose behind issuing these reports. Same period precisely associations might

accessible trustworthy standalone CSR reports, distinctive associations could take advantage

regarding the dominant part of the information asymmetry and the nonattendance of

regulation if errand a guarantee around master social and surroundings.

The failure by companies to embrace responsible enterprise exposes them to

challenges that affect their competitive advantage negatively. A study conducted by

Baumgartner & Ebner (2010, p. 86) reveals that organizations that use green technologies

such as Dell have a better competitive advantage. Since 2015, Dell has reduced its emission

of greenhouse gases by 40%, contributing significantly to environmental conservation. The

effort by the company has promoted its competitive advantage by increasing its market share.

Based on the number of shipments, the company had a market share of 13.1% in 2014, and it

rose to 14.8 in 2016 due to its adoption of green technology in 2015 (The Statistica, 2017).
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 12

For businesses to appeal more to customers, they must ensure that they control the harm that

their activities may cause the environment.

Business activities are among the primary causes of the product waste challenges

faced by the community. Examples of difficulties caused by businesses include pollution that

may cause adverse effects on human health. However, Porters (2013) argues that companies

can be a source of solution to the social challenges experienced. Through corporate social

responsibility, companies can offer solutions to the challenges faced by society because of

their activities.

The theory of Corporate Social Responsibility is one of the approaches that explain

about challenges of responsible enterprise. The approach holds that the primary aim of

businesses in the community is to generate maximum profit for the company. However, the

markets should not make maximum benefits at the expense of the other stakeholders apart

from the shareholders (Rainey 2010, p. 56). Based on the insights developed by Milton

Friedman on corporate social responsibility, Melo and Galan (2011, p. 435) explain that

businesses act as agents to the stakeholders. The agency implies that their activities are aimed

at meeting the needs of all the stakeholders. However, most companies find it challenging to

balance the needs of different stakeholders (Moizer and Tracey, 2010, p. 258). For companies

to gain a competitive advantage in the market through corporate social responsibility, they

must engage in activities that have economic gains.

The commitment of the companies towards corporate social responsibility has yield

positive results that promote their competitive advantage (Massetti 2012, p. 54). However,

the increased competition in the business environment demands high efficiency of the CSR

actions. Establishing effective communication in the organization is a particular way of

succeeding in CSR initiatives. Effective communication ensures that the employees work in
FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 13

unison towards achieving the intended objectives. The commitment of top managers is the

other method of ensuring the successful implementation of CSR strategies (Garavan and

McGuire 2010, p. 490). The senior managers play a significant role in motivating the middle-

level and supervisors towards supporting CSR actions. Additionally, the top managers

provide the resources needed for the implementation of amicably because they understand the

significance of adopting CSR policies. It is also crucial for companies to link their business

activities and sustainability strategies for success.

A study by Kashmanian, Wells, and Keenan (2011, p. 108) proposes that companies

may increase their competitiveness by giving back to the community. One of the best

strategies that the authors suggest is the alignment of company strategies with business

objectives to ensure optimal use of resources. Improvement of operational performance is

also an essential strategy for enhancing sustainability through reduced costs. Companies also

need to recognize the extent of the pollution caused by their activities and define appropriate

measures to protect the environment. A healthy relationship between the company and all its

stakeholders also promotes sustainability because it ensures uninterrupted operations.

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 14

Methodology
Research Design
The research design for this study is a qualitative analysis, and thus it involves descriptive

and content analysis. The primary purpose of the analysis is to determine the effects of CSR

investment on the financial performance of UK banks. A sample of 21 banks was selected in

England for purposes of collecting data for at least ten years beginning 2008 to 2017. All the

21 selected banks were included in the analysis through content analysis of the annual reports

since 2008.

Data Sources
Most of the information gathered will be obtained from secondary sources. One of the

sources will be annual bank reports from the 21 selected banks throughout the ten years. One

of the reasons for the preference of secondary data was that there is limited time to collect all

necessary information to support conclusive analysis for this study. The credibility of the

information is checked through screening to ensure that the data collected is consistent and

relevant to the topic of study.

Document Analysis
Data collected from the annual bank reports for the ten years will be compared to

information collected from articles, reports, and journals to aid in the testing of the

hypothesis. Besides, the comparison will be made to ensure that the information obtained is

relevant to the topic of discussion and help in eliminating distorted data.

Ethical Consideration
Since most of the information obtained or collected for this study, it will be a requirement

that all the sources are cited appropriately. It is a requirement for the appreciation of the

primary researchers who serve as the sources of the information I gather in developing a new

finding. Besides, it will be made clear to all respondents that the study is voluntary and that

the data collected will be solely used for the research.

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 15

As outlined herein, the voluntary disclosure that starts with the guarantee of

standalone CSR reports might be on those ascensions over corresponding commitments

similar to those made a decade ago (Wu, Meng-Wen, 2017). According to Corporate-

Register, the individual's issuances to voluntary standalone CSR Reports concerning

canachites requirement produced beginning for best Dow compound canachitesinc. Issuing

independent CSR reports should correspond with the 177 associations issuing standalone

reports covering the individuals exactly sometime 2008. Wu, Meng-Wen (2017), found that

regarding 95% of, the most significant 250 associations in the truth might immediately issue

these standalone reports. Similarly, as a delayed consequence of this improvement for issuing

independent CSR reports, there might make a forcing motivation behind on view every last

one of the reason associations pick around issue these reports When their practicality

exertions Moreover issues (Wu, Meng-Wen, 2017). Those late extension looking into

voluntary rest of CSR is excellent on the way due to the individual's effect something like

Creating weight beginning with both internal Also external stakeholders for associations for

being of service corporate nationals (Wu, Meng-Wen, 2017).

Data Analysis
The primary consideration that has to be made is whether CSR expenditure

significantly influences the profitability of commercial banks in the UK. Such correlation can

be done by considering CSR expenditure as the dependent variable and bank profit as an

independent variable. Based on the considerations made herein, the null and alternative

hypothesis given as follows:

Ho [Null hypothesis]: there is no significant relationship between corporate social

responsibility expenditure and Bank profitability in the UK

Ha [Alternative hypothesis]: there is a significant relationship between corporate social

responsibility and expenditure Bank profitability in the UK

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 16

FINPERF = β0 + β1invCSR + β2DCSR + β3size + β4GROWTH + e

FINPERF = ROA = Net profit (Profit after tax)/Total assets

FINPERF = Financial performance of the bank (represented by ROA). ROA is

calculated by profit after tax divided by total assets. invCSR and DCSR are explanatory

variables. invCSRrepresents bank investment in CSR activities. As explained by Galant and

Cadez (2017), CSR variables in prior studies were found to be the reason for the diverse

outcome of the relationship between CSR and banks' financial performance. In our case,

DCSR represents disclosures of CSR activities by the bank. It is dummy variables based on 0

and 1. If banks have a dedicated section of the annual reports for CSR activities, then it's one

otherwise 0. Similar, two control variables are included in this model to achieve better and

more control results. One is size measurement, which is calculated through a total assets

investment. The second control variable is the growth in total assets. Pinpoint the idea of

including these variables to control the variation in the dependent variable.

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 17

Conclusion and Recommendations

The global financial crisis has generated a heavy burden for the Banking sector across

various countries around the world. Besides, the demand for CSR has increased in all areas of

production. The banking sector is not left behind; it has contributed to intense

competitiveness as well as the benefits of CSR that comes with the demand.

This research paper plays a critical role in coming up with a framework that initiates a

better understanding of CSR in the UK. It also harmonizes the link between CSR and the

banking sector based on social responsibilities and the outcome benefits of the commitment

commercial banks make in the UK. The research confirms that there is a significant

relationship between CSR commitment and the profitability of commercial banks in the UK.

Today, several companies, including banks, have heeded to the increasing demand for

involvement in CSR. The primary reason is that it comes with benefits for the organizations.

This research paper also provides clear identification of the barrier to the commitment

of organizations to CSR. Therefore recommendations would be that there is a need for a

regulatory framework that ensures that CSR is implemented by business organizations

purposefully for the well-being of the public. Some of the commitments include the

conservation of the environment through activities such as planting trees. Therefore, this

research is expected to contribute positively to the encouragement of CSR adaptability and

the success of CSR implementation in banks.

FINANCIAL IMPACT OF CSR INVESTMENT ON UK BANKS 18

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