Sivaprasad, S. 2024. Islamic and Conventional Financial Institutions: Emerging Market Perspectives on Corporate Social Responsibilities. Pertanika Journal.
| Title | Islamic and Conventional Financial Institutions: Emerging Market Perspectives on Corporate Social Responsibilities |
|---|---|
| Type | Journal article |
| Authors | Sivaprasad, S. |
| Abstract | Concerns about corporate social responsibility (CSR) have emerged for several reasons related to the change in the CSR agenda and international compliance. This study presents new evidence by investigating the perceptions of CSR practices among executives of Islamic and conventional financial institutions in Malaysia, a prominent financial hub and partner for Middle Eastern, Central Asian, and European markets. The paper employs a mixed methods approach, using survey questionnaire covering 27 Islamic and 20 conventional financial institutions and probit regression to test the effect of executives’ attributes on the importance of different elements of their perceived CSR. The findings challenge a prevailing CSR view that underplays the importance of values and responsibilities. Overall, the results show that executives’ pay close attention to ethical considerations, contrary to longstanding prior results. Findings reflect stakeholders’ interest in corporate environmental, social, and governance (ESG) practices, prompting businesses to align with long-term social and ethical values beyond financial returns. This paper adds to literature on CSR in financial institutions providing insight on the impact of executives’ attributes. It provides a clear understanding of CSR in Islamic and conventional financial institutions grounded in the framework of stakeholder theory. |
| Keywords | Corporate social responsibility (CSR) |
| executives’ demographics | |
| developing countries | |
| emerging markets | |
| Islamic finance | |
| financial institutions | |
| Journal | Pertanika Journal |
| Year | 2024 |
| Publisher | Universiti Putra Malaysia Press |
| Publisher's version | License CC BY-NC-ND 4.0 File Access Level Open (open metadata and files) |
| Publication dates | |
| Published | 06 Nov 2024 |