Empirical study on the correlation of corporate social responsibility with the
banks efficiency and stability
T. A. Vasileva, Doctor of Economic Sciences, professor,
Head of Banking Department
Ukrainian Academy of Banking of the National Bank of Ukraine, Sumy
A. S. Lasukova, PhD candidate
Ukrainian Academy of Banking of the National Bank of Ukraine, Sumy
Abstract.
The aim of this paper is to investigate the relationship between the corporate
social responsibility concept and the most important characteristics of the banking
– efficiency and stability in a sample of twelve Ukrainian banks, which are the
biggest one in Ukraine according the National bank of Ukraine (NBU)
classification. Our research covers the period from 2006 to 2012. Drawing on the
literature review, we pointed out two main hypothesis related to the impact on the
corporate social responsibility concept (CSR) of the following independent
variables: 1 – efficiency (as a short term period characteristics of banking), 2 –
stability (as a long term characteristics of banking).
Keywords: bank, corporate social responsibility, efficiency, stability,
sustainable development.
1. Introduction.
Spread of the CSR concept in the developed countries ensures its
implementation in different areas of activity in developing countries and provides
an increase of responsibility level of liability of business entities for the
consequences of their activity. Social responsibility in banking is realized in
several aspects such as: providing of society sustainable development, ethical and
transparent doing business, loyalty to staff, environment protection (banks could be
participants of "Green Office" initiative), adjustment of connection and satisfaction
of stakeholders.
CSR is one of the most important instruments of ensuring of country
sustainable development in general and separate business entities in particular.
CSR is an integral element and a key instrument of society sustainable
development concept that is declared by international organizations such as the
World Bank, United Nations, European Commission: Research & Innovation –
Sustainable Development) etc.
The paradigm of sustainable development is based on the Triple Bottom
Line (TBL) approach – sustainable development is determined through
identification of influence of company on country development in context of its
shareholder value (economic value), social and ecological capital (social and
ecological value). These three directions are the base of any company
development.
In context of social and environmental projects implementation banks
have an indirect impact on society and the environment through the mechanism of
their customers financing. The main business practices of banks in these areas are:
 social and environmental risk assessment in sphere of finance;
 responsible lending;
 creating the fund of social and environmental projects financing;
 projects of environmental safety;
 socio-ecological criterion as a key factor of selecting clients selecting;
 disclosure of the information about social and environmental activity,
information security projects.
Most of these management practices of socially responsible business
actively used abroad where banks operate stably for a long time. That's why
nowadays it's very urgent problem for Ukraine to ensure financial stability of the
bank in context of its strategic development and to provide and increase of bank
performance in context of tactic of social initiatives realization.
The investigations of determination the correlation between CSR and
financial performance of the entity (including banks) is a key scientific problem
that is described in significant amount of fundamental research papers. Among the
authors of these researches should be noted such scientists as McGuire J.,
Sundgren A., Schneeweis T. (McGuire, J., Sundgren, A., Schneeweis, T., 1988),
McWilliams A., Siegel D. (McWilliams, A., Siegel, D., 2000), Waddock S.,
Samuel B. (Waddock, S., Samuel, B., 1997), Cochran P., Wood R. (Cochran, P.,
Wood, R., 1984), Orlitzky M., Schmidt F. and Rynes S. (Orlitzky, M., Schmidt, F.,
Rynes, S., 2003), Aupperle K. E., Carroll A. B., Hatfield J. D. (Aupperle, K. E.,
Carroll, A. B., Hatfield, J. D., 1985), Moskowitz M. (Moskowitz, M., 1972),
Alexander G. J.and Buchholz R. A. (Alexander, G. J., Buchholz, R. A., 1978). All
this papers are devoted to the problem of identification positive, negative or neutral
correlation between CSR and financial performance. The key indicators of positive
connection are ROA, ROE, ROI, market share, etc. (Roman R., Hayibor S., Agle
B., 1999; Ullmann A., 1985). The negative connection could be demonstrated by
changing the companies share prices, their profits, dividend, etc. ( Alexander, G. J.,
Buchholz, R. A., 1978).
So, in our research we try to investigate the correlation between CSR and
two most important banks characteristics such as effectiveness and stability in
Ukrainian economic conditions. Also we pointed out two aspects of banking –
short- and long-term activity. In second part of research we present the theoretical
model and our hypotheses, characterize the most common efficiency and stability
indicators, and propose the general description of the correlation between banks
CSR and stakeholder approach in the context of its sustainable development. Third
part of the paper describes the data set and the variables. In the fourth part we
present the methods adopted in the econometric analysis and its results and
implications. In the final fifth part we present conclusions and significant issues for
future research.
2. Theoretical framework and hypotheses.
There are a lot of scientific studies concerning to the problem of correlation
between CSR and efficiency and stability, but according to the banking practice the
approach of Keffas G., Olulu-Briggs O. (Keffas, G., Olulu-Briggs, O., 2011) is the
most useful. Their scientific work is devoted to researching of bank efficiency.
Scientists founded out a clear correlation between CSR and the financial results in
USA, UK and Japan banks. All banks in the study were divided into two groups:
the first one – banks that declare the presence of corporate social responsibility, the
second one – banks in which corporate social responsibility is absent. The authors
note that sustainable (those that implement corporate social responsibility) banks
have better capital adequacy, but a lower rate of return than banks that do not
spend money on social programs. Confirming the hypothesis about the presence of
a close positive correlation between corporate social responsibility and financial
results, the researchers note that despite a significant reduction in liquidity socially
responsible banks, implementation of social measures in their activity helps to
accumulate competitive advantage in long-term perspective.
According to the International Monetary Fund analytical papers key
indicators of bank financial stability are those that illustrated on figure 1.
According to the information that is presented on figure 1 it's necessary to
highlight that determined indicators allow to identify the level of bank stability
through the finance perspective as an opportunity to repay its obligations in time,
absorb and hedge the risks of deposits outflow etc. But in context of corporate
social responsibility concept and stakeholder approach implementation it would be
reasonable to expand the list of bank financial stability indicators recommended by
IMF. It's stipulated by the fact that the list of indicators presented on figure 1 allow
to assess only the financial stability of the bank but ignore such important elements
of sustainable development concept as social and ecological perspectives.
It's necessary to identify that stakeholders' interest are varying depending on
duration of cooperation with bank: most of stakeholders are interested in stable
income on sufficient level in short-time period and in social status, career growth
and development opportunity, stable bank development that provides an increase
of society welfare level in long-term period. Thus, key stakeholders' interests in
long-term period are non-material values. Therefore, the main indicator of
stakeholders' interest satisfaction in long-term perspective is an indicator of bank
stability and in shirt-term period – efficiency.
Capital-based
Liquid assets to total assets (liquid asset ratio) (core).
Liquid assets to short-term liabilities (core).
Customer deposits to total (noninterbank) loans.
Return on assets (net income to average total assets) (core).
Nonperforming loans to total gross loans (core).
Sectoral distribution of loans to total loans (core).
Residential real estate loans to total loans.
Commercial real estate loans to total loans.
Geographical distribution of loans to total loans.
Foreign-currency-denominated loans to total loans.
Foreign-currency-denominated liabilities to total liabilities.
Income- and
expense-based
Regulatory capital to risk-weighted assets (core).
Regulatory Tier 1 capital to risk-weighted assets (core).
Capital to assets.
Nonperforming loans net of provisions to capital (core).
Return on equity (net income to average capital [equity]) (core).
Large exposures to capital.
Net open position in foreign exchange to capital (core).
Gross asset and liability positions in financial derivatives to capital.
Net open position in equities to capital.
Asset-based
Bank financial soundness indicators




Interest margin to gross income (core).
Trading income to total income.
Noninterest expenses to gross income (core).
Personnel expenses to noninterest expenses.
Fig. 1. Bank financial soundness indicators recommended by International
Monetary Fund (IMF, 2006)
Thus, we need to propose the next hypothesis:
Hypothesis 1: CSR has a positive impact on banking activity efficiency.
Hypothesis 2: CSR has a positive impact on bank stability.
It's necessary to highlight that nowadays there is an opportunity to check this
hypothesis only with the help of bank financial stability indicators, because there
are no data for quantification of social and ecological aspects of banking activity.
Hypothesis 3: There is a time log of CSR measures on financial stability of
the bank.
3. Methodology, data description and variables.
The methodology of banking business efficiency assessment could be
presented by the next groups of methods (Khailuk S. O., Melnyk T. M., 2010):
coefficient method (traditional method); parametric methods (econometric
analysis); non-parametric methods (mathematics programming); rating methods;
analytical methods (DuPont model); value-based methods (for example EVA® economic value added). Change of the paradigm of banking business doing,
implementation of social aspects in its activity, development of scientific
approaches in efficiency assessment sphere provides the usage both traditional and
more modern and substantial methods that give an opportunity to get structured
and scale outputs on banking business efficiency.
Parametric and non-parametric methods differs by the kind of functional
level of efficiency, presence of random variable and character of its distribution,
and instruments of comparative assessment of research objects.
Critical literature review of theoretical approaches to the assessment of the
banking activity efficiency level allows to define the most appropriate group of
methods for the research. From our point of view the parametric methods are more
suitable because of its opportunity for identification the discrepancy in efficiency /
stability level of banking activity in the whole sampling. The specific feature of
this group of methods is the identification of the most effective bank in the whole
sampling and comparison the efficiency level of other banks with it. In our
opinion, there is no absolutely effective in stable bank in the sampling, that's why
the stochastic frontier approach (SFA) is the most appropriate. According to this
method, there should be built a conventional bank with 100% efficiency / stability
level on the base of information database and than the impact of the factors on
separate bank activity results could be identified. Thus, the indicator of lost
efficiency / stability is determined.
There is should be clarified the key quantitative parameter which identify the
bank efficiency as profit before tax for confirmation or refutation of hypothesis 1.
Its can be argued by using the productive approach. According to the theory of
financial intermediation the main goal of the banking business is to make profit.
It's necessary to highlight that on the bank efficiency estimation stage the
productive approach is admissible in consideration of CSR concept and doesn’t
contradict to the stakeholder approach and the principles of socially responsible
business and determine the possibility of expanding range of social initiatives of
the bank.
To confirm or refute the hypothesis 2 we will be guided by empirical studies
of foreign scientists (Roy A.D., 1952; Čihák M., 2006; Boyd J. H. and Runkle D.
E., 1993; Maechler A., Srobona M. and Worrell DeLisle, 2005; Schaeck K., Čihák
M. and Wolfe S., 2006) and official documents of the IMF, where the composite
indicator 𝑍𝑠𝑐𝑜𝑟𝑒 was identified as bank stability indicator. 𝑍𝑠𝑐𝑜𝑟𝑒 indicator was
proposed by Roy A. D. (Roy A.D., 1952) and its calculation provides the
probability of bankruptcy (insolvency) of the bank. 𝑍𝑠𝑐𝑜𝑟𝑒 calculation presented
on the following formula (1):
𝑍𝑠𝑐𝑜𝑟𝑒𝑖𝑡 =
̅̅̅̅̅̅𝑖𝑡 )
(𝐸𝐴𝑖𝑡 + 𝑅𝑂𝐴
⁄
√𝑉𝑎𝑟(𝑅𝑂𝐴𝑖𝑡 )
(1)
where, 𝑍𝑠𝑐𝑜𝑟𝑒𝑖𝑡 – stability indicator of bank i in period t;
𝐸𝐴𝑖𝑡 – correlation between equity capital on bank i and its total asset
in period t;
̅̅̅̅̅̅𝑖𝑡 – return on asset mean of bank i in period t;
𝑅𝑂𝐴
𝑉𝑎𝑟(𝑅𝑂𝐴𝑖𝑡 ) – variance of 𝑅𝑂𝐴 of bank i in period t.
Increasing the value of 𝑍𝑠𝑐𝑜𝑟𝑒 shows increased stability of the bank and its
reduction on the contrary – to increase the probability of bank failure.
The economics model formalization will be actualizing by example of
hypothesis 1.
Objects of the model of correlation between CSR and bank efficiency are
twelve Ukrainian banks, which are the biggest one in Ukraine according the NBU
classification: Public Joint Stock Company “Privatebank”, Joint-stock company
“Oschadbank”, Public Joint Stock Company “Raiffeisen Bank Aval”, Public Joint
Stock Company “FUIB”, Public Joint Stock Company “UkrSibbank”, Public Joint
Stock Company “Nadra”, Public Joint Stock Company “Finance and Credit Bank”,
Public Joint Stock Company “Brokbiznesbank”, Joint Stock Company “OTPbank”,
Public Joint Stock Company “Ukrhasbank”, Public Joint Stock Company
“Alfabank”.
The objects selection of study specified by:
 constant presence within the first group according to NBU classification
(banks – market makers);
 the high level of bank transparency;
 fulfillment of economics model conditions of homogeneity and
comparability of panel structure of data;
 opportunity to compare the efficiency of CSR banks and non-CSR banks
(JSC “Oschadbank”, JSC “OTPbank”, PJSC “Ukrhasbank”).
The objective function of the efficiency model is represented as a profit
before tax (formula 2), which allows to take into account not only the interests of
business owners (such as the use of net profit variable), but also other stakeholders,
including staff (timely and adequate salaries), government (the size of tax revenue)
and others (Battese G., Coelli T., 1995; Berger A., Humphrey D., 1997; Buriak, A.
2012).
𝑂𝑃𝑖 = 𝑓(𝜇; 𝑍𝑖 ) + 𝑡𝑖 − 𝑟𝑖 ,
(2)
where 𝑂𝑃𝑖 – profit before tax of bank i;
𝜇 – the group of resultant variable;
Zi – the group of direct impact variables of bank i;
𝑡𝑖 – statistical error;
𝑟𝑖 – inefficiency indicator (shows the indirect factors influence on bank
activities and calculated on the base of truncated distribution law).
The input, output and optional variables are the information background of
the economics model, provides to bank the opportunity of acting like financial
intermediary and making profit. This parameters was studied thorough in paper
Buriak A. (Buriak A. V., 2012) and used to modify the SFA method in the context
of the banking business. At the same time, in our research the CSR parameter was
included to modified SFA method as an independent variable which helps to
determine the correlation between the efficiency of bank business and its corporate
social responsibility (figure 2)
Production function 𝑂𝑃𝑖 = 𝑓(𝜇; 𝑍𝑖 ) + 𝑡𝑖 − 𝑟𝑖
Input variables
Output variables
Sa – General administrative costs per unit
of total income of the bank
Sb – Salaries, marketing and advertising
costs per unit of total revenues
Yc – Share of bad loans in bank credit
portfolio
Ip – Percentage of net interest income
generated per unit of operating assets (net
profit margin)
In – Percentage of net non-profit income
generated per unit of operating assets (net
non-profit margin)
Yf – Bank net interest
spread
Asset – Bank asset
size
Optional variables
CSR (independent variable)
Fig. 2. Input and output parameters of the model of estimation the efficiency
of the banking business
The data collection process covers the period from 2007 until 2012.
SFA method provides the application software FRONTIER Version 4.1 for
evaluating the effectiveness of the bank business. This software use maximum
likelihood method in estimation of model variables.
One of the characteristics of economics model is using the translog
production function which provides te identification of the impact of various
factors on the efficiency of the bank (formula 3):
ln (
𝑂𝑃′𝑖𝑡
𝐴𝑠𝑠𝑒𝑡𝑖𝑡
) = 𝜇0 + ∑2𝑝=1 𝜇1 ln(𝐼𝑝𝑖𝑡 ) + ∑2𝑛=1 𝜇2 ln(𝐼𝑛𝑖𝑡 ) +
∑2𝑎=1 𝜇3 ln(𝑆𝑎𝑖𝑡 ) + ∑2𝑏=1 𝜇4 ln(𝑆𝑏𝑖𝑡 ) + ∑2𝑐=1 𝜇5 ln(𝑌𝑐𝑖𝑡 ) +
1
1
2
2
∑2𝑓=1 𝜇6 ln(𝑌𝑓𝑖𝑡 ) + ∑2𝑝=1 𝜇7 ln(𝐼𝑝𝑖𝑡 ) ∗ ln(𝐼𝑝𝑖𝑡 ) + ∑2𝑛=1 𝜇8 ln(𝐼𝑛𝑖𝑡 ) ∗
1
1
2
2
ln(𝐼𝑛𝑖𝑡 ) + ∑2𝑎=1 𝜇9 ln(𝑆𝑎𝑖𝑡 ) ∗ ln(𝑆𝑎𝑖𝑡 ) + ∑2𝑏=1 𝜇10 ln(𝑆𝑏𝑖𝑡 ) ∗
ln(𝑆𝑏𝑖𝑡 ) +
1
2
1
∑2𝑓=1 𝜇11 ln(𝑌𝑓𝑖𝑡 ) ∗ ln(𝑌𝑓𝑖𝑡 ) + ∑2𝑐=1 𝜇12 ln(𝑌𝑐𝑖𝑡 ) ∗
2
1
ln(𝑌𝑐𝑖𝑡 ) + ∑2𝑝=1 ∑2𝑛=1 ln(𝐼𝑛𝑖𝑡 ) 𝜇13 ln(𝐼𝑝𝑖𝑡 ) ∗ ln(𝐼𝑛𝑖𝑡 ) + … + ∑30=1 𝜕0 𝑞0𝑡 +
2
ln(𝑡𝑖𝑡 ) − ln(𝑟𝑖𝑡 )
(3)
where qot– dummy variable of quarter.
The formula 3 shows that the model was included a dummy variable that
identifies the quarter (qot). This parameter allows to consider the seasonal factor
that is inherent in the banking and significantly affects banks performance.
There are only two alternatives of applying the concept of CSR in banks - to
implement or not implement the social aspects of their activities, therefore, in our
opinion, the binary method is the best method to make results for the CSR to the
comparable form according to the SFA method. So, parameter 1 is getting by bank
which use CSR, if not – 0 (formula 4)
0, 𝑖𝑓 𝑏𝑎𝑛𝑘 𝑑𝑜𝑒𝑠 𝑛𝑜𝑡 𝑖𝑚𝑝𝑙𝑒𝑚𝑒𝑛𝑡 𝑡ℎ𝑒 𝐶𝑆𝑅 𝑐𝑜𝑛𝑐𝑒𝑝𝑡
𝐶𝑆𝑅 = {
1, 𝑓 𝑏𝑎𝑛𝑘 𝑖𝑚𝑝𝑙𝑒𝑚𝑒𝑛𝑡 𝑡ℎ𝑒 𝐶𝑆𝑅 𝑐𝑜𝑛𝑐𝑒𝑝𝑡
4. Results.
(4)
The results of practical approbation the economics model of identifying the
correlation between CSR and bank efficiency and stability presented in table 1
Table 1: The results of testing the economics model of the correlation
between CSR and efficiency and stability of the banking business (fragment)
Independent
variables
Coefficient
Standard error
T-ratio
Confidence interval 5%
CSRH1
-1,5486
0,0074
-2,0677
Confidence interval 1%
CSRH2
-1,8451
0,3262
-5,6550
In our economics model we used the maximum likelihood method for
estimation the translog production function (for H1 – profit before tax, for H2 –
bank financial stability as a 𝑍𝑠𝑐𝑜𝑟𝑒). The adequacy test of the model effects by
comparing the value of log likelihood function with the Pearson's chi-squared test
(likelihood ratio). The result of testing the hypothesis about correlation between
CSR and effectiveness of bank business indicate the level of log likelihood
function such as -255,33 not exceeding the Pearson's chi-squared ratio such as
15,66. As for hypothesis about correlation between CSR and bank financial
stability, the value of log likelihood function was identified as -364,82<15,66.
Thereby the both economics models are adequate.
The independent variable CSRH1 has a minus sign what concerning to its
economical essence: fewer social activities implemented by bank, the greater is its
deviation from the reference level of efficiency, the greater is the amount of
foregone earnings of the bank. Thereby the hypothesis 1 is confirmed.
The independent variable CSRH2 according to t-ratio disposed in 1%
confidence interval. This suggests the importance of correlation between the results
of the CSR concept and bank sustainability, whereas the actual value of Student's tratio exceeds the critical (5,6550> 2,7500). The independent variable CSRH2 has a
minus sign what concerning to its economical essence. The modified stochastic
frontier approach, which is used in our research, suppose the necessity of
identification the index of lost stability. Thus, the index of lost stability (deviation
from the reference frontier of stability) on the assumption of results of estimating
the correlation between CSR and bank financial stability, is inversely proportional
to the investment in social initiatives.
Thereby hypothesis of correlation between CSR and financial stability is
confirmed.
Hypothesis 3 of presence of time lag in social arrangements that influences
on bank financial stability was put forward in our economics model. Time
separation between independent variable – 𝑍𝑠𝑐𝑜𝑟𝑒, and input model parameters
was suggests for confirmation hypothesis or its dismissal. The results of hypothesis
testing are presented in table 2.
Table 2: The results of testing the time lag in social arrangements that
influences on bank financial stability
Standard error
Displacemen (compared with
Model
Hypothesis t of CSR a model without
adequacy
data
displacement of
CSR data)
-295,47
one year
0,4418>0,3262
>15,66
CSR has
two years
-221,40
influence
0,6843>0,3262
>15,66
on
bank
three years
financial
stability
-149,85
with time
5,0004>0,3262
>15,66
lag
Suggestion
The hypothesis was
not confirmed, the
value of the standard
error increases with
the displacement data
of CSR, the value of
log
likelihood
function
increases
with the displacement
data
5. Discussion and conclusion.
The data analysis presented in table 2 illustrates the absence of time lag in
social arrangements that influences on bank financial stability. That is confirmed
of smaller value of standard error comparing to model without displacement of
CSR data. That conclusion suggests the necessity of long-term strategy of
implementing the social arrangements in bank which provides the positive
influence on bank financial stability year-by-year.
The model estimation results presented in table 1, 2 confirm the foundations
outlined above implementation of the concept of corporate social responsibility –
the single social arrangements has no economic value and does not effect on
efficiency and stability of the bank during the long period of time. That is why the
implementation of CSR measures in the current year does not affect the bank's
financial position as follows. Based on this conclusion, the CSR concept should be
durable and planned qualities which help to increase the efficiency of the bank and
its stability as a whole.
To sum up the findings of investigations the following should be mentioned.
CSR concept can ensure to bank the financial and nonfinancial advantages in
contemporary competitive conditions. There is a positive correlation between CSR
and efficiency of banking business which is one of the prerequisites for successful
implementation of the social initiative of its activities. It should be emphasized that
the results for banks that are not market-makers (second, third, fourth group of the
National bank of Ukraine classification) may differ from those that are achieved in
the study. Recommendations for the full-scale implementation of the CSR concept
should be provided, taking into account the bank's market share, its specific
activity. However, every bank, represented by its decision-making body, should
understand the level of its responsibility to society and strive for sustainable
development of bank and, as a result, the research study on the advantages of CSR
concept implementation in the banking activity as one of the fundamental element
of bank development strategy becomes very urgent.
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Frontier
V4.1:
Centre
for
Efficiency
and
<http://www.uq.edu.au/economics/cepa/frontier.php>
Productivity
Analysis