Int. J. Financial Stud., Volume 8, Issue 4 (December 2020) – 21 articles
Cover Story (view full-size image): As the events of 2020 have shown, social and economic responsibilities are innately connected. Banks are at the core of these connections because banks determine which investments get made. This study considers how the CSR investments that banks make impact their own future, making a distinction between internal and external CSR investments. Internal investments are those that narrowly consider internal stakeholders, while external investments consider a broader, more inclusive nexus of stakeholders. The results show that CSR investments by banks do create bank value and lower bank risk, but this is entirely driven by their external CSR investments, not by their internal CSR investments. The moral is that greenwashing destroys value while long-term strategic and inclusive CSR investments create value, growth and prosperity for U.S. banks. View this paper.
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