How banks are supporting local economies facing the current financial crisis An Italian perspective

摘要

Purpose - This paper aims to understand how Italian banks are supporting their local economies in facing the current financial crisis through corporate social responsibility (CSR) strategies. Design/methodology/approach - This paper is the result of research conducted through multiple case studies to identify best practices in the Italian financial sector. Findings - The research shows that banks are working in the CSR field, not only with a compliance approach, but trying also to support the local economies where they operate. Research limitations/implications - Only a limited number of banks were studied and the research relied on banks' web sites and documentation - which may be affected by self-reporting bias. Practical implications - The paper presents an example of how banks can integrate societal need in their daily business, improving the context and by that improving also their reputation. Originality/value - The paper illustrates that the current financial crisis offers banks the possibility to rethink their societal role and move from a compliance approach to CSR to a more strategic one.