Meta-synthesizing of Practices of Corporate Social Responsibility: External Stake-holders Approach

In the context of today's intensely competitive environments, the ability of organizations to meet and exceed the expectations of their key stakeholders has become increasingly crucial for their survival, as well as for boosting their overall competitiveness and productivity. This dynamic forms the crux of a significant issue in the realm of effective interaction between organizations and their external environment, widely recognized as "corporate social responsibility" (CSR). The critical importance of CSR in the competitive landscape of today's markets has led to a proliferation of scholarly studies from varied perspectives, each with distinct objectives. In pursuit of gaining a deeper and more comprehensive understanding of the CSR practices adopted by organizations, this research has undertaken a detailed review and classification of the strategies that banks have implemented in alignment with their responsibilities towards external stakeholders.

This study is conducted as qualitative applied research employing a meta-synthesis approach. The data sources for this investigation included a curated selection of articles from international scientific databases, carefully chosen based on stringent criteria designed specifically for the meta-synthesis process.

The practices that banks have adopted in accordance with their corporate social responsibility towards their external stakeholders can be systematically categorized into five principal groups: actions related to society, the environment, customers, competitors, and suppliers. Delving deeper, societal-related actions are subdivided into six classifications: economic, social, legal, artistic-cultural, educational, and sanitary-health initiatives. Environmental CSR actions by banks are grouped into four distinct categories: resource and energy consumption management, environmental protection efforts, environmental development initiatives, and practices related to green banking. The classifications of actions related to customers are delineated based on the nature of customer interactions, the quality of customer service provided, the intrinsic qualities of the products, and the delivery methods of these products. Additionally, the expectations of stakeholders compel banks not only to act ethically towards their suppliers and competitors but also to avoid any unethical practices. Although the actions taken in this regard are less numerous than those aimed at other stakeholders, their importance in the CSR strategies of banks cannot be underestimated.

The diligent efforts of banks to align with the expectations of their stakeholders establish them as socially accountable entities, which significantly enhances their sustainability and continuous productivity within competitive markets. The distinctive nature of the research methodology, incorporating both qualitative approaches and meta-synthesis strategies, enabled the researchers to tackle this issue from a holistic perspective. Consequently, the practices of corporate social responsibility in the banking sector with regard to external stakeholders were exhaustively identified and systematically classified. These comprehensive findings provide a valuable and effective framework for banks and other akin organizations to develop and refine their corporate social responsibility programs concerning external stakeholders.