CORPORATE SOCIAL RESPONSIBILITY IN ENSURING AN EFFECTIVE MANAGEMENT SYSTEM OF BANKS 'STAKEHOLDERS' RELATIONSHIPS

Keywords: stakeholders, corporate governance, corporate social responsibility, social programs, banking

Abstract

The management of a modern bank is one of the most important areas of activity, as banks have become at the center of economic, political and social nature. Therefore, there is a need to choose an adequate efficiency model; development and implementation of a system of tools that allow at all levels of the bank to make sound management decisions on resource provision in order to increase its value for all stakeholders, expressed in its profitability and stability of financial relations between them.

The paper identifies that social responsibility involves voluntary actions of the bank aimed at taking into account the interests of society, employees, partners and other stakeholders. The bank's corporate ethics is a culture of interaction between management and staff among themselves and with external stakeholders.

The main quantitative criteria for assessing the level of social responsibility of banks through the establishment of relationships: staff (labor responsibility), consumers, business partners, society and the environment, the state (economic responsibility).

From the point of view of social responsibility management in Ukrainian banks, it has been proved that this system is gradually gaining momentum in terms of its perception by stakeholders. Banks are implementing social activity, but the target audiences are not always interested in learning about social responsibility, or the institutions themselves do not sufficiently advertise their success in this area.

Compliance with social responsibility is a definition of responsibilities, a philosophy of management behavior that influences the behavior, actions of all staff of the bank, which in turn contributes to the sustainable development of not only the company but also society as a whole.

The conclusions present that modern management principles should contribute to the formation of a set of actions aimed at ensuring the security and development of the internal (welfare of employees, shareholders) and external environment of the bank (social development, environment) in particular and humanity as a whole without violating values. and the rules on which corporate culture is based.

Downloads

Download data is not yet available.

Author Biographies

Victoria Kovalenko, Odessa National University of Economics

доктор економічних наук, професор, професор кафедри банківської справи

Elena Sergeeva , Odessa National University of Economics

PhD of economics, Associate Professor, Associate Professor of the Department of Banking

Tatiana Ivanova , Legal Support Department of the Regional Branch of the State Property Fund of Ukraine in Odesa and Mykolayiv Regions

Chief Specialist

References

Bezditniy̆, V. (2013). Corporate governance in the banks of Ukraine. Consideration of regulatory regulation by experts. Legal newspaper. №49, 12–13.

Kovalenko, V, Sergeeva, O. (2020). Stakeholders and their impact on the development of banking business. Economic discourse. International Scientific Journal. №2, 75-85. DOI: https://doi.org/10.36742/2410-0919-2020-2-8

Voronchak, I. (2018). National models of social responsibility of business: features and mechanism of formation. Economy and society. №17, 24-29. DOI: https://doi.org/10.32782/2524-0072/2018-17--4.

Kozub, V., Chernyshova, L. (2019). Influence of foreign experience on the formation of the domestic model of socially responsible business. Scientific Bulletin of Uzhgorod National University. №25. Part 1, 121-125.

Antonov, A. (2015). Directions for stimulating the development of corporate social responsibility: foreign experience. Public administration: improvement and development. №8. Retrieved from URL: http://www.dy.nayka.

com.ua/?op=1&z=926.

Grishnova, O. (2011). Social responsibility in the context of overcoming the systemic crisis in Ukraine. Demography and social economy. №1(15), 39-46.

Lunkina, T., Karatay, T. (2017). Estimation of socially-oriented policy in banking institutions of Ukraine. «Modern Economics». №6, 130-137.

Oliynyk, L. (2019). Development of corporate social responsibility in the banking sector of Ukraine. Finance, accounting, banks. №1 (24), 57-67. DOI: http//dx.doi.org/10.31558/2307-2296.2019.1.6

Fridman, M. (1970). The Social Responsibility of Business is to increase its Profits. New York Yimes Magazine. 122-126.

Sardak, S., Bilskaya, О., & Simakhova, A. (2017). Potential of economy socialization in the context of globalization. Economic Annals-XXI. №164 (3-4). 4-8.

Verbytska, Ya. (2015). Directions for ensuring the competitive position of Ukrainian banks. Status, problems and prospects of improving the economy of Ukraine: materials of the reports of the International scientific-practical conference. Uzhhorod: Helvetica Publishing House. Part. 2, 51-54.

Blagov, Yu. (2004). The concept of corporate social responsibility and strategic management. Russian Journal of Management. №3, 17-34.

Social responsibility of business: understanding and implementation. Retrieved from URL: http://www.un.org.ua/files/Concept_Paper.pdf.

Kotler, F., Armstrong, G. (2003). Fundamentals of marketing. Moscow: Williams Publishing House, 1200.

Lasukova, A. (2011). The essence of the concept of “social corporate viability” and its implementation in Ukrainian banks. Scientific Bulletin of the DSEA. №1 (7), 286-290.

Reputational activists. Rating results. (2021). Retrieved from URL: http://repactiv.com.ua/ru/results.

Published
2022-04-15
How to Cite
Kovalenko, V., Sergeeva , E., & Ivanova , T. (2022). CORPORATE SOCIAL RESPONSIBILITY IN ENSURING AN EFFECTIVE MANAGEMENT SYSTEM OF BANKS ’STAKEHOLDERS’ RELATIONSHIPS. Financial and Credit Systems: Prospects for Development, 1(4), 71-82. https://doi.org/10.26565/2786-4995-2022-1-07
Section
Management of financial and credit systems and the socio-humanitarian component