Measuring corporate social responsibility commitments in the Malaysian financial services industry

• Main Authors: Muwazir M.R., Abdul Hadi N., Yusof M.
• Format: Article
• Language: English
• Published: 2017
• Subjects: Commitments; Corporate social responsibility; Emerging country; Executives; Financial industry; Malaysia
• Online Access: http://ddms.usim.edu.my:80/jspui/handle/123456789/15440
• Institution: Universiti Sains Islam Malaysia

Corporate social responsibility (CSR) agenda has increasingly come under the spotlight over cases of unethical business practices by public and private companies around the world. Shareholders and members of the general public are being confronted with a steady stream of corporate scandal that has an increasingly deteriorating effect on investors' confidence (Miller, 2009). In fact, the importance of CSR commitments and initiatives may have a direct impact on the success of the future business atmosphere as many organisations worldwide have come under pressure to comply with the international CSR standards and practices (Miller, 2009). In order to demonstrate the commitment to achieve economic advancement, Malaysian government is keen to incorporate CSR programmes into companies' agenda to heighten their profile, so that they can gain recognition and increase investors' confidence from the perspective of local and international investors. Therefore, this paper seeks to measure the level of CSR commitment by financial sector in Malaysia. 376 respondents selected from financial executives were asked to indicate their companies' level of commitment towards 17 elements of CSR. Overall, the findings indicate that financial services sector in Malaysia promotes important roles in community and environment, culture and philanthropy.