The social role of financial companies as a determinant of consumer behaviour

Abstract

Purpose

The present study aims to analyze the influence of ethical and philanthropic responsibility of a financial entity on consumer behaviour. Specifically, it aims to analyze relationships among these dimensions and diverse constructs, such as the relationship satisfaction, trust, identification with the firm, business performance, relational outcomes and loyalty.

Design/methodology/approach

The benefits of corporate social responsibility as a marketing tool are analyzed in a real context, directly asking the user for his/her perceptions about the financial entities. A personal survey for users was carried out, obtaining 789 valid responses. In order to comply with the aims of this research a model of structural equations was developed.

Findings

It is seen that the relationship satisfaction, trust and identification with the entity are the main determinants of loyalty, while the ethical and social dimensions have an indirect effect. The ethical behaviour influences the perceived commercial performance and it enhances trust, while corporate philanthropy improves the identification with the bank.

Practical implications

The findings of this study indicate that social responsibility influences consumer behaviour and loyalty, so financial entities must especially take care of these aspects. A firm with a correct ethical behaviour and a strong social commitment will be able to achieve better financial results.

Originality/value

This paper completes the loyalty model with the inclusion of variables of social responsibility. Specifically, it analyzes separately two dimensions of social responsibility in order to check the effect of each dimension on the consumer behaviour.

Citation

del Mar Garcia de los Salmones, M., Perez, A. and Rodriguez del Bosque, I. (2009), "The social role of financial companies as a determinant of consumer behaviour", International Journal of Bank Marketing, Vol. 27 No. 6, pp. 467-485. https://doi.org/10.1108/02652320910988339