Social responsibility in the Spanish financial system

Abstract

Purpose – This paper aims to analyze the degree of implementation of corporate social responsibility (CSR) policies in the Spanish financial system. Design/methodology/approach – The study includes nine entities within the same organizational field to explore the pressure mechanisms that can affect the behavior of organizations. Findings – It concludes that the strategic nature of CSR is limited by the highly institutionalized character of this practice, a fact that causes isomorphic social structures among the approaches to responsibility of diverse entities. Originality/value – The results obtained are of great value to those responsible for the management bodies, as they show evidence of the need for a new approach to corporate governance policies if it is to achieve a competitive advantage in the industry, especially in the case of savings banks, where social work can play a fundamental role.