Conscious Capitalism and Construction of Humanized Relationships: A Study in a Credit Cooperative from the Sensemaking Perspective

Abstract

ABSTRACT Objective: this study aims to understand how the purpose of a credit union organization focused on humanizing financial relations can be institutionalized from the stakeholder’s interpretation and action. Theoretical Framework: this purpose was analyzed based on the concepts of an integrated perspective in terms of sensemaking, construction of humanized relations, conscious capitalism, and organizing, which allowed for a contextualized and non-linear reflection on the studied phenomenon, going beyond formal and tangible parameters of the manifested expectations of the cooperative’s strategic guidelines. Methods: the research strategy is a case study for presenting the uniqueness of a specific phenomenon, using content analysis as a technique from the data triangulation of semi-structured interviews, participant observation, and document analysis. Results: as a result, it was possible to conclude that the legitimacy of the cooperative’s strategic purpose goes through an interpretative process of individuals and their different roles that, when interacting among themselves, provide a basis for actions toward incorporating the purpose with a focus on humanized relations because it is a process of social construction and retrospective re-signification of strategic parameters that delineate behaviors. Conclusions: this study provides an expanded look at a specific phenomenon (humanized financial relations) in organizations guided by particular and universal principles (credit unions) that, while competing with non-cooperative financial institutions (banks), need to balance economic and social interests, without ceasing to be competitive.