Implementation Variables of Corporate Social Responsibility in the Financial Services Industry

Implementation Variables of Corporate Social Responsibility in the Financial Services Industry by Gregoire Kokomo MBA, Capella University, 2012 BA, University of North Carolina at Chapel Hill, 1996 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2017 Abstract Seventy percent of small and medium-sized U.S. companies experience negative performance because of leaders’ lack of knowledge of corporate social responsibility (CSR) program implementation. CSR implementation is complex and requires organizational resources such as expertise, personnel, time, and money. Implementing CSR programs is challenging for many leaders. Research on CSR implementation in the U.S. financial services industry is scarce, and leaders of financial services firms do not have a clear understanding of how to make CSR implementation successful. The purpose of this study was to explore optimal strategies for making corporate social responsibility program implementation effective. The central research question that drove this study was determining how leaders can make CSR program implementation effective. Data collected from a purposeful sample of 10 face-to-face interviews, direct observations, and document review were coded and analyzed. One of the emergent themes suggests that leaders lack the knowledge to understand how CSR activities contribute to a better world. The lack of knowledge for successful CSR implementation causes 60% of leaders to treat CSR programs as side projects. Another theme for successful CSR programs was the leaders’ commitment to transparency. Without trust, leaders cannot align stakeholders’ interests with CSR activities. Implications for positive social change included opportunities for leaders to define key CSR stakeholders, establish CSR goals, and select CSR activities to meet the CSR goals. This could lead some leaders to gain the knowledge of how to integrate CSR into their firms’ daily operations.Seventy percent of small and medium-sized U.S. companies experience negative performance because of leaders’ lack of knowledge of corporate social responsibility (CSR) program implementation. CSR implementation is complex and requires organizational resources such as expertise, personnel, time, and money. Implementing CSR programs is challenging for many leaders. Research on CSR implementation in the U.S. financial services industry is scarce, and leaders of financial services firms do not have a clear understanding of how to make CSR implementation successful. The purpose of this study was to explore optimal strategies for making corporate social responsibility program implementation effective. The central research question that drove this study was determining how leaders can make CSR program implementation effective. Data collected from a purposeful sample of 10 face-to-face interviews, direct observations, and document review were coded and analyzed. One of the emergent themes suggests that leaders lack the knowledge to understand how CSR activities contribute to a better world. The lack of knowledge for successful CSR implementation causes 60% of leaders to treat CSR programs as side projects. Another theme for successful CSR programs was the leaders’ commitment to transparency. Without trust, leaders cannot align stakeholders’ interests with CSR activities. Implications for positive social change included opportunities for leaders to define key CSR stakeholders, establish CSR goals, and select CSR activities to meet the CSR goals. This could lead some leaders to gain the knowledge of how to integrate CSR into their firms’ daily operations. Implementation Variables of Corporate Social Responsibility in the Financial Services Industry by Gregoire Kokomo MBA, Capella University, 2012 BA, University of North Carolina at Chapel Hill, 1996 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University December 2017 Dedication This doctoral study is dedicated to my eleven-year old daughter whose patience sustained this undertaking through its completion, to my parents who were always willing to give my daughter parental supervision so that I can read or write another page. To my sister and wife for their encouragement and support. This milestone would not have been reached without your sacrifices. Acknowledgments My many thanks are first extended to God Almighty. To my Committee Members, Dr. Judith Blanco. Dr. Tim Truitt to ensure that this study met the academic standards of the university. I’m especially grateful to Dr. Michael Campo whose time, support, encouragement, and guidance were boundless. I have been greatly enriched by your presence in my life.