Ning Zhu, Jelena Stjepcevic, Tomas Baležentis, Zhiqian Yu, Bing Wang
The concept of corporate social responsibility (CSR) drew much attention globally as economic growth was followed by such social problems as an increasing gap between the rich and the poor, cultural conﬂicts, and environmental degradation. Having acknowledged the importance of the latter challenges, the United Nations ofﬁcially launched the “Global Compact” project in 2000, thereby calling the enterprises for commitments towards social responsibility in the areas of human rights, labor standards, and environmental protection, among other issues. As an important actor in the global economic development, the banking sector also became aware of huge social costs associated with unsustainable economic growth, and recognized its responsibilities in such areas as an active reduction of social inequality and environmental degradation. Thus it is important to analyze the impact of commitments towards CSR upon banking performance.