Canadian banks’ responses to COVID-19: a strategic positioning analysis

David Talbot · Eduardo Ordonez‐Ponce

59 citations0/0 files storedJournal of Sustainable Finance & Investment

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Corporate Social Responsibility Reporting Corporate Social Responsibility and Sustainability COVID-19 Pandemic Impacts

Abstract

The Canadian banking system is among the best in the world. Amid the COVID-19 pandemic, the world is challenged and banks are expected to rescue society. Businesses are revising, repurposing, and reinventing their products and services to address people’s needs. In this context, this article seeks to understand how Canada’s banks are supporting their clients and communities, during the current health crisis. Content analysis was conducted to analyse Canada’s ten largest banks’ supporting actions towards the pandemic, leading to 125 documents and 19 different actions consulted. Based on the data, a combination of hierarchical clustering and multidimensional scaling was conducted. Following a CSR approach, three clusters of banks are identified: sweeping actions, cautious actions, and wait & see, highlighting that while most banks are doing little to help their stakeholders, three of them have a proactive and strong commitment to their clients and communities in these times of need.

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References

1979A Three-Dimensional Conceptual Model of Corporate Performance 2017Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis 2020An overview of content analysis 2020Financial markets under the global pandemic of COVID-19 1985The Evolution of the Corporate Social Performance Model 1999The Relationship Between Environmental Commitment and Managerial Perceptions of Stakeholder Importance 1999THE RELATIONSHIP BETWEEN ENVIRONMENTAL COMMITMENT AND MANAGERIAL PERCEPTIONS OF STAKEHOLDER IMPORTANCE.2020How Are Small Businesses Adjusting to COVID-19? Early Evidence from a Survey

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