Corporate Social Responsibility and Its Influence on the Positioning of
Financial Institutions in Arequipa, Peru 2021
ALEXANDER MELENDEZ, HAROLD ANGULO
Department of Business Sciences,
Continental University,
Av. los Incas, Arequipa 04002,
PERU
Abstract: - In recent years, due to the concern for the preservation of the environment, companies must take
action to ensure sustainability during their economic processes from an environmental and social aspect. It is
for this reason that Corporate Social Responsibility (CSR) has taken an essential role in the Image and
Positioning of companies in recent years. Despite this fact, in Peru, only some entities implement it. This
article aimed to determine how the Positioning of financial institutions in the city of Arequipa, Peru, in 2021 is
influenced by corporate social responsibility. To this end, a methodology of mixed approach of basic type,
explanatory level, and non-experimental design was developed. The sample consisted of a total of 382 clients
from 4 different financial institutions in the city of Arequipa: Caja Arequipa, Banco BCP, Banco Scotiabank,
and Mibanco, which allowed the quantitative analysis of the study. Among the main results, it was obtained
that the variation in a unit of economic, social, and environmental responsibility generates a variation in the
Communication of 0.208, 0.301, and 0.182 units to the Identity in 0.271, 0.296, and 0.271 units and to the
image in 0.362, 0.130, and 0.174 units, respectively.
Key-Words: - Corporate Social Responsibility, Economic Responsibility, Financial Institutions,
Environmental, Responsibility, Positioning, Identity, Communication, Image, Peru.
Received: May 23, 2023. Revised: October 29, 2023. Accepted: November 12, 2023. Published: November 24, 2023.
1 Introduction
The capitalist economic system, whose productive
process always seeks the maximization of profits,
has generated an accelerated degradation of nature,
which is why many countries have committed
themselves, through agreements and protocols, to
mitigate the negative impact on the environment and
thus ensure sustainable development, where future
generations can enjoy the same natural resources
that we currently want. In this context, corporate
social responsibility has emerged to ensure
sustainability in economic processes in harmony
with the environment and society.
Corporate Social Responsibility (CSR) acquired
greater visibility at the beginning of the 21st century,
especially in Europe. According to the European
Commission, CSR is the interest that companies
have in fundamental matters, where all aspects are
considered to explore options for enhancement and
to be recognized as socially responsible entities, [1].
CSR is the commitment that companies have to
sustainable economic development and thereby
improve the quality of life of workers, their families,
and society, [2]. Also, other authors, [3], add that
CSR does not seek that individuals belonging to a
corporate organization act ethically but that such
an organization promotes that value and is inherent
in its organizational culture. CSR is a vast concept,
so to know it entirely, it is necessary to highlight
its three dimensions, which are divided into two
sub-dimensions. [4], these dimensions are a)
internal and external economic dimensions, b)
internal and external social dimensions, and c)
internal and external ecological dimensions.
Analyzing each dimension leads to defining
specific action strategies so that each company acts
according to its context, making commitments
either individually or collectively with other actors
and sectors that share similar goals. It is essential
to understand CSR as a shared responsibility, given
that individual or business acts and their
consequences affect not only the individuals
involved in the process but also the social whole,
[5], which is why it must be a commitment that
involves the whole society. In the last two decades,
CSR has experienced continuous growth since
more and more companies are committed to
change, and this is demonstrated by the statistics
provided by the survey conducted by KPMG, [6],
indicating that by 2017, 75% of the 100 largest
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companies in each country made social
responsibility reports, while by 1993 only 12% did.
Although all companies know about social
responsibility (CSR) in Peru, only a few practice it.
In a study by ESAN University, 100% of Peruvian
companies know about CSR. However, a small
percentage (15%) recognizes that it must be
implemented, and only 5% effectively apply it, [7].
For his part, this situation requires the central
government's participation to face the country's
environmental, social, and economic problems [8].
Of the above, recent studies indicate that CSR is not
only aimed at improving environmental and social
sustainability but also positively impacts corporate
development, for example, [1], [7], [8], [9], and,
[10], argue that CSR influences the Positioning of
banks, brand value, corporate image, sustainable
socio-economic development, and microfinance
development, respectively.
However, the term "positioning,” is defined as
the place a product or service brand occupies in the
consumer's mind, [11]. Also, the authors argue that a
more recent definition of Positioning is the way to
differentiate in the sense of your prospective
customer. It refers to companies’ actions to occupy a
place in the consumer’s mind, [11], [12]. For his
part, [12], argue that Positioning is a component of
great value for companies, as this strategy generates
competitive advantages. Therefore, it must always
be present in business management. Likewise, [13],
affirm that Positioning is based mainly on marketing
and will depend on the investment aimed at it so that
a company can excel and become the preferred
market. Positioning should be focused on covering a
specific niche market, [8], which is why several
types allow differentiating a company from its
competitors, among which the following can be
mentioned: according to attributes, according to
competition, by use, and by lifestyle. On the other
hand, [14], argues that there are three basic
principles to understanding the phenomenon of
Positioning. If a company needs to carry out this
strategy, it needs to take into account the following
aspects: a) Identity, which consists of making an
internal diagnosis to know how the company is; b)
Communication, which refers to what the company
intends to convey, aimed primarily at customers and
even competitors; and c) Perceived Image, which
refers to how consumers perceive the company,
being outside the scope and corporate control. Also,
[8], affirms that the positioning process consists of
three stages, which are: a) Analytical Positioning,
where the current Positioning of the entity must be
fixed, for which the mission, vision, culture, and
corporate objectives must be analyzed internally,
and the Image perceived by target consumers
should be analyzed externally; b) Strategic
Positioning, where based on the results obtained
from analytical Positioning, objectives, and
strategies must be defined to implement such
Positioning. That is, the actual Image to transmit or
the ideal you want to reach is launched; and c)
Positioning Control, which involves measuring
communication efficiency through Identity and
perceived Image in the target consumer. Finally,
[15], argues that Positioning encompasses four
very relevant dimensions, which are: a)
Differentiation, which is the degree of
differentiation that a brand has with its competitors
in the market; b) Relevance, which will depend on
brand differentiation, and this influences the level
of sales that the company will have in the target
market; c) Esteem towards the brand, which
represents the desire that the customer presents
regarding a brand in the market; and d) Brand
knowledge, which is when the brand is part of the
customer's knowledge and is strengthened in the
market.
Different authors have analyzed the
relationship between CSR and Positioning. [16],
concluded that customers perceive CSR activities
as a significant element in dealing with banks. In
addition, [17], clients perceive CSR in dimensions
such as social and economic concerning their
collaboration with the regional community;
however, they still need a significant change in the
environmental dimension. Meanwhile, [18],
showed that it would not always be positive when
analyzing the financial return of CSR programs;
however, they help in the cooperative’s position.
When banks have social responsibility programs
that affect the attitude of consumers, [19], they
consider that the bank is reliable, thus increasing
the likelihood that the consumer will refer it to
others. In addition, [20], it found that CSR
significantly influences the bank’s competitiveness
by 72%. [21], Showed a significant relationship
between business management and CSR with a
correlation coefficient of Spearman's Rho of
0.5313, while the significance level was 0.029,
indicating a positive relationship between the study
variables. There is a significant influence of CSR
on the Positioning of Tecna's banks; similarly, in
each of the dimensions of the variable "Corporate
Social Responsibility" concerning the variable
"Positioning”, [8]. [22], Found that corporate social
responsibility influences the institutional Image
perceived by customers (p = 0.010); the economic
balance does not affect the institutional Image
perceived by customers (p = 0.209); the social
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balance influences the institutional Image perceived
by clients (p= 0.048); and the environmental balance
does not affect the institutional Image perceived by
clients (p = 0.749).
Based on these authors and others, there are
arguments that CSR influences companies'
Positioning. Therefore, this research seeks to answer
how corporate social responsibility affects the
Positioning of financial institutions in the city of
Arequipa, Peru, in 2021.
This article investigated how corporate social
responsibility influences the Positioning of financial
institutions in Arequipa, Peru, in 2021. The study
employed a mixed-methods approach, collecting
qualitative and quantitative data. The researchers
aimed to understand the relationship between
financial institutions' Positioning and their corporate
social responsibility. The study design was non-
experimental, meaning variables were not
manipulated.
The sample included 382 clients from four
financial institutions: Caja Arequipa, Banco BCP,
Banco Scotiabank, and Mibanco. This sample size
allowed for quantitative analysis. The findings
revealed a connection between the level of
economic, social, and environmental responsibility
and Communication, Identity, and Image. Economic
responsibility showed a 0.208 increase in
Communication, social responsibility had a 0.301
increase, and environmental responsibility had a
0.182 increase. Similarly, economic responsibility
had a 0.271 increase in Identity, social responsibility
had a 0.296 increase, and environmental
responsibility had a 0.271 increase. Lastly, economic
responsibility had a 0.362 increase in Image, social
responsibility had a 0.130 increase, and
environmental responsibility had a 0.174 increase. In
conclusion, financial institutions can enhance their
Positioning by demonstrating higher levels of
corporate social responsibility.
2 Methodology
The research was of basic type, explanatory level,
and non-experimental design. Concerning the
objective and problem raised, the study's approach is
quantitative.
For the research, a survey was used, which has
five types of responses: MF = very frequent, F =
frequently, O = occasionally, R = rarely, and N =
never; for the processing of the surveys, each
response was transformed giving a numerical value,
so that each hierarchy corresponds to MF = 5, F = 4,
O = 3, R = 2 and N = 1. The data collection
instrument was the questionnaire, which was applied
to the clients of the entities under study. It should
be noted that the questionnaire used in this research
was one already validated by, [8], who analyzes
CSR and the Positioning of financial institutions in
the city of Tacna, Peru. Because the research is
quantitative, the criteria for managing results were
statistical data processing techniques, which were
processed using the RStudio program.
The population studied were the clients and
collaborators of the leading financial institutions of
Arequipa. In addition, the study population
considered leading financial institutions that
provide their service in the city of Arequipa.
Therefore, the latest Financial System Stability
Report published by the Superintendence of
Banking and Insurance and AFP, [23], was taken
into account in calculating the client population,
which points out that, given the various economic
support provided by the Peruvian State to
counteract the effects of COVID - 19, demand for
financial services increased, given that the
proportion of Peruvians of legal age with a
financial account risen from 44.1% in the third
quarter of 2020 to 49.8% in the third quarter of
2021. Based on the above, according to information
provided by the Regional Government of Arequipa,
[24], in 2021, the region of Arequipa had a total
population of 1,156,490 people over 18. Therefore,
considering the proportion of 49.8%, approximately
575,933 people demand financial services in the
Arequipa region. On the other hand, taking as
reference a study on the evaluation of banking and
financial agencies in Arequipa prepared by MBS
Consult, [25], indicates that the Caja Arequipa is
the most preferred, representing 26% of the market,
followed by the BCP with 22.67%, Scotiabank with
11%, and MiBanco with 5%. Based on this, the
approximate population of clients of the leading
financial institutions of Arequipa was calculated,
which is summarized in Table 1.
Table 1. Approximate population of clients of the
leading financial institutions of the city of
Arequipa, 2021.
Banking and
financial
institution
Approximate
customer
population
Percentage
Caja Arequipa
136,743
38%
Credit Bank of
Peru (BCP)
130,565
36%
Scotiabank
63,353
18%
MiBanco
28,797
8%
Total
359,461
100%
Note. SBS and MBS Consult
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In Table 2 the sample size was determined to be
382 customers. Distributing proportionally according
to the participation of each entity has:
Table 2. Sample size of clients of the leading
financial institutions of Arequipa, 2021.
Sample
size
Percentage
146
38%
138
36%
69
18%
29
8%
382
100%
Note. SBS and MBS Consult
On the other hand, according to information
from the SBS, [26], the total number of offices and
the total number of workers per entity as of
December 2021 at the national level are summarized
in Table 3.
Table 3. Total number of offices and employees of
leading financial institutions at the national level as
of December 2021.
Banking
and/or
financial
institution
Number of
offices at
the national
level
Number of
workers at
the national
level
Average
workers
per-office
Caja
Arequipa
184
4,489
25
Credit Bank
of Peru (BCP)
331
22,934
70
Scotiabank
194
5,390
28
MiBanco
305
9,953
33
Note. SBS
Based on the above, and following with SBS,
[26], in the department of Arequipa, the number of
offices of each entity is presented in Table 4 below:
Table 4. Total number of offices and workers of the
leading financial institutions in the department of
Arequipa as of December 2021.
Banking and/or
financial
institution
Number of offices
in the department
of Arequipa
Number of
workers at the
regional level
Caja Arequipa
39
975
Credit Bank of
Peru (BCP)
17
1,190
Scotiabank
8
224
MiBanco
23
759
Total
87
3,148
Note. SBS
The sample size was determined to be 334
workers. Therefore, according to each institution's
participation in the Arequipa market, the sample
size of workers by each entity was obtained, which
is presented in Table 5.
Table 5. Sample size of workers of the leading
financial institutions of the Arequipa region as of
December 2021.
Banking and/or
financial institution
Sample size
Percentage
Caja Arequipa
127
38%
Credit Bank of Peru
(BCP)
121
36%
Scotiabank
60
18%
MiBanco
26
8%
Total
334
100%
Note. SBS.
The following hypotheses are presented:
H1: Economic Responsibility positively affects
Communication.
H2: Social Responsibility positively affects
Communication.
H3: Environmental Responsibility positively
affects Communication.
H4: Economic Responsibility positively affects
Identity.
H5: Social responsibility positively affects
Identity.
H6: Environmental responsibility positively affects
Identity.
H7: Economic Responsibility positively affects the
Image.
H8: Social Responsibility positively affects the
Image.
H9: Environmental Responsibility positively
affects the Image.
3 Results
For the analysis of results, a questionnaire and
interview guide were applied. The questionnaire
consisted of 29 questions and was used for a
sample of 382 clients of the leading financial
institutions of Arequipa. In this sense, the sum of
the first 15 questions of the questionnaire resulted
in the variable corporate social responsibility,
whose main findings are shown below.
31.7% of the sample stated that Corporate
Social Responsibility in the financial institutions
studied is rated low. For their part, 29.3% rated it
as high, and 39% rated it as average, the latter
being the level with the highest percentage of the
others. These results are explained by the fact that
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a considerable proportion of the sample indicated
that the entities of their choice carry out activities of
responsibility, especially in social, economic, and
environmental issues, the dimensions that makeup
CSR.
Regarding the social dimension, this comprised
five questions, whose answers are shown in Table 6,
where VF = very frequent, F = frequently, O =
occasionally, R = rarely, and N = never.
Table 6. Answers to questions on the social
dimension (in percentage %).
Note. Questionnaire information is processed through
SPSS.
It is evident that 24.9% of the sample stated that the
social dimension is high in the financial institutions
studied, this being the lowest percentage. However, in
the majority (43.5%), the sample indicated that the
social dimension is rated at a medium level because
the majority of the sample stated that often the
financial institutions studied sponsor educational,
cultural, and health activities, monetary donations are
made for social causes, personnel behaves ethically,
and there is no discrimination in these entities. On the
other hand, however, a significant proportion of the
sample (31.7%) rated the social dimension low.
The economic dimension consisted of 5
questions, whose answers are shown in Table 7
below.
Table 7. Answers to questions on the economic
dimension (in percentage %).
Note. Questionnaire information is processed through
SPSS.
After summing up the questions shown in Table
7, the economic dimension of CSR was obtained, the
results of which are presented below.
It is evident that in the majority (43.5%), the
sample rated the economic dimension as a low level
because more than 50% responded that never, rarely,
and occasionally, the entities studied charge
competitive rates, provide payment facilities, in
addition, default rates are not reasonable, so only
23.6% rated it high.
The environmental dimension also comprised 5
questions, whose answers are shown in Table 8
below.
Table 8. Answers to questions on the environmental
dimension (in percentage %).
Note. Questionnaire information is processed through
SPSS.
After summing up the questions shown in
Table 8, the environmental dimension of CSR was
obtained, the results of which are presented below.
It is evidenced that in its majority (48.2%), the
sample qualified the environmental dimension as an
average level; this is because the more significant
proportion of the model indicated that the entities
studied activities to promote the rational use of
water resources to reduce pollution, take care of the
environment, use renewable energy, and encourage
recycling. In contrast, 30.6% indicated that entities
never or rarely carry out the above activities, which
is why the environmental dimension is rated low.
On the other hand, regarding the positioning
variable, this resulted from adding the last 14
questions of the questionnaire, whose main findings
are shown below.
41.4% of respondents rated the Positioning of
the leading financial institutions of the city of
Arequipa on a medium level. On the other hand,
only 27.2% rated it as high, and 31.4% rated it as
low. These results are explained because a
considerable proportion of the sample indicated that
the entities of their choice carry out activities to
achieve better Positioning in the market, focused on
issues of Identity, Communication, and perceived
Image; these three dimensions comprise
Positioning.
In this sense, the identity dimension was
formed by five questions, the answers of which are
shown in Table 9 below.
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Table 9. Answers to questions on the identity
dimension (in percentage %).
Note. Questionnaire information is processed through
SPSS.
After summing up the questions shown in Table
9, the identity dimension of the Positioning was
obtained, the results of which are presented below.
The most significant proportion of the sample
(38.2%) qualified that the identity dimension is at a
low level because the actions of the entities do not
always focus on generating social welfare, mostly
following their interests. In contrast, 29.8% rated this
dimension at a high level because most of the staff is
friendly when offering their service.
The communication dimension consisted of 4
questions, whose answers are shown in Table 10
below.
Table 10. Answers to questions on the
communication dimension (in percentage %).
Note. Questionnaire information is processed through
SPSS
After summing up the questions shown in Table
10, the communication dimension of Positioning was
obtained, the results of which are presented below.
The most significant proportion of the sample
(56.8%) rated the communication dimension as
average because financial institutions of their choice
frequently publish financial information of interest,
which helps to solve their leading questions. Also,
13.4% of the sample indicated that the entity of their
preference often publishes information of interest, so
they rated the communication dimension high.
Finally, regarding the perceived image
dimension, it comprised five questions, whose
answers are shown in Table 11 below.
Table 11. Answers to questions on the perceived
image dimension (in percentage %).
Note. Questionnaire information is processed through
SPSS
After summing up the questions shown in Table
11, the perceived image dimension of the
Positioning was obtained, the results of which are
presented below.
36.1% of the sample studied rated the perceived
Image at a low level, the highest percentage
compared to the other levels. These results are
explained by the dissatisfaction shown by
customers with the quality of service and the
interest charged. However, 28.5% rated the
perceived Image at a high level because the staff of
the entities is amiable and consider such an entity a
suitable place to entrust their money.
3.1 Structural Analysis
The diagram shown in Figure 1 faithfully shows an
estimate using a model of structural equations of
partial least squares, which uses a formative
measurement model for the measurement of each
latent variable, the same that are combined in a
structural model that relates each of these. The
results show that the effect of each exogenous
latent variable is positive and significant at 95%
confidence on each endogenous latent variable.
Fig. 1: Structural Analysis.
The structural equations model involves the
dimensions of corporate social responsibility,
which are Economic Responsibility (ER), Social
Responsibility (SR) and Environmental
Responsibility (AR), and Positioning, whose
dimensions are Communication, Identity and
Image.
The diagram represented in Figure 1 shows an
estimation using a partial least squares structural
equation model, which uses a measurement model
with a formative approach for the measurement of
each latent variable, which is combined in a
structural model that relates each of these, this
implies that for the structural analysis, each latent
variable is constructed based on observations that
were collected through a questionnaire, and
evaluated in such a way that a convenient
measurement model for regression results, which is
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why in Section 3.1.1 shows each stage and test that
validates the measurement model used; On the same
line, each test that validates the structural model that
involves each construct generated from the
measurement model is shown. The results
corresponding to the structural model are found in
section 3.1.2.
Subsequently, given the validity of the results
shown in section 3.1, it can be said from the results
in general that the effect of each exogenous latent
variable is positive and significant, at 95%
confidence, on each dependent latent variable.
Additionally, it can be said that if Economic
Responsibility (ER) varies by one unit, then
Communication does so by 0.208 units; If Social
Responsibility (SR) varies by one unit, then
Communication varies by 0.301 units; and if
Environmental Responsibility (AR) varies by one
unit, Communication varies by 0.182 units. This
result reflects a positive causal effect by the
exogenous latent variables on Communication, being
mostly affected by the level of SR, and this result is
significant because it is found in the results that the
level of Social Responsibility is more critical in
improving Communication levels, followed by RE
and RA variables that have a minor effect on
Communication. Furthermore, it is observed that the
goodness-of-fit R^2 is 36.3%, this result reflects that
the regression model explains a substantial part of
the Communication, but it also reflects that the
regression model does not consider the presence of
other factors that could significantly affect
Communication.
On the other hand, it can be interpreted from the
results that if RE varies by one unit, the Identity
varies by 0.271 units; If RS varies by one unit, the
Identity varies by 0.296 and if RA varies by one
unit, the Identity varies by 0.271 units. Like
Communication, it is observed that the effect of the
latent variables is positive and significant, at 95%
confidence, to explain Identity. Likewise, it turns out
that SR is the most critical variable due to the greater
effect that this variable has on Identity, unlike RE
and RA, which affect Identity in equal magnitude.
Additionally, it is observed that the goodness-of-fit-
fit R^2 is 53.3%, which means that the exogenous
variables explain more than half of the variation in
Identity but that there is a remaining 46.7% of the
variability in Identity, which cannot be described in
the model.
Likewise, it is observed that if RE varies by one
unit, the Image varies by 0.362 units; if RS varies by
one unit the Image varies by 0.130 units. Finally, if
RA varies by one unit, the Image varies by 0.174
units. The difference concerning the other results is
that according to the results, the Image variable is
affected to a greater extent by RE and to a much
lesser extent by RA and RS, which is essential
because good levels of Economic Responsibility
can significantly improve the Image levels.
Furthermore, regarding the goodness-of-fit R^2 is
34.9%, it reflects that there is a specific capacity to
predict or explain the level variations in the Image
because there is a substantial explanation by the
exogenous latent variables, this result reflects that
the model does not consider other factors that
could significantly explain the Image variable.
3.1.1 Assessment of the Measurement Model
3.1.1.1 Convergent Validity
It is suggested that the correlation between the
constructed formative measure of each latent
variable and the alternative measure of each latent
variable should be greater than 0.7 to consider that
there is an adequate convergence of the latent
variables towards reality; this being said, the
correlation indicator is greater than 0.7 in all cases,
as shown in Table 12; therefore, the degree of
convergence of the formative construction for each
latent variable is highly correlated with the
alternative measure of each latent variable.
Table 12. Convergence indicator by variable.
Variable
Indicator
Social Responsibility
0.959
Economic Responsibility
0.959
Environmental Responsibility
0.974
Identity
0.972
Communication
0.968
Image
0.962
3.1.1.2 Collinearity
Table 13 shows the indicator "Variance Inflation
Factors" (VIF) as an indicator of collinearity
between the formative variables of each of the
latent variables; the results show that the VIF
indicator of each of the observations is less than 3
and 5; therefore, collinearity is not a problem in the
formative measurement of each latent variable
using each observed variable.
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Table 13. Convergence indicator by variable.
3.1.1.3 Collinearity
To evaluate the significance of the measurement
model, the values of the statistical T at 95%
significance are shown in Table 14; from this table, it
can be said that the corresponding observations to
measure each latent variable are primarily
significant, except for the significance of C4 and
IM5 to estimate the latent variables of
Communication and Image, respectively, since they
have a T Stat lower than "1.96".
Table 14. The values of the statistical
To rule out the consideration of C4 and IM5 in
the measurement model, the results of the "Formative
Indicators Loadings" (FIL) are shown in the
following table; the decision criterion corresponding
to the consideration or not of C4 and IM5 starts by
considering in the first instance that the FIL Indicator
has to be greater than 0.5 not to rule out its review, as
is the case of C4 which is 0.59 and that is also
significant to 95% (T Stat. > 1.96), according to
Table 15; on the other hand, it is observed that IM5
has a FIL lower than 0.5 but is significant at 95%,
according to Table 15. Therefore, the decision
criterion does not oblige to eliminate IM5. In this
sense, although C4 and IM5 are nonsignificant
observable items for their respective latent variables,
there are not enough statistical criteria to justify not
considering the C4 and IM5 measurement models for
forming latent variables.
Table 15. Indicator FIL.
3.1.2 Evaluation of the Structural Model
3.1.2.1 Collinearity
The latent variables of Social, Economic, and
Environmental Responsibility do not have an
important degree of collinearity since the VIF is
less than 3 and 5 in all cases, according to Table 16;
therefore, it can be guaranteed that no specification
errors are generated by the existence of collinear in
the explanatory structure of the latent variables of
Identity, Communication, and Image.
Table 16. VIF indicator of explanatory latent
variables.
Exogenous Latent Variable
VIF
Social Responsibility
1.901
Economic Responsibility
2.008
Environmental Responsibility
2.049
3.1.2.2 Significance and Relevance
As for the significance of the explanation between
latent variables, it is identified that all, except RS >
Image, are significant at 95% confidence because
the T stat. is more significant than 1.96; on the part
of RS > Image, it is observed that the effect of RS
is significant at 90% confidence because the T Stat
is greater than 1.645. This is expressed in Table
17, latent variables of Social, Economic, and
Environmental Responsibility have a positive effect
on Identity, Communication, and Image, according
to the sign of the estimated coefficient; as for the
relevance of each effect, it is observed that the
impact with lesser relevance are those of RS ->
Image, RA -> Image and RA-> Communication.
Having said the above, it can be said that to explain
Identity, the RS, RE, and RA are equally relevant;
to explain Communication, the RS is more relevant
than RE, and this is more than RA; meanwhile, to
explain Image, the RE is the most pertinent variable
followed by RA and RS.
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DOI: 10.37394/23207.2023.20.223
Alexander Melendez, Harold Angulo
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Table 17. Significance and relevance between latent
variables.
3.1.3 Hypothesis Test Results
To answer how Corporate Social Responsibility
affects Positioning. It is essential to accept and reject
each hypothesis raised. For these purposes, Table 18
is presented below, which reflects the decision of
rejection or acceptance following the statistical
results outlined in section 3.1. In fact, from the
results, it can be argued that each dimension of
Corporate Social Responsibility significantly and
positively explains the dimensions of Positioning,
which implies to a certain extent that Corporate
Social Responsibility positively affects Positioning.
Table 18. Hypothesis Summary.
4 Discussion and Conclusion
According to national and international evidence
consulted in this research, they indicate that CSR is
linked to business positioning; for example, [18], say
that CSR helps in business positioning. Along the
same line, [19], affirm that banks, by having CSR
programs, generate trust in customers and thereby
increase the likelihood that the consumer prefers it
over other institutions. For their part, [20], point out
that CSR significantly influences the competitiveness
of a bank. Also, [21], states that there is a significant
relationship between business management and CSR.
Finally, [8], says that CSR significantly influences
the Positioning of financial institutions in the city of
Tacna. The above results are consistent with those
obtained in the present investigation since data
processing indicates that CSR significantly
influences the Positioning of the leading financial
institutions of the city of Arequipa.
However, these results contradict those
obtained by, [27], who found that CSR, from a
customer's perspective, does not influence loyalty
to a particular financial institution. On the other
hand, regarding the dimensions of CSR, authors
such as, [16], affirm that the economic dimension
of CSR has a positive and significant impact on the
corporate Image of the banking sector. Similarly,
[17], states that the social and economic dimensions
are related to the quality of service in the Municipal
Savings and Credit Fund of Tacna S.A. Finally, [8],
concluded that both the economic, social, and
environmental dimensions significantly influence
the Positioning of the leading financial institutions
of the city of Tacna. Therefore, the results relating
to the dimensions of CSR coincide with those
obtained in this research since CSR's economic,
social, and environmental dimensions significantly
influence the Positioning of the leading financial
institutions of the city of Arequipa.
Likewise, [28], demonstrated that corporate
social responsibility, in terms of not polluting or
destroying the environment, positively affects
corporate Positioning, reflected by standard
deviations of 0.366 and 0.308, respectively.
Likewise, [29], showed a direct and significant
relationship between corporate social responsibility
and brand positioning.
In the 382 respondents, it is evident that there is
an influence on the Positioning of the leading
financial institutions of the city of Arequipa by
corporate social responsibility of moderate type
R:0.679. This implies that CSR has a positive and
significant influence on Positioning, thus
confirming the general hypothesis. Likewise, there
is an influence on the Positioning of the leading
financial institutions of the city of Arequipa by the
moderate economic dimension R:0.606. This
implies that the economic dimension of CSR has a
positive and significant influence on Positioning,
thus confirming specific hypothesis number one. In
addition, there is evidence of impact on the
Positioning of the main financial institutions of the
city of Arequipa by the moderate environmental
dimension R:0.641. This implies that the
environmental dimension has a positive and
significant influence on Positioning, thus
confirming specific hypothesis number two.
Finally, there is an influence on the Positioning of
the main financial institutions of the city of
Arequipa by the moderate social dimension
R:0.498. This implies that the social dimension has
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DOI: 10.37394/23207.2023.20.223
Alexander Melendez, Harold Angulo
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Volume 20, 2023
a positive and significant influence on Positioning,
thus confirming specific hypothesis number three.
Through structural analysis, it became clear that
if economic responsibility varies in a unit, then
Communication does in 0.208 units; if social
responsibility varies in a unit, then Communication
varies in 0.301 units; and if environmental
responsibility varies in a unit, Communication varies
by 0.182 units. On the other hand, if economic
responsibility varies in one unit, Identity varies by
0.271 units; if social responsibility varies in one unit,
Identity varies by 0.296; and if environmental
responsibility varies in one unit, Identity varies by
0.271 units. Similarly, if economic responsibility
varies in one unit, the Image varies by 0.362 units; if
social responsibility varies in one unit, the Image
varies by 0.130 units; finally, if environmental
responsibility varies in one unit, the Image varies by
0.174 units.
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
- Alexander Melendez was the primary author and
wrote the original project and the formal analysis.
- Harold Angulo carried out the methodology and
visualization and performed data conservation.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study.
Conflict of Interest
The authors have no conflicts of interest to declare.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
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