Bank customers’ preferences and responses to Corporate Social Responsibility (CSR) initiatives in Ghana

Abstract

The study sought to investigate Ghanaian bank customers' ranked preference for corporate social responsibility (CSR) initiatives and determine which initiative has the greatest effect on their attitudes and behaviour toward banks. A sample of 384 retail bank customers was employed in the study. The study applied a one-way MANOVA and two univariate ANOVAs. The study found that customers have the highest preference for corporate philanthropy initiatives, followed by customer-centric and community volunteering initiatives. Additionally, the overall effects of CSR initiatives on customers' attitude and behavioural intentions toward bank brands are found to be significant. More specifically, the study found, using a ScheffE post-hoc test, that corporate philanthropy initiatives have the greatest effect on both attitude and behavioural intentions towards bank brands. Based on the findings, the study recommends that corporate philanthropy initiatives are the best type of CSR initiative that retail banks should apply to enhance customers' attitudes and behaviour towards their brands in Ghana.