The perceived social responsibility in the banking activities by Puerto Rican entrepreneurs Online publication date: Mon, 08-Nov-2021
by Ahmad H. Juma'h; Doris Morales-Rodríguez
International Journal of Accounting and Finance (IJAF), Vol. 10, No. 4, 2020
Abstract: Banks, as part of financial institutions, are the cornerstone of the country's expansion and economic development. In Puerto Rico, where there is a need to decrease the dependency on multinational manufacturing entities, small and medium-sized companies can contribute to the economic development of the island. Financial institutions, e.g., banks and cooperative financial unions, are an essential part of the solution to the problem of financing economic activity. Commercial banks need positive perceptions from entrepreneurs to improve their profitability. Financial institutions use corporate social responsibility strategies to influence public perception to increase customer satisfaction. To examine the Puerto Rican entrepreneurs' perceptions of banks' social responsibility, we distributed a questionnaire to micro, small, and medium-sized business persons. As one of the confirming conclusions, banks operating in Puerto Rico enjoy a negative perception among entrepreneurs.
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