Prospective innovation at ethical banking and finance leaflet

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Published on February 19, 2014

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This Special Issue provides key innovative elements and concepts related to ethical banks in a short, easy-to-use format divided in high quality scientific papers. They contain important papers that relate to those significant aspects relate to ethical banks: situation of ethical banks in Europe, the innovative forms to measure the social impact in banking, comparison of ethical banks before and after the financial crisis, the ethical banks understanding as a sustainable business model, the impact of ethical codes in banking and the future pathway for ethical banking.

Taadler Publisher House Presents the Special Issue edited by Prof Dr LEIRE SAN-JOSE University o f Basque Country UPV/EHU, ECRI Research Group at University of the Basque Country, Bilbao, Spain University of Huddersfield, United Kingdom Prof Dr JOSE LUIS RETOLAZA AURKILAN Business Ethics Research Institute, Institute of Applied Business Economics (IEAE), (UPV/EHU), Spain

Preface This Special Issue provides key innovative elements and concepts related to ethical banks in a short, easy-to-use format divided in high quality scientific papers. They contain important papers that relate to those significant aspects relate to ethical banks: situation of ethical banks in Europe, the innovative forms to measure the social impact in banking, comparison of ethical banks before and after the financial crisis, the ethical banks understanding as a sustainable business model, the impact of ethical codes in banking and the future pathway for ethical banking. Each paper entry is written by a scholar.

Prospective Innovation at Ethical Banking and Finance Social Banks and their Profitability: Is Social Banking in line with Business Success? Olaf Weber School for Environment, Enterprise and Development - University of Waterloo, Canada Social banking is conducted by social, ethical or alternative banks, financial cooperatives, and credit unions. In contrast to conventional banks, social banks conduct their business to create a positive social, environmental, or sustainability benefit. This study analyses both, the missions of social banks and their financial figures. Based on data of the members of the Global Alliance for Banking on Values, a global association of social banks than their conventional and microfinance institutions, we counterparts. Regarding their conducted a qualitative analysis of financial health all institutes in the the missions of the member sample meet the Bank for institutes. Furthermore we International Settlements (BIS) explored whether their loans and capital ratio. We conclude that it is investments follow their mission possible to follow the concept of and whether this business strategy social finance and to be financially is able to achieve attractive sustainable, if social banks provide financial return. the tangible and intangible The results suggest that the resources. banks follow the mission of social Key Words: Social banking, ethical finance and prefer social impacts banking, blended return, shared value, credit union, financial return, over financial returns without neglecting financial sustainability. resource-based theory, With respect to financial indicators capital ratio. social banks are, though being still small, especially in the years 2007 to 2012 more profitable than conventional banks or credit unions and presented stronger growth http://taadler.com/a29

Prospective Innovation at Ethical Banking and Finance Fostering Sustainable Finances: The consideration of a Third Party Certification Program characteristics appearing and sustainable finances should be Land use, Infrastructure and Transport - repeatedly in the literature, stressing considered as an indispensable one. Mercator Research Institute on Global the dynamism of the concept. Nevertheless, public mistrust leads Commons and Climate Change (MCC) Powerful drivers towards to the necessity of supporting and gGmbH, Germany sustainable practices in strong protecting those truly sustainable profit-oriented markets are initiatives within the financial sector. sustainable consumer behaviour and This research concludes with the social expectations. Mixed idea of a third party certification methodology is used to analyse the system as a tool to protect and current and future scenarios of enhance the adequate development sustainable finances from the of sustainable finances. Sustainable development is an ongoing process based on a set of consumer perspective. The study principles that have to continue to focuses on the potential to foster Key Words: sustainability and on the long-term spread throughout all economic Investor rationality, Financial competitiveness. activities. Looking at the current Institution, economic scenario, the Although there are strengths Financial Service, transformation of the financial and opportunities for further sector appears crucial. I define a development, there are also threats Standard. common understanding of that need immediate solutions. As a sustainable finances through the consequence of the financial crisis, identification of those society is seeking new alternatives http://taadler.com/a34 Blanca Fernandez Milan

Prospective Innovation at Ethical Banking and Finance The emergence of ethical banks – a way towards sustainable banking business over time. investigation, with an heuristic and The first part of the paper proceeds exploratory nature, called Cluster Analysis, in order to observe how The Bucharest University of Economic to a review of the main sustainability the profitability (ROA, ROE), liquidity frameworks, comprising Studies, Romania (the share of loans in deposits), international principles and exposure to risk credit (share of standards that can be joined on a loans in total assets) and capital voluntary base by financial institutions and companies across adequacy (BIS1 ratio) are the world. The second part provides characterized by homogeneity at the delineation between the business level of financial institutions that The paper promotes the have implemented an ethical, model of ethical banks and the incorporation of sustainable sustainable business. traditional one, emphasizing the development principles in the banking business, as an alternative particular mission and objectives of Key Words: ethical banks, sustainability framework, to traditional banking activities, the ethical banks. However, the common denominator of the two sustainable more so in the context of global types of institutions consists in the business model, financial crisis, because an ethical additional risks, namely the business model has the ability to financial indicators, regenerate customer confidence in environmental and social risks, cluster analysis the financial system's institutions, arising indirectly, from their can transform financial profits into customers' operations. The third social welfare and it is sustainable part proposes an empirical Teodora Cristina Barbu, Iustina Boitan http://taadler.com/a28

Prospective Innovation at Ethical Banking and Finance Ethical Banking: an alternative to tackle financial exclusion? The case study of FIARE providers, leaving these people out leads to an approach of the of the operating dynamic of their suitability of this initiative to tackle School of Economics and Business financial exclusion in the post-crisis Administration The University of the environment. As a result, we can Basque Country, Spain deduce that financial exclusion is period. currently an issue of great interest worldwide, obviously for people Key Words: financial exclusion, involved in this situation, but also for ethical banking, FIARE, social the financial system, the enterprise transformation. network, public institutions and social organizations. Abstact The purpose of this paper is to contribute, through the exemplary Nowadays, while the financial case of FIARE, to system appears to be more strengthen alternatives with a high widespread than ever, we note that degree of social transformation like a significant portion of the Ethical Banking. A qualitative population (not only in less research is carried out to study a economically developed countries, local banking project and see its but also in Europe and the United implications to for social and States) cannot access basic financial solidarity economy. The analysis services offered by major banking detects strong and weak points and http://taadler.com/a41 Igor Etxabe Iruretagoiena

Prospective Innovation at Ethical Banking and Finance A theoretical comparison of Codes of Ethics among the three Mayor Banks in Spain: Grupo Santander, Grupo Bilbao Atlántico Vizcaya and CaixaBank and the content of the ethics codes. Just to find out how these three Universitat Ramon Llull , Spain banks “present” their Ethics Code to Society in order to know a scope of the situation of Ethics’ Codes, Conduct Codes nowadays in these three Spanish banks. Previous to establish the comparison we will consider “values” and “principles” of the three banks if any. The background of this paper is to find Abstract out how these three banks formally present their way to proceed as an The aim of this paper is to establish element of their transparency. a theoretical comparison among Codes of Ethics in the three major banks in Spain: BSCH, BBVA and Key Words: codes of ethics, Spanish CaixaBank. We analyse the documents in their web corporate banks and values pages and establish a comparison between both the formal aspects Carlos M. Moreno http://taadler.com/a40

Prospective Innovation at Ethical Banking and Finance Socially Responsible Finance and Socially Responsible Banking as New Phenomena in Financial Theory – A Systematic Classification and Explanation range of new products originated – sustainability. In this paper, I will reaching from microfinance to integrate these specific sustainable investment funds characteristics at different places through to peer-to-peer lending – into the traditional model of a some of which already have become financial system thus not only established in financial markets. Best classifying these new occurrences known is probably the concept of but also trying to give an Socially Responsible Investment explanation for their existence. (SRI) which however covers only a Key Words: Financial Products, small part of SRF. Until now, there is Financial Intermediation, Financial neither a uniform definition of the Services, Financial System, Non-bank Abstract. terms SRF and SRB nor does a Financial Institutions, Regional Socially Responsible Finance theoretical foundation, explanation, Currencies, Socially Responsible (SRF) and Socially Responsible or systematic classification of these Banking, Socially Responsible Banks (SRBs) are relatively new phenomena exist. In contrast to the Finance, Islamic Finance, phenomena which could be classic concepts which put an Micro-Finance, Banks observed in the financial markets emphasis on profit maximisation, during the last years. SRBs SRF and SRB can be characterised by registered an enormous increase in the fact that they consider customers during the financial crisis, ecological and social sustainability as and on the financial markets a wide at least equivalent to economic http://taadler.com/a43 Gregor Krämer Alanus University of Arts and Social Sciences, Germany

Prospective Innovation at Ethical Banking and Finance The ethical banks in Europe during the crisis: information transparency and placement of assets Leire San-Jose, Jose Luis Retolaza, Dayli Bocanegra University of the Basque Country, Bilbao, Spain Abstract. The financial crisis has increased the importance of the transparency in banking because of the relevance to invest the money of savers and the effect of a risky investment. There are some banks, called Ethical Banks that show in a transparent way the collocation of their money. Then, this research analyses the Key Words: ethical banking, index, principal differences between ethical transparency, quality of assets, banking and the rest of funding financial crisis. organization: the information transparency and collocation of asset comparing before and during the crisis (2007 vs. 2011 data) and using the European Ethical Banks data. There is an index, RAI (Radical Affinity Index) that integrates this information; therefore, we have used a part of the index, the RAI alpha to show the transparency and placement of assets as the most important factors of ethical banking to resist the negative effect of the actual financial crisis. http://taadler.com/a42

Prospective Innovation at Ethical Banking and Finance Socially Responsible Finance and Socially Responsible Banking as New Phenomena in Financial Theory – A Systematic Classification and Explanation Carlos Ballesteros, Lucia Herden current financial system and has caused the case of the Spanish initiative FIARE a great loss of confidence in the does not have the pretension of society. The ethical banks responds to projecting the social impact of this these weaknesses and its great growth company, but the detection of the ICADE. Universidad Pontificia Comillas, since the crisis points out that that is difficulties and facilitators in the Spain the alternative that many people are measurement of the social impact of looking for. Yet it is still a small and such a project. The concrete research little-studied sector, but the growing questions this paper aims to answer are presence indicates that it is gaining 1. To what extent can the existing influence in the financial market. The methods for measuring the social growth of the sector also brings new impact of the Ethical Bank used? challenges that need to be overcome in 2. What other aspects should be order to be able to continue to grow. considered in terms of measuring the social impact of banking ethics? One of these challenges is the Abstract justification and impact The present work aims to promote the communication. Although the issue of Key Words: search for a valid method to measure measuring the social impact is Social Impact, the social impact of ethical banking highly topical in areas close to the using the case study as methodology. ethical banking sector and, therefore, ethical banking Rather than develop a method for there is a wide variety of different measuring the social impact of the approaches (as e.g. SROI) there is not ethical banking it tries to analyse the enough research in the concrete case existing methods and the current of the ethic banks‘ social impact. The situation. application of different approaches to The financial crisis of 2008 has highlighted the weaknesses of the http://taadler.com/a30

Prospective Innovation at Ethical Banking and Finance Future pathways for ethical banking, new changes in the post-crisis period: A case for micro financing to the poor reaching from microfinance to integrate these specific characteristics at different places International Consultant, Micro-Finance sustainable investment funds through to peer-to-peer lending – into the traditional model of a India some of which already have become financial system thus not only established in financial markets. Best classifying these new occurrences known is probably the concept of but also trying to give an Socially Responsible Investment explanation for their existence. (SRI) which however covers only a Key Words: Economic-ethics small part of SRF. Until now, there is nexus, Microfinance industry, neither a uniform definition of the Amartya Sen, ethical banking, terms SRF and SRB nor does a Abstract. unethical financial practices, theoretical foundation, explanation, Socially Responsible Finance or systematic classification of these wealth and greed, Ten (SRF) and Socially Responsible phenomena exist. In contrast to the commandments Banks (SRBs) are relatively new classic concepts which put an phenomena which could be emphasis on profit maximisation, observed in the financial markets SRF and SRB can be characterised by during the last years. SRBs registered an enormous increase in the fact that they consider customers during the financial crisis, ecological and social sustainability as and on the financial markets a wide at least equivalent to economic range of new products originated – sustainability. In this paper, I will http://taadler.com/a27 V.Rengarajan

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