11.vol. 0002www.iiste.org call for paper no. 2_c reinig & ca tilt _pp176-197
1. Issues in Social and Environmental Accounting
Vol. 2, No. 2 Dec 2008/Jan 2009
Pp. 176-197
Corporate Social Responsibility Issues in
Media Releases:
A Stakeholder Analysis of Australian Banks
Christopher J. Reinig
Carol A. Tilt
Flinders Business School
Flinders University
Abstract
This paper investigates Australia's four major national banks, analysing the use of media re-
leases in the marketing and communication of corporate social responsibility (CSR). Using
content analysis, the extent and nature of the media releases issued in 2006, and aimed at spe-
cific stakeholders, is determined for each bank. The findings indicate that over one-third of the
banks' media releases discuss CSR, predominantly communicating issues related to community
involvement. Furthermore, customers and communities are found to be the intended audiences
for the majority of the CSR-related media releases.
Keywords: CSR, media, banks, Australia, stakeholders, content analysis
Introduction sector in the early 1980's, the profits of
Australian banks have risen substan-
Society is becoming more interested in tially. However, there has also been a
the social responsibility of organisations call for increased competitiveness as a
(Dawkins & Lewis, 2003; Bartlett, result of deregulation, which has had
2005), who in turn are more aware of dramatic effects on society, such as con-
their own actions, fuelled by anti-trust siderable employee downsizing (Bartlett,
laws, consumer-protection laws, and 2005). Consequently, there has been in-
requirements-to-serve laws (Farmer & tense media and public scrutiny focused
Hogue, 1973). Organisations' communi- on the banking industry. Although
cation of their corporate social responsi- many studies have considered CSR and
bility (CSR) has received close scrutiny social reporting by banks (Enquist,
from the media and activist groups, par- 2006; Schneider, 1982; Bank Marketing
ticularly in the banking sector. International, 2005; Do et al., 2007)
most consider it as a means of respond-
Since the deregulation of the banking ing to criticism, rather than as part of a
strategy to proactively communicate to
Corresponding author: Carol A Tilt, Professor of Accounting & Associate Dean (Research), Flinders Business
School, Flinders University, Adelaide, South Australia, Email: Carol.Tilt@flinders.edu.au
2. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 177
stakeholders. This paper investigates spective provided by stakeholder theory
CSR reporting in the Australian banking is considered to be most appropriate.
sector, in particular, the four major na- Thus, a review of stakeholder theory is
tional banks are considered: Australia presented below and this section con-
and New Zealand Banking Group cludes with a discussion of the strategic
(ANZ), Commonwealth Bank of Austra- nature of CSR, how it is used in market-
lia (CBA), National Australia Bank ing to communicate with an organisa-
(NAB) and Westpac Banking Corpora- tion's stakeholders, and its relevance to
tion (WBC). stakeholder theory.
The aim of this paper is to identify to
what extent Australia's four major na- Stakeholder Management
tional banks use their CSR for marketing
purposes aimed at specific stakeholders, Stakeholder theory has received much
in the context of stakeholder manage- research attention regarding the inclu-
ment. The extent and nature of CSR, sion or exclusion of groups or ideas
marketed via media releases, by each of (Alkhafaji, 1989; Phillips & Reichart,
the banks over the period 1 January to 2000; Radin, 1999). The theory suggests
31 December 2006, is identified. The that organisations must manage their
intended audience of each media release various stakeholders individually given
is also determined, and the banks’ mar- their expectations of an organisation
keting of their CSR examined in light of (Freeman, 1984). Therefore, organisa-
stakeholder theory. tions operate not only in consideration of
shareholders as argued by Friedman
This paper is organised as follows: The (1970), but also in consideration of other
next sections outline the theoretical per- stakeholders such as employees, custom-
spective that informs this study, and re- ers and communities (Hodgetts, 1996).
views the research that has considered Shareholders supporting long-term as
stakeholder theory and CSR particularly well as short-term profits cause organi-
in a marketing context. Next, the re- sations to build lasting relationships with
search methods are described, followed stakeholders, without whose support the
by the findings. The subsequent section organisation would cease to exist. An-
compares and contrasts the findings with soff (1965) maintains that organisations
the views prescribed by stakeholder the- must determine the often-conflicting
ory. Finally, conclusions and implica- needs of its stakeholders, and manage
tions are presented. them in a way to satisfy as many as pos-
sible, or at least the most powerful stake-
holders. As noted by Farmer & Hogue
Theoretical Framework (1973), given the limited resources any
one organisation has, this strategy of
An organisation must consider the im- stakeholder management may often re-
pact of its operations on its various sult in a trade-off between satisfying
stakeholders (Freeman, 1984). As this stakeholders. Thus the need for effective
paper examines Australia's four major communication strategies is evident, in
national banks' marketing of their CSR order to meet the many demands of
to various groups, the theoretical per- stakeholders (Gray et al. 1996).
3. 178 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
Deegan (2006) notes however, that the accomplished by assessing three vari-
term stakeholder theory is used in differ- ables: power (the extent a party can im-
ent contexts. Hasnas (1998, p. 26) states pose its will in a relationship); legiti-
that “it is used to refer to both an empiri- macy (socially accepted and expected
cal theory of management and a norma- structures or behaviours); and urgency
tive theory of business ethics, often (time sensitivity or criticality of the
without clearly distinguishing between stakeholder's claims) (Mitchell et al.
the two. This study does not consider the 1997). This study attempts to identify
normative (ethical) branch of stake- those stakeholders Australia's four major
holder theory, which concerns how man- national banks deem influential regard-
agers should deal with corporate stake- ing the marketing of their CSR via me-
holders (Berman et al. 1999). Rather, it dia releases in the year 2006.
examines the positive (managerial)
branch of stakeholder theory (Berman et Freeman (1984), defines stakeholder
al. 1999) which involves identifying management as the need for an organisa-
stakeholders of the organisation and tion to manage the relationships with its
managing them in a way that furthers the specific stakeholders in an action-
organisation's objectives. Fulop & Lin- oriented way. Organisations face a chal-
stead (1999) explain that a major com- lenge to satisfy its stakeholders, depend-
plication involved with each strategy ent on both the size of the organisation
pursued by an organisation is the task of (with a small organisation, the expecta-
fulfilling the best interests of all stake- tions of its stakeholders may not be as
holders. As Gray et al. (1996) point out high as with a larger organisation), and
however the more important the stake- the returns of the organisation (with
holder to the organisation, the more ef- above-average returns, an organisation
fort will be exerted by the organisation may find it easier to satisfy stakeholders
in managing the relationship. The level than when enjoying average or below-
of power a stakeholder has is in part de- average returns) (Hanson & Dowling,
termined by the amount of resources 2002). This study assumes the commu-
controlled/owned by the stakeholder, as nication of CSR activities via media re-
Wallace (1995, p. 87) points out “the leases to be a method of stakeholder
higher the group in the stakeholder hier- management.
archy, the more clout they have and the
more complex their requirements will
be”. Literature Review
Stakeholder Management: The Busi-
A major component of stakeholder the- ness Case
ory considers the ability of managers to
identify their stakeholders and criticality Freeman (1984, p25) defines stake-
to the organisation, allowing effective holders as “any group or individual who
stakeholder management to follow. Sev- can affect or is affected by the achieve-
eral authors (Mitchell et al. 1997; Han- ment of the organisation's objectives”
son & Dowling, 2002) have developed Examples of stakeholders include sup-
methods to achieve stakeholder identifi- pliers, customers, employees, sharehold-
cation. In particular, it is claimed that ers, and the local community. It has been
distinguishing between stakeholders is pointed out, however, that the broadness
4. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 179
of Freeman's (1984) definition could point of view, integrating CSR issues
lead to the inclusion of competitors or into the discussion where possible.
terrorists as stakeholders of an organisa- Deegan et al. (2000) writes:
tion (Alkhafaji, 1989, p36). Therefore, Institutions that incorporate stake-
Alkhafaji (1989) suggests that stake- holder expectations and commu-
holders should only include those groups nity attitudes in their strategic
or individuals that have a vested interest planning are likely better posi-
in the survival of an organisation. tioned to address business risks
and to take advantage of business
Maignan & Ferrell (2001) supports the opportunities as they arise.
hypothesis that distinct stakeholder
groups perceive activities of an organi- Starik (1991) for example, examines the
sation differently, therefore requiring relationship between an organisation's
tailored marketing efforts aimed at spe- stakeholder management and their repu-
cific stakeholders. This conclusion is tation. Using Freeman's (1984) method-
drawn after examining and comparing ology to determine the level of stake-
the views of internal employees and ex- holder management existent within an
ternal customers regarding the activities organisation, and responses from stake-
of a French business. holders to gauge reputation status, a
positive relationship is found between
Similarly, Whysall (2000) highlights the the two variables. Although only focus-
importance of stakeholder management ing on consumer-related stakeholder
by focusing on the 'mismanagement' of groups for American inventory-owned
stakeholders. Using real-life examples electric organisations, the results of this
from organisations such as Hoover Co. study still have implications for the
and British Gas, the problems discussed reputation of other organisations adopt-
regarding specific stakeholders empha- ing similar stakeholder management
sise a need for effective stakeholder strategies. Similarly, arguments have
management. A major assertion of the been made in favour of an organisation's
study is the interaction of stakeholder consideration of the environment im-
groups, as opposed to their isolation proving their reputation (Dechant et al.
from each other, attributable to the abil- 1994; Hart, 1995).
ity of an individual or group belonging
to more than one stakeholder group The majority of the literature on the ef-
(Cooper, 2003). Hence the mismanage- fects of stakeholder management on or-
ment of one stakeholder can potentially ganisations relates to improvements in
have widespread effects, therefore by financial performance, as evidenced by
outlining how the ineffective strategies the following studies. Berman et al.
can cause problems for an organisation, (1999) examined five specific stake-
the importance of stakeholder manage- holder issues (employees, product
ment is further supported. safety, workplace diversity, communi-
ties, and the environment) with positive
In assessing the relevant literature sur- results (that is, financial benefits for the
rounding the concept of stakeholders, it organisation when adopting stakeholder
is necessary to discuss the benefits of management strategies). Employees as
such a strategy from an organisation's stakeholders are regarded as a valuable
5. 180 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
source of competitive advantage organisation to which the strategy origi-
(Berman et al. 1999). Similarly, nates. Their study found that higher lev-
Huselid's (1995) study of a cross-section els of stakeholder management may
of organisations examined the effects of have a negative impact on CEO salaries.
human resource management policies That is, the salaries, bonuses, and com-
and practices (aimed at employees) on pensation all decrease with higher levels
financial performance. The financial of stakeholder management. Mostly,
benefits associated with the effective however, the empirical research re-
management of this stakeholder group, viewed is supportive of a stakeholder
possibly more straightforward than oth- management strategy from a business
ers, are attributed to lower turnover, case perspective.
lower absenteeism, and improved pro-
ductivity (Huselid, 1995).
CSR and the Banking Industry
Affecting multiple stakeholder groups,
in particular employees and customers, Specific to the banking sector of the fi-
is the level of diversity an organisation nancial services industry, Stablein's
employs in their workforce (Berman et (1986) study details a case in favour of
al. 1999). Visible efforts to recruit and organisations adopting CSR strategies.
retain the best people regardless of race, This is attributed to the need for an im-
ethnicity, or gender, may improve an proved reputation in the sector, damaged
organisation's ability to relate to a broad by fierce competition as a result of de-
customer base (Thomas & Ely, 1996), regulation (and although Stablein's
and reduce employee turnover or absen- (1986) study originates from the U.S.A.,
teeism resulting from disgruntled em- similar deregulation in the Australian
ployees (Hart, 1995). Integrating CSR banking sector enables comparisons to
into a stakeholder management strategy, be made).
Robinson & Dechant (1997) explain the
general tendency of management to ex- Peterson & Hermans (2004) present a
hibit reluctance in their training and de- longitudinal study on the CSR issues
velopment of women and minorities. prevalent in the marketing of U.S.
banks, using content analysis to examine
Although product safety may not appear television commercials. Conducted to
to be a CSR issue relevant to this study determine the range of stakeholders at
of banks, when adapted to the financial whom the marketing is aimed, the study
services industry it can represent secu- also seeks to determine if the increase in
rity, such as for ATMs or Internet bank- public awareness of CSR issues results
ing. When appropriate strategies are im- in an increase in CSR marketed by the
plemented considering the wellbeing of banks. Consequently, resulting from this
customers, increased sales are the likely research is the apparent increase in CSR
result (Waddock & Graves, 1997). communicated to stakeholders via televi-
sion commercials.
Taking a different approach, a study by
Coombs & Gilley (2005) examine the Margret & Tran (2007) examine attrib-
relationship between stakeholder man- utes of corporate social reporting in Aus-
agement and salaries of CEOs from the tralia's four major national banks as a
6. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 181
reaction to new legislation. Accordingly, share prices yields positive results
banks are required to disclose their envi- (although their study is not about CSR).
ronmental, social and ethical standards In recognition of a change in public atti-
in investment decisions. However, the tudes, managers are required to evaluate
results discover no increase in CSR how to communicate their actions for a
within the banks, therefore the legisla- range of stakeholders. It has been shown
tion has no impact on the level of CSR that the public is generally accepting of
engaged in by the banks. In this study, an organisation's communication of their
the proactive communication of CSR via CSR for marketing purposes (i.e. to en-
media releases is considered rather than hance profitability) (Dawkins & Lewis,
CSR as a result of forcible legislation. 2003). However, this still needs to be
communicated in an effective manner so
Bartlett (2005) adopted a perspective as not to explicitly contradict the
similar to most literature reviewed, 'charitable' view of CSR. As detailed by
whereby legitimacy theory is considered Swift (2001), due to an increase in social
in the research of CSR. Again, CSR re- and ethical auditing, a rise in the com-
porting is analysed as a response to me- munication of CSR is evident in organ-
dia coverage, rather than as a proactive isational documents (such as media re-
communication strategy. The study leases). Such is the case with Belgium
shows that the organisations comprising bank KBC which, in accordance with a
the Australian banking sector respond to growth in importance of CSR particu-
similar concerns in different ways, ulti- larly in the financial services industry,
mately affecting reputation rankings of recognised the need to demonstrate its
the individual organisations. Therefore CSR achievements (Bank Marketing
the implications of Bartlett's (2005) International, 2005).
study for this paper is the suggestion that
each of Australia's four major national Research on the communication of CSR
banks communicate CSR at different appears to be conducted primarily in
levels, on different issues. reaction to events that brought the indus-
try or organisation into the public spot-
light (Deegan et al. 2000). One such
Communication of CSR to Stake- study on Australia's four major national
holders banks looks at the relationship between
the organisations' CSR reporting as a
Daniels & Spiker (1991) encourage or- response to legitimacy concerns, and
ganisations to focus on stakeholders in their reputations (Bartlett, 2005). Irwin
their communication strategies. Among & More's (1994) research looks at the
other factors, this is particularly the case possibility of stakeholders to be affected
in the area of establishing a desirable by communication intended for another
organisational image in the public mind group. In particular, with an organisa-
(Daniels & Spiker, 1991). Higgins & tion's communication of CSR to employ-
Bannister (1992) show the financial ees conducted internally, external com-
benefits associated with communication munication (such as that found in media
strategies. In their study, analysing both releases) is thought to have a potentially
the level of communication that organi- minor impact on employees.
sations aim at stakeholders and relative
7. 182 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
Whysall (2005) considers media re- gate Australia's four major national
leases. Specifically, the study seeks to banks' communication of their CSR in
increase understanding on the role, con- light of stakeholder theory. Media re-
tent and effectiveness of supermarkets' leases are a major source of information
media releases. Whysall (2005) finds aimed at stakeholders, being a popular
that media releases generally attract lim- feature of organisations' Websites
ited attention from the audiences tar- (Cooper, 2003). Despite the importance
geted. Furthermore, examination of me- placed on the Internet as a communica-
dia releases from supermarkets leads to tion tool, research indicates that the
the conclusion that there is a need to number of studies considering this is
research the content and function of me- limited (Tomasello, 2001). The majority
dia releases in sectors where stakeholder of studies considering stakeholder man-
relations are important. agement via communication strategies
do not consider media releases. Rather,
Finally, Cooper's (2003) study centres as with Bartlett's (2005) study, analysis
on the Internet as the medium used for of annual reports, social impact reports
communicating with stakeholders. Coo- and policy statements predominates.
per (2003) highlights the potential for an
individual or group to have multiple
"stakes" in an organisation given the Sample Selection
results of the analysis. This conclusion is
achieved by examining the relationships The sample comprises the four major
formed between various stakeholder national banks in Australia for the year
groups and the organisations. It is dis- 2006. The financial services industry is
covered that employees and managers regularly under criticism regarding CSR.
receive less attention via the Internet due This focus of attention on the industry
to the tendency of organisations' manag- could be attributed to the ability of the
ers and marketers to communicate to organisations comprising this industry to
their employees via internal means. affect the operational activities and out-
Similarly, customers do not receive sig- comes of a variety of organisations
nificant attention due to the structure of across diverse industries (Margret &
the electricity industry, with many or- Tran, 2007). Supporting the purposive
ganisations in this industry not dealing selection of Australia's four major banks
directly with end-customers. as the sample for consideration in this
study, Farmer & Hogue (1973, p. 5) re-
This study considers media releases as a port on the expectations of society to-
form of communication of CSR issues wards large organisations:
and attempts to link them to particular Most people do not expect smaller
stakeholder groups. The method for this firms to do much toward carrying
analysis is presented next. costs of anti-pollution campaigns,
to contribute heavily to educa-
tional funds, or to lead businesses
Research Method in working toward similar socially
desirable goals.
This is an exploratory case study in
which media releases are used to investi- Therefore the choice of selecting sample
8. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 183
for analysis is attributable to both the content analysis can be used to:
relevance of CSR to the financial ser- • identify the intentions of the commu-
vices industry and the higher expecta- nicator
tions from society towards CSR in these • describe trends in communication
larger organisations. A limitation of this content
non-probability sampling design, how- • reveal the focus of individual, group,
ever, is the inability of the results to be institutional, or societal attention
generalised to a population (Cavana et
al. 2001). Content analysis has been described as:
A technique for gathering data
Every media release for the year 2006 that consists of codifying qualita-
was obtained through each bank's Inter- tive information in anecdotal and
net site. There were 79 media releases literary form into categories in
from ANZ; 99 media releases from order to derive quantitative scales
CBA; 48 media releases from NAB, of varying levels of complexity
and; 89 media releases from WBC (a (Abbott & Monsen, 1979 p504).
total of 315) for the period of analysis.
Only ANZ's Website has a separate link Consistent with this description, content
for media releases solely on CSR-related analysis is useful for identifying themes
issues. Of the 28 media releases in in the raw data (Cavana et al. 2001).
ANZ’s link specifically for their CSR- With the objective of determining the
related media releases, 26 are considered existence of stakeholder management
in this study as two were not accessible via media releases, each media release
due to a broken link. was read and classified into one of the
identified themes (see below). The re-
All media releases were considered and lease was then read in detail to deter-
judged according to the coding rules (see mine the stakeholders at whom the me-
below). That is, each media release is dia release is aimed. This classification
analysed to determine if it discusses any method is, like most content analysis,
of the CSR issues listed in Table 1, and quite subjective, therefore, specific cod-
the stakeholder at whom these media ing rules were prepared for analysis of
releases are aimed was determined. the media releases, including definitions
Every media release was thoroughly as- for each theme, treatment of multiple
sessed to determine if it discussed more themes, treatment of headings, etc. A
than one CSR issue, or if it was aimed at sample of releases was then re-coded by
more than one stakeholder. a second coder and the results reviewed.
The specific CSR themes used were
Coding and Analysis adapted from existing literature.
Hodgetts & Kuratko's (1991) study lists
In order to measure the extent and nature general CSR issues that organisations
of CSR in the media releases, content must deal with in contemporary society.
analysis is used. Weber (1985) points The themes used are presented in Table
out several purposes of content analysis, 1. The coding sheet and rules are derived
all dependent on the objectives of the from Riffe et al. (2005). Multi-case cod-
research. Relevant to this study is that ing sheets were used for the analysis, as
9. 184 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
these are useful when there are a large Communities; and Other. These are the
number of cases (in this study, the cases most commonly identified stakeholders
are the individual media releases) (Riffe for CSR disclosure (Estes, 1976; Ogan
et al., 2005). The stakeholders as identi- & Ziebart, 1991; Tilt, 1997; 2007), but
fied by Donaldson & Lorsch (1983) are the ‘other’ category was included to
adapted for use in this study and include identify any stakeholders specific to the
Shareholders; Employees; Customers; organisations under study.
Table 1
CSR Themes Used in Analysis
Environment: pollution control; restoration or protection of environment;
Energy: conservation of energy in production and marketing operations;
Fair Business Practices: employment and advancement of women and minorities; support for
minority owned business;
Human Resources: employee training and development;
Community Involvement: donations of cash, products, services or employee time; sponsorship
of public health projects; support of education and the arts; support of community recreation
programs; cooperation in community projects;
Products: enhancement of security; environmental/ social improvements of a product.
overlapping nature is another limitation.
As an example of how media releases This study however, is exploratory in
were coded, the release entitled nature as the area of CSR marketing to
‘Commonwealth Bank activates emer- stakeholders has not been researched
gency package to help cyclone vic- previously to any great extent.
tims’ (Commonwealth Bank of Austra-
lia, 20th March 2006) totaled 282 words.
On reading this example it was assigned Results
various codes in the coding sheet CSR Themes in Media Releases
(spreadsheet) as it was identified as be-
ing CSR-related, then coded for The media releases from Australia's four
'community involvement (donations of major national banks are slightly differ-
cash, products, services or employee ent in their presentation on the websites.
time), and for each stakeholder men- Australia and New Zealand Banking
tioned in the report directly (customers Group’s (ANZ) site has two separate
and local farmers). links for their media releases in 2006:
one titled 'ANZ 2006 Media Releases'
Some media releases did not mention a and one titled 'ANZ 2006 Corporate Re-
stakeholder directly, and in these cases sponsibility Media Releases'. The other
they were read in their entirety and a banks do not distinguish between CSR-
subjective decision made as to which related and non-CSR-related media re-
stakeholders, if any, were the intended leases. National Australia Bank’s (NAB)
audience. Such subjectivity is inherent in site for its media releases in 2006 is ti-
content analysis, and is acknowledged as tled 'Media Releases/ASX Announce-
a limitation. Similarly, stakeholder cate- ments', incorporating information on the
gories are not entirely discrete, so their Australian Stock Exchange aimed at
10. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 185
both current and potential investors. municate one CSR theme (23 media re-
Westpac Banking Corporation (WBC) leases are found to discuss two CSR is-
and Commonwealth Bank of Australia sues). This conclusion is supported by
(CBA) both title the link for their media the tendency for all banks to occasion-
releases in 2006 simply 'Media Re- ally publish several media releases per
leases'. day. Figure 1 shows the number of me-
dia releases issued by each bank in 2006,
The ease associated with accessing the and the corresponding number of media
media releases is interesting given an releases involving CSR. 117 media re-
aim of this study is to determine the leases out of a total of 315 discuss CSR
level of attention given to different (approximately 37%) highlighting the
stakeholders. On the homepage of ANZ, significance of CSR in the banking sec-
CBA, or WBC, media releases are found tor of the financial services industry.
by clicking on either the 'about us',
'glossary', or 'info' links, respectively. Figure 1 shows that NAB does not com-
This presents a link to the 'Media Cen- municate via media releases as much as
tre', which exists in all four bank web- the other banks, with only 48 releases,
sites. NAB is the only bank for which but their CSR-related media releases
the Media Centre is accessible directly amounted to 41% of these, the second
from the Homepage. However, all of the highest proportion. The type and
banks' Websites feature a 'Search' func- amount of CSR discussed in the media
tion accessible from any of their Web- releases, is presented for each of the
sites. The usability of websites is an in- banks in Table 2, noting that 23 media
teresting area for future research; see releases communicate more than 1 CSR
Tilt et al. (2008). theme, resulting in a higher number of
CSR issues discussed than the total num-
It is evident that CSR is a significant ber of CSR-related media releases. Each
issue reported upon in the media releases sub-category is considered in detail in
of Australia's four major national banks. the following sections.
The majority of the media releases com-
N umbe r o f M e dia R e le a s e s Fo cus ing o n C S R
120
99
89
100
# of Media Releases
79
80
48 T ota l
60 C S R -R e la te d
40
20
34 33 20 30
0
AN Z C BA N AB W BC
Ban k s
Figure 1
Number of Media Releases Focusing on CSR
11. 186 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
Table 2
Type and Amount of CSR in Media Releases
ANZ CBA NAB WBC Total
Environment 2 - - 4 6
Energy 1 - - 1 2
Fair Business Practices 2 1 1 3 7
Human Resources 2 1 - 1 4
Community Involvement 33 32 18 22 105
Products 4 4 4 6 18
Total 44 38 23 37 142
Community Involvement this issue in their media releases more
Table 2 shows that media releases focus- often than they discuss donations.
ing on community involvement are the
most common. Community-related is- Energy
sues are discussed in the media releases Table 2 shows that only two media re-
approximately 74% of the time in rela- leases communicate an energy-related
tion to total CSR themes. The majority issue for the year 2006 (less than 2% of
of these community-related media re- the attention in relation to the other CSR
leases involve donations of cash, prod- themes). For example, ANZ's energy-
ucts, services, or employee time. The related media release titled 'ANZ devel-
most popular form of community in- ops Australia's largest office building in
volvement concerns assistance to those Melbourne' (Australia and New Zealand
affected by a natural disaster, however, Banking Group, 27th September 2006),
WBC appears to aim these media re- discusses the various energy-efficient
leases solely to its customers, never dis- measures incorporated into ANZ's new-
cussing any initiatives involving the do- est office building. It is now worth not-
nation of cash to communities affected ing that ANZ's media releases are found
by a natural disaster. This could be be- to communicate the widest range of is-
cause they did not donate to those com- sues to its stakeholders, regarding CSR.
munities indicating that customers are A reason for the lack of energy-related
given higher priority. The other banks media releases is possibly the nature of
aim these media releases towards both the banking sector. More specifically,
customers and communities, often do- the intangibility of banks' products, and
nating cash to those that are not neces- the minimal amount of energy required
sarily customers. for a bank's operations, allows little op-
portunity to implement energy-saving
A significant portion of the media re- initiatives.
leases focusing on community involve-
ment relate to the support of education Environment
or the arts, with all banks communicat- Only ANZ and WBC issued CSR-
ing this issue in their media releases. related media releases involving the en-
Interestingly, CBA is the only bank con- vironment to stakeholders in 2006. CSR
sidered in this study that communicates issues relating to the environment are
12. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 187
discussed approximately 4% of the time promotion of a product designed to have
in relation to the other CSR themes. In a positive environmental or social im-
particular, these media releases discuss pact. For example, WBC's media release
either a commitment to the restoration or titled 'Westpac enhances Internet Bank-
protection of the environment, or pollu- ing security' (Westpac Banking Corpora-
tion control. For example, WBC (being tion, 13th February 2006) discusses en-
the bank using media releases to com- hanced security provided for online
municate environmental issues to its banking.
stakeholders more than any other of
Australia's major national banks), in the
media release titled 'Westpac extends Stakeholder Analysis of Media Re-
highly successful paper saving initia- leases
tive' (Westpac Banking Corporation, 8th
August 2006), discusses the extension of It is evident that each of Australia's four
their e-statement strategy aimed at sav- major national banks tailors its media
ing paper. Again, issues involving the efforts, at least regarding CSR, to each
environment may not be communicated of its stakeholders. Furthermore, the re-
to a great extent in media releases given sults indicate that the banks focus on
the tendency of the banks to use other similar issues, highlighting a trend in the
means, such as environmental reports. banking sector.
Fair Business Practices and Human As discussed earlier, Freeman (1984)
Resources describes stakeholder management as
Table 2 shows that media releases in- the need for an organisation to manage
volving the banks' fair business practices the relationships with its specific stake-
and human resources (HR) are rare - holders in an action-oriented way. An
approximately 5% in relation to the objective of this study is to determine
other CSR themes for Fair Business and those stakeholders at whom the CSR-
3% for HR. A possible reason for the related media releases from Australia's
lack of media releases in these areas is four major national banks are aimed.
that they are aimed at employees and Figure 2 (see the next page) shows the
organisations may use other means to stakeholders considered by Australia's
communicate to its employees (for ex- four major national banks and the num-
ample an Intranet or staff notice board). ber of media releases aimed at each.
Products Just as there are 23 media releases com-
Out of all media releases products re- municating more than one CSR theme to
lated to CSR are given approximately stakeholders, there are 25 media releases
12% of the attention in relation to the aimed at more than one stakeholder
other CSR themes, and exist for all of group, resulting in totals greater than
the banks. Given the nature of the bank- 100%. Table 3 shows the percentage of
ing sector, improvements in services media releases aimed at each stake-
such as Internet banking, and security holder group by theme. For example,
upgrades at ATMs, are included in this 100% of the media releases discussing
section. Specifically, these media re- fair business practices are aimed at cus-
leases discuss the introduction or the tomers, 42.9% of these media releases
13. 188 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
Stakeholders Targeted in Media Releases
90
83
80
73
70
# CSR Media Releases
60
50
40
30
20
13
7
10
0
0
Shareholders Emp loy ees Customers Communities Other
Stakeholders
Figure 2
Stakeholders Targeted in CSR Media Releases
Table 3
Percentage of Media Releases Aimed at Stakeholders by Theme
Shareholders Employees Customers Communities
Environment - 16.7% 100% 33.3%
Energy 50% 50% 50% 50%
Fair Business Practices - 42.9% 100% 42.9%
Human Resources 25% 100% 75% 50%
Community Involvement 2.7% 3.8% 46.7% 59%
Products 11.1% - 94.4% 16.7%
are aimed at employees, and 42.9% of releases detailing the efforts of an or-
these media releases are aimed at com- ganisation to reduce waste (or some
munities. other cost-saving method) appear to sup-
port this. For example, the media release
Shareholders from WBC titled 'Westpac extends
Figure 2 shows that shareholders are one highly successful paper saving initia-
of the stakeholder groups considered in tive' (Westpac Banking Corporation, 8th
the CSR-related media releases from August 2006) details a CSR initiative
Australia's four major national banks in resulting in cost savings.
2006, albeit rarely. Cooper (2003) con-
cludes that the majority of environment- Although it is traditionally thought that
related communication is aimed at shareholders are an organisation's most
shareholders and in this study media important stakeholder group, the results
14. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 189
from this study conclude that, regarding potential future employees. This sup-
the communication of CSR via media ports the research finding that employ-
releases shareholders are not considered ees would prefer to work for an organi-
the most important stakeholder group. sation promoting their growth, or at least
This supports Dawkins & Lewis (2003) would be less likely to leave the com-
who also show that the importance of pany (Huselid, 1995). Dawkins &
CSR to the investment community Lewis (2003) argue that it is in the best
(shareholders) is lower than other stake- interests of an organisation to communi-
holder groups. cate their CSR towards its employees,
given the importance of employee advo-
Employees cacy on other stakeholders. Although the
Huselid (1995) examined the effects of results of this study suggest Australia's
human resource management policies four major national banks do not do this
and practices on financial performance. via media releases, but rather use inter-
The financial benefits associated with nal methods to communicate with them
the effective management of this stake- (such as an Intranet or staff notice
holder group, possibly more straightfor- boards).
ward than others, are attributed to lower
turnover, lower absenteeism, and im- Customers
proved productivity (Huselid, 1995). Customers are a major focus of Austra-
Therefore research informs us that it is lia's four major national banks’ media
in the best interests of an organisation to releases. One CSR issue discussed by all
not only engage in workplace diversity, the banks in their media releases is the
but to communicate this to employees. enhancement of security, such as at
ATMs and Internet banking. These CSR
Specific to this study, media releases issues are aimed at both current and po-
discussing the advancement of women tential customers. Clearly, customers
or minorities are issues and are aimed at prefer to ensure their wealth is kept as
both current and potential employees. secure as possible. It is again appropriate
Furthermore, the level of diversity an to point out the potential for a person or
organisation employs in their workforce group to have multiple "stakes" in an
is also found in the releases, and is organisation (Cooper, 2003), however in
aimed at employees (Berman et al. a different manner. For example, it is
1999). As discussed earlier, an organisa- logical to assume that a considerable
tion's visible efforts to recruit and retain number of an organisation's employees
people regardless of race, ethnicity, or are also customers. To eliminate confu-
gender, may reduce employee turnover sion, this sub-section only considers
or absenteeism resulting from disgrun- those stakeholders as customers, regard-
tled employees (Hart, 1995). Therefore less of the other stakeholder groups to
marketing these CSR issues to employ- whom they belong.
ees is intended to have a positive impact
on the organisation and its employees. Furthermore, incorporating environ-
mental aspects in a product is often
Similarly, media releases discussing em- aimed at customers. This is understand-
ployee training or development are able given the growing trend for custom-
aimed at both current employees and ers to consider the environmental impact
15. 190 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
of their purchasing (Dawkins & Lewis, own reputation when marketed in con-
2003). Therefore research supports the junction with a well-known event or
idea that those organisations marketing cause (Dechant et al. 1994; Hart, 1995).
products that have a positive impact on Therefore, shareholders supporting long-
the environment are more likely to at- term as well as short-term profits are
tract new customers and retain existing supportive of investments in community
customers. It is thus in the best interests issues such as sporting events, positively
of Australia's four major national banks affecting their own long-term wealth
to create environmentally friendly prod- (Donaldson & Lorsch, 1983).
ucts and market them towards custom-
ers. Gray et al. (1996) point out that the
more important the stakeholder to the
The finding that customers are given the organisation, the more effort will be ex-
most attention regarding the banks' mar- erted by the organisation in managing
keting of CSR via media releases in the the relationship. Given the results of this
year 2006 has implications stemming study it would appear that, regarding the
from the work of Mitchell et al. (1997). communication of CSR via media re-
To recall, their study details a method leases, communities are considered one
for stakeholder identification, in particu- of the most important stakeholders. This
lar the ability to distinguish between is true for each of Australia's four major
stakeholders by assessing three vari- national banks, each focusing their CSR-
ables: power; legitimacy; and urgency. related releases to communities (and
Given the results of this study, it is evi- customers). A reason presented in a
dent that, relative to shareholders and study by Waddock & Graves (1997) that
employees, customers are critical re- supports an organisation's improvement
garding the marketing of CSR via media of community relations is the potential
releases in the year 2006. The trend for savings experienced in the form of tax
all banks to aim the majority of their advantages.
marketing of CSR towards customers
reinforces this assertion. Given the extent to which communities
and customers are focused on in the
Communities banks' CSR-related media releases rela-
Communities are the intended audience tive to other stakeholders, it could be
of the banks' media releases almost as thought that these two stakeholder
much as customers. A reason for Austra- groups drive the CSR strategies adopted
lia's banks to aim their CSR-related me- by the banks. That is, CSR initiatives are
dia releases at communities is the wide stakeholder-driven rather than simply
range of people that may be included in marketed to suit the current strategies.
this stakeholder group. For example, This finding not only has important im-
customers may find themselves affected plications for the marketing strategies of
by a community issue supported by an the banks, but also for stakeholders. The
organisation. Furthermore, by being at- extent to which a stakeholder group can
tached to a well-known event or cause, impose its will in a relationship with an
organisations in turn gain their own pub- organisation may influence the strategies
licity. More specifically, organisations adopted by that organisation.
experience a positive impact on their
16. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 191
Discussion and Conclusions CSR-related media releases, consistent
with stakeholder management. By aim-
Despite the abundance of literature ing them at specific stakeholders, the
available on CSR in marketing and CSR banks successfully differentiate between
reporting, few studies consider an or- their intended audiences.
ganisation's use of media releases to
communicate to stakeholders. This paper According to stakeholder theory organi-
presents a case study on the Australian sations will attempt to balance the com-
banking sector, examining the media peting and often conflicting interests of
releases from 2006 from Australia's four its stakeholders. The findings of this
major national banks, to determine the study reveal that shareholders and em-
extent and nature of CSR aimed at spe- ployees receive some attention, however
cific stakeholders. The study found a it is customers and communities at
trend in both the CSR issues communi- whom most of the CSR-related media
cated via media releases from each of releases are aimed. By determining the
Australia's four major national banks extent of CSR aimed at specific stake-
and the level of attention given to each holders, this study aims to highlight an
stakeholder group. The media releases organisation's recognition of the growing
focus primarily on community involve- importance of social and environmental
ment relative to the other CSR themes issues in contemporary society. For the
and are aimed primarily towards cus- Australian national banking sector, over
tomers and communities. one-third of all media releases from the
year 2006 discuss CSR. Furthermore,
Friedman (1970) argues that CSR takes the banks' media releases discuss com-
away from the profits of shareholders, munity initiatives as they relate to CSR
with increases in share-price being an considerably more than any other CSR
organisation's sole responsibility. In re- issue.
cent times however, the responsibilities The organisational strategy of stake-
of organisations have extended relative holder management, consistent with
to the impact of their operations on soci- views prescribed by stakeholder theory,
ety. Accordingly, stakeholder theory asserts that organisations must determine
prescribes that an organisation must con- the needs of their various stakeholders
sider a wide range of interests to achieve and attempt to satisfy the claims of those
its own objectives and ensure the sur- most powerful. Reasons for possible
vival of the organisation (Freeman, trends in the data are proposed in light of
1984). It is thought that the managerial stakeholder theory: (1) given the con-
(positive) branch of stakeholder theory flicting views of profit-maximisation
is most relevant to this study, given it and CSR organisations may be less
seeks to examine Australia's four major likely to market their CSR initiatives to
national banks' communication of their shareholders; (2) employees are found to
CSR to various groups. This is consis- rarely be the target for the banks' CSR
tent with the view that CSR serves a marketing, possibly due to the tendency
wider community (Freeman, 1984). The for organisations to use internal means
results of this study suggest that Austra- to communicate to this stakeholder
lia's four major national banks consider a group; (3), the satisfaction of customers
wide range of interests in their use of is important in any organisation, and the
17. 192 C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197
satisfaction of this stakeholder group is Limitations
important for increased sales; (4) the
amount of attention given to communi- No methodology existed prior to this
ties as a stakeholder group in the CSR- study for determining the stakeholders
related media releases is attributed to the being targeted by corporate communica-
wide range of stakeholders potentially tions. Therefore, a subjective approach
affected by such communication. using content analysis was applied. Fur-
thermore, media releases are analysed as
a means of communicating CSR to
Implications stakeholders, excluding other means
such as television, radio, and annual re-
The results of this study suggest that ports. As these are also popular sources
stakeholder management is a strategy of advertising, this study may not com-
adopted by the banks regarding the com- prehensively represent the marketing
munication of CSR via media releases. efforts of the banks.
The implementation of effective com-
munication strategies is important when
considered in light of results from the Further research
research of Dawkins & Lewis (2003),
suggesting only 36% of people are able Similar to the study by Peterson & Her-
to recall any examples of an organisation mans (2004) this study could be con-
helping society or the community, there- ducted in a longitudinal form to see if
fore the results of this study have impli- there has been a significant change in
cations for our understanding of the use the marketing of CSR relative to
of CSR in a marketing context changes in societal attitudes. This would
provide insight into possible changing
The findings indicate community in- stakeholder attitudes and associated or-
volvement is communicated to stake- ganisational strategies. Furthermore,
holders considerably more than any Schneider (1982) outlines the potential
other CSR theme and customers and benefits arising from measuring one's
communities are the target of most CSR- own performance, specifically when ap-
related media releases. All four banks plied to an organisation's CSR. Schnei-
appear to use the same strategies how- der (1982) claims banks can benefit by
ever, so there is little to differentiate assessing the repercussions of the CSR
them. strategies they have implemented. Fur-
ther research could analyse the repercus-
Emphasising this need for marketing sions of the CSR aimed at specific stake-
research, Maignan & Ferrell's (2001) holders in conjunction with the organisa-
found stakeholder groups perceive the tion's marketing via print media or other-
activities of an organisation differently, wise, to assist in the implementation of
therefore requiring tailored marketing effective CSR strategies. Finally, Uner-
efforts. The results of this study support man & Bennett (2004) argue that organi-
the increase in marketing of CSR aimed sations should respond to the needs of
at specific stakeholders, or the marketing those stakeholders with whom they en-
of CSR via other media. gage with as opposed to solely those
stakeholders owning or controlling re-
18. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2 (2008/2009) 176-197 193
sources. Thus, further research on the ing Industry”, Proceedings 34th
interaction between organisations and European Marketing Academy
stakeholders around CSR issues in me- Conference 2005, Milan.
dia releases analysed would be enlight- Berman, S. L., Wicks, A. C., Kotha, S.
ening. & Jones, T. M., (1999) “Does
stakeholder orientation matter?
The relationship between stake-
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