- 1. Issues in Social and Environmental AccountingVol. 2, No. 2
Dec 2008/Jan 2009Pp. 176-197Corporate Social Responsibility Issues
in Media Releases: A Stakeholder Analysis of Australian Banks
Christopher J. Reinig Carol A. Tilt Flinders Business
SchoolFlinders UniversityAbstractThis paper investigates Australias
four major national banks, analysing the use of media re-leases in
the marketing and communication of corporate social responsibility
(CSR). Usingcontent 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 thebanks media releases discuss CSR, predominantly communicating
issues related to communityinvolvement. Furthermore, customers and
communities are found to be the intended audiencesfor the majority
of the CSR-related media releases.Keywords: CSR, media, banks,
Australia, stakeholders, content analysisIntroductionsector in the
early 1980s, the profits ofAustralian banks have risen
substan-Society is becoming more interested intially. However,
there has also been athe social responsibility of organisationscall
for increased competitiveness as a(Dawkins & Lewis, 2003;
Bartlett, result of deregulation, which has had2005), who in turn
are more aware ofdramatic effects on society, such as con-their own
actions, fuelled by anti-trustsiderable employee downsizing
(Bartlett,laws, consumer-protection laws, and 2005). Consequently,
there has been in-requirements-to-serve laws (Farmer &tense
media and public scrutiny focusedHogue, 1973). Organisations
communi- on the banking industry. Althoughcation of their corporate
social responsi-many studies have considered CSR andbility (CSR)
has received close scrutinysocial reporting by banks (Enquist,from
the media and activist groups, par-2006; Schneider, 1982; Bank
Marketingticularly 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 astrategy to proactively communicate toCorresponding author:
Carol A Tilt, Professor of Accounting & Associate Dean
(Research), Flinders BusinessSchool, Flinders University, Adelaide,
South Australia, Email: [email protected]
2. C.J. Reinig, C.A. Tilt / Issues in Social and Environmental
Accounting 2 (2008/2009) 176-197 177stakeholders. This paper
investigatesspective provided by stakeholder theoryCSR reporting in
the Australian bankingis considered to be most appropriate.sector,
in particular, the four major na-Thus, a review of stakeholder
theory istional banks are considered: Australia presented below and
this section con-and New Zealand Banking Groupcludes 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- tions stakeholders, and its relevance
totion (WBC).stakeholder theory.The aim of this paper is to
identify towhat extent Australias four major na- Stakeholder
Managementtional banks use their CSR for marketingpurposes aimed at
specific stakeholders, Stakeholder theory has received muchin the
context of stakeholder manage-research attention regarding the
inclu-ment. The extent and nature of CSR,sion or exclusion of
groups or ideasmarketed via media releases, by each of(Alkhafaji,
1989; Phillips & Reichart,the banks over the period 1 January
to 2000; Radin, 1999). The theory suggests31 December 2006, is
identified. The that organisations must manage theirintended
audience of each media releasevarious stakeholders individually
givenis also determined, and the banks mar-their expectations of an
organisationketing of their CSR examined in light of (Freeman,
1984). Therefore, organisa-stakeholder theory.tions operate not
only in consideration of shareholders as argued by FriedmanThis
paper is organised as follows: The(1970), but also in consideration
of othernext 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 asstakeholder theory
and CSR particularlywell as short-term profits cause organi-in a
marketing context. Next, the re-sations to build lasting
relationships withsearch methods are described, followed
stakeholders, without whose support theby the findings. The
subsequent sectionorganisation would cease to exist. An-compares
and contrasts the findings with soff (1965) maintains that
organisationsthe views prescribed by stakeholder the- must
determine the often-conflictingory. Finally, conclusions and
implica- needs of its stakeholders, and managetions 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 &
HogueTheoretical Framework(1973), given the limited resources any
one organisation has, this strategy ofAn organisation must consider
the im-stakeholder management may often re-pact of its operations
on its varioussult in a trade-off between satisfyingstakeholders
(Freeman, 1984). As thisstakeholders. Thus the need for
effectivepaper examines Australias four majorcommunication
strategies is evident, innational banks marketing of their CSR
order to meet the many demands ofto various groups, the theoretical
per-stakeholders (Gray et al. 1996). 3. 178C.J. Reinig, C.A. Tilt /
Issues in Social and Environmental Accounting 2 (2008/2009)
176-197Deegan (2006) notes however, that theaccomplished 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) statespose its will in a relationship); legiti-that it is
used to refer to both an empiri- macy (socially accepted and
expectedcal theory of management and a norma-structures or
behaviours); and urgencytive theory of business ethics, often(time
sensitivity or criticality of thewithout clearly distinguishing
between stakeholders claims) (Mitchell et al.the two. This study
does not consider the1997). This study attempts to
identifynormative (ethical) branch of stake- those stakeholders
Australias four majorholder 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 etFreeman (1984), defines stakeholderal. 1999) which
involves identifying management as the need for an
organisa-stakeholders of the organisation and tion to manage the
relationships with itsmanaging them in a way that furthers the
specific stakeholders in an action-organisations 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 strategyent on both the size of
the organisationpursued 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 asholders. As Gray
et al. (1996) point out high as with a larger organisation),
andhowever the more important the stake-the returns of the
organisation (withholder to the organisation, the more ef-
above-average returns, an organisationfort will be exerted by the
organisation may find it easier to satisfy stakeholdersin managing
the relationship. The levelthan when enjoying average or below-of
power a stakeholder has is in part de-average returns) (Hanson
& Dowling,termined by the amount of resources2002). This study
assumes the commu-controlled/owned by the stakeholder, asnication
of CSR activities via media re-Wallace (1995, p. 87) points out
theleases to be a method of stakeholderhigher the group in the
stakeholder hier-management.archy, the more clout they have and
themore complex their requirements willbe. Literature Review
Stakeholder Management: The Busi-A major component of stakeholder
the-ness Caseory considers the ability of managers toidentify their
stakeholders and criticalityFreeman (1984, p25) defines stake-to
the organisation, allowing effectiveholders as any group or
individual whostakeholder management to follow. Sev- can affect or
is affected by the achieve-eral authors (Mitchell et al. 1997; Han-
ment of the organisations objectivesson & Dowling, 2002) have
developedExamples of stakeholders include sup-methods to achieve
stakeholder identifi- pliers, customers, employees,
sharehold-cation. In particular, it is claimed thaters, and the
local community. It has beendistinguishing 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 179of Freemans (1984) definition could point of view,
integrating CSR issueslead to the inclusion of competitors orinto
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 strategicor
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 businessMaignan & Ferrell (2001)
supports theopportunities as they arise.hypothesis that distinct
stakeholdergroups perceive activities of an organi- Starik (1991)
for example, examines thesation differently, therefore
requiringrelationship between an organisationstailored marketing
efforts aimed at spe- stakeholder management and their repu-cific
stakeholders. This conclusion is tation. Using Freemans (1984)
method-drawn after examining and comparingology to determine the
level of stake-the views of internal employees and ex-holder
management existent within anternal customers regarding the
activitiesorganisation, and responses from stake-of a French
business.holders to gauge reputation status, a positive
relationship is found betweenSimilarly, Whysall (2000) highlights
the the two variables. Although only focus-importance of
stakeholder management ing on consumer-related stakeholderby
focusing on the mismanagement ofgroups for American
inventory-ownedstakeholders. Using real-life examples electric
organisations, the results of thisfrom organisations such as Hoover
Co.study still have implications for theand British Gas, the
problems discussedreputation of other organisations adopt-regarding
specific stakeholders empha- ing similar stakeholder managementsise
a need for effective stakeholderstrategies. Similarly, arguments
havemanagement. A major assertion of the been made in favour of an
organisationsstudy is the interaction of stakeholderconsideration
of the environment im-groups, as opposed to their isolationproving
their reputation (Dechant et al.from each other, attributable to
the abil- 1994; Hart, 1995).ity of an individual or group
belongingto 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
potentiallyganisations relates to improvements inhave widespread
effects, therefore byfinancial performance, as evidenced
byoutlining 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, productment is further supported. safety,
workplace diversity, communi- ties, and the environment) with
positiveIn assessing the relevant literature sur-results (that is,
financial benefits for therounding the concept of stakeholders, it
organisation when adopting stakeholderis necessary to discuss the
benefits ofmanagement strategies). Employees assuch a strategy from
an organisations stakeholders are regarded as a valuable 5. 180C.J.
Reinig, C.A. Tilt / Issues in Social and Environmental Accounting 2
(2008/2009) 176-197source of competitive advantageorganisation to
which the strategy origi-(Berman et al. 1999). Similarly, nates.
Their study found that higher lev-Huselids (1995) study of a
cross-sectionels of stakeholder management mayof 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) onpensation all
decrease with higher levelsfinancial 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 stakeholderpossibly
more straightforward than oth-management strategy from a
businessers, are attributed to lower turnover, case
perspective.lower absenteeism, and improved pro-ductivity (Huselid,
1995). CSR and the Banking IndustryAffecting multiple stakeholder
groups,in particular employees and customers, Specific to the
banking sector of the fi-is the level of diversity an
organisationnancial services industry, Stableinsemploys in their
workforce (Berman et(1986) study details a case in favour ofal.
1999). Visible efforts to recruit andorganisations 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, damagedorganisations ability to
relate to a broadby fierce competition as a result of de-customer
base (Thomas & Ely, 1996),regulation (and although Stableinsand
reduce employee turnover or absen- (1986) study originates from the
U.S.A.,teeism resulting from disgruntled em-similar deregulation in
the Australianployees (Hart, 1995). Integrating CSRbanking sector
enables comparisons tointo a stakeholder management strategy,be
made).Robinson & Dechant (1997) explain thegeneral tendency of
management to ex-Peterson & Hermans (2004) present ahibit
reluctance in their training and de- longitudinal study on the CSR
issuesvelopment of women and minorities. prevalent in the marketing
of U.S. banks, using content analysis to examineAlthough product
safety may not appear television commercials. Conducted toto be a
CSR issue relevant to this study determine the range of
stakeholders atof banks, when adapted to the financialwhom the
marketing is aimed, the studyservices industry it can represent
secu- also seeks to determine if the increase inrity, such as for
ATMs or Internet bank- public awareness of CSR issues resultsing.
When appropriate strategies are im- in an increase in CSR marketed
by theplemented considering the wellbeing of banks. Consequently,
resulting from thiscustomers, increased sales are the
likelyresearch is the apparent increase in CSRresult (Waddock &
Graves, 1997). communicated to stakeholders via televi- sion
commercials.Taking a different approach, a study byCoombs &
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
thetralias four major national banks as a 6. C.J. Reinig, C.A. Tilt
/ Issues in Social and Environmental Accounting 2 (2008/2009)
176-197 181reaction to new legislation. Accordingly,share prices
yields positive resultsbanks are required to disclose their envi-
(although their study is not about CSR).ronmental, social and
ethical standardsIn recognition of a change in public atti-in
investment decisions. However, thetudes, managers are required to
evaluateresults discover no increase in CSRhow to communicate their
actions for awithin the banks, therefore the legisla- range of
stakeholders. It has been showntion has no impact on the level of
CSR that the public is generally accepting ofengaged in by the
banks. In this study,an organisations communication of theirthe
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 soBartlett (2005) adopted a perspectiveas not to explicitly
contradict thesimilar to most literature reviewed, charitable view
of CSR. As detailed bywhereby legitimacy theory is consideredSwift
(2001), due to an increase in socialin 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 studyleases). Such is the case
with Belgiumshows that the organisations comprisingbank KBC which,
in accordance with athe 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 ofrecognised the need to demonstrate itsthe
individual organisations. ThereforeCSR achievements (Bank
Marketingthe implications of Bartletts (2005)International,
2005).study for this paper is the suggestion thateach of Australias
four major nationalResearch on the communication of CSRbanks
communicate CSR at different appears to be conducted primarily
inlevels, on different issues. reaction to events that brought the
indus- try or organisation into the public spot- light (Deegan et
al. 2000). One suchCommunication of CSR to Stake- study on
Australias four major nationalholdersbanks looks at the
relationship between the organisations CSR reporting as aDaniels
& Spiker (1991) encourage or-response to legitimacy concerns,
andganisations to focus on stakeholders intheir reputations
(Bartlett, 2005). Irwintheir communication strategies. Among&
Mores (1994) research looks at theother factors, this is
particularly the case possibility of stakeholders to be affectedin
the area of establishing a desirableby communication intended for
anotherorganisational image in the public mindgroup. In particular,
with an organisa-(Daniels & Spiker, 1991). Higgins &tions
communication of CSR to employ-Bannister (1992) show the
financialees conducted internally, external com-benefits associated
with communication munication (such as that found in
mediastrategies. In their study, analysing both releases) is
thought to have a potentiallythe level of communication that
organi-minor impact on employees.sations aim at stakeholders and
relative 7. 182C.J. Reinig, C.A. Tilt / Issues in Social and
Environmental Accounting 2 (2008/2009) 176-197Whysall (2005)
considers media re- gate Australias four major nationalleases.
Specifically, the study seeks to banks communication of their CSR
inincrease understanding on the role, con- light of stakeholder
theory. Media re-tent and effectiveness of supermarketsleases are a
major source of informationmedia releases. Whysall (2005) finds
aimed at stakeholders, being a popularthat media releases generally
attract lim- feature of organisations Websitesited attention from
the audiences tar- (Cooper, 2003). Despite the importancegeted.
Furthermore, examination of me- placed on the Internet as a
communica-dia releases from supermarkets leads totion tool,
research indicates that thethe conclusion that there is a need to
number of studies considering this isresearch the content and
function of me- limited (Tomasello, 2001). The majoritydia releases
in sectors where stakeholderof studies considering stakeholder
man-relations are important. agement via communication strategies
do not consider media releases. Rather,Finally, Coopers (2003)
study centres as with Bartletts (2005) study, analysison the
Internet as the medium used for of annual reports, social impact
reportscommunicating with stakeholders. Coo-and policy statements
predominates.per (2003) highlights the potential for anindividual
or group to have multiple"stakes" in an organisation given
theSample Selectionresults of the analysis. This conclusion
isachieved by examining the relationshipsThe sample comprises the
four majorformed between various stakeholder national banks in
Australia for the yeargroups and the organisations. It is dis-
2006. The financial services industry iscovered that employees and
managersregularly under criticism regarding CSR.receive less
attention via the Internet dueThis focus of attention on the
industryto the tendency of organisations manag- could be attributed
to the ability of theers and marketers to communicate
toorganisations comprising this industry totheir employees via
internal means.affect the operational activities and out-Similarly,
customers do not receive sig- comes of a variety of
organisationsnificant attention due to the structure of across
diverse industries (Margret &the electricity industry, with
many or-Tran, 2007). Supporting the purposiveganisations in this
industry not dealing selection of Australias four major
banksdirectly 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 issueswards large organisations:and
attempts to link them to particular Most people do not expect
smallerstakeholder groups. The method for this firms to do much
toward carryinganalysis is presented next. costs of anti-pollution
campaigns,to contribute heavily to educa-tional funds, or to lead
businessesResearch Method in working toward similar
sociallydesirable goals.This is an exploratory case study inwhich
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 183for 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-nicatortions from
society towards CSR in these describe trends in communicationlarger
organisations. A limitation of thiscontentnon-probability sampling
design, how- reveal the focus of individual, group,ever, is the
inability of the results to be institutional, or societal
attentiongeneralised to a population (Cavana etal. 2001). Content
analysis has been described as:A technique for gathering dataEvery
media release for the year 2006 that consists of codifying
qualita-was obtained through each banks Inter- tive information in
anecdotal andnet site. There were 79 media releasesliterary form
into categories infrom ANZ; 99 media releases fromorder to derive
quantitative scalesCBA; 48 media releases from NAB,of varying
levels of complexityand; 89 media releases from WBC (a(Abbott &
Monsen, 1979 p504).total of 315) for the period of analysis.Only
ANZs Website has a separate link Consistent with this description,
contentfor media releases solely on CSR-related analysis is useful
for identifying themesissues. Of the 28 media releases inin the raw
data (Cavana et al. 2001).ANZs link specifically for their CSR-
With the objective of determining therelated media releases, 26 are
consideredexistence of stakeholder managementin this study as two
were not accessible via media releases, each media releasedue 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 (seemine the stakeholders at whom the me-below). That
is, each media release is dia release is aimed. This
classificationanalysed to determine if it discusses anymethod is,
like most content analysis,of the CSR issues listed in Table 1, and
quite subjective, therefore, specific cod-the stakeholder at whom
these mediaing rules were prepared for analysis ofreleases are
aimed was determined. the media releases, including
definitionsEvery media release was thoroughly as- for each theme,
treatment of multiplesessed to determine if it discussed more
themes, treatment of headings, etc. Athan one CSR issue, or if it
was aimed atsample of releases was then re-coded bymore than one
stakeholder. a second coder and the results reviewed. The specific
CSR themes used wereCoding and Analysisadapted from existing
literature. Hodgetts & Kuratkos (1991) study listsIn order to
measure the extent and naturegeneral CSR issues that
organisationsof CSR in the media releases, contentmust deal with in
contemporary society.analysis is used. Weber (1985) pointsThe
themes used are presented in Tableout several purposes of content
analysis,1. The coding sheet and rules are derivedall 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. 184C.J. Reinig, C.A. Tilt / Issues in
Social and Environmental Accounting 2 (2008/2009) 176-197these are
useful when there are a largeCommunities; and Other. These are
thenumber of cases (in this study, the casesmost commonly
identified stakeholdersare the individual media releases) (Riffefor
CSR disclosure (Estes, 1976; Oganet al., 2005). The stakeholders as
identi- & Ziebart, 1991; Tilt, 1997; 2007), butfied by
Donaldson & Lorsch (1983) arethe other category was included
toadapted for use in this study and includeidentify any
stakeholders specific to theShareholders; Employees;
Customers;organisations under study.Table 1CSR Themes Used in
AnalysisEnvironment: 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 forminority owned
business;Human Resources: employee training and
development;Community Involvement: donations of cash, products,
services or employee time; sponsorshipof public health projects;
support of education and the arts; support of community
recreationprograms; 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 releasesThis study however, is exploratory inwere coded,
the release entitled nature as the area of CSR marketing
toCommonwealth Bank activates emer- stakeholders has not been
researchedgency 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
assignedResultsvarious codes in the coding sheetCSR Themes in Media
Releases(spreadsheet) as it was identified as be-ing CSR-related,
then coded forThe media releases from Australias fourcommunity
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 Bankingtioned in the report directly
(customers Groups (ANZ) site has two separateand local
farmers).links for their media releases in 2006: one titled ANZ
2006 Media ReleasesSome media releases did not mention aand one
titled ANZ 2006 Corporate Re-stakeholder directly, and in these
cases sponsibility Media Releases. The otherthey 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 intendedleases. National
Australia Banks (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
thegories 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) 176-197185both 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 mediathe tendency for all
banks to occasion-releases in 2006 simply Media Re- ally publish
several media releases perleases. 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 mediamedia
releases is interesting given an releases involving CSR. 117 media
re-aim of this study is to determine theleases out of a total of
315 discuss CSRlevel of attention given to different(approximately
37%) highlighting thestakeholders. On the homepage of
ANZ,significance of CSR in the banking sec-CBA, or WBC, media
releases are foundtor 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 astre,
which exists in all four bank web- the other banks, with only 48
releases,sites. NAB is the only bank for whichbut their CSR-related
media releasesthe Media Centre is accessible directlyamounted to
41% of these, the secondfrom the Homepage. However, all of the
highest proportion. The type andbanks Websites feature a Search
func- amount of CSR discussed in the mediation accessible from any
of their Web- releases, is presented for each of thesites. The
usability of websites is an in- banks in Table 2, noting that 23
mediateresting area for future research; seereleases communicate
more than 1 CSRTilt et al. (2008).theme, resulting in a higher
number of CSR issues discussed than the total num-It is evident
that CSR is a significantber of CSR-related media releases.
Eachissue reported upon in the media releasessub-category is
considered in detail inof Australias 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 R120 99 89100# of
Media Releases79 8048 T ota l 60C S R -R e la te d 40 2034 33 20
300 AN Z C BAN ABW 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) 176-197Table 2Type and
Amount of CSR in Media ReleasesANZ CBANABWBCTotalEnvironment 2 --4
6Energy1 --1 2Fair Business Practices 2 113 7Human Resources 2 1-1
4Community Involvement3332 18 22105Products 4 44 6 18Total 4438
2337142Community Involvement this issue in their media releases
moreTable 2 shows that media releases focus-often than they discuss
donations.ing on community involvement are themost common.
Community-related is-Energysues are discussed in the media
releasesTable 2 shows that only two media re-approximately 74% of
the time in rela-leases communicate an energy-relatedtion to total
CSR themes. The majorityissue for the year 2006 (less than 2% ofof
these community-related media re-the attention in relation to the
other CSRleases involve donations of cash, prod- themes). For
example, ANZs energy-ucts, services, or employee time. The related
media release titled ANZ devel-most popular form of community
in-ops Australias largest office building involvement concerns
assistance to thoseMelbourne (Australia and New Zealandaffected by
a natural disaster, however,Banking Group, 27th September 2006),WBC
appears to aim these media re-discusses the various
energy-efficientleases solely to its customers, never dis-measures
incorporated into ANZs new-cussing any initiatives involving the
do- est office building. It is now worth not-nation of cash to
communities affecteding that ANZs media releases are foundby 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 areA
reason for the lack of energy-relatedgiven higher priority. The
other banksmedia releases is possibly the nature ofaim these media
releases towards both the banking sector. More
specifically,customers and communities, often do-the intangibility
of banks products, andnating cash to those that are not neces-the
minimal amount of energy requiredsarily customers. for a banks
operations, allows little op-portunity to implement energy-savingA
significant portion of the media re-initiatives.leases focusing on
community involve-ment relate to the support of education
Environmentor 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. CSRsidered 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 187discussed approximately 4% of the time
promotion of a product designed to havein relation to the other CSR
themes. Ina positive environmental or social im-particular, these
media releases discuss pact. For example, WBCs media releaseeither
a commitment to the restoration ortitled Westpac enhances Internet
Bank-protection of the environment, or pollu- ing security (Westpac
Banking Corpora-tion control. For example, WBC (beingtion, 13th
February 2006) discusses en-the bank using media releases to
com-hanced security provided for onlinemunicate environmental
issues to its banking.stakeholders more than any other ofAustralias
major national banks), in themedia release titled Westpac
extendsStakeholder Analysis of Media Re-highly successful paper
saving initia- leasestive (Westpac Banking Corporation, 8thAugust
2006), discusses the extension of It is evident that each of
Australias fourtheir e-statement strategy aimed at sav- major
national banks tailors its mediaing paper. Again, issues involving
the efforts, at least regarding CSR, to eachenvironment may not be
communicatedof its stakeholders. Furthermore, the re-to a great
extent in media releases givensults indicate that the banks focus
onthe tendency of the banks to use other similar issues,
highlighting a trend in themeans, such as environmental
reports.banking sector.Fair Business Practices and HumanAs
discussed earlier, Freeman (1984)Resourcesdescribes stakeholder
management asTable 2 shows that media releases in-the need for an
organisation to managevolving the banks fair business practices the
relationships with its specific stake-and human resources (HR) are
rare -holders in an action-oriented way. Anapproximately 5% in
relation to theobjective of this study is to determineother CSR
themes for Fair Business and those stakeholders at whom the CSR-3%
for HR. A possible reason for the related media releases from
Australiaslack 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 theorganisations may use other
means to stakeholders considered by Australiascommunicate 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
tolated to CSR are given approximately stakeholders, there are 25
media releases12% of the attention in relation to theaimed at more
than one stakeholderother CSR themes, and exist for all of group,
resulting in totals greater thanthe banks. Given the nature of the
bank- 100%. Table 3 shows the percentage ofing 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
discussingsection. 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)
176-197Stakeholders Targeted in Media Releases908380 7370# CSR
Media Releases6050403020137100 0 Shareholders Emp loy eesCustomers
CommunitiesOtherStakeholders Figure 2Stakeholders Targeted in CSR
Media Releases Table 3 Percentage of Media Releases Aimed at
Stakeholders by
ThemeShareholdersEmployeesCustomersCommunitiesEnvironment-
16.7%100% 33.3%Energy50% 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
somemunities.other cost-saving method) appear to sup- port this.
For example, the media releaseShareholders from WBC titled Westpac
extendsFigure 2 shows that shareholders are one highly successful
paper saving initia-of the stakeholder groups considered intive
(Westpac Banking Corporation, 8ththe CSR-related media releases
fromAugust 2006) details a CSR initiativeAustralias 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 thatrelated communication is aimed
atshareholders are an organisations mostshareholders 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 189from 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
leastThis 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 communityLewis
(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-Employeescacy on other stakeholders. Although
theHuselid (1995) examined the effects of results of this study
suggest Australiashuman resource management policies four major
national banks do not do thisand practices on financial
performance.via media releases, but rather use inter-The financial
benefits associated with nal methods to communicate with themthe
effective management of this stake-(such as an Intranet or staff
noticeholder group, possibly more straightfor- boards).ward than
others, are attributed to lowerturnover, lower absenteeism, and im-
Customersproved productivity (Huselid, 1995). Customers are a major
focus of Austra-Therefore research informs us that it is lias four
major national banks mediain the best interests of an organisation
toreleases. One CSR issue discussed by allnot only engage in
workplace diversity,the banks in their media releases is thebut to
communicate this to employees.enhancement of security, such as at
ATMs and Internet banking. These CSRSpecific to this study, media
releases issues are aimed at both current and po-discussing the
advancement of womentential customers. Clearly, customersor
minorities are issues and are aimed atprefer to ensure their wealth
is kept asboth current and potential employees.secure as possible.
It is again appropriateFurthermore, the level of diversity an to
point out the potential for a person ororganisation employs in
their workforcegroup to have multiple "stakes" in anis also found
in the releases, and isorganisation (Cooper, 2003), however inaimed
at employees (Berman et al.a different manner. For example, it
is1999). As discussed earlier, an organisa-logical to assume that a
considerabletions visible efforts to recruit and retain number of
an organisations employeespeople regardless of race, ethnicity, or
are also customers. To eliminate confu-gender, may reduce employee
turnover sion, this sub-section only considersor absenteeism
resulting from disgrun- those stakeholders as customers,
regard-tled employees (Hart, 1995). Therefore less of the other
stakeholder groups tomarketing these CSR issues to employ-whom they
belong.ees is intended to have a positive impacton the organisation
and its employees. Furthermore, incorporating environ- mental
aspects in a product is oftenSimilarly, 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 anders to consider the environmental impact
15. 190C.J. Reinig, C.A. Tilt / Issues in Social and Environmental
Accounting 2 (2008/2009) 176-197of their purchasing (Dawkins &
Lewis,own reputation when marketed in con-2003). Therefore research
supports the junction with a well-known event oridea that those
organisations marketingcause (Dechant et al. 1994; Hart,
1995).products that have a positive impact onTherefore,
shareholders supporting long-the environment are more likely to at-
term as well as short-term profits aretract new customers and
retain existingsupportive of investments in communitycustomers. It
is thus in the best interestsissues such as sporting events,
positivelyof Australias four major national banks affecting their
own long-term wealthto 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 theThe finding that customers are given the
organisation, the more effort will be ex-most attention regarding
the banks mar- erted by the organisation in managingketing of CSR
via media releases in thethe relationship. Given the results of
thisyear 2006 has implications stemmingstudy it would appear that,
regarding thefrom the work of Mitchell et al. (1997). communication
of CSR via media re-To recall, their study details a methodleases,
communities are considered onefor stakeholder identification, in
particu-of the most important stakeholders. Thislar the ability to
distinguish between is true for each of Australias four
majorstakeholders by assessing three vari-national banks, each
focusing their CSR-ables: power; legitimacy; and urgency. related
releases to communities (andGiven the results of this study, it is
evi-customers). A reason presented in adent that, relative to
shareholders andstudy by Waddock & Graves (1997) thatemployees,
customers are critical re-supports an organisations
improvementgarding the marketing of CSR via media of community
relations is the potentialreleases in the year 2006. The trend for
savings experienced in the form of taxall banks to aim the majority
of their advantages.marketing of CSR towards customersreinforces
this assertion. Given the extent to which communities and customers
are focused on in theCommunitiesbanks CSR-related media releases
rela-Communities are the intended audiencetive to other
stakeholders, it could beof the banks media releases almost as
thought that these two stakeholdermuch as customers. A reason for
Austra-groups drive the CSR strategies adoptedlias banks to aim
their CSR-related me- by the banks. That is, CSR initiatives aredia
releases at communities is the widestakeholder-driven rather than
simplyrange of people that may be included inmarketed 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 ofby a community
issue supported by an the banks, but also for stakeholders.
Theorganisation. Furthermore, by being at-extent to which a
stakeholder group cantached to a well-known event or cause, impose
its will in a relationship with anorganisations in turn gain their
own pub-organisation may influence the strategieslicity. 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
191Discussion and Conclusions CSR-related media releases,
consistent with stakeholder management. By aim-Despite the
abundance of literatureing them at specific stakeholders,
theavailable on CSR in marketing and CSRbanks successfully
differentiate betweenreporting, few studies consider an or- their
intended audiences.ganisations use of media releases tocommunicate
to stakeholders. This paperAccording to stakeholder theory
organi-presents a case study on the Australiansations will attempt
to balance the com-banking sector, examining the mediapeting and
often conflicting interests ofreleases from 2006 from Australias
four its stakeholders. The findings of thismajor national banks, to
determine the study reveal that shareholders and em-extent and
nature of CSR aimed at spe- ployees receive some attention,
howevercific stakeholders. The study found ait is customers and
communities attrend in both the CSR issues communi-whom most of the
CSR-related mediacated via media releases from each ofreleases are
aimed. By determining theAustralias four major national banksextent
of CSR aimed at specific stake-and the level of attention given to
each holders, this study aims to highlight anstakeholder group. The
media releasesorganisations recognition of the growingfocus
primarily on community involve-importance of social and
environmentalment relative to the other CSR themesissues in
contemporary society. For theand are aimed primarily towards cus-
Australian national banking sector, overtomers and
communities.one-third of all media releases from the year 2006
discuss CSR. Furthermore,Friedman (1970) argues that CSR takesthe
banks media releases discuss com-away from the profits of
shareholders, munity initiatives as they relate to CSRwith
increases in share-price being an considerably more than any other
CSRorganisations sole responsibility. In re- issue.cent times
however, the responsibilities The organisational strategy of
stake-of organisations have extended relativeholder management,
consistent withto the impact of their operations on soci- views
prescribed by stakeholder theory,ety. Accordingly, stakeholder
theory asserts that organisations must determineprescribes that an
organisation must con-the needs of their various stakeholderssider
a wide range of interests to achieve and attempt to satisfy the
claims of thoseits own objectives and ensure the sur- most
powerful. Reasons for possiblevival of the organisation
(Freeman,trends in the data are proposed in light of1984). It is
thought that the managerial stakeholder theory: (1) given the
con-(positive) branch of stakeholder theoryflicting views of
profit-maximisationis most relevant to this study, given it and CSR
organisations may be lessseeks to examine Australias four
majorlikely to market their CSR initiatives tonational banks
communication of their shareholders; (2) employees are found toCSR
to various groups. This is consis- rarely be the target for the
banks CSRtent with the view that CSR serves a marketing, possibly
due to the tendencywider community (Freeman, 1984). The for
organisations to use internal meansresults of this study suggest
that Austra- to communicate to this stakeholderlias four major
national banks consider a group; (3), the satisfaction of
customerswide range of interests in their use ofis important in any
organisation, and the 17. 192C.J. Reinig, C.A. Tilt / Issues in
Social and Environmental Accounting 2 (2008/2009)
176-197satisfaction of this stakeholder group
isLimitationsimportant for increased sales; (4) theamount of
attention given to communi-No methodology existed prior to thisties
as a stakeholder group in the CSR-study for determining the
stakeholdersrelated media releases is attributed to thebeing
targeted by corporate communica-wide range of stakeholders
potentially tions. Therefore, a subjective approachaffected by such
communication.using content analysis was applied. Fur- thermore,
media releases are analysed as a means of communicating CSR
toImplications stakeholders, excluding other means such as
television, radio, and annual re-The results of this study suggest
that ports. As these are also popular sourcesstakeholder management
is a strategy of advertising, this study may not com-adopted by the
banks regarding the com-prehensively represent the
marketingmunication of CSR via media releases.efforts of the
banks.The implementation of effective com-munication strategies is
important whenconsidered in light of results from theFurther
researchresearch of Dawkins & Lewis (2003),suggesting only 36%
of people are able Similar to the study by Peterson & Her-to
recall any examples of an organisationmans (2004) this study could
be con-helping society or the community, there- ducted in a
longitudinal form to see iffore the results of this study have
impli- there has been a significant change incations for our
understanding of the use the marketing of CSR relative toof CSR in
a marketing contextchanges in societal attitudes. This would
provide insight into possible changingThe 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
potentialother CSR theme and customers andbenefits arising from
measuring onescommunities are the target of most CSR-own
performance, specifically when ap-related media releases. All four
banks plied to an organisations CSR. Schnei-appear to use the same
strategies how- der (1982) claims banks can benefit byever, so
there is little to differentiateassessing the repercussions of the
CSRthem.strategies they have implemented. Fur- ther research could
analyse the repercus-Emphasising this need for marketingsions of
the CSR aimed at specific stake-research, Maignan & Ferrells
(2001) holders in conjunction with the organisa-found stakeholder
groups perceive thetions marketing via print media or
other-activities of an organisation differently, wise, to assist in
the implementation oftherefore 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 ofat 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.
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