The Strategic Evolution of Corporate Social Responsibility in the Global Banking Sector: A Systematic Review of Theories, Practices, and Perceptions

Abstract

Corporate Social Responsibility (CSR) has transitioned from a localized philanthropic activity to a global strategic imperative, fundamentally altering the neoclassical "shareholder primacy" model. Utilizing a qualitative systematic review methodology and thematic synthesis of academic literature spanning from 1953 to 2026, this study deconstructs the chronological evolution of CSR with a specialized focus on the financial services industry. The paper evaluates how banking institutions recalibrate the tension between profit maximization and multi-stakeholder expectations through the theoretical lenses of Stakeholder, Legitimacy, and Institutional theories. Findings identify a significant "implementation gap" between the environmental ESG (Environmental, Social, and Governance) focus of Western financial institutions and the socio-economic philanthropic drivers predominant in emerging markets. The study concludes by proposing an integrated "Honeybee" leadership framework to ensure long-term organizational resilience and institutional legitimacy.

Keywords: Corporate Social Responsibility (CSR), Banking Sector, Systematic Literature Review, Qualitative Synthesis, Stakeholder Theory, Triple Bottom Line, Sustainable Finance