Elena Gutiérrez-García e-mail(Login required) , Teresa Sádaba e-mail(Login required)

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Elena Gutiérrez-García e-mail(Login required)
Teresa Sádaba e-mail(Login required)

Abstract

69
Financial institutions are the protagonists of the ongoing economic crisis. Recent financial scandals and dubious management have emerged while an intense debate on the responsibility of business has risen. In academia, the stakeholder management school has earned acceptance; and one question arises: is orderly, coherent management possible when executives embrace the demands of customers and other stakeholders? A case study from the banking sector would be of interest, in order to ascertain if the industry, traditionally branded as opaque and ill-disposed towards public demands, has embraced stakeholder theory assumptions in its management practice. This case allows a deepen thought in the field of communication management, far removed from window-dressing, which stands as a true social dialogic dimension.

References

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AYUSO, Silvia, RODRÍGUEZ, Miguel Ángel & RICART, Joan Enric, “Using stakeholder dialogue as a source for new ideas: a dynamic capability underlying sustainable innovation”, Corporate Governance, vol. 6, nº 4, 2006, pp. 475-490.

AZOFRA, Valentín & SANTAMARÍA, Marcos, “El gobierno de las Cajas de Ahorro Españolas”, Universia Business Review, vol. 2, 2004, pp. 48-59.

BANDSUCH, Mark, PATE, Larry & THIES, Jeff, “Rebuilding stakeholder trust in business: an examination of principle-centered leadership and organizational transparency in corporate governance”, Business & Society Review, vol. 113, nº 1, 2008, pp. 99-127.

BARLEY, Stephen R., “Corporation, democracy and the public good”, Journal of Management Inquiry, vol. 16, 2007, pp. 201-215.

BAUM, Herb, The transparent leader: how to build a great company through straight talk, openness and accountability, Harper Business, New York, 2004.

BENNET, Roger, “Corporate reputation of UK Banks and Building Societies among ethnic minorities”, Corporate Reputation Review, vol. 2, nº 2, 1999, pp. .

BENNET, Roger, “The representativeness heuristic as a determinant of public perceptions of banking organisations”, Journal of Communication Management, vol. 2, nº 2, 1997, pp. .

BRETON, Gaètan & COTE, Louise, “Profit and legitimacy of the Canadian banking industry”, Accounting, Auditing & Accountability Journal, vol. 18, nº 4, 2006, pp. 512-539.

BUENO, E. & DE LA TORRE, I., Evolución y perspectivas de la banca española, Civitas, Madrid, 2001.

BURCHELL, Jon & COOK, Joanne, “Stakeholder dialogue and organisational learning: changing relationships between companies and NGOs”, Business Ethics: A European Review, vol. 17, nº 1, 2008, pp. 35-46.

BURCHELL, Jon & COOK, Joanne, “Assessing the impact of stakeholder dialogue: changing relationships between NGOs and companies”, Journal of Public Affairs, vol. 6, nº 3/4, 2006, pp. 210-227.

CALS GÜELL, Joan, El éxito de las Cajas de Ahorros. Historia reciente, estrategia competitiva y gobierno, Ariel, Barcelona, 2005.

CANALS, Jordi, Bancos universales y diversificación empresarial, Alianza, Madrid, 1996.

CARROLL, Archie B. & BUCHOLZ, Ann K., Business and society. Ethics and stakeholder management, South Western College Publishing, Cincinnati, 1999.

CASTELO BRANCO, Manuel & LIMA RODRIGUES, Lucia, “Communication of corporate social responsibility by Portuguese banks. A legitimacy theory perspective”, Corporate Communications: An International Journal, vol. 11, nº 3, 2006, pp. 232-248.

COMISIÓN NACIONAL DEL MERCADO DE VALORES (Securities Market National Commission), Annual report 2007 regarding its actions and the securities markets, Madrid, 2008.

CORNELISSEN, Joep, Corporate communications. Theory and practice, Sage, Thousand Oaks, 2004.

DAFFEY, Anne & ABRATT, Russell, “Corporate branding in a banking environment”, Corporate Communications: An International Journal, vol. 7, 2002, pp. 87-91.

DAVILA, A., Caja Navarra Reporting Customer Profitability to Customers. IESE Business School University of Navarra, Case C-747-E.

DE BUSSY, Nigel & EWING, Michael, “The stakeholder concept and public relations: tracking the parallel evolution of two literatures”, Journal of Communication Management, vol. 2, 1997, pp. 222-229.

DE CHERNATONY, Leslie & COTTAM, Susan, “Why are all financial services brands not great?”, The Journal of Brand Management, vol. 15, nº 2, 2006, pp. 88-97.

DE LA FUENTE, José Manuel & QUEVEDO PUENTE, Esther de, “The concept and measurement of corporate reputation: an application to Spanish financial intermediaries”, Corporate Reputation Review, vol. 5, nº 4, 2002, pp. 280-301.

DONALSON, Thomas & PETERSON, Lee E., “The stakeholder theory of the corporation: concepts, evidence, and implications”, Academy of Management Journal, vol. 2, nº 1, 1995, pp. 65-91.

DOWLING, Graham R., “Communicating corporate reputation through stories”, California Management Review, vol. 49, nº 1, 2006, pp. 82-100.

EGELS-ZANDÉN, Niklas & SANDBERG, Joakim, “Distinctions in descriptive and instrumental stakeholder theory: a challenge to empirical research”, Business Ethics: A European Review, vol. 19, nº 1, 2010, pp. 35-49.

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FREEMAN, Robert E., Strategic management. A stakeholder approach. Pitman, Boston, 1984.

FREHWER, Walter G., Business policy and corporate dialogue in the banking field, in Ulrich, P. & Sarasin, C. (eds.), Facing public interest. The ethical challenge to business policy and corporate communications, Kluwer Academic Publishers, Dordretch, 1995, pp. 105-112.

GARCÍA NIETO, María Teresa, Los departamentos de comunicación en el sector financiero en España, Questiones Publiciarias, 1995, pp. 74-88.

GARDNER, J., Innovation and the future proof bank: a practical guide to doing different businessas-usual, John Wiley & Sons, London, 2009.

GRUNIG, James E., “Collectivism, collaboration, and societal corporatism as core professional values in public relations”, Journal of Public Relations Research, vol. 12, nº 1, 2000, pp. 23-48.

GRUNIG, James E. & HUNT, Todd, Managing public relations, Holt, Rinehart and Winston, New York, 1984.

GRUNIG, Larissa, GRUNIG, James E. & DOZIER, D., Excellent public relations and effective organizations. A study of communication management in three countries, Lawrence Erlbaum Associates, Mahwah, NJ, 2002.

GUTIÉRREZ GARCÍA, Elena, Comunicación institucional financiera, Eunsa, Pamplona, 2006.

HALL, Jonathan, “Re-establishing trust in financial services”, Journal of Brand Management, vol. 12, nº 4, 2005, pp. 232-235.

HALL, Richard, “A framework linking intangible resources and capabilities to sustainable competitive advantage”, Strategic Management Journal, vol. 14, nº 2, 1993, pp. 607-618.

HELDENBERG, A., SCOUBEAU, C., ARNONE, L. & CORQUET, M., “The financia communication during a period of transition. The case of banks and insurance companies in Belgium”, Corporate Communications: An International Journal, vol. 11, nº 2, 2006, pp. 174-188.

INCLEOTTI, Maurizio & BOSCA, Maria Antonietta, La comunicazione interna in banca. Rapporto 2003-Obiettivi, strumenti e tendenze, Bancaria Editrice, Roma, 2003.

KENT, Michael L. & TAYLOR, Maureen, “Toward a dialogic theory of public relations”, Public Relations Review, vol. 28, 2002, pp. 21-37.

LEV, Baruch, Intangibles Management, measurement and reporting, Washington D.C., Brookings Institution Press, 2001.

LIEDTKA, Jeanne M. & ROSEMBLUN, John W., “Shaping conversations: making strategy, managing change”, California Management Review, vol. 39, nº 1, 1996, pp. 141-157.

LIEW, Jeffrey, “Banking on a sharper image?”, Corporate Communications: An International Journal, vol. 2, nº 2, 1997, pp. 76-86.

LLANO, Alejandro, La empresa ante la nueva complejidad, in A. Llano et. al., El humanismo en la empresa, Rialp, Madrid, 1992, pp. 17-32.

MASON, Chris, KIRKBRIDE, James & BRYDE, David, “From stakeholders to institutions: the changing face of social enterprise governance theory”, Management Decisions, vol. 45, nº 2, 2007, pp. 284-301.

MILES, Morgan P., MUNILLA, Linda S. & DARROCH, Jenny, “The role of strategic conversations with stakeholders in the formation of corporate social responsibility strategy”, Journal of Business Ethics, vol. 69, 2006, pp. 195-205.

OORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD), Principles of corporate governance, 2004.

O’LOUGLIN, Deirdre & SZMIGIN, Isabelle, “Customer perspectives on the role and importance of branding in Irish retail financial services”, The International Journal of Bank Marketing, vol. 23, nº 1, 2005, pp. 8-27.

OGRIZEK, Michel, “The effect of corporate social responsibility on the branding of financial services”, Journal of Financial Services Marketing, vol. 6, nº 3, 2002, pp. 215-228.

PASADEOS, Yorgo, RENFRO, Bruce & HANILY, Mary, “Influential authors and works of the public relations scholarly literature”, Journal of Public Relations Research, vol. 11, nº 1, 2001, pp. 29-52.

PAPASOLOMOU-DOUKAKIS, Ioanna & KITCHEN, Philip, “Internal marketing in UK Banks: conceptual legitimacy or window dressing?”, The International Journal of Bank Marketing, vol. 22, nº 6, 2004, pp. 421-452.

PETERSON, Robin K. & HERMANS, Charles M., “The communication of social responsibility by US banks”, The International Journal of Bank Marketing, vol. 22, nº 3, 2004, pp. 199-211.

POST, James E. & CARROLL, Tanja D., Governance and the stakeholder corporation: new challenges for global business, S. Vachani (ed.), Transformation in global governance: implications for multinationals and other stakeholders, Edward Elgar Publishing, Cheltentam, 2006, pp. 120-145.

POST, James E., PRESTON, Lee E. & SACHS, Sybille, Redefining the corporation. Stakeholder management and organizational wealth, Standford Business Books, California, 2002.

RAVASI, D. & FOMBRUN, C.J., “Analyzing industry reputation in the Italian banking sector”, conference paper 8th International Conference on Corporate Reputation, Image, Identity and Competitiveness, Fort Lauderdale, 2004.

RODRÍGUEZ DEL BOSQUE, Ignacio, “Los estudios de imagen bancaria: estado actual de la cuestión”, ESIC Market, vol. 86, 1994, pp. 169-189.

SCHOLES, Eileen & CLUTTERBUCK, David, “Communication with stakeholders: an integrated approach”, Long Range Planing, vol. 31, nº 2, 1998, pp. 227-238.

TOTH, Elisabeth (ed.), The future of excellence in public relations and communication management. Challenges for the next generation, Lawrence Erlbaum Associates, Mahwah, NJ, 2006.

TROY, Kathryn, Public affairs in financial services, The Conference Board, New York, 1987.

ULRICH, Peter, Business in the nineties: Facing public interest, in P. Ulrich & C. Sarasin (eds.), Facing public interest: the ethical challenge to business policy and corporate communications, Kluwer Academic Publishers, Dordretch, 1995.

VAN RIEL, Cees B.M. & NEDELA, J., Profiles in corporate communications in financial institutions: a cross-national survey of banks and insurance companies in Europe and the United States, Eburon, Delft, 1989.

VELAZ, Iñaki, SISON, Alejo J. & FONTRODONA, Joan, “Incorporating CSR and Stakeholder management into corporate strategy: a case study of the CAN experience 2002- 2006”, Corporate Governance, vol. 7, nº 4, 2007, pp. 435-445.

XIFRA, Jordi & ORDEIX, Enric, “Managing reputational risk in an economic downturn. The case of Banco Santander”, Public Relations Review, vol. 34, nº 4, 2009, pp. 353-360.

YING, R.K., Case study research: Design and methods, Sage, Thousand Oaks, 2003.

ZERFASS, Ansgar & HUCK, Simone, “Innovation, Communication, and Leadership: New Developments in Strategic Communication”, International Journal of Strategic Communication, vol. 1, nº 2, 2007, pp. 107-122.

ARGENTI, Paul, “The strategic communication imperative”, MIT Sloan Management Review, vol. 46, nº 3, 2005, pp. 83-89.

AYUSO, Silvia, RODRÍGUEZ, Miguel Ángel & RICART, Joan Enric, “Using stakeholder dialogue as a source for new ideas: a dynamic capability underlying sustainable innovation”, Corporate Governance, vol. 6, nº 4, 2006, pp. 475-490.

AZOFRA, Valentín & SANTAMARÍA, Marcos, “El gobierno de las Cajas de Ahorro Españolas”, Universia Business Review, vol. 2, 2004, pp. 48-59.

BANDSUCH, Mark, PATE, Larry & THIES, Jeff, “Rebuilding stakeholder trust in business: an examination of principle-centered leadership and organizational transparency in corporate governance”, Business & Society Review, vol. 113, nº 1, 2008, pp. 99-127.

BARLEY, Stephen R., “Corporation, democracy and the public good”, Journal of Management Inquiry, vol. 16, 2007, pp. 201-215.

BAUM, Herb, The transparent leader: how to build a great company through straight talk, openness and accountability, Harper Business, New York, 2004.

BENNET, Roger, “Corporate reputation of UK Banks and Building Societies among ethnic minorities”, Corporate Reputation Review, vol. 2, nº 2, 1999, pp. .

BENNET, Roger, “The representativeness heuristic as a determinant of public perceptions of banking organisations”, Journal of Communication Management, vol. 2, nº 2, 1997, pp. .

BRETON, Gaètan & COTE, Louise, “Profit and legitimacy of the Canadian banking industry”, Accounting, Auditing & Accountability Journal, vol. 18, nº 4, 2006, pp. 512-539.

BUENO, E. & DE LA TORRE, I., Evolución y perspectivas de la banca española, Civitas, Madrid, 2001.

BURCHELL, Jon & COOK, Joanne, “Stakeholder dialogue and organisational learning: changing relationships between companies and NGOs”, Business Ethics: A European Review, vol. 17, nº 1, 2008, pp. 35-46.

BURCHELL, Jon & COOK, Joanne, “Assessing the impact of stakeholder dialogue: changing relationships between NGOs and companies”, Journal of Public Affairs, vol. 6, nº 3/4, 2006, pp. 210-227.

CALS GÜELL, Joan, El éxito de las Cajas de Ahorros. Historia reciente, estrategia competitiva y gobierno, Ariel, Barcelona, 2005.

CANALS, Jordi, Bancos universales y diversificación empresarial, Alianza, Madrid, 1996.

CARROLL, Archie B. & BUCHOLZ, Ann K., Business and society. Ethics and stakeholder management, South Western College Publishing, Cincinnati, 1999.

CASTELO BRANCO, Manuel & LIMA RODRIGUES, Lucia, “Communication of corporate social responsibility by Portuguese banks. A legitimacy theory perspective”, Corporate Communications: An International Journal, vol. 11, nº 3, 2006, pp. 232-248.

COMISIÓN NACIONAL DEL MERCADO DE VALORES (Securities Market National Commission), Annual report 2007 regarding its actions and the securities markets, Madrid, 2008.

CORNELISSEN, Joep, Corporate communications. Theory and practice, Sage, Thousand Oaks, 2004.

DAFFEY, Anne & ABRATT, Russell, “Corporate branding in a banking environment”, Corporate Communications: An International Journal, vol. 7, 2002, pp. 87-91.

DAVILA, A., Caja Navarra Reporting Customer Profitability to Customers. IESE Business School University of Navarra, Case C-747-E.

DE BUSSY, Nigel & EWING, Michael, “The stakeholder concept and public relations: tracking the parallel evolution of two literatures”, Journal of Communication Management, vol. 2, 1997, pp. 222-229.

DE CHERNATONY, Leslie & COTTAM, Susan, “Why are all financial services brands not great?”, The Journal of Brand Management, vol. 15, nº 2, 2006, pp. 88-97.

DE LA FUENTE, José Manuel & QUEVEDO PUENTE, Esther de, “The concept and measurement of corporate reputation: an application to Spanish financial intermediaries”, Corporate Reputation Review, vol. 5, nº 4, 2002, pp. 280-301.

DONALSON, Thomas & PETERSON, Lee E., “The stakeholder theory of the corporation: concepts, evidence, and implications”, Academy of Management Journal, vol. 2, nº 1, 1995, pp. 65-91.

DOWLING, Graham R., “Communicating corporate reputation through stories”, California Management Review, vol. 49, nº 1, 2006, pp. 82-100.

EGELS-ZANDÉN, Niklas & SANDBERG, Joakim, “Distinctions in descriptive and instrumental stakeholder theory: a challenge to empirical research”, Business Ethics: A European Review, vol. 19, nº 1, 2010, pp. 35-49.

EUROPEAN COMMISSION, Green Paper – Promoting a European framework for Corporate Social Responsibility, COM (2001) FOMBRUN, Charles J. & VAN RIEL, Cees B.M., Fame & Fortune. How successful companies build winning reputations, Financial Times Prentice Hall, Upper Saddle River, NJ, 2004.

FREEMAN, Robert E., Strategic management. A stakeholder approach. Pitman, Boston, 1984.

FREHWER, Walter G., Business policy and corporate dialogue in the banking field, in Ulrich, P. & Sarasin, C. (eds.), Facing public interest. The ethical challenge to business policy and corporate communications, Kluwer Academic Publishers, Dordretch, 1995, pp. 105-112.

GARCÍA NIETO, María Teresa, Los departamentos de comunicación en el sector financiero en España, Questiones Publiciarias, 1995, pp. 74-88.

GARDNER, J., Innovation and the future proof bank: a practical guide to doing different businessas-usual, John Wiley & Sons, London, 2009.

GRUNIG, James E., “Collectivism, collaboration, and societal corporatism as core professional values in public relations”, Journal of Public Relations Research, vol. 12, nº 1, 2000, pp. 23-48.

GRUNIG, James E. & HUNT, Todd, Managing public relations, Holt, Rinehart and Winston, New York, 1984.

GRUNIG, Larissa, GRUNIG, James E. & DOZIER, D., Excellent public relations and effective organizations. A study of communication management in three countries, Lawrence Erlbaum Associates, Mahwah, NJ, 2002.

GUTIÉRREZ GARCÍA, Elena, Comunicación institucional financiera, Eunsa, Pamplona, 2006.

HALL, Jonathan, “Re-establishing trust in financial services”, Journal of Brand Management, vol. 12, nº 4, 2005, pp. 232-235.

HALL, Richard, “A framework linking intangible resources and capabilities to sustainable competitive advantage”, Strategic Management Journal, vol. 14, nº 2, 1993, pp. 607-618.

HELDENBERG, A., SCOUBEAU, C., ARNONE, L. & CORQUET, M., “The financia communication during a period of transition. The case of banks and insurance companies in Belgium”, Corporate Communications: An International Journal, vol. 11, nº 2, 2006, pp. 174-188.

INCLEOTTI, Maurizio & BOSCA, Maria Antonietta, La comunicazione interna in banca. Rapporto 2003-Obiettivi, strumenti e tendenze, Bancaria Editrice, Roma, 2003.

KENT, Michael L. & TAYLOR, Maureen, “Toward a dialogic theory of public relations”, Public Relations Review, vol. 28, 2002, pp. 21-37.

LEV, Baruch, Intangibles Management, measurement and reporting, Washington D.C., Brookings Institution Press, 2001.

LIEDTKA, Jeanne M. & ROSEMBLUN, John W., “Shaping conversations: making strategy, managing change”, California Management Review, vol. 39, nº 1, 1996, pp. 141-157.

LIEW, Jeffrey, “Banking on a sharper image?”, Corporate Communications: An International Journal, vol. 2, nº 2, 1997, pp. 76-86.

LLANO, Alejandro, La empresa ante la nueva complejidad, in A. Llano et. al., El humanismo en la empresa, Rialp, Madrid, 1992, pp. 17-32.

MASON, Chris, KIRKBRIDE, James & BRYDE, David, “From stakeholders to institutions: the changing face of social enterprise governance theory”, Management Decisions, vol. 45, nº 2, 2007, pp. 284-301.

MILES, Morgan P., MUNILLA, Linda S. & DARROCH, Jenny, “The role of strategic conversations with stakeholders in the formation of corporate social responsibility strategy”, Journal of Business Ethics, vol. 69, 2006, pp. 195-205.

OORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD), Principles of corporate governance, 2004.

O’LOUGLIN, Deirdre & SZMIGIN, Isabelle, “Customer perspectives on the role and importance of branding in Irish retail financial services”, The International Journal of Bank Marketing, vol. 23, nº 1, 2005, pp. 8-27.

OGRIZEK, Michel, “The effect of corporate social responsibility on the branding of financial services”, Journal of Financial Services Marketing, vol. 6, nº 3, 2002, pp. 215-228.

PASADEOS, Yorgo, RENFRO, Bruce & HANILY, Mary, “Influential authors and works of the public relations scholarly literature”, Journal of Public Relations Research, vol. 11, nº 1, 2001, pp. 29-52.

PAPASOLOMOU-DOUKAKIS, Ioanna & KITCHEN, Philip, “Internal marketing in UK Banks: conceptual legitimacy or window dressing?”, The International Journal of Bank Marketing, vol. 22, nº 6, 2004, pp. 421-452.

PETERSON, Robin K. & HERMANS, Charles M., “The communication of social responsibility by US banks”, The International Journal of Bank Marketing, vol. 22, nº 3, 2004, pp. 199-211.

POST, James E. & CARROLL, Tanja D., Governance and the stakeholder corporation: new challenges for global business, S. Vachani (ed.), Transformation in global governance: implications for multinationals and other stakeholders, Edward Elgar Publishing, Cheltentam, 2006, pp. 120-145.

POST, James E., PRESTON, Lee E. & SACHS, Sybille, Redefining the corporation. Stakeholder management and organizational wealth, Standford Business Books, California, 2002.

RAVASI, D. & FOMBRUN, C.J., “Analyzing industry reputation in the Italian banking sector”, conference paper 8th International Conference on Corporate Reputation, Image, Identity and Competitiveness, Fort Lauderdale, 2004.

RODRÍGUEZ DEL BOSQUE, Ignacio, “Los estudios de imagen bancaria: estado actual de la cuestión”, ESIC Market, vol. 86, 1994, pp. 169-189.

SCHOLES, Eileen & CLUTTERBUCK, David, “Communication with stakeholders: an integrated approach”, Long Range Planing, vol. 31, nº 2, 1998, pp. 227-238.

TOTH, Elisabeth (ed.), The future of excellence in public relations and communication management. Challenges for the next generation, Lawrence Erlbaum Associates, Mahwah, NJ, 2006.

TROY, Kathryn, Public affairs in financial services, The Conference Board, New York, 1987.

ULRICH, Peter, Business in the nineties: Facing public interest, in P. Ulrich & C. Sarasin (eds.), Facing public interest: the ethical challenge to business policy and corporate communications, Kluwer Academic Publishers, Dordretch, 1995.

VAN RIEL, Cees B.M. & NEDELA, J., Profiles in corporate communications in financial institutions: a cross-national survey of banks and insurance companies in Europe and the United States, Eburon, Delft, 1989.

VELAZ, Iñaki, SISON, Alejo J. & FONTRODONA, Joan, “Incorporating CSR and Stakeholder management into corporate strategy: a case study of the CAN experience 2002- 2006”, Corporate Governance, vol. 7, nº 4, 2007, pp. 435-445.

XIFRA, Jordi & ORDEIX, Enric, “Managing reputational risk in an economic downturn. The case of Banco Santander”, Public Relations Review, vol. 34, nº 4, 2009, pp. 353-360.

YING, R.K., Case study research: Design and methods, Sage, Thousand Oaks, 2003.

ZERFASS, Ansgar & HUCK, Simone, “Innovation, Communication, and Leadership: New Developments in Strategic Communication”, International Journal of Strategic Communication, vol. 1, nº 2, 2007, pp. 107-122.

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