Are Ethical Banks Different? A Comparative Analysis Using the Radical Affinity Index |
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Authors: | Leire San-Jose Jose Luis Retolaza Jorge Gutierrez-Goiria |
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Institution: | 1.University of Huddersfield,Huddersfield,U.K.;2.Department of Financial Economics II,University of the Basque Country,Bilbao,Spain;3.AURKILAN Business Ethics Research Institute,Vizcaya,Spain;4.Institute of Applied Business Economics,Bilbao,Spain |
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Abstract: | This article studies the differences between traditional financial intermediaries (commercial banks, savings banks and cooperative
banks) and ethical banks based on property rights, in which the owner decides the ideology, principles, standards and objectives
of the organisation. In ethical banking, affinity centres on positive social and ethical values. The article consequently
focuses on an index proposed both to differentiate ethical banks from other types of banks, and also to pinpoint the differences
between the various ethical banks themselves. This is the Radical Affinity Index (RAI), which groups banks together in terms
of their stance on ethical commitment, concentrating on ethical ideology and principles (information transparency, placement
of assets, guarantees and participation) and using a sample of 114 European banks. The evidence shows that transparency of
information and placement of assets are factors that differentiate ethical banks from other financial intermediaries. Guarantees
and participation are characteristics specific to ethical banks; these variables, however, do not offer clear evidence to
our analysis. |
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Keywords: | |
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