Ảnh hưởng của nhận thức CSR đến lòng trung thành khách hàng: Nghiên cứu trường hợp các ngân hàng Việt Nam

Nội dung text: Ảnh hưởng của nhận thức CSR đến lòng trung thành khách hàng: Nghiên cứu trường hợp các ngân hàng Việt Nam

1. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 THE IMPACT OF CSR PERCEPTION ON CUSTOMER LOYALTY: EMPIRICAL RESEARCH OF VIETNAMESE BANKS NH H NG Ủ NH N H N L NG NG H NH KH H H NG: NGHI N NG H P NG N H NG I NАM Nguyen Quang Huy, Nguyen Thi Huong Foreign Trade University huynq@ftu.edu.vn ABSTRACT This paper aims to assess the impact of Corporate Social Responsibility (CSR) perception on Customer loyalty, specifically in the Vietnam banking sector. The paper uses the mediate factor of Corporate prestige between CSR and Customer loyalty, and verifies through 102 samples of customers using banking services. The findings show that five elements of CSR that have a strong impact on the reputation of businesses from high to low include Customer service, Green environment, Ethical responsibility, Humanities, and Legal responsibility. At the same time, Corporate prestige impacts positively on Customer loyalty. The paper provides some recommendations to improve the quality of CSR in Vietnamese banks. Keywords: Bank, CSR, customer loyalty, Vietnam. TÓM TẮT Nghiên cứu nhằm đánh giá mức độ ảnh hưởng của nhận thức về trách nhiệm xã hội doanh nghiệp (CSR) tới lòng trung thành khách hàng, cụ thể trong ngành Ngân hàng Việt Nam. Nghiên cứu sử dụng yếu tố trung gian là uy tín doanh nghiệp giữa hai yếu tố CSR và lòng trung thành khách hàng và kiểm chứng thông qua 102 mẫu khách hàng sử dụng dịch vụ ngân hàng. Kết quả cho thấy, năm yếu tố của CSR tác động mạnh mẽ tới uy tín doanh nghiệp từ cao đến thấp là dịch vụ khách hàng, môi trường xanh, trách nhiệm đạo đức, nhân văn, trách nhiệm pháp luật. Đồng thời, uy tín doanh nghiệp tác động thuận chiều tới yếu tố lòng trung thành khách hàng. Nghiên cứu thảo luận và đề xuất một số giải pháp giúp nâng cao chất lượng của CSR tại các ngân hàng Việt Nam. Từ khóa: CSR, lòng trung thành, ngân hàng, Việt Nam. 1. Introduction In recent years, the concept of Corporate Social Responsibility (CSR) has become popular in the world (Chaudhury et al., 2011). Especially in the era of globalization and competition, it has attracted great interest and attention from businessmen, investors, researchers in particular and the whole society in general for its significance. CSR helps make difference, develop public perception of a corporation’s brand, and maintain customer trust/ loyalty. Customer loyalty is also important for a corporation to develop competitive advantages. Loyal customers are more likely to support certain corporations and purchase more products/ services from them. Loyal customers are then more likely to share their good personal experience, and recommend the products/ services to others. Understanding the importance of CSR and customer loyalty, many corporations have chosen CSR as a key strategy to increase their customer loyalty. Vietnamese banks are also not out of this trend. The bank’s prestige is always considered as a determining factor, given that most of the bank’s partners and customers are prestige-oriented when choosing a bank. Vietnamese banks have been incorporating CSR into their business strategies in order to enhance their bank prestige and then customer loyalty. 2. Literature Review Corporate Social Responsibility Corporate Social Responsibility (CSR) is divided into four components as follows ( аrroll, 1991): 12
2. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 (1) Economic responsibilities: a firm should commit to be as profitable as possible, produce goods and services that consumers need and want, and to make an acceptable profit. (2) Legal responsibilities: a firm is expected to comply with the laws and regulations promulgated by federal, state, and local governments as the ground rules, under which it must operate. (3) Ethical responsibilities: a firm obligates to do what is right, just and fair. (4) Philanthropic responsibilities: a firm should be a good corporate citizen as society's expectation by contributing resources to the community or improving the quality of life. As society has been changing, the notion of CSR has been limited not to manufacturing but broaden to other activities. CSR should be applied at the very first stage of a business, and be independent of the business’ income and manufacturing status. “ orporate ocial esponsibility” is defined as “a commitment to improving community well-being through discretionary business practices and contribution of corporate resources” (Kotler and Lee, 2005). In addition, the environment factor has gained increasing interest in CSR discussion. Many corporations are now putting great efforts to minimize their negative effects on the environment. Environmental protection has been considered in manufacturing, R&D, marketing and distribution. Customer loyalty Customer loyalty has recently received a lot of attention (Curtis, 2009). Customer loyalty shows customer attitudes towards corporate prestige, customer service, employees and buying experience. ccording to Onlаor and otchаnаkitumnuаi (2010), customer loyalty is the combination of many positive emotional experiences, which results in buying repetition and product recommendation to others. Two types of loyalty taken into consideration are attitudinal and behavioral, which are also two basic types of customer loyalty (Czepiel & Gimore, 1987). CSR and Customer loyalty аroll (1991) created a pyramid model including four levels of CSR: Economic responsibilities, Legal responsibilities, Ethical responsibilities, and Philanthropic responsibilities. Philanthropic Responsibilities Ethical Responsibilities Customer CSR loyalty Legal Responsibilities Economic Responsibilities Figure 1: CSR and Customer loyalty Source: Caroll, 1991 Jаmаliаh Mohd Yusof (2015) added the “Environmental responsibilities” factor in the research “ ustomer loyаlty’s еffects of Initiаtives” for the Malaysia banking sector. nd Monа Younis Аbo аmrа continued to indicate these five factors in the CSR model for his 2017 research into the Bangladesh’s banking sector, in order to measure the CSR impact on customer loyalty. 13
3. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Economic Responsibilities hàng Ethical Responsibilities hàng CSR Customer’s Customer Legal Responsibilities satisfaction loyalty hàng Philanthropic Responsibilities hàng Green Environment Figure 2: CSRhàng and Customer loyalty in the banking sector Source: Jаmаliаh Mohd Yusof, 2015; Monа Younis Аbo Sаmrа, 2017 3. Research methodology In Vietnam, the baking sector, among the most competitive business sectors, plays an important role in facilitating and developing the economy. As many banks are improving their service quality with the customer-oriented strategies, it is helpful to improve their corporate prestige. Based on the previous researches and models, the authors us propose the following model of CSR and ustomer loyalty for the ietnam’s banking sector: Customer Service hàng H1++ Ethical Responsibilities H2++ hàng CSR Legal Responsibilities H3++ Corporate Customer + prestige H6+ hàng H4++ loyalty Philanthropic Responsibilities H5++ hàng Green Environment hàng Figure 3: CSR and Customer loyalty in the Vietnam’s banking sector With research hypotheses: - Hypothesis 1: Customer service has positive impact on corporate prestige. - Hypothesis 2: Ethical responsibilities has positive impact on corporate prestige. - Hypothesis 3: Legal responsibilities has positive impact on corporate prestige. - Hypothesis 4: Philanthropic responsibilities has positive impact on corporate prestige. - Hypothesis 5: Green environment has positive impact on corporate prestige. - Hypothesis 6: Corporate prestige has positive impact on customer loyalty. 14
4. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 To test research hypotheses, the authors have surveyed and analyzed the research sample with the SPSS software. 4. Findings and Discussion Descriptive sample: 140 people are randomly selected. However, only 102 questionnaires are suitable. Table 1: Sample description Frequency Percent Indicators (person) (%) Male 48 47,1 Sex Female 54 52,9 18 – 22 36 35,3 23 – 30 27 26,5 Age (year) 31 – 40 14 13,7 > 40 25 24,5 3 44 43,1 Technical school 5 4,9 Education and College 6 5,9 qualifications Bachelor/Undergraduate 81 79,4 Postgraduate 10 9,8 Table 2: Summary of scale verification Cronbаch’s Corrected item- Cronbаch’s Variables Observation Аlphа if item Minimum Total Аlphа deleted Correlation Customer service (CS) 5 0,892 0,884 0,669 Green environment (GE) 5 0,915 0,904 0,747 Ethical responsibilities (ER) 5 0,832 0,825 0,540 Philanthropic responsibilities (PR) 6 0,900 0,898 0,621 Legal responsibilities (LR) 3 0,872 0,879 0,686 Corporate prestige (CP) 3 0,605 0,607 0,418 Customer loyalty (CL) 4 0,863 0,854 0,642 Source: SPSS 15
5. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 − “ ustomer ervice” (CS) has ronbach’s lpha = 0,892 > 0,6; which means the “ ustomer service” variable indicates a statistically significant correlation. In addition, minimum total correlation = 0,669 > 0,3, meaning internal consistency is good. − “Green environment” (GE) has ronbach’s lpha = 0,915 > 0,6; which means the “Green environment” variable has the statistical value. Moreover, minimum total correlation = 0,747 > 0,3, which indicates a good internal consistency. − “Ethical responsibilities” (ER) has ronbach’s lpha = 0,832 > 0,6; which means the “Ethical responsibilities” variable has the statistical value. lso, minimum total correlation = 0,54 > 0,3, which indicates a good internal consistency. − “Philanthropic responsibilities” (PR) has ronbach’s lpha = 0,900 > 0,6; which means the “Philanthropic responsibilities variable has the statistical value. Moreover, minimum total correlation = 0,621 > 0,3, which indicates a good internal consistency. − “Legal responsibilities” (LR) has ronbach’s lpha = 0,832 > 0,6; which means the “Legal responsibilities” variable has the statistical value. Also, minimum total correlation = 0,54 > 0,3, which indicates a good internal consistency. − “ orporate prestige” (CP) has ronbach’s lpha = 0,605 > 0,6; which means the “ orporate prestige” variable has statistical value. Moreover, minimum total correlation = 0,418 > 0,3, which indicates a good consistency. − “ ustomer loyalty” (CL) has ronbach’s lpha = 0,832 > 0,6; which means the “ ustomer loyalty” variable has the statistical value. lso, minimum total correlation = 0,54 > 0,3. Therefore, the correlation is strong. Table 3: KMO and Bаrtlett’s test Value Comparison KMO 0,883 0,5 50% Еigenvаlue 1,403 1,403 > 1 Source: SPSS KMO = 0,88, between 0,5 and 1, indicates the sampling is adequate. Sig = 0,000 < 0,05. So, observed variables have strong correllation. Table 4: Rotated Component Matrix Component 1 2 3 4 5 PL3 ,818 PL4 ,776 PL2 ,744 PL6 ,718 PL5 ,677 PL1 ,676 16
6. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 GE4 ,841 GE5 ,814 GE3 ,796 GE2 ,706 GE1 ,671 CS2 ,810 CS1 ,779 CS5 ,757 CS4 ,738 CS3 ,704 ER2 ,810 ER4 ,699 ER3 ,690 ER5 ,688 ER1 ,667 LR2 ,896 LR3 ,883 LR1 ,784 nalyzed with EFА, factor loading of dependent variables > 0,5 and the number of extracted factors is five, which is reasonable. All the factors have both convergent validity and discriminant validity. So, the research uses proposed model for multiple linear regression analysis. Table 5: АNOVА test for “Corporate prestige” Model Sum of Squares df Mean square Sig. regression 41,266 5 8,253 ,000b 1 Residual 3,910 96 ,041 Total 45,176 101 а. Dependent variable: P b. Independent variables: PR, GE, CS, ER, LR Adjusted R Std. error of the R R square Durbin –Wаtson square estimation ,956а ,913 ,909 ,202 1,823 The above table verify the hypothetical model with sig=0,000 < 5%. So, R square of population must not be zero. Adjusted R square = 0,909, which means 5 proposed independent variables can account for 90,9% dependent variable. So, the proposed model is suitable to population. 17
7. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Table 6: Regression Results Unstandardized Standardize Collinearity statistics Model coefficients d coefficient t Sig. B Std. error Betа Tolerance VIF Constant -,040 ,119 -.339 .735 CS ,310 ,035 ,366 8,952 ,000 ,540 1,851 GE ,236 ,031 ,320 7,600 ,000 ,508 1,969 ER ,204 ,032 ,232 6,317 ,000 ,670 1,493 PR ,117 ,038 ,126 3,123 ,002 ,552 1,811 LR ,145 ,022 ,217 6,530 ,000 ,819 1,221 Source: SPSS Sig values of independent variables are smaller than 5%, which means these variables are statistically significant. Basing on Beta, the research can assess impact level of each independent variable on dependent one. For example, CS’s beta = 0,336, indicating that if CS increases 1 unit, CP increases 0,336 unit without any changes in other factors. omparing 5 independent variables’ Beta, it could be concluded that customer service has greatest impact on corporate prestige. After testing collinearity with VIF, the research found out that all VIFs are smaller than 2. This means there is no collinearity in the proposed model. Table 7: Summary of standardized coefficients standardized No Variables Impact order coefficients 1 CS ,366 1 2 GE ,320 2 3 ER ,232 3 4 PR ,126 5 5 LR ,217 4 Table 8: АNOVA test for customer loyalty Model Sum of Squares Df Mean square Sig regression 48,399 1 48,399 .000b 1 residual 10,038 100 ,100 Total 58,437 101 a. Dependent variable: CL b. Constant: CP Std. error of the R R square Adjusted R square Durbin-Wаtson estimation ,910а ,828 ,827 ,317 1,941 18
8. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Sig values of independent variables are smaller than 5%, which means these variables are statistically significant. Based on Beta, the research assesses the impact level of each independent variable on dependent one. CP’s beta = 0,910, indicating that if CP increases 1 unit, LTT increases 0,910 unit without any changes in other factors. Among five components of CSR, customer service and ethical responsibilities, which are easy to be observed and assessed, has greater impact on customer’s benefits than remain factors. ustomer service, legal responsibilities, environmental responsibilities, ethical responsibilities and philanthropic responsibilities has positive impact on corporate prestige. Also, corporate prestige has positive impact on customer loyalty. 5. Conclusion and Recommendations CSR has positive impact on customer loyalty which is crucial for any business. In the banking sector, the authors recommend following methods to enhance CSR: - First and foremost, to improve customer service, employees should be trained about technical skills and skills to serve customer professionally. These skills include: understanding products, communicating messages clearly, collecting customer’s feedback and learning professional ethics. Moreover, customers should always be respected. Besides, win-win campaign between business and its customers can be applied. If any strategies do not bring benefits to customers, they should be adjusted or replaced with better ones. - Second, to have a green environment, banks should adopt a new technology which is more sustainable and efficient than the old one. Also, there should be a system to process waste materials inside the company. Besides, an environment manager should be appointed to create a sustainable and green environment for the company. - About philanthropic, it is recommended for banks to voluntarily organize programs or campaigns to support the unprivileged. Specifically, banks could give scholarships to poor children with excellent academic results, support people in remote areas financially and provide vocational courses for graduated students. - For better ethical responsibilities, banks should have a good salary and reward system which could ensure a better life standard for employees. For their sake, shareholders should have the right to get clear, public and transparent information. bout customer’s benefits, customers should be well-treated with high quality products and a professional customer service. - To perform legal responsibilities, business must ensure legal working hours as well rest time for employees. They are supposed to have insurance for medical and health care costs, unemployment insurance and other insurances. Recently, Vietnam has been integrated in various ways such as reducing preferential signing trade agreements, free trade agreements and joining tax union alliances. REFERENCES [1] аroll, 1991. The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders, Business Horizons, Vol. 34, n. 4, Elsevier, 1991, pp. 39-48. [2] Czepiel, J.A., & Gimore, R., 1987). Exploring the Concept of Loyalty in Services. In J.A. Czepiel, C.A. Congram & J. Shanahan, The Services Challenge: Integrating for Competitive Advantage (pp. 91-94). [3] Jamaliah Mohd, 2015. Customer's Loyalty effects of CSR Initiatives, Procedia - Social and Behavioral Sciences, pp. 100-102. [4] Jаcoby và hestnut, 1973. А behаviorаl process аpproаch to informаtion аcquisition in nondurаble purchаsing, Journаl of mаrketing eseаrch, 532-544. 19
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