Strategic CSR in the Financial Sector: A Systematic Review of Sustainability Practices and Performance

This article systematically reviews the execution of strategic CSR programs and initiatives in the financial sector of emerging economies, exploring their impact within distinctive regulatory and socio-economic environments. The article has addressed gaps in the existing literature by evaluating CSR practices beyond the banking sector, including insurance and fintech, and their adherence to sustainability performance. A systematic literature review was conducted using peer-reviewed journals, case studies, and credible industry reports published in the past decade, yielding 121 relevant studies after rigorous screening from an initial pool of 11,200 sources. The review focused on strategic CSR in the financial sectors of World Bank-defined emerging economies. The findings revealed that CSR in the financial sectors of emerging economies is truly effective when strategically integrated with business operations and aligned with stakeholder expectations and globally proclaimed sustainability goals. Despite persistent barriers, CSR, when contextually adapted, enhances both financial and non-financial performance, including stakeholder trust, brand value, and long-term resistance of the respective company. However, its context-dependent impact highlights the need for robust frameworks, ethical leadership, and rigorous, localized research to completely realize its transformative potential.