Making money move: an analysis of corporate social responsibility activities in money transfer firms

Ọláyẹmí M. Ọlábìyí () and Jasmine Alam ()
Additional contact information
Ọláyẹmí M. Ọlábìyí: St. Mary’s University
Jasmine Alam: Cape Breton University

Financial Innovation, 2025, vol. 11, issue 1, 1-18

Abstract: Abstract Although research has examined the financial sector’s response to COVID-19, the role of the cross-border money transfer industry remains unclear. This study investigates the corporate social responsibility (CSR) actions of 22 cross-border money transfer firms headquartered in Canada, the US, and the UK to determine how they supported stakeholders during the pandemic. Using qualitative data analysis software, we analyze textual data from company websites, press releases, and blogs to assess CSR activities. Our findings show that nine of the 22 cross-border money transfer firms engaged in COVID-related CSR efforts and communicated these actions through their controlled channels. Two out of every three firms that publicized their CSR initiatives during the pandemic were not traded in any stock exchange market. This research has two key implications. First, disclosing CSR initiatives through controlled or uncontrolled channels increases the likelihood of attracting socially conscious customers and investors, which could ultimately lead to higher economic profits. Second, economic profit can create a bandwagon effect, encouraging other money transfer firms to integrate CSR activities into their business models, which may enhance the well-being of the communities they serve and rely upon.

Keywords: Corporate social responsibility; COVID-19; Remittances; MAXQDA (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1186/s40854-025-00771-2 Abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-025-00771-2

Ordering information: This journal article can be ordered from
http://www.springer. ... nomics/journal/40589

DOI: 10.1186/s40854-025-00771-2

Access Statistics for this article

Financial Innovation is currently edited by J. Leon Zhao and Zongyi

More articles in Financial Innovation from Springer, Southwestern University of Finance and Economics
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().