Corporate responsibility of the listed Malaysian insurance companies

Abstract

This paper focused on the variation in Corporate Social Responsibility (CSR) of the listed insurance companies in Malaysia. The main objective of the study is to categorize the listed insurance companies into different groups based on their CR actions. The study divided the Corporate Responsibility (CR) actions of the Malaysian listed insurance companies into three categories (1) Philanthropy (2) CR integration and (3) CR innovation. The categorization is based on three dimensions of CR actions of the firm i.e., the relationship of CR to the core business, target of responsible action and benefits expected from these CR actions. The study used a qualitative research method, where the company websites of all the listed Malaysian insurance companies were analyzed using content analysis. A total of 55 listed insurance company websites were analyzed. The findings show that majority of the insurance companies fall under the category of CR integration. The companies are involved in improving the environment and social aspects of the core business. The overall findings suggest that although majority of the insurance companies have moved from the traditional philanthropic approach to CR integration, they are yet to reach the level of CR innovation. The finding of the study will help in understanding the CR actions of insurance companies. This will assist the senior managers involved in strategizing the CR actions of the company to get better business and societal outcome from their company’s CR actions.