An Investigation on the Role of Corporate Social Responsibility on Corporate Reputation of Financial Services Regulators: A Case of the Insurance and Pensions Commission, Zimbabwe

Abstract

This study investigates the role of Corporate Social Responsibility (CSR) in shaping the corporate reputation of financial services regulators, with a focus on the Insurance and Pensions Commission (IPEC) of Zimbabwe. As financial services regulators play a critical role in safeguarding the interests of consumers and maintaining market integrity, understanding the impact of CSR on their corporate reputation is of paramount importance. The study employs a mixed methods approach, combining qualitative interviews with key stakeholders and a quantitative survey of industry professionals and members of the public. Qualitative findings reveal diverse perceptions of CSR initiatives undertaken by the IPEC, ranging from commendation for promoting financial literacy and consumer protection to concerns about effectiveness and alignment with stakeholder expectations. Quantitative analysis demonstrates a positive relationship between CSR activities and corporate reputation, with perceptions of CSR positively influencing trust, credibility, and regulatory effectiveness. The study underscores the strategic importance of aligning CSR initiatives with stakeholder expectations and regulatory objectives to enhance corporate reputation and public trust in financial services regulation. The findings have implications for policymakers, regulatory authorities, and industry practitioners, emphasizing the need for proactive CSR strategies to strengthen stakeholder relationships and foster sustainable regulatory governance. In line with the findings of this study, it could be concluded that CSR is a reputational driver of corporate reputation. IPEC is at the nerve centre of the Insurance sector and as such play a crucial role in the overall development of the economy. Based on the investigation conducted on the role of corporate social responsibility (CSR) on the corporate reputation of financial services regulators, particularly focusing on the Insurance and Pensions Commission (IPEC) in Zimbabwe, the following recommendations are proposed: Enhance Stakeholder Engagement: Improve Transparency and Accountability: Expand Community Development Initiatives: Promote Environmental Sustainability: Capacity Building and Awareness: Collaborate with Industry Partners: Monitor and Evaluate Impact: Align CSR with Regulatory Objectives: Promote Ethical Practices: Communicate CSR Impact Effectively.