Green banking practices, bank reputation, and environmental awareness: evidence from Islamic banks in a developing economy (2024)

Green banking and corporate reputation

Amidst the race for economic and financial growth, organizations and governments are compromising on the environment which leads to degradation and climatic issues. Therefore, international bodies are more concerned about the environment and are encouraging pro-environmental initiatives (Sarma & Roy, 2020). To this end, green banking presents more inclusive efforts to save the existing and future generations from environmental harm. Similarly, the increasing trend in the literature on environmental sustainability evidences the green concerns which have given birth to many green activities including green finance and green banking (Sun et al., 2020a, 2020b). Green banking exalts banks, industry, economy, and overall society through pro-environmental practices and reducing carbon footprints from operations. Green banking recognizes the responsibility to adopt practices that can keep the environment clean and green. Green banks support those initiatives that are helpful to transform the traditional economy into low carbon, and climatic-friendly economy (Burhanudin et al., 2021). Green banking accepts the environmental responsibility of banks where the banks ethically and administratively cover low carbon footprints and pro-climate activities (Huidong Sun et al., 2020a, 2020b).

The vision of green banking carries the notion to inculcate greening and environmental consciousness, letting employees and customers develop green behavior, and offering such products and services that are helpful to curb environmental threats (Park & Kim, 2020). This is truly a paradigm shift in the banking industry to focus on greening aspects of investments, financing, and provision of services in line with UN sustainable development goals. The environmental risks have irreversible and far-reaching effects on all sectors including banks, and there is a need for studies that identify such risks (NGFS 2019). Overcoming the anthropogenic load of the ecosystem, green banking follows the eco-responsible principles that give triple benefits i.e., achieving economic efficiency, discouraging harmful effects on the ecosystem, and promoting the good image of banking (Kondyukova et al., 2018). Previous literature demonstrates that green banking is an emerging banking model that might encourage all stakeholders to work collectively for the benefit of society, governments, the general public, and the environment. Investigating green banking, especially in developing Asian economies, might prove to be a launching pad for future bank policy-making and will also be helpful in environmental management. The well-being of employees, customers, and future generation depends on the environmental standing and provision of climate-friendly products and services of banks.

Nath et al. (2014) supported that banks when abdicating their responsibility of taking green initiatives will lose their reputation. The sustainable activities of banks can enhance their reputation along with reducing costs and risks. This study attempts to examine how banks’ reputation can be increased through sustainability and green drives in Pakistan, as evidenced by previous studies where corporate social responsibility was used as an antecedent of corporate reputation (Ruiz & García, 2019). The environmental responsibility of banks also matters in the image building and reputation of banks (Quevedo-Puente et al., 2007).

Green banking in Pakistan

The worldwide unprecedented environmental concerns led countries to keep the agenda of environmental protection on their priority list. The climate and warming issues badly affected the world economies. The government of Pakistan established a Ministry of Climate Change that aimed to formulate a National Climate Change Policy (NCCP) in 2012. The provinces were also directed to make laws that correspond to the Federal Environment Protection Act of the federal government (SBP, 2017). The State Bank of Pakistan (SBP) is quite optimistic and is thoroughly working to regulate the greening drives in financial markets and instruments in Pakistan. Especially, the SBP issues different circulars to commercial (Islamic) banks to proactively operationalize green banking activities. SBP launched new guidelines for banks in October 2017 to meet international standards where the initiatives of green banking, the development of a mechanism to finance climate-friendly industry, and the adoption of green practices for internal control were the key points (SBP 2018). The SBP also advised banks to go online for saving the time and effort of customers and get rural inclusion in the banking network (Khan et al., 2019a; b). Digital banking is a part of the pro-environmental drive where the click-and-mortar set is concentrated instead of a physical system, and therefore, the SBP promotes it to have banking channels free of papers and physical equipment. The spiraling energy issues also impact the industrial and human growth in Pakistan where the banks can help reduce climate hazards. Taking this motive, the SBP encourages banks to work sustainably and rely on renewable energy resources to realize the dream of a sustainable financial system.

Few scholars addressed the green banking initiatives in Pakistan. For example, using qualitative research design Javeria et al. (2019) investigated the problems and challenges in the way of green banking in Pakistan. They proposed further studies to examine the transformation from conventional to sustainable (green) banking using quantitative models. In their recent work on green banking, Rehman et al. (2021) found that there is a positive impact of green banking practices (policy, operations, and investments) on the environmental performance of conventional banks in Pakistan. They exhibited how environmental performance can be predicted through green banking initiatives and directed future researchers to use more comprehensive frameworks for understanding green banking in Pakistan. The current study is a leading one incorporating a comprehensive set of practices including daily operations-related, customers-related, bank policy-related, and employees-related practices of the Islamic banks. The corporate reputation aligning with the green performance of Islamic banks has not been investigated so far, and it could be a good addition to the literature on the greening drives of Islamic banks. This study also believes that the green practices of Islamic banks can be moderated by the environmental awareness of the employees and management. It is more likely that environmentally aware employees will accelerate the pace of green banking and the reputation of banks.

Islamic green banking and corporate reputation

Islamic banking which is an icon of ethical banking has the potential to address the issues of equity, and sustainability for curbing the environmental and economic woes of any society (Kenourgios et al., 2016). The “Go Green” drive of Islamic banking denotes the fact that Islamic banks take care of both the existing and next generations. Today, the environment is key attention in sustainable Islamic banking where climate change, rising emissions from conventional energy resources, global warming, and pollution control are the main concerns. So far, there is limited research on the sustainability orientation of Islamic banking (Aliyu et al., 2017), especially the greening facets of Islamic banks that are covering the institutional and societal aspects need more descriptive, explanatory, and explorative models. Correlating bankers’ green behavior with green banking growth in the Malaysian Islamic banking industry, Ali et al. (2020) found that the five types of green orientations have a significant impact on the growth of green banking. They reported that conservation, sustainability in work, no harm to the environment, influencing fellows, and taking green initiatives have a positive relationship with green Islamic banking.

Though previous studies found that the performance of conventional commercial banks can be increased with sustainable green banking, little research exists on how the reputation and performance of Islamic banks can be exalted with greening adaptability. Agreeing with the recommendation that policymakers should give more focus to introduce interactive green products and services (Sharmeen & Yeaman, 2020), this study argues that Islamic banks can better work for sustainable banking with ethical and responsible approaches. It is also reported that stakeholders’ engagement and development of emotional attachment are necessary for conventional and Islamic banks to convert to green banking practices (Bukhari et al., 2019, 2020). The current study proposes that the reputation of Islamic banks can be increased with green banking practices of the banks.

H₁

The green banking employees-related practices have a positive impact on the reputation of Islamic banks.

H₂

The green banking daily operations-related practices have a positive impact on the reputation of Islamic banks.

H₃

The green banking customers-related practices have a positive impact on the reputation of Islamic Banks.

H₄

The green banking policy-related practices have a positive impact on the reputation of Islamic banks.

Green banking and moderation of environmental awareness

One of the main prerequisites of environmental protection is environmental awareness, which refers to employees’ awareness of the rules and regulations of environmental policies regarding banking. The effective planning and implementation of policies depend on environmental awareness (Kokkinen, 2013). It has been observed that green practices have not solely been able to translate into greening behavior or reputation. Gadenne et al. (2009) reported that despite the green attitude of the employees, the climate-friendly practices and their implementation were low. They attributed it to the fact that it is environmental awareness that translates into greening actions within organizations. Recently, Arocena et al. (2021) found the moderating influence of environmental awareness on the relationship between ISO standardization and firms’ environmental performance. Cao and Chen (2019a, 2019b) investigated the moderation effect of environmental awareness and declared that green innovation policy is stronger when environmental awareness is higher. Similarly, Khan et al. (2022) examined the moderation of environmental awareness in the hospitality industry and found that environmental awareness strengthens employees’ sense of sustainable development. The moderating role of environmental awareness was also investigated by Rustam et al. (2020) who reported that environmental awareness has a significant effect on environmental disclosure and customers' eco-friendly consumption behavior.

This study believes that environmental awareness will strengthen the association of employees-related, daily operations-related, customers-related, policy-related practices, and the reputation of Islamic banks in Pakistan. Therefore, the following moderation hypotheses are posited;

Data collection

To meet the objectives of this study, the required data were collected through an online questionnaire from the employees of Islamic banks in the Khyber Pakhtunkhwa (KP) Province of Pakistan. The target population of the study consisted of all the personnel of Islamic banks as well as the employees working in Islamic branches of conventional banks. The major chunk of the data collection was conducted online through a virtual questionnaire, as some of the bank employees were cautious in personal contacts due to COVID-19. In some areas where there were no Corona lockdowns, the scholars and their research assistants personally visited the banks and circulated the questionnaire. The data collection process was thoroughly discussed and approved as per the SOPS of the banks and government. Chiefly, the respondents were contacted through emails and social media (WhatsApp).

The staff members were briefed about the purpose of the survey and requested to fill out the questionnaire and share it with their colleagues within the branch as well as in other Islamic branches. More than 50 Islamic branches of different Islamic banks were visited for data collection purposes, comprising almost 75% of the banks. Specifically, four main cities, namely Peshawar, Kohat, Bannu, and Dera Ismail Khan districts of KP, were chosen for data collection. The authors clarified to the respondents that data-giving is quite optional and depends on their free will. They were also ensured that their data will be carefully handled with complete secrecy and sanctity. The respondents spent their free time filling out the questionnaire and rated their most appropriate choices. Some small prizes were also announced for the respondents to be distributed on a draw basis, and follow-up emails were sent to accelerate the data collection. The respondents were also promised to get the final findings of this study once it is completed. Finally, we received 390 responses, which were then used for the final analysis. Table ​Table11 provides the respondents’ demographics.

Measures

The online version of the questionnaire was divided into sections A and B. Section A was concerned with the demographics and data profiles of the respondents, whereas the B section was devoted to measuring the proposed constructs. The measures of the represented constructs were adapted from the available works of literature with slight modifications to suit the context of the current study. A five-point Likert scale (1 “strongly disagree” to 5 “strongly agree”) was used for measuring the degree of satisfaction of the respondents.

The measures of employees-related practices, daily operations-related practices, customers-related practices, and bank policy-related practices were adapted from previous studies (Rehman et al., 2021; Shaumya & Arulrajah, 2016). The instrument and measure of environmental awareness were taken from Cao and Chen (2019a, 2019b). Moreover, we borrowed a four-item scale for bank corporate reputation from Ruiz and García (2019).

Data analysis

As our model was predictive in nature, we conducted structural equation modeling (SEM) using the Smart-PLS (version 3). PLS-SEM is extensively used in research articles where the data are collected through survey questionnaires (Hair et al., 2017). Several reasons justify that the adopted PLS-SEM approach is an appropriate tool for the current study. PLS is useful for testing complicated cause–effect relationships among constructs (Reinartz et al., 2009), and according to Beh et al. (2019), the PLS-SEM approach is particularly suitable for checking moderating effects. The study intends to investigate the moderation effects of management’s environmental awareness; thus, the adopted PLS approach was reasonable. Following Hair et al. (2017), the study used a two-step approach to evaluate the results of the collected data. First, we validated the measurement model to know the external measures of goodness, and second, we tested the proposed relationships among the constructs by applying the structural model.

Demographic information

The authors contact the respondents for giving their opinions on how they perceive green banking practices and their bank's reputation. Table ​Table11 elaborates the respondents’ data which are diversely spread in terms of gender, education, geography, and level of experience. The diverse data comprehensively cover the employees’ ratings of their opinions on the given phenomenon.

Table ​Table11 further indicates that there were a majority of male respondents (60%) which is a usual phenomenon in Pakistani banking culture. The employees whose ages were less than 25years were mainly responsive and gave their perceptions of the green banking practices and their impact on the bank's reputation. Similarly, the number of respondents with a bachelor's level of education constituted the major portion (57%) while the experience bracket of smaller than 3years was greater (59%) in numbers.

Common method bias (CMB)

In this research, we used Harman’s single-factor test, to examine the presence of CMB in our dataset (Podsakoff et al., 2003). In our case, the principal component analysis illustrates that all the variables produced six distinct factors that together accounted for 61.26% of the total variance, and the first factor produces only 17.40% of the variance. Therefore, our results show that CMB is not a serious concern for this research. Moreover, the degree of multicollinearity among the independent variables was assessed through both variance (VIF) and tolerance values (Cohen et al., 2003). In our case, the VIF scores are between 1.34 and 1.82 and the tolerance value is greater than the recommended cut-off level of 0.10, which indicated the multicollinearity issue is not present in our dataset.

Measurement model

The measurement model in PLS-structural equation modeling represents how the external walls of any model support the goodness of proposed measures. Before conducting the structural model, it is compulsory to have a goodness of fit of the observed indicators or constructs to successfully run the model for hypotheses testing (Hair et al., 2017). Table ​Table22 shows that the measurement model accurately and satisfactorily describes the model fit and goodness of our measures. The table explains the loadings of each construct having met the standards, i.e., greater than 0.70 (Nunnally, 1978).

Table ​Table22 further details that Cronbach’s values using Alfa (α) meet the cut-off standards. The Alfa values represent that the measures have no reliability issue. The composite reliability (CR) values also indicate that the items, constructing the latent variables, have a good level of internal consistency. The values are reasonably expressing the goodness of the constructs as per the designated criteria of previous studies (Hair et al., 2017; Khan et al., 2021). To get the appropriate convergent validity, the average variance extracted (AVE) is used in the PLS-SEM. Table ​Table22 elucidates that the AVE values are in the proper range, i.e., higher than 0.50 for each construct, thereby indicating a sound convergent validity.

Descriptive statistics, correlation, and discriminant validity

Descriptive statistics, correlation coefficients, and the diagonal values on the correlation table are further steps explaining the relationships among the constructs. To this end, Table ​Table33 gives details that how the means values (M) and the level of dispersions through standard deviation (SD) lie in the data. The first two columns M and SD show the descriptive statistics of the given variables depicting that there is overall little dispersion and the means values are around 3.5. The correlation coefficients show that the variables are positively associated with each other having different levels of correlation. The correlation coefficients, lower than 0.70 (Hair et al., 2017), also depict that there is no issue of multicollinearity among the predictors. The diagonal bold values in the table picturize divergent validity where all the values are higher in their respective rows and columns, thereby showing a good divergent validity of the constructs.

All the values in Tables ​Tables22 and ​and33 conjecture that the measurement model and the correlation coefficients are advocating goodness of fit and sound measures that can be used for further detailed analysis of the inner model. The inner/structural model in PLS-SEM allows checking the relationships among the latent constructs and hypotheses testing.

Structural model

The hypothesized relationships among the constructs were checked using the structural model using smart-PLS. There were four direct links in the model and one moderating variable (environmental awareness) that was found to have a stringent effect on the direct relationships with the outcome variable (banks’ reputation).

Table ​Table44 and Fig.2 put forth the results of hypotheses testing and also show the moderating effect of environmental awareness. Overall, the model explains a 59% (R²) variance in the banks’ reputation. Hypothesis 1, i.e., employees-related practices (ERPs → BR), has a significant relationship (β = 0.23; p < 0.05) with bank reputation indicating that employees’ inner feelings for green banking can increase bank reputation. Hypothesis 2, which postulates that banks’ daily operations practices have a significant impact (DORPs → BR) on bank reputation, was supported (β = 0.18; p < 0.05). Our data evidence that the banks’ routine green practices lead to a good reputation of the banks in Pakistan. The third hypothesis was stating that customers-related practices have a positive effect on bank reputation and we find that it was supported. Table ​Table44 shows that CRPs → BR is highly significant (β = 0.21; p < 0.05) on 99% confidence level. The final direct hypothesis PRPs → BR representing the bank policy-related practices and their impact on bank reputation was also found significant (β = 0.33; p < 0.05).

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Fig. 2

Research framework with regression weights

Moderation results of environmental awareness

Figure2 and Table ​Table44 also specify the moderating influence of environmental awareness on the four paths of the direct hypotheses. The results explain that H5, i.e., environmental awareness (ERP × MEA → BR), moderates the path of employees-related practices and bank reputation (β = 0.08; p < 0.05). The higher the employees-related green practices, the better will be the banks’ reputation. The environmental awareness also moderates the daily operations-related practices (DORP × MEA → BR) and bank reputation (β = 0.10; p < 0.05), thereby supporting H6. The next hypothesis (H7) believed that environmental awareness moderates customers-related practices and bank reputation. Our results support the H7 (β = 0.12; p < 0.05) indicating that the customers-related practices improve the banks’ reputation if there is environmental awareness among the bank employees. The study also finds that the relationship between banks’ policy-related practices and bank reputation is moderated by employees’ environmental awareness (β = 0.14; p < 0.05); thus, H8 is supported.

Appendix A: Cross-Item Loadings

Conflict of interest

There are no competing interests to be declared by the authors.

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

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