The evidence of social responsibility in foreign exchange brokers’ activities

Irena Macerinskiene, Andrius Balciunas

Abstract


Purpose. The main purpose of the paper is to analyze the evidence of social responsibility among the foreign exchange brokers’ activities.

Methodology. In the paper analysis and synthesis of scientific literature is used, statistical analysis is applied for analyzing the results of the survey.

Results. Based on analysis and synthesis of scientific literature, the main trends in the field of financial institutions’ social responsibility are distinguished, the usefulness of social responsibility is analyzed. The evidence of social responsibility in Foreign exchange brokers’ activities is researched. The survey results allow us to evaluate the perspective of socially responsible activities among the Forex brokers in Lithuania.

The theoretical contribution. Since socially responsible activities are becoming more and more common in nowadays world, most of the studies in the field focus on social responsibility of financial institutions, whilst there are few studies covering the activities of foreign exchange brokers. While trading in foreign exchange market is becoming more and more popular for retail investors, there is a reason to assess the social responsibility of foreign exchange brokers. In the article, after performing the analysis of previous studies regarding social responsibility in the financial sector, the evidence of social responsibility among foreign exchange brokers is analyzed. It is showed that some brokers actively participate in social responsible activities while other brokers do not. For this research the most popular Lithuanian Forex brokers were surveyed. The results allow us to evaluate the future of socially responsible activities among the Foreign exchange brokers in Lithuania.

Practical implications. Social responsibility of Forex brokers in Lithuania is researched in the paper. Therefore it is relevant to Forex brokers’ activities in Lithuania and other countries. It is showed that not many brokerages are involved in social responsible activities; it is a field which could allow to improve the companies’ business.

Keywords: Forex brokers, social responsibility.

Paper type: Research paper.


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