Gimena Cruz1
Miluska Villar-Guevara
Mireya Perez-Salluca
Israel Fernández-Mallma- 1EP de Administración, Facultad de Ciencias Empresariales, Universidad Peruana Unión, Lima, Peru
- 2EP de Administración, Facultad de Ciencias Empresariales, Universidad Peruana Unión, Juliaca, Peru
- 3EP de Educación, Facultad de Ciencias Humanas y Educación, Universidad Peruana Unión, Juliaca, Peru
Introduction: Corporate social responsibility (CSR) has always played an essential role in the market, contributing to a more competitive and efficient business environment that must be incorporated across sectors, including financial institutions. This research examined whether CSR, customer satisfaction, and corporate image are related to customer loyalty.
Methods: An explanatory study was conducted with 424 Peruvians aged 18–68 (M = 32.70, SD = 10.66). Data were collected using a self-report scale of CSR, corporate image, satisfaction, and customer loyalty. The theoretical model was evaluated using the Partial Least Squares Structural Equation Modeling (PLS-SEM).
Results: A measurement model with adequate fit was obtained (α = 0.901–0.950; CR = 0.902–0.950; AVE = 0.746–0.910). Based on the results, a positive related was demonstrated between CSR with the customer loyalty (β = 0.264; p < 0.000; t = 4.593) and corporate image (β = 0.235; p < 0.000; t = 4.615); between satisfaction with the customer loyalty (β = 0.317; p < 0.000; t = 4.061) and corporate image (β = 0.645; p < 0.000; t = 12.766), and between corporate image with the customer loyalty (β = 0.235; p = 0.005; t = 2.810).
Discussion: The study offers a valuable theoretical contribution by situating the proposed model within the integrative framework of sustainability psychology, stakeholder theory, and the Triple Bottom Line (TBL). Furthermore, it provides a significant empirical contribution by arguing that strategic investments in CSR, such as environmental finance, digitalization, and inclusive initiatives, yield tangible environmental and social benefits. These practices align with the Sustainable Development Goals (SDGs) and strengthen customer loyalty. The findings encourage decision-makers to integrate measurable sustainability actions informed by sustainability psychology to understand the individual and collective psychological processes that promote sustainable practices across organizational, social, and environmental contexts.
1 Introduction
Today, Peruvian consumers not only overestimate product quality but also the values of the company. In this context, Corporate Social Responsibility (CSR) emerges as an important strategy for generating trust, differentiation, and loyalty. Therefore, brands must focus not only on the production of goods and services but also on developing the brand in its social dimension (Cho et al., 2019). The future of organizations is inextricably linked to their ability to act with social, ethical, and environmental responsibility. In fact, CSR practices represent a significant proportion of customer loyalty, surpassing fundamental elements such as price or advertising (Leclercq-Machado et al., 2022). Conversely, previous studies indicate that many Peruvian companies adopt CSR merely as a decorative marketing tool rather than integrating it into their core business models (Gallegos et al., 2024). Therefore, the future of CSR depends not only on sound business practices but also on the ability to remain transparent and demonstrate measurable results within a landscape of increasingly informed and demanding consumers (León, 2010; Rodrigo, 2024). In this sense, brands that engage in responsible practices are closely linked to a favorable perception of customer satisfaction, generating trust, a sense of belonging, and a positive moral attitude (Cabrera-Luján et al., 2023), thus aligning with the psychology of sustainability and the basic principles of sustainable development (Pérez et al., 2018).
Over time, CSR has evolved in various business contexts, providing comprehensive organizational management strategies. In contrast, corporate image initially focused on brand prestige and publicity; it is now more focused on ethics, transparency, and social commitment. Experts affirm that factors such as quality, competence, friendliness, and performance directly affect customer satisfaction (Rodríguez and Yaguachi, 2024). On the other hand, customer satisfaction is often measured solely by the quality of the product or service, with little consideration of its social impact (Acuña-Hurtado et al., 2024; Muguerza-Florián et al., 2025). Considering this, CSR is strongly linked to people's favorable perceptions, generating positive psychological effects that can help explain more clearly why customers develop a stronger emotional connection and greater satisfaction with brands that implement these practices (Pérez et al., 2018). Since a customer will prefer a responsible brand because they identify with it, because it reflects their principles, and even their way of life, all of this will produce a greater connection and satisfaction. Furthermore, customer satisfaction is closely linked to brand image, as the way customers use the product/service influences their perception of the company (Lee, 2019). On the other hand, customer loyalty has become an emotional and valuable relationship, shaped by consumers' perceptions of CSR and the company's principles. Likewise, improving CSR is one of the most widely used strategies, as it generates value and fosters loyalty (Vo Minh et al., 2023).
The value of this study lies in its results, which will allow for the evaluation and improvement of banking services in Peru, especially in a scenario marked by accelerated technological transformation since the COVID-19 pandemic. The implementation of digital services and platforms enabled banks to adapt quickly to their customers' changing needs, thereby improving customer satisfaction (Leclercq-Machado et al., 2022; Panduro-Ramirez et al., 2024; Villar-Guevara et al., 2025). Likewise, the high impact of post-pandemic technology has significantly transformed people's habits and preferences, leading them to seek to save time and minimize effort in their daily activities (Sun and Pan, 2023). However, it was identified that satisfaction is not always reflected in a true relationship, but rather responds to barriers such as the lack of attractive options or the high costs of switching providers or banks (Do et al., 2023). In this sense, CSR emerges as an important factor in generating strategic differentiation and strengthening the corporate image, obtaining competitive advantages by being perceived as a demonstration of ethical and social commitment (Lee, 2019).
When analyzing the cultural context, historical reports show that in 1998, the Peruvian financial system stood out as one of the most dynamic in Latin America. However, several international crises shook its foundations and exposed its weaknesses. In response, the “Superintendencia de Banca y Seguros” (SBS, 2022) acted decisively, implementing stricter supervisory and regulatory measures to reinforce the system's stability and solvency. Today, the landscape is different; the financial system has evolved and consolidated itself as a fundamental pillar of the economy, although it continues to face new challenges (Hossain et al., 2021). In this regard, there are various opportunities for financial institutions to continue innovating, expanding, and consolidating their valuable role in Peru's economic development. To this end, some brands have made strategic decisions that ensure business sustainability, one of which is implementing CSR practices.
Consequently, after reviewing the aforementioned background information, a growing interest in continuing to study these topics is evident among senior executives of organizations linked to sustainable practices and among academics in this field. Bibliometric indicators identify the ten countries that most frequently disseminate scientific findings, namely the United States, China, the United Kingdom, Spain, India, Canada, Australia, Germany, South Korea, and Indonesia. These countries have primarily applied their studies across diverse areas, sectors, and populations, including medicine, the social sciences, business, management and accounting, and economics, econometrics, and finance. Furthermore, when examining the scientific dissemination of these topics as an integrative model, only one non-Latin American study was identified, highlighting the knowledge gap this study aims to address by analyzing it from the perspectives of sustainability psychology, stakeholder theory, and the Triple Bottom Line (TBL). Therefore, the objective of this study was to examine whether CSR, customer satisfaction, and corporate image are related to customer loyalty.
2 Literature review and hypothesis development
2.1 Theoretical approach of the study
CSR, customer satisfaction, and corporate image are interrelated factors that contribute to customer loyalty, especially when considered within the integrated framework of the psychology of sustainability, stakeholder theory, or the Triple Bottom Line (TBL). CSR actions not only benefit the environment and society (Carbajal-Rubio et al., 2024) but also increase trust and favorable perceptions among consumers, thereby boosting their satisfaction and strengthening the corporate image. (Di Fabio and Rosen 2018) indicate that the psychology of sustainability focuses on the mental processes through which people adopt sustainable attitudes, highlighting CSR as a psychological motivator in the relationship between customers and brands. Furthermore, stakeholder theory emphasizes the importance of addressing diverse stakeholder expectations, including those of consumers who are attentive to environmental and social issues (Freeman et al., 2021). When consumers perceive that a brand provides not only financial value, but also social and ecological value, as suggested by the TBL model, they are more likely to maintain their loyalty (Afsar et al., 2018). Thus, customer satisfaction and corporate reputation act as mediators, facilitating the effects of CSR on observable loyalty outcomes, indicating that sustainability-driven strategies generate both reputational and relational capital.
In Peru, several studies have analyzed how the implementation of CSR practices contributes to boosting sustainable markets, particularly through improvements in corporate image, customer satisfaction, and loyalty (Mosqueira et al., 2024; Vilca et al., 2022). In the banking sector, a strong relationship has been observed between CSR, positive customer perception, and increased loyalty, mediated by trust in the institution (Leclercq-Machado et al., 2022). Furthermore, research in sectors such as hospitality and Small and Medium-sized Enterprises (SMEs) has demonstrated that initiatives focused on environmental and social sustainability not only strengthen corporate reputation but also improve competitiveness and customer engagement (Cabrera-Luján et al., 2023; Collado-Calenzani et al., 2024). These studies also highlight the influence of cultural and contextual factors on the perception of CSR, suggesting the need to adapt strategies to maximize their impact on customer loyalty and satisfaction across various productive sectors.
2.2 Corporate social responsibility and customer loyalty
CSR encompasses the legal, economic, ethical, and philanthropic perspectives that the social environment has on organizations (Carroll, 2017). For (Emmanuel and Priscilla 2022), CSR can be viewed from both ethical and philanthropic perspectives; the former relates to corporate responsibility and legal commitments, and the latter to activities that promote people's well-being. CSR is a crucial component in improving corporate image by generating favorable customer perceptions (Chen et al., 2021), increasing the performance results of an organization (Kankam-Kwarteng et al., 2023), and achieving greater satisfaction with a product or service (Lee, 2019), and improving the client's attitudes toward themselves (Wang, 2018). Being socially responsible will generate greater productivity, competitiveness, and sustainability for companies (Leclercq-Machado et al., 2022).
In light of this, this study also aligns with the principles of Sustainability Psychology by exploring how responsible organizational practices, such as CSR, are related with consumer psychological variables, including satisfaction, image perception, and loyalty (Pérez et al., 2018; Wojtczuk-Turek et al., 2024). From this perspective, sustainable corporate decisions generate not only economic value but also psychosocial well-being, strengthening the emotional and ethical bond between consumers and the brand (Di Fabio and Rosen, 2018). In this sense, the psychology of sustainability seeks to understand the psychological processes that promote sustainable practices across organizational, social, and environmental contexts.
On the other hand, the relationship between CSR and customer loyalty can be explained by social identity theory, as proposed by Tajfel and Turner in 1979. This theory posits that customers identify with companies that demonstrate a high level of social commitment, leading them to value the organization more, as evidenced by greater loyalty. Furthermore, research on CSR indicates that a well-managed and solid reputation drives customer participation in company activities (Ali et al., 2021), strengthening their relationship with the organization (Jo Hatch and Schultz, 2003). CSR is a long-term investment; it is more profitable than advertising and can attract customer attention through its activities (Vuong et al., 2024). Furthermore, a study of hotels found a positive relationship between CSR and customer loyalty. Therefore, it is proposed that CSR can significantly affect customer loyalty. Based on the above, the following study hypothesis is proposed:
H1: Corporate social responsibility is positive related to customer loyalty.
2.3 Customer satisfaction and customer loyalty
Customer loyalty is translated as the willingness of a customer to continue doing business with a particular organization (Zhou et al., 2019). A commitment to repurchase a product or service on a permanent and repeated basis in the future (Leclercq-Machado et al., 2022). However, customer loyalty is not only about the intention to repurchase a product or service, but also about recommending it to others (Kim and Yoon, 2004). Therefore, each corporate partner must act with reliability (Chen et al., 2021), honesty, integrity, and morality throughout their collaborations (Choi and La, 2013), in order to provide a better quality of service to have a satisfied customer, which in turn creates a good level of loyalty conducive to your organization (Hossain et al., 2021). On the other hand, satisfied customers tend to be loyal and repeat with the same provider, leading to future repurchases (Yum and Yoo, 2023). In this way, loyalty is considered a key element in the success (García-Salirrosas et al., 2024) and the sustainability of an organization by having a strong influence on customer behavior (Chen et al., 2021; Kim et al., 2024). Furthermore, a study suggests that Hofstede's cultural dimensions may be linked to customer loyalty, and this perspective could clarify how Peruvian customer loyalty can arise not only from customer satisfaction or corporate image, but also from culturally ingrained demands for social equity and institutional trust (Hofstede, 2011). Based on the above, the following study hypotheses are proposed:
H2: Customer satisfaction is positive related to customer loyalty.
H3: Corporate image is positive related to customer loyalty.
2.4 Customer satisfaction and corporate image
Corporate image is an intangible asset that can optimize behavioral intentions and customer satisfaction with needs (Pérez and Rodriguez, 2015). Includes information and deductions as a supplier, customer, employee, and employer about an entity (Adeniji et al., 2015). Therefore, a strong, high-quality corporate image attracts more customers, reduces dissatisfied customers, and drives sustained increases in profits, thereby giving the organization a competitive advantage (Jia et al., 2022; Özkan et al., 2020; Setiawan and Sayuti, 2017). Likewise, studies suggest that high customer satisfaction fosters a positive corporate image by generating positive word of mouth (Anderson and Sullivan, 1993).
Customers play an important role in the operations of commercial enterprises (Rahaman et al., 2022); therefore, satisfying their needs is an essential objective for organizations, especially in the banking and service industries. However, banking institutions face the challenge of maintaining customer loyalty (Mir et al., 2025). This is a key factor in achieving customer loyalty, reflected in repeat purchases of products or services and in the establishment of long-lasting relationships (Herath and Herath, 2019). On the other hand, satisfaction entails costs, as it requires continuous service, which entails additional expenses (Lee, 2019). However, customers are satisfied when product quality meets their expectations based on their needs (Yum and Yoo, 2023), leading them to make additional purchases (Zaato et al., 2023). This satisfaction fosters strong, lasting relationships between the company and customers (Sun and Pan, 2023), which, in turn, facilitates the long-term retention of potential customers (Do et al., 2023). Based on the above, the following study hypotheses are proposed:
H4: Corporate social responsibility is positive related to corporate image.
H5: Customer satisfaction is positive related to corporate image.
Consequently, Figure 1 graphically details the hypotheses of this study.
Figure 1. Proposed hypothetical model.
3 Materials and methods
3.1 Study design and participants
The design of this study was cross-sectional and explanatory (Ato et al., 2013). The population group consisted of bank customers from eight institutions operating in the Peruvian market. Two inclusion criteria were used to select participants: being at least 18 years old and being affiliated with a Peruvian banking institution. Non-probability convenience sampling was used (Otzen and Manterola, 2017), choosing those who were available and willing to participate in the research. Voluntary participation was invited from 600 banked customers across Peru's three regions (coast, mountains, and jungle). A total of 424 valid surveys were subsequently collected, representing the perceptions of banked customers aged 18–68 (M = 32.70, SD = 10.66), with an almost equal distribution between men and women (50.2 and 49.8%, respectively). Table 1 shows that the majority of participants were single (61.6%), aged 18–29 (47.4%), and had been affiliated for no more than 5 years (59.2%).
Table 1. Sociodemographic profile of the participants (n = 424).
3.2 Measurement scales
Before data collection, all metrics underwent translation, adaptation, and validation processes. Since they were not available in Spanish, back-translation was performed by two native English and Spanish speakers (Behr, 2017). Subsequently, validation was initiated by a panel of experts who evaluated the criteria of clarity, pertinence, and relevance (Beaton et al., 2000). Additionally, an online focus group was conducted in July 2024 with six bank customers who met the research project's inclusion criteria. This was carried out to ensure the content validity and cultural and contextual relevance of the metrics, resulting in an improved version of the instruments for the Peruvian context (Krueger and Casey, 2000). Finally, internal consistency reliability was assessed using Cronbach's Alpha (α) and Composite Reliability (CR), in addition to Average Variance Extracted (AVE) to measure construct clarity and item diagnostics. All these indicators yielded excellent values.
The online questionnaire was structured in three sections: the first section included the research objective, instructions for completion, and the participants' abbreviated consent form; the second section contained the sociodemographic variables; and the last section contained the valid and reliable measurement scales. The entire questionnaire used a 5-point Likert-type response format with a range from 1 (“Strongly disagree”) to 5 (“Strongly agree”), which is detailed below:
The Corporate Social Responsibility Scale consisted of 6 items and had a unidimensional structure. The scale showed internal consistency above the suggested values (α = 0.932; CR = 0.933; AVE = 0.746). The Customer Satisfaction Scale consisted of 5 items and was unidimensional. The scale demonstrated internal consistency above the suggested values (α = 0.950; CR = 0.950; AVE = 0.833). Both metrics were taken from a study by (Leclercq-Machado et al. 2022) conducted in Peru. The Corporate Image Scale was taken from (Hossain et al. 2021), a short, three-item, unidimensional metric. The scale showed internal consistency above the suggested values (α = 0.935; CR = 0.935; AVE = 0.885). Finally, to measure Customer Loyalty, the ultra-short (two-item) version employed by (Ndubisi 2007) was used. This one-dimensional metric demonstrated internal consistency above the suggested values (α = 0.901; CR = 0.902; AVE = 0.910).
3.3 Procedure and ethical considerations
The research was approved by the Ethics Committee of a Peruvian University (2024-CEUPeU-027). Subsequently, between July 28 and September 8, 2024, participants were invited to complete an online questionnaire via Google Forms. Before data collection, confidentiality rules and the principles of the Declaration of Helsinki were followed (Manzini, 2000; Puri et al., 2009), informing participants about the purpose of the research and obtaining their informed consent under the premise: “I acknowledge that by completing this questionnaire I am giving my consent to participate in the study”.
3.4 Statistical analysis
The study conducted a statistical analysis using a two-stage method: first, the measurement model was evaluated, and then the structural model was analyzed. In this regard, as part of the initial process, IBM SPSS version 25 was used to examine the sociodemographic data of the study participants, as shown in Table 1. For statistical analysis, the partial least squares structural equation modeling (PLS-SEM) approach was employed with Smart-PLS version 4.0. This approach was selected for its robustness in handling complex models, small samples, and formative or reflective latent variables.
The measurement model evaluation process examined three indicators: (1) internal consistency through Cronbach's alpha (α) and composite reliability (CR); (2) convergent validity and the Average Variance Extracted (AVE) of the constructs; and (3) discriminant validity of the constructs, using the Fornell-Larcker scale and Heterotrait-Monotrait (HTMT) criteria. Finally, a structural model analysis was conducted to evaluate the proposed hypotheses. First, it was determined whether the relationships defined in the model were significant; for this, the p-value had to be below 0.05. In addition, the coefficient of determination (R2) was used, which reflects the amount of variance explained by the endogenous constructs and acts as an essential indicator of the model's explanatory power. This approach enabled validation of the proposed model and a comprehensive analysis of the links between the latent variables.
4 Results
Evaluating a model using PLS-SEM is a two-step process that involves evaluating the measurement and structural models (Chin, 2010; Hair et al., 2011).
4.1 Convergent validity
According to (Hair et al. 2017), to evaluate the measurement model, estimates of the constructs' reliability (Composite Reliability and Cronbach's alpha) and validity (discriminant and convergent) were reported. Cronbach's alpha (α) values range from 0.901 to 0.950, and the threshold value of 0.7 falls below these values (Hair et al., 2017). Likewise, the Composite Reliability (CR) yields values between 0.902 and 0.950, which were above the suggested value of 0.7 (Kline, 2015). According to these findings, all constructs were considered error-free, and construct reliability was established (Table 2).
Table 2. Convergent validity results.
AVE and factor loading should be tested for convergent validity (Hair et al., 2017). According to Table 2, all factor loadings exceeded the suggested value of 0.70. Furthermore, Table 2 shows that the AVEs ranged from 0.746 to 0.910, all above the threshold of 0.50. These results adequately satisfy convergent validity for all constructs.
4.2 Discriminant validity
To determine discriminant validity, two criteria were taken into account: (1) the Fornell-Larker criterion and (2) the Heterotrait-Monotrait (HTMT) relationship (Hair et al., 2017). According to Table 3, the requirements were confirmed by the Fornell-Larcker condition, as all AVEs and their square roots are greater than their correlations with other constructs (Fornell and Larcker, 1981).
Table 3. Fornell-Larcker scale.
The results of the HTMT relationship are presented in Table 4, which shows that the threshold value of 0.95 exceeds the values for each construct (Henseler et al., 2015). Therefore, discriminant validity is determined with these findings. These results confirm the validity and reliability of the measurement model. Consequently, the evaluation of the structural model can continue.
Table 4. Heterotrait-Monotrait (HTMT) relationship.
4.3 Analysis of the structural model
The proposed hypotheses were tested using PLS-SEM. Predictive relevance values were used for model fitting. Cross-validated redundancy (R2) values represent the model's predictive relevance. R2 values must be greater than 0 for model accuracy (Hair et al., 2014; Henseler et al., 2015). R2 values were determined using the blindfolding method, in which all endogenous construct values were greater than 0, indicating the model's accuracy.
The R2 statistic measures the variance in the endogenous variable accounted for by the exogenous variables. Simply put, it indicates how much variation in the dependent variable can be explained byor more independent variables (Shmueli and Koppius, 2011). To better estimate the explanatory power of each exogenous variable in the model, the change in R2 is calculated when an exogenous construct is omitted from the model. This measure is known as the effect size (f2). The effect size is a measure of the influence of each independent variable on the dependent variable. The model's effect size (f2) indicates the extent to which an exogenous latent variable contributes to the R2 of an endogenous latent variable. Additionally, the Q2 index assesses the model's predictive power over the endogenous constructs. When Q2 > 0, the model exhibits significant predictive power (0.02 = small, 0.15 = medium, 0.35 = large).
The effect sizes (f2) show that customer satisfaction has a very large bond with on corporate image (f2 = 0.662), making it the most important predictor in the model. In contrast, CSR has a small effect on both corporate image (f2 = 0.088) and loyalty (f2 = 0.071). Similarly, satisfaction has a small effect on loyalty (f2 = 0.067), while corporate image has a minimal effect on this construct (f2 = 0.039). According to the criteria of (Cohen 1988) and (Hair et al. 2017), these results demonstrate that although all relationships are significant, their magnitudes vary considerably, highlighting the strong influence of satisfaction on corporate image (See Table 5).
Table 5. The effect sizes (f2).
Finally, the Q2 values for the endogenous components were greater than 0; therefore, predictive relevance was established. Table 6 presents the endogenous latent variables and their respective R2 and Q2 values.
Table 6. R2 and Q2 of the endogenous latent variables.
The path coefficient values, p-values, and t-statistics were used to accept or reject the hypotheses, as shown in Table 7 and Figure 2. The strength of the relationship between variables can be examined using path coefficients. Path coefficient values close to +1 indicate a strong relationship and vice versa (Hair et al., 2016). The p and t values refer to the acceptance and rejection of the proposed hypotheses. This study's conceptual model contains five hypotheses. The results of the tested hypotheses have been summarized in Table 6. H1, which proposed that corporate social responsibility (CSR) has a positive related to customer loyalty (LOY), is accepted (β = 0.264; p < 0.000; t = 4.593); H2, which proposed that customer satisfaction (SAT) has a positive related to customer loyalty (LOY), is accepted (β = 0.317; p < 0.000; t = 4.061); H3, which proposed that corporate image (IMA) has a positive related to customer loyalty (LOY), is accepted (β = 0.235; p = 0.005; t = 2.810); H4 is accepted, which proposed that corporate social responsibility (CSR) has a positive related to corporate image (IMA; β = 0.235; p < 0.000; t = 4.615) and H5 is accepted, which proposed that customer satisfaction (SAT) has a positive related to corporate image (IMA; β = 0.645; p < 0.000; t = 12.766).
Table 7. Results of the structural model.
Figure 2. Structural model.
Thus, all hypotheses were confirmed, and these results highlight the importance of CSR, as customers tend to be more loyal to companies that demonstrate a true commitment to responsible practices. This can result in greater customer retention, increased customer trust, and the cultivation of stronger, longer-lasting relationships by promoting a sense of community and shared responsibility. There is also a direct relationship between customer satisfaction and loyalty, suggesting that satisfied customers are more likely to remain with the bank, thereby increasing revenue and profitability through customer retention. Furthermore, a positive corporate image can increase customer loyalty, encourage customer use of the company's products or services, and lead to recommendations and referrals. Furthermore, since CSR is related to corporate image, it can be deduced that social responsibility initiatives improve public perception of a company, portraying it as ethical and committed to society. Finally, customer satisfaction is important for building a corporate image because satisfied customers tend to speak highly of the company, thereby improving its reputation and attracting new customers.
5 Discussion
This study aimed to examine the positive relationship between CSR and customer loyalty; therefore, sufficient statistical evidence has been found that has demonstrated such a fact, to reinforce this idea, previous research supports that in many cases consumer behavior is influenced by the approval of society and this fact goes beyond overcoming a strict need for food, as it extends towards having a more responsible consumption, a consumption that maintains the balance between the economic, environmental and social pillars, leading this high tendency to a preference behavior that achieves customer loyalty (Edwards, 2024; Gutiérrez et al., 2024). This finding also aligns with previous research on the new trend of companies contributing to sustainability through social responsibility practices, a trend that has earned their trust and loyalty. Therefore, it is stated that a company that does not integrate social responsibility practices, does not defend social interests, and does not address these social needs, has a high probability of ceasing to be competitive and is at risk of losing its market share (Cabrera-Luján et al., 2023; Vuong and Bui, 2023; Yildirim et al., 2024). Likewise, other studies that support the findings found in this study population indicate that, while companies should engage in socially responsible practices, this is not an obligation; however, it is a strong trend that could, to a certain extent, ensure their sustainability over time as a response to the loyalty of consumers who will feel their contribution to society through their purchasing behavior (Muniz et al., 2019; Sharpe et al., 2023).
Another finding of this study highlights that customer satisfaction is positive related to their loyalty, this fact constitutes one of the fundamental pillars for the permanence of companies in the market and it is proven that a satisfied customer not only repeats their purchases, but also becomes a promoter of the brand, which is why every company or institution should establish fundamental strategies to achieve customer satisfaction, which would cause their loyalty and lead a brand to occupy a stronger competitive position (Millones-Liza and García-Salirrosas, 2022; Strenitzerová and Gana, 2018). Furthermore, other research that has analyzed these study variables supports the results presented, stating that customer satisfaction emerges as a consequence of total quality management, which allows for a significant customer retention effect toward a brand; therefore, any business action that achieves customer satisfaction will earn customer loyalty, even when competitors present similar or more attractive alternatives (Moisescu, 2018; Ozkan et al., 2022). On the contrary, a dissatisfied customer would cause negative consequences, since their actions and/or comments could damage the company's reputation, influencing the perception of other consumers and encouraging them to change their purchasing behavior to the point of diminishing trust in the brand and turning to the competition (Strenitzerová and Gana, 2018).
This study also demonstrated that corporate image is positive related to customer loyalty. A study that supports this finding shows that a positive corporate image is a vital factor in raising customer expectations, strengthening their relationship with the company over time, and thereby reducing vulnerability to competitors. Corporate image plays an inseparable role in customer loyalty. In other words, one of the characteristics of corporate image is its focus on customer perception, thus enabling the construction of a positive and lasting relationship (Kosasih et al., 2024; Kowalczyk and Kucharska, 2020). Another study that supports this statement finds that corporate image plays an important role in determining customer loyalty. When a corporate image inspires trust, the possibility of developing a special bond between the customer and the brand increases, leading to repeat purchases, loyalty, and recommendations. This bond allows the customer to identify with the brand, thus consolidating their loyalty (Al-Shorman et al., 2022; Khan et al., 2022).
Additionally, the results of this research have shown that CSR is positive related to corporate image, an antecedent that explains this dynamic in the study variables indicates that CSR creates a unique opportunity to improve the image of a company (Hsu et al., 2024; Huang and Lien, 2012), another study that agrees with this result, establishes that when an employee observes that the company carries out actions that contribute to society, he or she develops a feeling of pride that favors a positive corporate image and even if the company complies with the laws and protects the well-being of stakeholders (customers, suppliers, government, and environment), it will project a positive image that will attract new talent (Bui et al., 2024; Demeke and Ravi, 2024); therefore, to make this fact tangible, companies should openly show their commitment to acting with social responsibility, taking into account that maintaining a high corporate image generates a positive effect that significantly benefits the company and the worker, since it is known that a company with a high corporate image is considered the right place to work (Gallegos et al., 2024; Kankam-Kwarteng et al., 2023).
Similarly, it has been identified that customer satisfaction is positive related to corporate image, this result is supported by the study by (Kusuma and Kittipol 2023), who demonstrated that customer satisfaction is a critical factor that can influence customer behavior, and that a customer's experience with a product and/or service creates a mental image of the company; this means that the corporate image can be created from company-customer experiences or interactions (Hussain et al., 2020); in this context, the background supports that customer satisfaction is related to corporate image, so companies must adopt strategies to maintain a positive and satisfactory experience in order to avoid cognitive dissonance in consumers (Saoula et al., 2024; Vu et al., 2024). Likewise, previous research that supports these findings establishes that customer satisfaction has positive implications in improving corporate image, so customer satisfaction can translate into greater brand recognition until reaching a positive corporate image that becomes a positive indicator to face competition in the market (Zaid et al., 2021; Zhang et al., 2020).
6 Research implications and limitations
6.1 Theoretical and practical implications
In the current global context, this research is expected to help professionals and academics evaluate long-term investments in CSR, customer satisfaction, and corporate image in terms of customer loyalty. Furthermore, these findings have theoretical and practical implications for the country's economic development. This study makes a significant theoretical contribution by expanding knowledge on topics relevant to business sectors strongly linked to sustainable practices. It updates the literature on the development of CSR, customer satisfaction, corporate image, and customer loyalty in emerging markets such as Peru. Given the scarcity of scientific evidence on the behavior of these variables under a single structural model within the integrative framework of sustainability psychology, stakeholder theory, and the Triple Bottom Line (TBL), this study constitutes a valuable contribution to future scientific research. Furthermore, it empirically demonstrates the link between the analyzed topics and the scientific validity of each proposed hypothesis, serving as a solid foundation for future theoretical approaches.
Next, from a practical perspective, the study presents valuable implications. First, since CSR is positive related to customer loyalty and corporate image, banking executives could invest in CSR activities, such as environmental-financing projects, zero-paper initiatives, seed capital for startups with environmental impact, and awareness campaigns. All of this translates into a marketing strategy that allows companies to achieve their sustainability goals.
Second, these results show that properly implemented CSR policies can lead to tangible environmental benefits, including reduced carbon footprints, sustainable resource use, and decreased industrial waste. In turn, social integration is fostered through initiatives that support at-risk groups, create decent jobs, and strengthen communities, especially vulnerable ones. This approach not only contributes to achieving the Sustainable Development Goals (SDGs) but also increases public opinion and social acceptance of companies. Therefore, decision-makers must integrate sustainability into the core of their plans, prioritizing measurable actions that demonstrate their impact on people's daily lives and the environment.
Third, the results show that customer satisfaction is positive related to customer loyalty and corporate image; therefore, banking institution managers should choose and take steps to assess perceptions of satisfaction through surveys and feedback, customer segmentation, data analysis, digitalization (Zeshan et al., 2025), clear communication, security, information transparency, and timely complaint resolution. Furthermore, it is suggested that social media be used to communicate with customers and understand their expectations.
Fourth, to enhance corporate image perception and contribute to customer loyalty, banking managers can develop plans to understand current perceptions, create positive experiences across all physical and digital channels, transparently disseminate brand values, encourage direct and personalized communication, implement responsible practices to ensure stakeholder perception, and increase their positive presence on digital channels. Finally, these empirical findings provide a necessary framework for integrating the banking sector in other developing countries in Latin America.
6.2 Limitations and future research
Although all the hypotheses in this research are supported statistically and theoretically, some limitations remain, presenting opportunities for future research. This study tests hypotheses among bank customers in a representative sample of Peru. While a sample with similar characteristics benefits the study by providing a more complete interpretation within a specific context, future studies could analyze these topics from broader perspectives across other business sectors.
The use of non-probability convenience sampling constitutes a methodological limitation that limits the generalizability of the findings to broader populations. Although this technique provided practical, timely access to participants, the results should be interpreted with caution, especially regarding their applicability in other economic, social, or cultural contexts. Future research should employ probability sampling or comparative approaches across sectors and regions to enhance the external validity of the results and broaden understanding of these topics.
Furthermore, the cross-sectional design of this study has inherent limitations. By capturing data at a single point in time, this approach does not allow for assessing how CSR activities influence the evolution of bank customers' attitudes or how their perceptions may change in response to external social, political, or environmental factors. In this regard, future research should adopt longitudinal designs to analyze change trajectories over time and qualitative approaches to deepen contextual understanding of these behaviors. It is also important to recognize that the relationship between CSR and socioeconomic problems is not universal; it varies significantly across cultures and social contexts. Therefore, future research should draw on culturally diverse samples to examine how cultural and social perspectives shape perceptions of CSR and it's related to consumer behavior in the banking sector.
7 Conclusion
This study addresses a significant theoretical gap: while extensive research exists on the positive related between CSR, satisfaction, image, and loyalty, the literature shows limited integration of these constructs with the psychological mechanisms proposed by sustainability psychology theory, stakeholder theory, and the Triple Bottom Line (TBL), particularly in emerging markets such as the Peruvian banking sector. The main contribution of this study was to demonstrate, both theoretically and statistically, how a company's responsible practices are closely linked to customer perceptions, generating trust, a sense of belonging, and a positive moral attitude. These psychological effects help to explain more clearly why people develop loyalty toward organizations they perceive as committed to collective well-being. By incorporating this approach, the study not only confirms existing relationships but also gives them a broader and more contemporary meaning, demonstrating that corporate sustainability can become a central factor motivating and shaping the consumer experience.
The results show that CSR not only improves customer satisfaction, image, and loyalty but also extends beyond these dimensions by explaining how people interpret and adopt an organization's sustainable values. Since loyalty depends not only on receiving high-quality banking services and products but also on customers' perceptions that the company acts responsibly, builds trust, and contributes to society's well-being, these elements, characteristic of the psychology of sustainability, help explain why customers develop a deeper bond with certain institutions. Thus, the study offers a more comprehensive view of how loyalty is generated in the financial sector and provides bank executives with guidance to create more authentic and meaningful sustainability strategies that strengthen lasting customer relationships and, in turn, foster a competitive environment that benefits their stakeholders.
Data availability statement
The original contributions presented in the study are included in the article/supplementary material, further inquiries can be directed to the corresponding author.
Ethics statement
The studies involving humans were approved by Ethics Committee of the Universidad Peruana Unión (code 2024-CEUPeU-027). The studies were conducted in accordance with the local legislation and institutional requirements. The participants provided their written informed consent to participate in this study. Written informed consent was obtained from the individual(s) for the publication of any potentially identifiable images or data included in this article.
Author contributions
GC: Conceptualization, Project administration, Resources, Writing – original draft, Writing – review & editing. YF: Conceptualization, Project administration, Resources, Writing – original draft, Writing – review & editing. MV-G: Data curation, Formal analysis, Investigation, Methodology, Project administration, Resources, Software, Supervision, Validation, Writing – original draft, Writing – review & editing. MP-S: Investigation, Writing – review & editing. IF-M: Investigation, Supervision, Visualization, Writing – original draft, Writing – review & editing.
Funding
The author(s) declared that financial support was received for this work and/or its publication. The Article Processing Charges (APC) were funded by ‘Universidad Peruana Unión'.
Conflict of interest
The author(s) declared that this work was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.
Generative AI statement
The author(s) declared that generative AI was not used in the creation of this manuscript.
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Keywords: corporate image, corporate social responsibility, CSR, customer loyalty, customer satisfaction, psychology of sustainability, stakeholders
Citation: Cruz G, Fernández Y, Villar-Guevara M, Perez-Salluca M and Fernández-Mallma I (2026) Assessing the contribution of corporate social responsibility to the dynamics of sustainable markets: the role of corporate image, satisfaction, and customer loyalty. Front. Sustain. 7:1694085. doi: 10.3389/frsus.2026.1694085
Received: 28 August 2025; Revised: 12 January 2026;
Accepted: 23 January 2026; Published: 09 February 2026.
Edited by:
Kostoula Margariti, University of Macedonia, GreeceReviewed by:
Moisés Zamora, Autonomous University of the State of Hidalgo, MexicoMariarosaria Morelli, University of Bergamo, Italy
Copyright © 2026 Cruz, Fernández, Villar-Guevara, Perez-Salluca and Fernández-Mallma. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
*Correspondence: Miluska Villar-Guevara, bWlsdXNrYXZpbGxhckB1cGV1LmVkdS5wZQ==