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The final research objective is; we particularly concentratedon CSR implementation in social policy including wage policy and career development.Theprevious research studies for instance, Cornelius et al. (2008) argue that businesses are morefocus on external stakeholders of community they serve.

Such a socialenterprise which has a strength community social mission, they pay lessattention on internal stakeholders. While Tang et al. (2012) examine the relationship betweencorporate social responsibility and corporate financial performance (CFP) basedon absorptive capacity theory. They argue that firms will benefit more whenthey consistently engage with internal CSR dimensions such as employeerelations can enhance the financial benefits. Aside from the financial benefit,the results from 130 firms suggests that the firms have more control inuncertainty and the potential damage when they first pursuing internal CSR.Moreover, it will initial the future success when firms want to make atransaction from internal to external CSR dimensions.

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Internal CSR dimensionsincludes not only employee relations but also involving governance and thediversity in organizations this can help firms to build such internal loyaltyand morale necessary for success in CSR implementation. Consistentwith Jo and Harjoto (2012) who also investigate on therelationship between corporate social responsibility (CSR) and corporate financialperformance (CFP). Due to the conflict of interest of stakeholders, they findthat CSR works as the link between corporate governance (CG) and acting as aconflict resolution device among stakeholders. In those instances where it isconvinced that firms should invest on internal CSR dimension such as employee.Thus, we particularly analyze to what extent the wage policy and careerdevelopment induce increased firm’s value (Bartels & Martell, 1998; Cornelius et al., 2008;El Ghoul et al.

, 2011; Tang et al., 2012) and social conflict mitigation (Jo & Harjoto, 2012). Withthe notion of CSR in cooperative firm has been remained neglected.

We thereforeexamine the relationship of cooperative governance and financial structure,corporate social responsibility and corporate financial performance by exploringcooperative financial institution. Using the quantitative approach in this researchstudy, we attempt to test our hypotheses by applying the empirical study basedon cross-sectional data of the U.S.

financial institutions between 1999 and2014.

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