Introduction

The economic system has scarcely recovered from the shock of the 2008 financial crisis that seems to have had long-lasting effect to financial intermediation, banking supervision and monetary policy. The debate in economic policy has lately focused on the balance between governments and markets: some would like to see more government activism, while others think free markets are the key. At the same time, the financial markets and institutions have been under considerable pressure. The aftermath of the 2008 crisis has substantially increased the regulation of banks and insurance companies, and curtailed their risk-taking, which has shifted much risk to their clients: firms and consumers. The increased emphasis on corporate social responsibility has made it increasingly important for financial organizations to care about their public image. Some financial organizations do not have profit maximization as their main objective, but they have other goals, that are often value-based.