Differential characteristics of the spanish companies in the social responsibility index
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Published
18-09-2018
María José Charlo Molina
Ismael Moya Clemente
Ana María Muñoz Rubio
Abstract
Corporate social responsibility (CSR) researchers focus on the performance of the firms indexed in their field, and they reach different conclusions. This paper analyses if there are differences in financial performance of companies considered as highly socially responsible (those that compose the Spanish sustainability iindex FTSE4Good IBEX) as well as other IBEX companies not included in that index. We theoretically examine the relationship between a firm responsible behaviour and its financial performance. We also make an empirical study to analyse this relationship. The results show that the differential aspects between both groups of companies are market risk variables and debts and size variables.
How to Cite
Charlo Molina, M. J., Moya Clemente, I., & Muñoz Rubio, A. M. (2018). Differential characteristics of the spanish companies in the social responsibility index. Cuadernos De Gestión, 13(2), 15–37. https://doi.org/10.5295/cdg.110296mc
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Keywords
Corporate Social Responsibility, Socially Responsible Investment, Ethical or Socially Responsible Indexes, FTSE4Good IBEX
References
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Arlow, P. y Gannon, M., 1982. Social Responsiveness, Corporate Structure, and Economic Performance, Academy of Management Review, 7 (2), 235-241.
Asociación Española de Contabilidad y Administración de Empresas, AECA., 2009. Inversión Socialmente Responsable: estrategias, instrumentos, medición y factores de impulso, Madrid, AECA.
Aupperle, K.E., Carroll, A.B. y Hatfield, J.D., 1985. An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability, Academy of Management Journal, 28 (2), 446-463.
Barnett, M.L. y Salomon, R.M., 2006. Beyond dichotomy: The curvilinear Relationship between social responsibility and financial performance, Strategic Management Journal, 27 (11), 1101-1156.
Brammer, S., Brooks, C. y Pavelin, S., 2006. Corporate social performance and stock returns: UK Evidence from disaggregate measures, Financial Management, 35, 97-116.
Boesso, G. y Michelon, G., 2010. The effects of Stakeholder Prioritization on Corporate Financial Performance: An Empirical Investigation, International Journal of Management, 27 (3), 470-496.
Bowman, E.H., 1978. Strategy, Annual Reports and Alchemy, California Management Review, 18 (2), 49-58.
Bowman, E. H. y Haire, M., 1975. A Strategic Posture toward Corporate Social Responsibility, California Management Review, 18 (2), 49-58.
Cabeza-García, L.; Martínez-Campillo, A. y Marbella-Sánchez, F., 2010. Análisis de la relación entre los resultados sociales y económicos de las cajas de ahorro españolas: un caso de responsabilidad social corporativa, Innovar. Revista de Ciencias Administrativas y Sociales, 20 (37), 33-46.
Charlo, M.J. y Moya, I., 2010. El comportamiento financiero de las empresas socialmente responsables, Investigaciones Europeas de Dirección y Economía de la Empresa, 16 (2), 15-25.
Cornell, B. y Shapiro, A., 1987. Corporate Stakeholders and Corporate Finance, Financial Management, 16, 5-14.
De Bakker, F.G.A., Groenewegen, P. y Den Hond, F., 2005. A Bibliometric Analysis of 30 Years of Research and Theory on Corporate Social Responsibility and Corporate Social Peformance, Business and Society, 44 (3), 283-317.
Feldman, S.J.; Soyka, P.A., y Ameer, P., 1996. Does improving a Firm’s Environmental Management System and Environmental Performance Result in a Higher Stock Price?, IFC Kaiser International, Inc.
Fernández, M.A.; Muñoz, M.J. y Arnau, A., 2005. La responsabilidad social corporativa en España: Análisis de la investigación empírica y de las variables utilizadas para su medición, en Armonización y Gobierno de la diversidad, Oviedo, AECA.
Fombrum, C.J., y Shanley, M., 1990. What´s in a name? Reputation building and corporate strategy, Academy of Management Journal, 33, 233-258.
Freeman, R.E., 1984. Strategic Management: A Stakeholder approach, Boston, Pitman.
Freedman, M. y Jaggi, B., 1986. An Analysis of the impact of Corporate Pollution Disclosures Included in Annual Financial Statements on Investors’ Decisions, Advances in Public Interest Accounting, 1, London, Neimark, M. (ed), 193-212.
Friedman, M., 1970. The Social Responsibility of Business is to Increase its Profits, New York Times, 13 September 1970, 122-126.
Frooman, J., 1997. Socially Irresponsible and Illegal Behaviour and Shareholder Wealth, Business and Society, 36 (3), 221-249.
García-Castro, R.; Ariño, M.A. y Canela, M.A., 2010. Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity, Journal of Business Ethics, 92, 107-126.
Garriga, E. y Melé, D., 2004. Corporate Social Responsibility Theories: Mapping the Territory, Journal of Business Ethics, 53 (1-2), 51-71.
Gómez, F., 2008. Responsabilidad social corporativa y performance financiero: treinta y cinco años de investigación empírica en busca de un consenso, Principios: estudios de economía política, 11, 5-22.
Griffin, J.J. y Mahon, J.F., 1997. The corporate social performance and corporate financial performance debate: Twenty-five years on incomparable research, Business and Society, 36 (1), 5-31.
Hart, S.L. y Christensen, C., 2002. The great leap. Driving innovation from the base of pyramid, Sloan Management Review, 44 (1), 51-56.
Kreander, N.; Gray, R.H.; Power, D.M. y SINCLAIR, C.D., 2005. Evaluating the performance of ethical and non-ethical funds: A matched Pair Analysis, Journal of Business Finance and Accounting, 32 (7-8), 1465-1493.
Margolis, J.D. y Walsh, J.P., 2003. Misery loves companies: rethinking social initiatives by business, Administrative Science Quarterly, 48 (2), 268-305.
Marom, Y., 2006. Toward a unified theory of the CSP-CFP link, Journal of Business Ethics, 67 (2), 191-200.
Mcguire, J.B.; Sundgren, A. y Schneeeweis, T., 1988. Corporate Social Responsibility and firm financial performance, Academy of Management Journal, 31 (4), 854-872.
McWilliams, A. y Siegel, D., 2001. Corporate Social Responsibility: A Theory of the Firm Perspective, Academy of Management Review, 26 (1), 117-127.
Moneva, J.M. y Ortas, E., 2008. Are stock markets influenced by sustainability matter? Evidence from European companies, International Journal of Sustainable Economy, 1, 1-16.
Moore, G., 2001. Corporate Social and Financial Performance: An Investigation in the U.K. Supermarket Industry, Journal of Business Ethics, 34 (3-4), 299-315.
Moskowitz, M., 1972. Choosing Socially Responsible Stocks, Business and Society Review, 1, 72-75.
Murray, K. B. y Montanari, J. R., 1986. Strategic Management of the Socially Responsible Firm: Integrating Management y Marketing Theory, Academy of Management Review, 11 (4), 815-827.
Nelling, E. y Webb, E., 2009. Corporate social responsibility and financial performance: the virtuous circle revisited, Rev Quant Finance Accounting, 32, 197-209.
Nieto, M. y Fernández, R., 2004. Responsabilidad social corporativa: la última innovación en management, Universia Business Review, 1 (1), 28-39.
Orlitzky, M.; Schmidt, F., y Rynes, S.L., 2003. Corporate Social and Financial Performance: A metaAnalysis, Organization Studies, 24 (3), 403-441.
Pava, M.L., y Krausz, J., 1996. The Association between Corporate Social and Financial Performance: The paradox of social cost, Journal of Business Ethics, 15 (3), 321-357.
Preston, L.E. y O’Bannon, D.P., 1997. The Corporate Social-Financial Performance Relationship: A Tipology and Analysis, Business and Society, 36 (4), 419-429.
Porter, M.E., y Kramer, M.R., 2002. The Competitive advantage of corporate philanthropy, Harvard Business Review, 80 (12), 56-68.
Posner, B.Z. y Schmidt, W.H., 1992. Values and the American manager: An updated, California Management Review, 34 (3), 80-94.
Roberts, R.W., 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory, Accounting, Organizations and Society, 17, 595-612.
Roman, R. M.; Hayibor, S. y Agle, B.R., 1999. The Relationship between Social and Financial Performance, Business and Society, 38 (4), 109-125.
Rowley, T. y Berman, S., 2000. A Brand New Brand of Corporate Social Performance, Business and Society, 39 (4), 397-418.
Royo, J., 2006. Los fondos de inversión socialmente responsables en España. Mito y Realidades de la Responsabilidad Social Corporativa en España. Un enfoque multidisciplinar, cap XIII, Civitas Ed.
Ruf, B.M.; Muralidhar, K.; Brown, R.M.; Janney, J.J. y Paul, K., 2001. An Empirical Investigation of the relationship between change y corporate social performance and financial performance: a stakeholder theory perspective, Journal of Business Ethics, 32 (2), 143-156.
Salzmann, O.; Ionescu-Somers, A. y Steger, U., 2005. The business case for Corporate Sustainability: Literature Review and Research Options, European Management Journal, 23 (1), 27-36.
Seifert, B.; Morris, S.A. y Bartkus, B.R., 2004. Having, Giving and Getting: Slack resources, Corporate Philanthropy and Firm Financial Performance, Business and Society, 43 (2), 135-161.
Sturdivant, F.D. y Ginter, J.L., 1977. Corporate Social Responsiveness: Management Attitudes and Economic Performance, California Management Review, 19 (3), 30-39.
Spicer, B.H., 1978. Investors, Corporate social performance and information disclosure: An empirical study, Accounting Review, 53, 94-111.
Ullman, A., 1985. Data in research of a theory: A critical examination of the relationship among social performance, social disclosure and economic performance of US firms, Academy of Management Review, 10 (1-2), 540-557.
Van Beurden, P. y Gössling T., 2008. The worth of Values- A literature Review on the Relation between Corporate Social and Financial Performance, Journal of Business Ethics, 82 (2), 407-424.
Van Der Laan G.; Van Ees H. y Van Witteloostuijn A., 2008. Corporate Social and Financial Performance: An extended Stakeholder theory, and empirical test with accounting measures, Journal of Business Ethics, 79 (3), 299-310.
Waddock, S. y Graves, S.B., 1997. The Corporate Social Performance- Financial performance link, Strategic Management Journal, 18 (4), 303-319.
Wu, M.L., 2006. Corporate Social Performance, Corporate Financial Performance and Firm Size: A Meta-Analysis, Journal of American Academy of Business, 8 (1), 163-171.
Arlow, P. y Gannon, M., 1982. Social Responsiveness, Corporate Structure, and Economic Performance, Academy of Management Review, 7 (2), 235-241.
Asociación Española de Contabilidad y Administración de Empresas, AECA., 2009. Inversión Socialmente Responsable: estrategias, instrumentos, medición y factores de impulso, Madrid, AECA.
Aupperle, K.E., Carroll, A.B. y Hatfield, J.D., 1985. An Empirical Examination of the Relationship between Corporate Social Responsibility and Profitability, Academy of Management Journal, 28 (2), 446-463.
Barnett, M.L. y Salomon, R.M., 2006. Beyond dichotomy: The curvilinear Relationship between social responsibility and financial performance, Strategic Management Journal, 27 (11), 1101-1156.
Brammer, S., Brooks, C. y Pavelin, S., 2006. Corporate social performance and stock returns: UK Evidence from disaggregate measures, Financial Management, 35, 97-116.
Boesso, G. y Michelon, G., 2010. The effects of Stakeholder Prioritization on Corporate Financial Performance: An Empirical Investigation, International Journal of Management, 27 (3), 470-496.
Bowman, E.H., 1978. Strategy, Annual Reports and Alchemy, California Management Review, 18 (2), 49-58.
Bowman, E. H. y Haire, M., 1975. A Strategic Posture toward Corporate Social Responsibility, California Management Review, 18 (2), 49-58.
Cabeza-García, L.; Martínez-Campillo, A. y Marbella-Sánchez, F., 2010. Análisis de la relación entre los resultados sociales y económicos de las cajas de ahorro españolas: un caso de responsabilidad social corporativa, Innovar. Revista de Ciencias Administrativas y Sociales, 20 (37), 33-46.
Charlo, M.J. y Moya, I., 2010. El comportamiento financiero de las empresas socialmente responsables, Investigaciones Europeas de Dirección y Economía de la Empresa, 16 (2), 15-25.
Cornell, B. y Shapiro, A., 1987. Corporate Stakeholders and Corporate Finance, Financial Management, 16, 5-14.
De Bakker, F.G.A., Groenewegen, P. y Den Hond, F., 2005. A Bibliometric Analysis of 30 Years of Research and Theory on Corporate Social Responsibility and Corporate Social Peformance, Business and Society, 44 (3), 283-317.
Feldman, S.J.; Soyka, P.A., y Ameer, P., 1996. Does improving a Firm’s Environmental Management System and Environmental Performance Result in a Higher Stock Price?, IFC Kaiser International, Inc.
Fernández, M.A.; Muñoz, M.J. y Arnau, A., 2005. La responsabilidad social corporativa en España: Análisis de la investigación empírica y de las variables utilizadas para su medición, en Armonización y Gobierno de la diversidad, Oviedo, AECA.
Fombrum, C.J., y Shanley, M., 1990. What´s in a name? Reputation building and corporate strategy, Academy of Management Journal, 33, 233-258.
Freeman, R.E., 1984. Strategic Management: A Stakeholder approach, Boston, Pitman.
Freedman, M. y Jaggi, B., 1986. An Analysis of the impact of Corporate Pollution Disclosures Included in Annual Financial Statements on Investors’ Decisions, Advances in Public Interest Accounting, 1, London, Neimark, M. (ed), 193-212.
Friedman, M., 1970. The Social Responsibility of Business is to Increase its Profits, New York Times, 13 September 1970, 122-126.
Frooman, J., 1997. Socially Irresponsible and Illegal Behaviour and Shareholder Wealth, Business and Society, 36 (3), 221-249.
García-Castro, R.; Ariño, M.A. y Canela, M.A., 2010. Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity, Journal of Business Ethics, 92, 107-126.
Garriga, E. y Melé, D., 2004. Corporate Social Responsibility Theories: Mapping the Territory, Journal of Business Ethics, 53 (1-2), 51-71.
Gómez, F., 2008. Responsabilidad social corporativa y performance financiero: treinta y cinco años de investigación empírica en busca de un consenso, Principios: estudios de economía política, 11, 5-22.
Griffin, J.J. y Mahon, J.F., 1997. The corporate social performance and corporate financial performance debate: Twenty-five years on incomparable research, Business and Society, 36 (1), 5-31.
Hart, S.L. y Christensen, C., 2002. The great leap. Driving innovation from the base of pyramid, Sloan Management Review, 44 (1), 51-56.
Kreander, N.; Gray, R.H.; Power, D.M. y SINCLAIR, C.D., 2005. Evaluating the performance of ethical and non-ethical funds: A matched Pair Analysis, Journal of Business Finance and Accounting, 32 (7-8), 1465-1493.
Margolis, J.D. y Walsh, J.P., 2003. Misery loves companies: rethinking social initiatives by business, Administrative Science Quarterly, 48 (2), 268-305.
Marom, Y., 2006. Toward a unified theory of the CSP-CFP link, Journal of Business Ethics, 67 (2), 191-200.
Mcguire, J.B.; Sundgren, A. y Schneeeweis, T., 1988. Corporate Social Responsibility and firm financial performance, Academy of Management Journal, 31 (4), 854-872.
McWilliams, A. y Siegel, D., 2001. Corporate Social Responsibility: A Theory of the Firm Perspective, Academy of Management Review, 26 (1), 117-127.
Moneva, J.M. y Ortas, E., 2008. Are stock markets influenced by sustainability matter? Evidence from European companies, International Journal of Sustainable Economy, 1, 1-16.
Moore, G., 2001. Corporate Social and Financial Performance: An Investigation in the U.K. Supermarket Industry, Journal of Business Ethics, 34 (3-4), 299-315.
Moskowitz, M., 1972. Choosing Socially Responsible Stocks, Business and Society Review, 1, 72-75.
Murray, K. B. y Montanari, J. R., 1986. Strategic Management of the Socially Responsible Firm: Integrating Management y Marketing Theory, Academy of Management Review, 11 (4), 815-827.
Nelling, E. y Webb, E., 2009. Corporate social responsibility and financial performance: the virtuous circle revisited, Rev Quant Finance Accounting, 32, 197-209.
Nieto, M. y Fernández, R., 2004. Responsabilidad social corporativa: la última innovación en management, Universia Business Review, 1 (1), 28-39.
Orlitzky, M.; Schmidt, F., y Rynes, S.L., 2003. Corporate Social and Financial Performance: A metaAnalysis, Organization Studies, 24 (3), 403-441.
Pava, M.L., y Krausz, J., 1996. The Association between Corporate Social and Financial Performance: The paradox of social cost, Journal of Business Ethics, 15 (3), 321-357.
Preston, L.E. y O’Bannon, D.P., 1997. The Corporate Social-Financial Performance Relationship: A Tipology and Analysis, Business and Society, 36 (4), 419-429.
Porter, M.E., y Kramer, M.R., 2002. The Competitive advantage of corporate philanthropy, Harvard Business Review, 80 (12), 56-68.
Posner, B.Z. y Schmidt, W.H., 1992. Values and the American manager: An updated, California Management Review, 34 (3), 80-94.
Roberts, R.W., 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory, Accounting, Organizations and Society, 17, 595-612.
Roman, R. M.; Hayibor, S. y Agle, B.R., 1999. The Relationship between Social and Financial Performance, Business and Society, 38 (4), 109-125.
Rowley, T. y Berman, S., 2000. A Brand New Brand of Corporate Social Performance, Business and Society, 39 (4), 397-418.
Royo, J., 2006. Los fondos de inversión socialmente responsables en España. Mito y Realidades de la Responsabilidad Social Corporativa en España. Un enfoque multidisciplinar, cap XIII, Civitas Ed.
Ruf, B.M.; Muralidhar, K.; Brown, R.M.; Janney, J.J. y Paul, K., 2001. An Empirical Investigation of the relationship between change y corporate social performance and financial performance: a stakeholder theory perspective, Journal of Business Ethics, 32 (2), 143-156.
Salzmann, O.; Ionescu-Somers, A. y Steger, U., 2005. The business case for Corporate Sustainability: Literature Review and Research Options, European Management Journal, 23 (1), 27-36.
Seifert, B.; Morris, S.A. y Bartkus, B.R., 2004. Having, Giving and Getting: Slack resources, Corporate Philanthropy and Firm Financial Performance, Business and Society, 43 (2), 135-161.
Sturdivant, F.D. y Ginter, J.L., 1977. Corporate Social Responsiveness: Management Attitudes and Economic Performance, California Management Review, 19 (3), 30-39.
Spicer, B.H., 1978. Investors, Corporate social performance and information disclosure: An empirical study, Accounting Review, 53, 94-111.
Ullman, A., 1985. Data in research of a theory: A critical examination of the relationship among social performance, social disclosure and economic performance of US firms, Academy of Management Review, 10 (1-2), 540-557.
Van Beurden, P. y Gössling T., 2008. The worth of Values- A literature Review on the Relation between Corporate Social and Financial Performance, Journal of Business Ethics, 82 (2), 407-424.
Van Der Laan G.; Van Ees H. y Van Witteloostuijn A., 2008. Corporate Social and Financial Performance: An extended Stakeholder theory, and empirical test with accounting measures, Journal of Business Ethics, 79 (3), 299-310.
Waddock, S. y Graves, S.B., 1997. The Corporate Social Performance- Financial performance link, Strategic Management Journal, 18 (4), 303-319.
Wu, M.L., 2006. Corporate Social Performance, Corporate Financial Performance and Firm Size: A Meta-Analysis, Journal of American Academy of Business, 8 (1), 163-171.
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