Corporate Social Responsibility (CSR) and its disclosure in the university environment is a topic of current relevance, as it makes the entities' commitments visible and provides indicators that enable them to improve the institution management and communication with stakeholders. The goal of this study is to determine to what extent the structure and mechanisms for governance and the demands of stakeholders influence policy for disclosing CSR information, both in general (more related to a strategic perspective) and specifically (more focused on specific social, environmental, economic, and educational issues). The results of our analysis of a sample of the top 200 universities in the Shanghai Ranking show no association of the profile and gender of the university's rector and frequency of board meetings with CSR disclosure policy, but leadership team, the size of governance board, committees in the governance board and stakeholder participation are factors determining disclosure of information on matters of CSR. The results show that proximity to the day-to-day, diversification of functions, and communication with interest groups are crucial to transparency and disclosure of CSR information.Given the growing concern for CSR, this situation requires in-depth study to enable fuller development in the university environment of a theoretical framework based fundamentally on stakeholder theory. We can understand the behaviors carried out by universities based on stakeholder theory. According to this theory, universities, as agents of society, seek to meet the demands and needs of stakeholders and acquire commitments on social and environmental issues. This theory can explain the disclosure of CSR information to fulfil the responsibility of being transparent and thus achieving the commitment of stakeholder [7]. Therefore, one essential point for effective development and integration of CSR policies and strategies in the culture of higher education institutions is identification of stakeholders' expectations and needs-that is, entering into dialogue with these actors [8,9] by establishing communication channels and improving transparency through disclosure of financial and non-financial information [10,11]. Such actions make universities accountable to society and improve the satisfaction of their different social interlocutors by showing understanding that satisfaction of these interlocutors revolves around demand for more information, a more transparent mode of functioning, and the possibility of participation [12]. We propose that this approach involves a top-down strategy in the organizational structure of the universities. This proposal requires the analysis of Corporate Governance (CG) mechanisms in managing the institution and how they find out and assumes the different interest groups-employees, investors, suppliers, customers, local communities, and society in general-that affect and are affected by its activities [13]. One of the contributions of this paper is to establish the relationship between the CG str...

Over the past decade, one of the demands upon public institutions, among which we find universities, has been for transparency and improvement of accountability. In this context, Colombian universities are introducing different methods of management and governance aimed at addressing the demands of society generally in relation to transparency and quality in the activities that they carry out. The objective of the present study is to analyze and evaluate factors which affect the level of transparency at Colombian universities based on the rectors' perception of these universities. The results obtained indicate that the level of transparency depends on the type of governance which is adopted, the level of prestige and the level of delimitation of its identity. Other questions such as size, budget or the public or private nature of the university have not proved to be significant explanatory factors of the degree of transparency.

In a context of greater demands in terms of accountability and transparency in management, we analyse the extent to which Corporate Governance (CG) mechanisms have been adopted and we define the model of governance in universities in Colombia. In the field of higher education, there are usually no compulsory requirements related to CG. Nevertheless, governance mechanisms are nowadays crucial in determining the objectives, strategies and direction of universities. Based on a survey of 81 rectors of higher education institutions in Colombia, we analyse the models of CG adopted (managerial and stakeholder models). The results contribute to a better understanding of key CG concepts at universities. Points for practitioners There is an increasing awareness of the importance of improving the mechanisms of governance that may help to achieve greater effectiveness and efficiency in the management of resources and awareness of society. The analysis of the predominant CG models, the stakeholder model and the managerial model, and the way in which Colombian universities are introducing these models could be used to promote the establishment of a common legal framework. This model should be flexible and include different opinions and preferences. The results may be useful and could be transferred to other countries that have the same characteristics.

Purpose The purpose of this paper is to analyse the internal and external factors related to the disclosure of environmental information in universities which reflect the actions carried out in these universities. Design/methodology/approach Taking as reference the first 200 universities in the Shanghai ranking, several factors associated with the degree of environmental information disclosure in universities – governance dimension, the relationship and participation of stakeholders, position and prestige as signs of the quality of the institution and cultural concern in the university’s country for the environment – are analysed. Findings The results obtained show that the size of the leadership team, stakeholder participation, the position of the university in rankings and cultural concern in the university’s country for the environment are determining factors in the university’s environmental actions and, consequently, in their disclosure. Other factors – such as the size of the university, the level of self-financing and financial autonomy – do not affect the disclosure of environmental information. Originality/value Scant research exists on the environmental commitments of universities; this paper aims to fill that gap. Their role as the main channel of research and as instructors of future professionals makes them points of reference in society. Research on university ranking has traditionally focussed on teaching and research results, but environmental issues are becoming increasingly important. This paper enumerates the factors that influence the dissemination of environmental information in the most prestigious universities. This research also provides an original approach by considering not only top-down but also bottom-up strategies through communication channels and the incidence of cultural factors.

In recent years, sustainable crowdfunding has been one of the key elements in the search for new sources of financing. This has involved eliminating financial barriers and intermediaries, bringing entrepreneurs’ projects closer to fund providers, and thus instigating changes in traditional investment and profitability parameters. Among these indicators, the sustainable business return and its relationship with Corporate Social Responsibility (CSR) could be a relevant factor to improve the cost of funding, to explain the return on assets (ROA), and, consequently, impacting on the return on equity (ROE). In this context, this paper takes as a reference 101 projects that are part of Colectual’s lending. We analyze factors such as sustainability—the application of CSR across a social responsibility index; the financial characteristics of the company—liquidity, leverage, and solvency; and the characteristics of the loans related to crowdfunding—amount, maturity, and charge rate of the loan. Our study provides empirical evidence that, besides financial characteristics, the commitment to CSR can improve collective lending and the management of resources, as well as enhance the capital wealth of companies, by improving shareholder profitability or ROE. Investors consider not only financial risk but also sustainability factors.