The main objective of this study is to analyze whether companies that pursue corporate social responsibility (CSR)-based policies have a higher level of financial performance compared to those that do not. Additionally, we study the effect of the last financial crisis on the relationship between CSR and financial performance in order to figure out whether or not companies sharing these environmental and social concerns had higher financial performance than their peers. To do so, three empirical models are designed, combining both traditional accounting measures (return on equity and return on assets) and a measure sensible to market values (Tobin's Q ) to assess the financial performance. A sample of 266 listed companies, from 15 European countries and 14 industries, listed on the STOXX Europe 600, is analyzed. Results suggest that companies pursuing CSR policies financially outperform their peers, and these results are supported even during the financial crisis period. This study highlights the idea that companies pursuing CSR policies put a considerable effort on building a stronger corporate reputation which in turn generates short-and long-term benefits, leaving behind the idea of the traditional companies that focused only on financial performance.

The combination of rules and ontologies has been a fertile topic of research in the last years, with the proposal of several different systems that achieve this goal. In this paper, we look at two of these formalisms, Mdl-programs and multi-context systems, which address different aspects of this combination, and include different, incomparable programming constructs. Despite this, we show that every Mdl-program can be transformed in a multi-context system, and this transformation relates the different semantics for each paradigm in a natural way. As an application, we show how a set of design patterns for multi-context systems can be obtained from previous work on Mdl-programs. As a consequence, any useful constructions developed within the framework of Mdl-programs may be automatically translated to equivalent constructions in the setting of MCSs. Although the idea behind the syntactic translation is suggested in [3] to justify that MCSs generalize the original dl-programs, even this claim is not substantiated beyond an intuitive perspective. Here, we will not only make this syntactic correspondence precise, but discuss in detail the semantic correspondences it entails, and apply it to obtain a set of design patterns for MCSs based on such a set for Mdl-programs. The structure of the paper is as follows. Section 2 recalls the syntax and semantics of Mdl-programs. Section 3 introduces the syntax of MCSs and the translation of Mdl-programs into these. Section 4 summarizes the different semantics of MCSs and relates the semantics of an Mdl-program and those of the MCS it generates. Section 5 applies this correspondence to design patterns for Mdl-programs. Section 6 concludes the paper. 2 Mdl-programs This section presents multi-description logic programs [7], Mdl-programs for short, which are a straightforward generalization of dl-programs, an already established framework for coupling description logic knowledge bases with rulebased reasoning [9, 10]. The main advantage of Mdl-programs, as we will see, is their simplicity. Although they do not possess the level of generality other systems such as Hex-programs [11] or multi-context systems [2] have, Mdl-programs are quite adequate for reasoning within the semantic web, where a lot of effort is being put into developing ontologies, which for the main part are description logic knowledge bases. 2.1 Syntax The purpose of Mdl-programs is to generalize logic programs with special atoms that communicate with external description logic knowledge bases, which we will refer to henceforth simply as "knowledge bases". The key ingredient of Mdl-programs is the notion of dl-atom. A dl-atom relative to a set of knowledge bases Σ = {Σ 1 ,. .. , Σ n } and a function-free first-order signature Φ is DL i [S 1 op 1 p 1 ,. .. , S m op m p m ; Q] (t), where 1 ≤ i ≤ n, each S k is either a concept or role of Σ i , or a special symbol in {=, =}; op i ∈ { , ∪-}; each p k is a unary or binary predicate symbol of Φ, according to whether the corresponding S k is a concept or a role; and Q(t...

Materiality assessment identifies the main issues to be disclosed in non-financial reports to respond to the concerns of stakeholders, thus improving the quality of those reports. The purpose of this research is to understand whether there is a relationship between the quality of non-financial reports and the application of standards such as the Global Reporting Initiative (GRI) and the International Integrated Reporting Council (IIRC), as well as between the impact of stakeholder engagement and the adoption of the materiality principle. To do so, manual content analysis was performed on companies from the paper industry in the Iberian Peninsula that published non-financial reports in accordance with the GRI and/or IIRC standards during the period between 2015 and 2020. The sample consists of 133 company-year observations, and data were collected through content analysis of the reports. The results show that companies that more scrupulously follow the GRI and/or IIRC standards and those that pay more attention to the relationship with their stakeholders show higher levels of materiality, meaning higher quality of reports. In addition, it is also noticeable that, over the years, the concern with these disclosures has increased, reflecting an increase in attention given to materiality.