Corporate Social Responsibility as a Vehicle for Ensuring the Survival of Construction SMEs. The Mediating Role of Job Satisfaction and Innovation

Manzano, Mercedes Palacios; León-Gómez, Ana; Jaén, José Manuel Santos

doi:10.1109/tem.2021.3114441

Cited by 34 publications

(37 citation statements)

References 144 publications

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“…The literature has studied in depth the relationship between the level of CSR and a company's financial performance, generally finding that compliance with environmental, social and corporate governance criteria increases accounting profitability and market valuation (Garcia-Castro et al, 2010;Gimeno-Arias et al, 2021;Hou, 2019;Jia, 2019;Lin et al, 2018;Miralles-Quiros et al, 2017a;Nollet et al, 2016;Palacios-Manzano et al, 2021). The influence of board composition, especially the presence of women directors, on the implementation of CSR policies has also been analyzed from both an empirical and theoretical point of view Valls Martínez et al, 2020b).…”

Section: Literature Review and Theoretical Frameworkmentioning

confidence: 99%

Should risk-averse investors target the portfolios of socially responsible companies?

Martínez

Román

Martín-Cervantes

2022

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Research background: Companies are required to implement Corporate Social Responsibility (CSR) policies to mitigate the adverse social and environmental effects of their activities and gain legitimacy in the eyes of society. Sustainability initiatives are costly for companies but, at the same time, they are important value-creation drivers. Retail and institutional investors are increasingly choosing portfolios based on CSR performance. However, the relationship between CSR and market beta has hardly been studied at all in the literature, and no direct comparison of the U.S. and European markets has been conducted. Purpose of the article: The two fundamental variables that define an investment are return and risk, and the appropriate risk-return combination depends on the profile of the investors. This research aims to analyze the relationship between CSR and market risk, understood as price volatility and measured by market beta in the U.S. and European markets. Methods: Companies listed in the S&P 500 and Euro Stoxx 300 indexes from 2015 to 2019 were examined using OLS regressions with instrumental variables (IV) and fixed effects panel data. Findings & value added: The results show that those companies with higher CSR have betas below the market index in the U.S. market as well as lower volatility, and are, therefore, more appropriate choices for risk-averse investors. However, this relationship was not confirmed in the European market. This difference may be justified by two reasons: 1) The non-adherence of the United States to the Kyoto Protocol, resulting in less strict legal regulations than in Europe; 2) In the U.S. market, betas are more aggressive, while in the European market they are more defensive, with little margin for reduction. This research contributes to the current state of knowledge by providing empirical evidence that social, environmental, and corporate governance sustainability practices reduce stock volatility in the U.S. capital market, which is highly relevant for private and institutional investors who make their investments based on moral criteria. The results are current and reliable since they cover a broad and recent period for two of the most important stock market indexes.

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Section: Literature Review and Theoretical Frameworkmentioning

confidence: 99%

Should risk-averse investors target the portfolios of socially responsible companies?

Martínez

Román

Martín-Cervantes

2022

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“…However, they did not find evidence of voluntary disclosure and a reduction in EM, but there was the limitation that the study was only focused on China and the variables used to measure the managerial short-termism were limited. Second, the literature has dealt extensively with the effects of CSR on firm performance by providing firms with the opportunity to gain a number of competitive advantages that set them apart from their competitors (Palacios-Manzano et al 2021;Santos-Jaén et al 2021). However, it has not been extensively studied how reducing EM by implementing CSR practices can help improve firm performance.…”

Section: Discussionmentioning

confidence: 99%

The Effect of Corporate Social Responsibility on Earnings Management: Bibliometric Review

Jaén

León-Gómez

Madrid

2021

IJFS

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This review aims to study the knowledge development and research dissemination on the influence of Corporate Social Responsibility (CSR) on earnings management through a social network approach using a bibliometric review. A systematic bibliometric review was carried out on 329 papers obtained from the Clarivate Analytics Web of Science (WoS) Core Collection database. The data were analyzed by year, journal, author, institution, country, affiliation, subject area and term analysis. The results reveal the growing interest of researchers in studying the impact of CSR. Although the USA and China dominate publication production, there are a large number of authors from more than 50 countries around the world. The results also show that being prolific does not imply being influential in this area. The keyword patterns showed some interesting potential areas of study on this topic. The findings of this paper provide insight to the research on the analysis of the influence of CSR on earnings management. The most important findings consist of a number of gaps in the literature, such as gender diversity, voluntary disclosure of information and existence of an audit committee, among others, that allow for future fields of research to improve the analysis of the influence of CSR in EM. This research should also prove helpful to managers, owners and auditors. This is the first bibliometric review developed on this topic and it can be extrapolated to any place in the world.

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“…Enterprises that develop more innovation practices can achieve significant organizational and financial results. Palacios-Manzano et al [30] suggest that innovative products and services face less competition when being introduced in the market, enabling the enterprise to increase its profits and differentiate itself from the competition.…”

Section: Green Innovation and Firm Valuementioning

confidence: 99%

The Impact of Green Innovation on a Firm’s Value from the Perspective of Enterprise Life Cycles

De-ming

Xue

2022

Sustainability

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Many studies focus on the impact of green innovation on enterprises, but few studies pay attention to the difference made by the impact of green innovation at the different stages of a firm’s life cycle. This study used Chinese A-share listed companies as a sample to conduct research and found that green innovation has a positive effect on a firm’s value. However, compared with firms at a mature stage of their life cycle, the impact of green innovation on firm value is more significant in firms at the stages of growth and decline. Further research shows that green innovation can increase the value of firms at the growth stage by improving their sustainable development capability and reducing debt financing costs. However, for firms at the decline stage of their life cycle, green innovation can only increase firm value by reducing debt financing costs. In addition, the nature of property rights and the level of corporate governance will have a moderating effect on the relationship between green innovation and firm value. This research will not only enrich the previous literature but also guide the allocation of resources for firms at different stages of their life cycle to carry out green innovation.

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Corporate Social Responsibility as a Vehicle for Ensuring the Survival of Construction SMEs. The Mediating Role of Job Satisfaction and Innovation

Cited by 34 publications

References 144 publications

Should risk-averse investors target the portfolios of socially responsible companies?

Should risk-averse investors target the portfolios of socially responsible companies?

The Effect of Corporate Social Responsibility on Earnings Management: Bibliometric Review

The Impact of Green Innovation on a Firm’s Value from the Perspective of Enterprise Life Cycles

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