El Comportamiento Financiero De Las Empresas Socialmente Responsables

Molina, María José Charlo; Clemente, Ismael Moya

doi:10.1016/s1135-2523(12)60109-9

Cited by 18 publications

(9 citation statements)

References 10 publications

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“…In this respect, McGuire et al (1988) had advised of using accounting ratios, especially ROA, rather than market or risk ratios, for FP variables, deeming them better predictors. We can affirm, as other authors (McGuire et al, 1988; Charlo Molina and Moya Clemente, 2010; Choi et al, 2010; Karagiorgos, 2010; Harjoto and Jo, 2011) have done, that the expected conclusion – positive sign in the studied relationships - has been reached.…”

Section: Empirical Studysupporting

confidence: 82%

Social responsibility and financial performance: The role of good corporate governance

Rodríguez‐Fernández

2016

BRQ Business Research Quarterly

319

200

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The objective of this theoretical-empirical study is to investigate the bidirectional relationship between Corporate Social Responsibility and Financial Performance in Spanish listed companies. A complete theoretical framework – based on agency, stewardship, dependency resources, and stakeholder theories – provides the basis for the conceptual model. An important contribution is the use of a social behavioral index formed by four components: Global Reporting Initiative participation, Dow Jones Sustainability Index firm inclusion, Good Corporate Governance Recommendations compliance, and Global Compact signee. The conclusions drawn from the empirical study performed on the companies registered on the Madrid Stock Exchange demonstrate positive relationships in both directions, namely that the social is profitable and that the profitable is social, thereby originating a positive feedback virtuous circle. The results of this analysis have practical applications in the boardroom; they are proof that all social policies increment financial resources, and vice versa, that increased financial performances lead to greater social benefits. As a consequence, this paper encourages all board members to seriously weigh investing financial resources in developing policies that boost the levels of social behavior components in order to contribute globally to the improvement of society.

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Section: Empirical Studysupporting

confidence: 82%

Social responsibility and financial performance: The role of good corporate governance

Rodríguez‐Fernández

2016

BRQ Business Research Quarterly

319

200

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“…According to a study by Charlo and Moya (2010) on the Spanish market, the profitability obtained by the owners of the companies in the responsibility index, measured using Return on Equity, has an average value of 16.27%, greater than the 16.25% for companies in other indices. However, the result of the analysis demonstrates that no statistically significant differences between the two values were found (p>0.05).…”

Section: Resultsmentioning

confidence: 99%

“…No statistically significant differences were found in the debt ratio (see table 7 inAppendix) between the two groups of companies being compared, and this is trueforallgroupsandallyears(p>0.05).Theevolutionoftheaveragedebtratio (figure7)thatcomparesthecompaniesinsideandoutsidethesustainabilityindexis higherforthemedium-sizedcompaniesthanthelargecompanies.Inotherwords, thelargecompaniesinthesustainabilityindexperformbetterthancompaniesnot inthisindexbecausetheiraveragedebtratioislower,whiletheoppositeistruefor mediumsizedcompanies. According to the study by Charlo and Moya (2010) for the Spanish market, companiesintheFTSE4GoodIBEXindexhadanaveragehighersystematicrisk, were more sensitive to market fluctuations and thus provided a greater market premium. However, given their average value it was concluded that investments had not been too aggressive and that they could be considered to be defensive companiesinthefaceofbearmarkets.…”

Section: Figure3: Evolutionoftheaveragevalueratioforthedifferencesintmentioning

confidence: 99%

“…In the past, upsurges of interest in CSR have been associated with social or economicshocks,suchastheoilcrisisofthe70s,thefalloftheBerlinWallin1989 and the scandals during the financial bubble for Internet companies in the 2000s (Mozas and Puente, 2010;Gallardo et al, 2015).As a result, during the current financialcrisistherehasbeenrenewedinterestthegoodbusinesspracticesderived from CSR to help restore confidence in the financial system (Charlo and Moya, 2010;Ruizetal.,2009)and,byextension,thecapitalistsystem. Thereisagrowingbeliefthatenvironmentalandsocialissueshaveanimpactonthe long-termsuccessofcompaniesandtheircompetitivedifferentiationintheglobal market (FTSE, 2008).…”

Section: Introductionmentioning

confidence: 99%

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Measuring the economic performance of socially

Guadaño¹

2015

Zb.rad.Ekon.fak.Rij.

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The aim of this research is to use different economic variables to establish whether there are differences in economic performance between companies as a result of their inclusion in the sustainability index. This paper presents a one-dimensional exploratory study which compares the socially responsible companies included in the Spanish sustainability index, FTSE4Good Ibex, with the rest of the indices in the IBEX family. Parametric testing was used to study whether there are differences between the two types of companies. The results demonstrate that there are no statistically significant differences in economic performance between the two groups. Morover, it is confirmed that companies with good practices are as profitable as the rest, but it also demonstrates that the economic-financial behaviour is not better as a result of being in the sustainability index. The basic conclusion is that adhering to social and environmental standards does not harm a firm's competitive position and, therefore, provide support for the development policy of responsible practices so that they become a tool to help improve the resilience of the economy and investor trust.

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“…To measure business profitability in the CSR literature many measures have been used. In this paper, we focus on measures related to accounting and financial data, the most used measures being financial profitability and economic profitability [42,79,86,[127][128][129][130][131]. In this study, to represent such profitability the following items have been used: RENT 1_Profitability on own resources, RENT 2_Profitability on capital employed, RENT 3_Profitability on total assets, and RENT 4_Profit margin, trying to give a broader view of business profitability.…”

mentioning

confidence: 99%

Effect of the Disclosure of Corporate Social Responsibility on Business Profitability. A Dimensional Analysis in the Spanish Stock Market

et al. 2019

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In recent decades, the novel fact of considering corporate social responsibility (CSR) as part of the corporate strategy of companies has resulted in interest groups demanding the disclosure of such information. Likewise, considering their importance of transparency and governance today, it is necessary to make an approximation on the study of the divulgation of CSR information on companies listed on the Spanish stock market. The aim of this work is to determine whether the disclosure of the measures taken by the companies on CSR influences business profitability. Applying PLS-SEM on the information extracted from the sustainability reports of 103 companies listed on the Spanish continuous market, it is found that the disclosure of CSR measures improves business profitability in its social and economic dimensions, with no effect being found between the disclosure CSR in its environmental dimension on business profitability.

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El Comportamiento Financiero De Las Empresas Socialmente Responsables

Cited by 18 publications

References 10 publications

Social responsibility and financial performance: The role of good corporate governance

Social responsibility and financial performance: The role of good corporate governance

Measuring the economic performance of socially

Effect of the Disclosure of Corporate Social Responsibility on Business Profitability. A Dimensional Analysis in the Spanish Stock Market

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