La performance sociétale des entreprises dans un contexte international : vers une convergence des modèles de capitalisme ?

Larbi, Sami Ben; Lacroux, Alain; Luu, Philippe

doi:10.7202/1060031ar

Cited by 4 publications

(2 citation statements)

References 69 publications

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“…This universalist vision of CSR may help to explain the multinational firms’ behavior in this domain, even though it has been corroborated by very few empirical studies (Jackson and Apostolakou, 2010; Igalens et al , 2008; Ho et al , 2012). In a recent study focused on the environmental, social and governance (ESG) performances characterizing post-crisis models of capitalism, Ben Larbi et al (2019) have demonstrated that this convergence dynamic is in fact only skin-deep and does not reflect the predominance of any particular model of capitalism. Even as the 2008 economic crisis destabilized the neo-liberal model by highlighting its dangers, it also helped to significantly advance collective awareness of the benefits of CSR, reflecting a general concern about the need for corrective measures and attesting to a political desire for self-regulation (Fernández and Souto, 2009; Den Hond et al , 2014), as observed in the 2008 post-crisis period, where finance needs restructuring to repair legitimacy (Wang, 2010).…”

Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

“…The process of economic integration in Europe, the increasing liberalization of financial markets and the competitive pressure induced by the globalization of trade suggest that countries with liberal and coordinated market economies (referred hereafter as LMEs and CMEs) have been able to move toward convergence. However, fundamental social compromises, particularly with regard to corporate social responsibility (CSR) have not always been part of this convergence model (Ben Larbi et al , 2019), allowing debates in the literature concerning the reasons of its emergence and integration according to models of capitalism. Differences in CSR implementation could depend of the institutional or organizational levels (Aguinis and Glavas, 2012), political, labor, educational and cultural systems of each model of capitalism (Aguilera and Jackson, 2003; Ioannou and Serafeim, 2012).…”

Section: Introductionmentioning

confidence: 99%

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Corporate social performance (CSP) in time of economic crisis

Cassely

Larbi

Revelli

et al. 2021

SAMPJ

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Purpose This study aims to compare the different effects of the 2008 economic crisis on companies’ corporate social performance (CSP) in coordinated market economies (CMEs) and liberal market economies (LMEs). Design/methodology/approach This paper mobilizes a pluralistic theoretical framework that borrows from neo-institutional and corporate governance theories to compare the impacts of the 2008 economic crisis on long-term CSP in an international context. Based on the longitudinal database of Vigeo Eiris (2004–2015), the panel was decomposed between two models of capitalism (LME and CME). For each model, this paper conducted a series of regressions, taking into account the longitudinal nature of the data using estimates based on generalized estimating equations (Liang and Zeger, 1986). Findings The paper shows that the economic crisis prompted companies operating in LMEs and CMEs to reorient their corporate social responsibility (CSR) practices in quite different ways during the four-year period that the crisis lasted, as well as the succeeding four-year post-crisis period. While CSR was perceived in LMEs as a threat during the crisis period because of the additional costs it generated, it offered CME companies a way of redefining how they relate to the rest of society, with their goal becoming the creation of greater shared value. Research limitations/implications The results are dependent from the data, and specifically from the Vigeo Eiris database. It would be interesting to extrapol this kind of research with the use of other CSP/environmental, social and governance (ESG) databases as Morgan Stanley Capital International, Sustainalytics or RepRisk, to compare and conclude more globally on tendencies. Another limitation relates to the binary nature of Hall and Soskice’s (2001) typology, with its neo-institutionalist inspiration, that puts Continental European and social-democratic models of capitalism on the same plane. Practical implications This study teaches managers, analysts and policymakers that CSR can be a powerful strategic lever capable of remedying the harmful effects that economic crises have in both LMEs and CMEs, notwithstanding the cultural, socio-economic and political differences between these models of capitalism. Economic and social crises must help companies to rethink and revisit their business models and CSR practices to subsequently implement sustainability strategies more in sync with the values forced upon them by the economic systems to which they belonged but also by all their stakeholders. Social implications From a managerial standpoint, this study allows practitioners to consider CSR as an opportunity to rethink their strategy and business models in a period of crisis, and no more a threat that could reduce the economic performance in increasing the costs, and thus, the cost of financing. Originality/value After reading the literature on the topic, this paper clearly thinks about the high degree of contribution of the paper, as the topic is not so developed and that the study implies several contributions. First, from a theoretical level, the study differs from previous research studies insofar as it compares the impacts of the economic crisis on companies’ CSP in CMEs and LMEs using a theoretical framework that operationalizes both contractual and neo-institutional theories. Second, from a methodological standpoint, the approach using an ESG data provider known worldwide (Vigeo Eiris) has not been down yet. Third, on a managerial level, the present study teaches managers, analysts and policymakers that CSR can be a powerful strategic lever capable of remedying the harmful effects that economic crises have in both LMEs and CMEs, notwithstanding the cultural, socio-economic and political differences between these models of capitalism.

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Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Corporate social performance (CSP) in time of economic crisis

Cassely

Larbi

Revelli

et al. 2021

SAMPJ

Self Cite

View full text Add to dashboard Cite

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Impact de la notation sociétale sur la dynamique des performances environnementale, sociale et de gouvernance dans un contexte international : une étude empirique fondée sur la base longitudinale Vigéo Eiris

Larbi¹,

Lacroux²,

Luu³

2019

Recherches en Sciences De Gestion

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Notre étude propose d’évaluer l’impact de la notation sociétale sur l’évolution des performances environnementales, sociales et de gouvernance (ESG) des entreprises dans un contexte international. En nous appuyant sur la base de données longitudinale Vigéo Eiris (2004-2015), nous avons montré que la dynamique des entreprises en matière sociétale dont le lien avec la notation extra financière semble être établi dans la littérature devrait être nuancée. Les entreprises appartenant à un groupe de référence dit best in class enregistrent, pour la grande majorité des critères ESG, une dynamique d’amélioration moins marquée que celle des autres entreprises mais qui demeurent néanmoins contingente au système économique d’appartenance, au caractère règlementé du secteur et à des variables économiques et financières. Les variations observées dans les pratiques sociétales reflètent ainsi la capacité des groupes d’entreprises identifiées à adapter leurs politiques RSE aux signaux émis par le marché en vue de mieux répondre aux attentes de leurs parties prenantes et aux pressions que leur impose leur environnement institutionnel.

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New Evidence on the Relationship Between Corporate Social Responsibility and the Use of Equity Capital

Benlemlih

Bitar

Erragragui

et al. 2021

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In this paper, we study the reverse U-shaped relationship between Corporate Social Responsibility (CSR) and firms’ use of equity capital. Using a large sample of U.S. publicly listed companies, we provide strong evidence that CSR is positively associated with the use of equity capital when CSR practices are below a certain level. Once the CSR investment exceeds this level, the relationship between CSR and the equity financing becomes negative. Our findings are robust when we use the individual components of CSR, and several approaches to address endogeneity. Overall, our results enrich the debate about capital structure of high CSR firms and suggest that the CSR-capital structure relationship is more complex than what has been demonstrated in previous literature.

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La performance sociétale des entreprises dans un contexte international : vers une convergence des modèles de capitalisme ?

Cited by 4 publications

References 69 publications

Corporate social performance (CSP) in time of economic crisis

Corporate social performance (CSP) in time of economic crisis

Impact de la notation sociétale sur la dynamique des performances environnementale, sociale et de gouvernance dans un contexte international : une étude empirique fondée sur la base longitudinale Vigéo Eiris

New Evidence on the Relationship Between Corporate Social Responsibility and the Use of Equity Capital

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