Linking corporate social responsibility and financial performance in Spanish firms

Abstract

This study focuses on the effect of Corporate Social Responsibility (CSR) initiatives on financial performance, using the information disclosed by companies on their websites. The final sample is made up of the 122 companies listed on the Madrid Stock Exchange (Spain). The empirical analysis entailed two phases: an analysis of the differences among the companies' Financial Performance (FP) depending on their CSR strategy, and the use of a hierarchical cluster analysis and a multiple linear regression in order to explain the effect of CSR practices on corporate performance. The results of the analyses were significant and in the direction hypothesised. That is, CSR improves financial performance and, when considering the intangible components of CSR, the relationship is stronger for the company's long-term performance than for its short-term performance.

Impacts of the CSR strategies of technology companies on performance and competitiveness

“…The objective of the above data analyses was to determine the impact of CSR strategies on the competitiveness and performance of Spanish technological firms.The results show that these strategies have a significant effect on competitiveness, but the impact of CSR strategies on performanceis not as clear, which is in line with other studies' findings (Muñoz et al, 2015). If the mediating role of competitiveness is considered, CSR has a positive influence on performance.…”

“…Although no clear consensus has been reached in the debate on the impact of CSR measures on economic performance (Ramos, Manzanares, & Gómez, 2014), most researchers suggest that a positive relationship should exist between the two variables (Gallardo-Vázquez & Sanchez-Hernandez, 2014;Garcia-Castro, Ariño, & Canela, 2009). However, some studies also claim the relationship is negative (Muñoz et al, 2015). As of yet, very few studies have examined the relationship between the CSR of technology companies and their performance (Wang, Chen, Yu & Hsiao, 2015).…”

“…Ever since then, companies have been facing a growing demand for social commitment from different stakeholders.The relationship between CSR and corporate performance has been widely studied, with researchers reporting contrasting results (Marín, Rubio, & de Maya, 2012). Some studies show a positive relationship, whereas others show a negative relationship, with results also dependent on the time involved (Muñoz, Pablo, & Peña, 2015).…”

Understanding corporate social responsibility with cross‐cultural differences: A deeper look at religiosity

“…Link of CSR with important elements of organizational success, such as long-term financial performance, is evident (Muñoz, Pablo, & Peña, 2015). Such impact may diverge with the variation of cultural Internationally, subjective measures lead to an objective valuation of the situation (Kraus, Meier, Eggers, Bouncken, & Schuessler, 2016).…”

RSC y empresas tecnológicas: Un estudio sobre las motivaciones de implantación e integración en empresas españolas

“…Entre estos activos intangibles podemos encontrar la RSC, la cual como demuestran algunos estudios tiene una relación positiva con el performance (Muñoz, Pablo, & Peña, 2015;Hammann, Habisch, & Pechlaner, 2009). Además, la actividad desarrollada por una empresa tiene un alto impacto social cuando ésta opera en el sector de las tecnologías de la información y las telecomunicaciones (Luna Sotorrío & Fernández Sánchez, 2010), ya que se produce una generación de puesto de trabajo cualificados y fomenta la formación de trabajadores (Jiménez-Zarco, Cerdán-Chiscano, & Torrent-Sellens, 2013; Vásquez-Urriago, Barge-Gil, & Rico, 2012).…”