Measuring the economic performance of socially

Guadaño, Josefina Fernández

doi:10.18045/zbefri.2015.2.207

Cited by 4 publications

(3 citation statements)

References 19 publications

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“…The results show that CSR does not have an impact on shareholder value creation (H1) and, with regard to the influence of CSR on stakeholder value creation, a negative influence is observed in the EMPL variable and a positive influence in the STATE variable. These results do not coincide with some previous findings in relation to shareholders, employees and other stakeholders [14,21,39].…”

Section: Discussioncontrasting

confidence: 99%

“…Our findings contribute to the literature on CSR by providing additional evidence regarding its effects on certain stakeholders. Although the results are not what would be expected, the current widespread use of sustainability indices makes it difficult for Spanish firms to ignore this issue and avoid making efforts to improve their stakeholder relations [21]. Moreover, an important number of the Europe 2020 initiatives make reference to CSR.…”

Section: Discussionmentioning

confidence: 85%

“…Different studies have been conducted regarding the effects of CSR on economic and financial performance, but the results are not conclusive [21]. Although we can find works in the literature that state that CSR does affect company results [22,23], the cause-effect relationship between the two is still not clear.…”

Section: Literature Review and Hypothesesmentioning

confidence: 92%

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Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective

Guadaño

Sarria-Pedroza

2018

Sustainability

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In recent years, we have witnessed how companies and institutions have devoted significant effort to developing Corporate Social Responsibility (CSR) policies, basing their decision on the improvement in company results and the subsequent benefits for shareholders and other stakeholders. CSR means that managers must go beyond the mere satisfaction of the shareholders and take steps to establish balanced relations with all their stakeholders. The principles behind the CSR approach empower stakeholder governance. To test whether CSR policy constitutes a factor in value creation for shareholders and certain stakeholders such as employees, creditors and the State, we conducted an explanatory study, using a Correlated Random Effects approach, which compares the socially responsible companies included in the Spanish sustainability index, FTSE4Good Ibex, with the companies listed on the other indices of the IBEX family. On the one hand, the data show that sustainability reporting is well established in large companies in Spain but that it needs to be introduced more extensively in small and medium-sized enterprises. On the other hand, the findings point out that CSR has a positive and significant influence on the distribution of value in favor of the State, a negative influence for employees and no influence on other stakeholders.

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Section: Discussioncontrasting

confidence: 99%

Section: Discussionmentioning

confidence: 85%

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Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective

Guadaño

Sarria-Pedroza

2018

Sustainability

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Global reporting initiatives and firm performance: a stakeholder’s perspective in Indian companies

Agrawal

Arora

2023

Environ Sci Pollut Res

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With the growth of the corporate sector, there is a simultaneous increase in the external forces that pressurize the corporate sector to practice socially responsible behavior. Based on this, the practice of reporting sustainable activities is being used by companies in different manners by different countries. In view of this, the purpose of the study is to empirically analyze the nancial performance of sustainability reporting and non-reporting companies from the stakeholder's perspective.The study is longitudinal, covering a time span of 22 years. The parameters of the nancial performance are categorized and statistically analyzed based on the stakeholders considered under the study. Based on the analysis, the study has found no evidence of difference in the nancial performance between sustainability reporting and non-reporting companies from the stakeholder's perspective.The paper has contributed to the literature by analyzing the nancial performance of companies from the stakeholder's perspective through the longitudinal study.

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Performance assessment and ranking of socially responsible companies in India using FAHP, TOPSIS and AltmanZ-score

Annamalaisamy

Sivakumar

Pushparaj

2022

BIJ

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PurposeThe present study aims to determine and benchmark the performance of socially responsible companies (SRCs) in India based on the financial, value-added and combined performance indicators by addressing the climate change problems at the grass-root level.Design/methodology/approachThe present study has used the traditional financial, value-added and combined performance indicators to evaluate and rank the performance of 14 SRCs under the Bombay stock exchange (BSE)-Greenex sustainability index. The technique for order performance by similarity to ideal solution (TOPSIS) and fuzzy analytic hierarchy process (FAHP) algorithms calculate performance scores and assign weights to the indicators from 2015 to 2019. Further, the Altman Z-score methodology has been applied to understand the SRCs propensity toward bankruptcy behavior. The parametric t-test is also performed on the outcomes of TOPSIS scores under different categories of indicators to check the statistical significance.FindingsThe performance scores of the TOPSIS algorithm indicate that the financial indicators of SRCs govern the firm performance significantly over the value-added indicators (VAIs). Further, parametric t-test results validate the outcomes of the performance scores by exhibiting that there is no significant difference between the traditional financial and VAIs at a 5% significance level. However, a few SRCs overall performance rankings have improved significantly after including VAIs. Moreover, the Altman Z-score results also reveal that most of the SRCs evaluated in the study are stable, showcasing consistent performance and absent from bankruptcy behavior.Practical implicationsThe study has practical implications as follows: (1) to facilitate a clear understanding of investors and portfolio managers in selecting appropriate companies under socially responsible investing (SRI); (2) to provide portfolio diversification insights for domestic and international investors besides advocating the necessity of investing in better performing sustainable companies to safeguard their investments against the future uncertainty and (3) the study results would benefit the regulatory bodies to frame appropriate sustainability policy interventions at the organization level.Originality/valueIn the context of ambiguous inferences on the performance of SRI, no prior study has been conducted to assess the performance of SRCs in the Indian version of sustainability index BSE-Greenex.

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Measuring the economic performance of socially

Cited by 4 publications

References 19 publications

Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective

Impact of Corporate Social Responsibility on Value Creation from a Stakeholder Perspective

Global reporting initiatives and firm performance: a stakeholder’s perspective in Indian companies

Performance assessment and ranking of socially responsible companies in India using FAHP, TOPSIS and AltmanZ-score

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