Stakeholder Prioritization, Strategic Corporate Social Responsibility and Company Performance: Further Evidence

Boesso, Giacomo; Favotto, Francesco; Michelon, G.

doi:10.1002/csr.1356

Cited by 72 publications

(63 citation statements)

References 23 publications

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“…Future research could complement our study by controlling for the quality of stakeholder engagement with respect to stakeholder prioritization (Michelon et al, 2013;Boesso et al, 2015), by examining the importance of stakeholder engagement in assessing the impact of CSR performance and disclosure on financial markets, by investigating if its value relevance depends on alternative institutional characteristics other than culture. First, we do not control for the quality of stakeholder engagement.…”

Section: Discussionmentioning

confidence: 99%

Value Relevance of Stakeholder Engagement: The Influence of National Culture

Maso

Liberatore

Mazzi

2016

Corp Soc Responsibility Env

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Our study investigates whether stakeholder engagement is associated with a firm's valuation and the value relevance of accounting earnings. Since prior literature posits that the economic consequences of such practices may depend on the specific environment in which they are adopted, we also explore whether these associations are affected by the cultural traits of the country in which a firm operates. Based on a worldwide sample of firms for the period 2002 to 2014, we document that stakeholder engagement positively influences market-to-book value of equity, without enhancing the value relevance of firm's accounting earnings. Drawing on Schwartz's cultural framework, we show that the results hold only in countries with a low (high) level of embeddedness and hierarchy (mastery). Our study contributes to the literature exploring the economic consequences of non-financial information and the importance of institutional characteristics for economic outcomes.Prior literature suggests that the perception of CSR activities critically depends on country characteristics (Agudo-Valiente et al., 2015). As noted in the section Value Relevance of Stakeholder Engagement, these may drive prior 46L. Dal Maso et al.Schwartz (2008) has a more comprehensive description of the value items contained in each of the seven cultural dimensions (i.e., autonomy is specified in intellectual and affective autonomy).

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Section: Discussionmentioning

confidence: 99%

Value Relevance of Stakeholder Engagement: The Influence of National Culture

Maso

Liberatore

Mazzi

2016

Corp Soc Responsibility Env

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“…For example, firms that fail to address stakeholders' needs could face negative consequences such as a lack of support from employees or loss of customers (Wood, ; M. D. P. Lee, ). However, when a firm adopts CSR initiatives that are linked to stakeholder preferences and allocates resources to these initiatives in a strategic way, the positive effect of its CSR initiatives on performance strengthens in terms of both market‐based (Boesso et al, ) and accounting‐based measures of performance (Boesso, Favotto, & Michelon, ; Michelon, Boesso, & Kumar, ). The main conclusion of these studies is that firms need to link their CSR initiatives to the likely preferences of their stakeholders and undertake corporate social actions that are relevant to the firm's strategy (Boesso et al, ; Michelon et al, ).…”

Section: Theoretical Framework: Stakeholder Approach To Csrmentioning

confidence: 99%

Measuring corporate social responsibility: A critical review of survey instruments

Latif

Sajjad

2018

Corp Soc Responsibility Env

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The purpose of this study is to identify and review survey instruments used to evaluate stakeholders' perceptions of corporate social responsibility (CSR). In this article, the Thomson Reuters Web of Science database was used to search for relevant articles. A systematic review of published studies from 1990 to 2017 identified apposite survey instruments employed to measure the stakeholders' perceptions of CSR. Articles were analyzed for descriptive information and psychometric validity. A total of 43 survey instruments were found that measured stakeholders' CSR perception. Of those, 20 articles included all psychometric properties. In addition, the analysis suggested economic, legal, ethical, discretionary/philanthropic, social, and environmental responsibilities as common dimensions. This study contributes to CSR literature by providing several suggestions regarding the development of survey instruments to measure the stakeholders' perceptions of CSR.

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“…In this context, social activists have found a new voice. While the dialogue with stakeholders has become an essential strategy to ensure the financial stability of companies (Ruf et al , ; Alniacik et al , ; Vasi and King, ; Michelon et al , ; Boesso et al , ), the use of SMe also enhances the complexity of managing corporate reputation and identity (Bebbington et al , ; Heikkurinen and Ketola, ).…”

Section: Introductionmentioning

confidence: 99%

The Power of Stakeholders' Voice: The Effects of Social Media Activism on Stock Markets

Carrasco

Michelon

2017

Bus Strat Env

Self Cite

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Building on social movement theory, this study assesses the influence of social media activism on the stock market performance of targeted firms. We focus on information published on Twitter by two critical stakeholders: consumer associations and trade unions. To the extent that social media represent a valid medium to mobilize stakeholders' activism, protests on Twitter may damage firm reputation, leading to capital market reactions. Using a corpus of over 1.5 million tweets referring to Spanish listed banks, we study the impact of activism by looking at targeted firms' abnormal variations in price and trading volume. Our findings suggest that the Twitter activism of key stakeholders has a significant impact on investors' decisions. Further, our empirical analyses indicate that the mechanisms affecting investors' behavior differ depending on the characteristics of the stakeholder group. Hence, this study contributes to understanding how social movements influence corporate behavior via social media. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

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Stakeholder Prioritization, Strategic Corporate Social Responsibility and Company Performance: Further Evidence

Cited by 72 publications

References 23 publications

Value Relevance of Stakeholder Engagement: The Influence of National Culture

Value Relevance of Stakeholder Engagement: The Influence of National Culture

Measuring corporate social responsibility: A critical review of survey instruments

The Power of Stakeholders' Voice: The Effects of Social Media Activism on Stock Markets

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