The Creation of Value Through Corporate Reputation

Sánchez, José Cegarra; Sotorrío, Ladislao Luna

doi:10.1007/s10551-006-9285-0

Cited by 136 publications

(63 citation statements)

References 40 publications

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“…(1988), McGuire, Schneeweis, and Branch (1990), Waddock and Graves (1997), Simpson and Kohers (2002). In the case of Spain, Fernández-Rodríguez, Gómez-Ansón, andCuervo-García (2004), Fernández andLuna (2007), Prado et al (2008), and Charlo and Moya (2010) also point in this direction. These results are also supported by recent meta-analyses which support the idea that adopting CSR practices and responding to shareholders expectations can produce a completive advantage and an improvement in the firm's results (Allouche & Laroche, 2005;Margolis et al, 2003;Margolis, Elfenbein, & Walsh, 2007;Orlitzky et al, 2003;Peloza, 2009;Wu, 2006).…”

Section: Theorical Frameworkmentioning

confidence: 92%

Corporate Social Responsibility and Financial Performance: The Spanish Case

Madorran

Garcia

2016

Rev. adm. empres.

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The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.KEYWORDS | Corporate social responsibility, panel data, performance, Spanish firms, IBEX 35. [2003][2004][2005][2006][2007][2008][2009][2010]. Los resultados sugieren que la relación entre responsabilidad social y resultados no es tan obvia, al menos para el caso español. RESUMO O enorme interesse gerado pela responsabilidade social corporativa tanto no mundo acadêmico quanto no empresarial forma o pano de fundo para este estudo. Seu objetivo é analisar a relação entre a responsabilidade social corporativa e o desempenho financeiro em vista do debate existente na literatura sobre o tema. O estudo concentra-se em uma amostra de empresas espanholas tomadas do índice IBEX 35, da bolsa de valores de Madri, utilizando a metodologia de dados em painel, que oferece vantagens em comparação com metodologias utilizadas em outros estudos. Analisamos o período que abrange os anos de 2003 a 2010. Nossas conclusões sugerem que não há relação óbvia entre a responsabilidade social corporativa e os resultados financeiros, ao menos no caso da Espanha. PALAVRAS-CHAVE | Responsabilidade social corporativa, dados em painel, desempenho, empresas espanholas, IBEX 35. RESUMEN El enorme interés que despierta la responsabilidad social corporativa tanto en el ámbito empresarial como académico da sentido a este trabajo. El objetivo del trabajo es analizar la relación entre la responsabilidad social corporativa y sus resultados financieros, ya que existe debate en la literatura académica sobre esta cuestión. La cuestión de análisis se aplica a una muestra de empresas españo-las que cotizan en el IBEX 35, utilizando una metodología de datos de panel que aporta novedades a otros análisis realizados. El período de análisis abarca desde PALABRAS CLAVE | Responsabilidad social corporativa, datos de panel, resultados, empresas españo-las, IBEX 35. RAE-Revista de Administração de Empresas | FGV/EAESPDOI INTRODUCTIONIt is a well-known fact that businesses are currently incorporating corporate social responsibility (henceforth, CSR) criteria into their activities. The demands of a changing environment have led firms to pay ever greater attention to their influence over it, both in economic and social terms and those of the environment.In this context, firms have also been seeking competitive advantages sustainable on a long-term basis in a turb...

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Section: Theorical Frameworkmentioning

confidence: 92%

Corporate Social Responsibility and Financial Performance: The Spanish Case

Madorran

Garcia

2016

Rev. adm. empres.

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“…On the premise that the reputation of a company is also built on its financial performance (Siltaoja, 2006;Sanchez and Sotorrìo, 2007), it can be expected that companies which perform better will present higher extents of CSD, as a way to engage in dialogue with stakeholders and to sustain reputation. As stated by Friedman and Miles (2001), reputation can be conceived as a determinant of sustainability disclosure since companies show externally that they are able to sustain sound market performance, but are also aware of the need for managing a wider range of social and environmental issues.…”

Section: H1mentioning

confidence: 99%

Sustainability Disclosure and Reputation: A Comparative Study

Michelon

2011

Corp Reputation Rev

228

203

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Drawing on legitimacy theory, we discuss that a company's reputation is a determinant of sustainability disclosure. Specifically, we consider the concept of reputation into three dimensions for analysis: stakeholders' commitment, financial performance and media exposure. This paper differs from previous social and environmental reporting studies in that it investigates both internal and external contextual factors that influence disclosure practice. We claim that companies with a good financial performance, that are adopting an active strategic position towards stakeholders and that are exposed to significant public pressure are more likely to use sustainability disclosure in order to communicate their legitimacy to operate to stakeholders. Moreover the paper analyses a wide range of corporate reports for their social and environmental content using an international sample that allows for a comparison of disclosure practices among Continental European, UK and USA companies. Our results show that stakeholder commitment and media exposure are positively associated with sustainability disclosure. Moreover, we find evidence that the drivers of disclosure vary by information type.

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“…Several studies investigate the impact of reputation management on the CSP-CFP relationship. Some authors find a positive link between reputation and financial performance [5], but according to other scholars [6], the marginal returns of reputation are declining. Reputation management does not seem to be a cash cow and the effects of a good reputation on profitability are small.…”

Section: The Current State Of Empirical Csr Researchmentioning

confidence: 97%

How do Companies Invest in Corporate Social Responsibility? An Ordonomic Contribution for Empirical CSR Research

Will

Hielscher

2014

Administrative Sciences

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This paper takes both a conceptual and an empirical approach to answer the question as to how Corporate Social Responsibility (CSR) can be connected to the company's role as an agent of social value creation when it operates within an imperfect institutional framework of market competition. To develop a functional design for an empirical study, we draw on the concept of ordonomics, which provides a heuristics for responsible business activities in society. Drawing on ordonomics, we devise three questions: Referring to action responsibility we ask in which CSR activities companies do invest in their day-to-day business. Referring to governance responsibility we ask as to how companies realize win-win solutions through strategic commitments. In addition, with regard to discourse responsibility we ask in which stakeholder dialogues companies engage in order to discuss and find functional rules for organizing win-win solutions. In our empirical study, we reveal insights into the micro-level analysis of the CSP-CFP link and generate several new questions to be the subject of future research.

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The Creation of Value Through Corporate Reputation

Abstract: social performance, financial performance, corporate reputation, stakeholder theory, value management, intangible assets,

Cited by 136 publications

References 40 publications

Corporate Social Responsibility and Financial Performance: The Spanish Case

Corporate Social Responsibility and Financial Performance: The Spanish Case

Sustainability Disclosure and Reputation: A Comparative Study

How do Companies Invest in Corporate Social Responsibility? An Ordonomic Contribution for Empirical CSR Research

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