Does Specific CSR Training for Managers Impact Shareholder Value? Implications for Education in Sustainable Development

Abstract

This study aims to analyze whether specific corporate social responsibility +CSR) training in sustainable development can boost the potential impact of CSR on shareholder value (i.e., corporate reputation, brand image, and financial value) for small and medium enterprises (SMEs). We also aim to determine the main implications from an educational point of view and in terms of training program and curriculum design related to sustainable development. We carry out a quantitative study using partial least squares (PLS) techniques to analyze a sample of SME owners and managers. Results suggest that specific CSR training matters, making this type of training a valuable resource for business management and for society. Therefore, it is possible to promote business management models in which sustainability and profit can coexist. However, there are still sizeable education/training gaps, especially in the field of SMEs. Our results provide a foundation for solid arguments in defense of more widespread, in‐depth implementation of sustainability education – not only at universities and business schools, but at all levels of education. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment

Corporate social responsibility strategies: Past research and future challenges

“…Heugens and Dentchev (2007), Stuebs and Sun (2010), Høivik and Shankar (2011), Anadol et al (2015), Perry et al (2015), Odriozola and Baraibar‐Diez (2017), López‐Pérez et al (2017a), López‐Pérez et al (2017b).…”

“…According to Perry, Wood, and Fernie (), CSR brings benefits in terms of both reputation and production. Similarly, López‐Pérez et al () report that CSR bears an impact on the reputation of a company; for example, through CSR initiatives, stakeholders may gain an impression of positive corporate behaviour by the company.…”

“…Therefore, with the rise in credibility and trust in the company through reports/audits and blocking any scepticism among stakeholders, a company earns a better reputation. Furthermore, López‐Pérez et al () identify how CSR helps companies build up a solid long‐term reputation and, in the context of small‐ and medium‐sized companies, CSR impacts on reputation, brand image, and the financial value of the company (López‐Pérez, Melero, and Sesé ().…”

“…Indeed, López‐Pérez, Melero, and Sesé () affirm that companies currently tend to place less value on maximizing short‐term gains and profits and greater value on other priorities that have taken on rising levels of importance to companies, for example, at the level of sustainability. Similarly, according to Kleine and Hauff () CSR is usually focused on a company's contribution to sustainability.…”

Moderating effect of innovation on corporate social responsibility and firm performance in realm of sustainable development

“…Researchers (López‐Pérez, M., Melero, I., & Javier Sesé, F. ) identified in their research a business management model for successful organization in which sustainability and profits coexist. They studied that through sustainability, CSR and financial position is improved.…”