The relation between corporate social responsibility certification and financial performance: An empirical study in Spain

Abstract

The relation between corporate social responsibility (CSR) and financial performance (FP) has been widely dealt with in specialized literature. This study has two points of interest: first, we develop a new tool which financially quantifies the value contributed to companies that are committed to CSR; then, we make a practical application of this tool through an empirical study focused on Spanish companies. This study is especially innovative because of the fuzzy methodology used and the way it defines CSR through the IQNet SR10 certification of social responsibility systems. In addition, the measurement of CSR through IQNet SR10 certification is a completely new approach to the subject. An interesting conclusion can be drawn from the empirical study: IQNet SR10 CSR certification increases the value of businesses. However, neither size nor the economic sector they belong to influence this relationship significantly. K E Y W O R D Scorporate social responsibility, empirical study, financial performance, fuzzy logic, IQNet SR10

Stakeholder engagement in sustainability reporting: A classification model

“…The selected sample is comprised of sustainability reports of companies operating in the energy sector, collected from the 2016 GRI database. This method of analysis of annual sustainability reports has been used in various studies that systematically quantify and classify sustainability information (Brotons & Sansalvador, 2020; Hourneaux Junior, Galleli, Gallardo‐Vázquez, & Sánchez‐Hernández, 2017) and stakeholder engagement practices in the reports (Campra et al, 2020; García‐Sánchez & Araújo‐Bernardo, 2019; Grushina, 2017; Moratis & Brandt, 2017).…”

“…Critical stakeholder attention is not restricted to a company's decisions and actions but also focuses on the decisions and actions of suppliers, consumers, and politicians, which may spur criticism toward a company (e.g., Nike and Cheminova) (Brotons & Sansalvador, 2020; Morsing & Schultz, 2006). However, because no manager or organization makes sense in total isolation (Craig‐Lees, 2001), the objective of this study is to identify ways in which companies try to engage with their stakeholders.…”

Responsabilidad social corporativa y el turismo sostenible

“…Se pueden encontrar enfoques más formales en los sistemas de gestión ambiental y de RSC, como la norma para la gestión ambiental en las empresas, ISO 14001 y la norma de responsabilidad social, ISO 26000 (Brotons & Sansalvador, 2020), incluidos otros sistemas de certificación y sellos de calidad para ofertas de turismo ambiental y socialmente responsables. Es importante mencionar que todos tienen en común que, la implementación es voluntaria, pero que los sistemas de certificación y los sellos de aprobación utilizan criterios mucho más formales y son muy diversas (Wells, Gregory Smith, Taheri, Manika, & McCowlen, 2016).…”

Configurational paths of employee reactions to corporate social responsibility: An organizational justice perspective

“…With its growing importance in the globalization context, CSR attracts considerable attention in both practical and research fields. According to Aguinis and Glavas (2012), studies on CSR practices were originally focused on the macro level, such as the effects of CSR practices on corporate governance (e.g., Cucari, Esposito De Falco, & Orlando, 2018) and on financial performance (e.g., Ali, Danish, & Asrar‐ul‐Haq, 2020; Brotons & Sansalvador, 2020). Micro‐level CSR studies have primarily focused on the effects of CSR practices on consumer behavior (e.g., Cuesta‐Valino, Gutierrez Rodriguez, & Nunez‐Barriopedro, 2019).…”