The role of corporate governance and transparency in the generation of financial performance in socially responsible companies

• Francisco José López-Arceiz ^[1] ; Ana José Bellostas-Pérezgrueso ^[1] ; José Mariano Moneva-Abadía ^[1] ; María Pilar Rivera-Torres ^[1]
  1. [1] Universidad de Zaragoza

     Universidad de Zaragoza

     Zaragoza, España

     
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Vol. 47, Nº 1, 2018, págs. 44-80
• Idioma: inglés
• Títulos paralelos:
  • El rol del Gobierno Corporativo y la transparencia en la generación de performance financiera en las empresas socialmente responsables
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• Dialnet Métricas: 5 Citas
• Resumen
  • español

    Las empresas socialmente responsables desarrollan estrategias basadas en criterios ESG. La literatura y los agentes que operan en los mercados están preocupados por conocer si las prácticas de Responsabilidad Social Corporativa (RSE) y Gobierno Corporativo (CG) tienen un impacto positivo en el desempeño financiero. Los principales estudios indican que las buenas prácticas de CG están asociadas con la transparencia corporativa. Nuestro objetivo es analizar el impacto que la divulgación RSE, como mecanismo de transparencia, y las buenas prácticas de CG tienen en el desempeño financiero de las empresas socialmente responsables. Para ello, se propone un sistema de ecuaciones simultáneas, en el que la variable de divulgación de la RSC tiene un papel mediador, actuando como enlace entre el sistema de CG adoptado por la organización y la performance financiera. Los resultados indican que las empresas que desean aumentar su participación en los mercados financieros deben desarrollar tanto un buen CG como un alto nivel de divulgación como parte de su estrategia de RSE.

  • English

    Socially responsible companies develop strategies based on ESG criteria. Literature and agents operating in the markets are concerned about knowing whether the Corporate Social Responsibility (CSR) and Corporate Governance (CG) practices have a positive impact on financial performance. Main studies indicate that good CG practices are associated with a commitment to transparency. Our aim is to analyse the impact that CSR disclosure, as a transparency mechanism, and good CG practices have on the financial performance of socially responsible companies. To this aim, a system of simultaneous equations is proposed, in which the CSR disclosure variable has a mediating role, acting as liaison between the CG adopted by the organisation and the financial valuation. The results indicate that companies who wish to rise funding on the financial markets should develop both: a good CG and a high level of CSR disclosure, as part of their CSR strategy.

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