Análisis de los determinantes de la transparencia en Responsabilidad Social Corporativa desde la perspectiva del buen gobierno

  1. Cabeza García, Laura
  2. Fernández Gago, Roberto
  3. Matilla Fernández, Lorena
Revista:
Ekonomiaz: Revista vasca de economía

ISSN: 0213-3865

Año de publicación: 2013

Número: 83

Páginas: 272-295

Tipo: Artículo

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Otras publicaciones en: Ekonomiaz: Revista vasca de economía

Resumen

This paper studies the relationship between firm corporate governance and corporate social responsibility (CSR) disclosure. Using a sample of 38 Spanish listed companies over the period 2005-2010 and considering together proxies for firm ownership structure and board of directors characteristics, the pool OLS clustered at firm level results point out that the later are those variables that significantly influence firm CSR disclosure. More specifically, the larger the number of women in the board and the lower the board size the higher the level of disclosure about the social actions that firms carry out.

Referencias bibliográficas

  • AGUILERA, R., RUPP, D., WILLIAMS, C. y GANAPATHI, J. (2007): «Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations», Academy of Management Review, 32: 836-863.
  • ARCHEL, P. (2003): «La divulgación de la información social y medioambiental de la gran empresa española en el período 1994– 1998: Situación actual y perspectivas», Revista Española de Financiación y Contabilidad, 117: 571-601.
  • ARELLANO, M. y BOND, S. (1991): «Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations», The Review of Economic Studies, 58: 277-297.
  • BERNARDI, R.A., BOSCO, S.M. y VASSIL, K.M. (2006): «Does female representation on boards of director associate with Fortune’s 100 best companies to work for list? Business & Society, 45: 235-248.
  • BETZ, M., O’CONNEL, L. y SHEPARD, J.M. (1989): «Gender differences in proclivity for unethical behaviour», Journal of Business Ethics, 8: 321-324.
  • BLACKBURN, RM., JARMAN, J. y SILTANEN, J. (1994): «A reply to Lampard», Work Employment & Society, 8: 413-419.
  • BLAIR, M. (1995): Ownership and Control. Rethinking Governance for the Ttwenty-first Century. Washington DC: The Brooking Institution.
  • BRAMMER, S. y PAVELIN, S. (2008): «Factors influencing the quality of corporate environmental disclosure», Business Strategy and the Environment, 17: 120- 136.
  • CARMONA, S. y CARRASCO, F. (1988): «Infor- mación de contenido social y estados contables: Una aproximación empírica y algunas consideraciones teóricas», Actualidad Financiera, 11: 2175-2192.
  • CARROLL, A.B. (1979): «A three-dimensional conceptual model of corporate social performance», Academy of Management Review, 4: 497-506.
  • CASTELO, M. y LIMA, L. (2008): «Factors influencing social responsibility disclosure by Portuguese companies», Journal of Business Ethics, 83: 685-701.
  • CHEN, C. y JAGGI, B. (2000): «Association between independent non executive directors, family control and financial disclosures in Hong Kong», Journal of Accounting and Social and Public Policy, 19:285-310.
  • CHENG, E. y COUNTERNAY, S. (2006): «Board composition, regulatory regime and unitary disclosure», The International Journal of Accounting, 41: 262-289.
  • CLAESSENS, S., DJANKOV, S., FAN, J.P. y LANG, L.H. (2002): «Disentangling the incentive and entrenchment effects of large shareholdings», The Journal of Finance, 57(6): 2741-2771.
  • COMBS, J.G., KETCHEN, D.J., PERRYMAN, A.A. y DONAHUE, M.S. (2007): «The mode- rating effect of CEO power on the board composition-firm performance relationship», Journal of Management Studies, 44: 1299-1323.
  • CULLEN, L. y CHRISTOPHER, T. (2002): «Governance disclosures and firm characteristics of listed Australian mining companies», International Journal of Business Studies, 10(1): 37-58.
  • DE VILLIERS, C., NAIKER, V. y VAN STADEN C.J. (2011): «The effect of board characteristics on firm environmental performance», Journal of Management, 37: 1636-1663.
  • FAMA, E.F. y JENSEN M.C. (1983): «Separation of ownership and control», Journal of Law and Economics, 26: 301-325.
  • FERNÁNDEZ SÁNCHEZ, J.L., LUNA, L. y BARAIBAR, E. (2011): «The relationship between corporate governance and corporate social behavior: A structural equation model analysis», Corporate Social Responsibility and Environmental Management, 18: 91-101.
  • FINKELSTEIN, S. y D’AVENI, R.A. (1994): «CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command», Academy of Management Journal, 37: 1079-1108.
  • FREEMAN, R.E. (1984): Strategic management: A stakeholder approach, Pitman Publishing Inc., Boston.
  • GHAZALI, N. (2007): «Ownership structure and corporate social responsibility disclosure: Some Malaysian evidence», Corporate Governance, 7: 251- 266.
  • GODOS, J.L., FERNÁNDEZ GAGO, R. y CABEZA, L. (2012): «Propiedad y control en la puesta en práctica de la RSC», Cuadernos de Economía y Dirección de la Empresa, 15: 1-11.
  • GOODSTEIN, J., GAUTAM, K. y BOEKER, W. (1994): «The effects of board size and diversity on strategic change», Strategic Management Journal, 15: 241-250.
  • GRAY, R., JAVAD, M., POWER, D.M. y SINCLAIR, CD. (2001): «Social and environmental disclosure and corporate characteristics: A research note and extension», Journal of Business Finance and Accounting, 28(3/4): 327-356.
  • GROSFELD, I. y HASHI, I. (2007): «Changes in ownership concentration in mass privatised firms: Evidence from Poland and Czech Republic», Corporate Governance: An International Review, 15 (4): 520-534.
  • GUL, F.A. y LEUNG, S. (2004): «Board leadership, outside directors expertise and voluntary corporate disclosures», Journal of Accounting & Public Policy, 23: 351-379.
  • HALME, M. y HUSE, M. (1997): «The influence of corporate governance, industry and country factors on environmental retorting», Scandinavian Journal of Management, 13: 137-157.
  • HANIFFA, R.M. y COOKE, T.E. (2005): «The impact of culture and governance on corporate social reporting», Journal of Accounting and Public Policy, 24: 391-430.
  • HARRIGAN, K.R. (1981): «Numbers and positions of women elected to corporate boards», Academy of Management Journal, 24: 619-625.
  • HARRIS, J. (1989): «Ethical values and decision processes of male and female business students», Journal of Education for Business, 64: 234-238.
  • HUANG, S.K. (2012): «The impact of CEO char- acteristics on corporate sustainable development», Corporate Social Responsibility and Environmental Management, DOI:10.1002/ csr.1295.
  • IBRAHIM, N.A. y ANGELIDIS, J.P. (1991): «Ef- fects of board members gender on level of in- vestment in strategic management and corporate social responsiveness orientation», Proceedings of the Northeast Decision Sciences Institutes: 208-2010.
  • IBRAHIM, N.A. y ANGELIDIS, J.P. (1994): «Effect of board members’ gender on corporate social responsiveness orientation», Journal of Applied Business Research, 10: 35-43.
  • IBRAHIM, N.A. y ANGELIDIS, J.P. (1995): «The corporate social responsiveness orientation of board members: Are there differences between inside and outside directors?» Journal of Business Ethics, 14: 405-410.
  • JENSEN, M.C. (1986): «The agency costs of free cash flow», American Economic Review-Papers and Proceedings, 76: 326-329.
  • JENSEN, M.C. y MECKLING, W.H. (1976): «Theory of the firm: Managerial behaviour, agency cost and ownership structure», Journal of Financial Economics, 3: 305-360.
  • JOHNSON, R.A. y GREENING, D.W. (1999): «The effects of corporate governance and institutional ownership types on corporate social performance», Academy of Management Journal, 42: 564-576.
  • KARAMANOU, I. y VAFEAS, N. (2005): «The association between corporate boards, audit committees and management earnings forecast: an empirical analysis», Journal of Accounting Research, 43 (39: 453-486.
  • KLEINBAUM, D.G., KUPPER, L.L. y MULLER, K.E. (1998): Applied regression analysis and other multivariable methods, PWS-KENT Publishing Company, Boston.
  • KOR, Y.Y. (2006): «Direct and interaction effects of top management team compositions on R&D investment strategy», Strategic Management Journal, 27: 1081-1099.
  • LANE, C. (1995): «Ethics of business students: some marketing perspectives», Journal of Business Ethics, 14: 571-580.
  • LI, J., PIKE, R. y HANIFFA, R. (2008): «Intellectual capital disclosure and corporate governance structure in UK firms», Accounting and Business Research, 38: 137-159.
  • LIPTON, M. y LORSCH, J.W. (1992): «A modest proposal for improved corporate governance», Business Lawyer, 48: 59-77.
  • MILLER, D. y LE BRETON-MILLER, I. (2006): «Family governance and firm performance: Agency, stewardship and capabilities», Family Business Review, 19: 73-87.
  • MONEVA, J.M. y LLENA, F. (1996): «Análisis de la información sobre responsabilidad social en las empresas industriales que cotizan en bolsa», Revista Española de Financiación y Contabilidad, 25(87): 361-402.
  • MONEVA, J.M. y LLENA, F. (2000): «Environmental disclosures in the annual reports of large companies in Spain», European Accounting Review, 9(1):7-29.
  • O’NEILL, H.M., SAUNDERS, C.B. y MCCARTHY, A.D. (1989): «Board members, corporate social responsiveness and profitability: Are tradeoffs necessary?» Journal of Business Ethics, 8: 353-357.
  • PATTEN, D. (1992): «Intra-Industry environmental disclosures in response to the Alaskan oil spill: A note on legitimacy theory», Accounting, Organizations and Society, 17(5): 471-475.
  • PRADO-LORENZO, J.M., GARCÍA-SÁNCHEZ, I.M. y GALLEGO-ÁLVAREZ, I. (2009): «Características del consejo de administración e información en materia de responsabilidad social corporativa», Revista Española de Financiación y Contabilidad, 141: 107-135.
  • REVERTE, C. (2009): «Determinants of corporate social responsibility disclosure ratings by Spanish listed firms», Journal of Business Ethics, 88: 351-366.
  • ROBERTS, RW. (1992): «Determinants of corpo- rate social responsibility disclosure: An application of stakeholder theory», Accounting, Organizations & Society, 17(6): 595-612.
  • ROBINSON, G. y DECHANT, K. (1997): «Building a business case for diversity», Academy of Management Executive, 11(3): 21-30.
  • SAHIN, K., SAHIN, C. y OZSALIH, A. (2011): «The impact of board composition on corpo- rate financial and social responsibility performance: Evidence from public-listed companies in Turkey», African Journal of Business Management, 5: 2959-2978.
  • SHLEIFER, A. y VINSHY, R. (1997): «A survey of corporate governance», The Journal of Finance, 52: 737-783.
  • SONNEFELD, J. (1981): «Executive apologies for price fixing: Role biased perceptions of causality», Academy of Management Journal, 24(1): 192-198.
  • STULTZ, J.E. (1979): «Madam Director», Directors and Boards, 3: 6-19.
  • TICKKER, R. (1984): Corporate governance: practices, procedures and powers in British companies and their board of directors. Gower: London.
  • ULLMANN, A.E. (1985): «Data in research of a theory: A critical examination of the relationships among social performance, social disclosure and economic performance of US firms», Academy of Management Review, 10 (3): 540-557.
  • VAFEAS, N. (1999): «Board meeting frequency and firm performance An empirical analysis», Journal of Financial Economics, 53: 113-142.
  • VAN DEN BERGHE, L.A.A. y LEVRAU, A. (2004): «Evaluating boards of directors: What constitutes a good corporate board?» Corporate Governance: An International Review, 12: 461-478.
  • WEBB, E. (2004): «An examination of socially responsible firms’ board structure», Journal of Management and Governance, 8: 255-277.
  • WILLIAMS, R.J. (2003): «Women on corporate boards of directors and their influence on corporate philanthropy», Journal of Business Ethics, 42: 1-10.
  • XIE, B., DAVISON, W. y DADALT, P. (2003): «Earning management and corporate governance: The role of the board and the audit committee», Journal of Corporate Finance, 9: 295-315.
  • ZAHRA, S. y PEARCE, J. (1989): «Boards of directors and corporate financial performance: A review and integrative model», Journal of Management, 15: 291-334.
  • ZHARA, S. y STANSON, W. (1988): «The implications of board of directors’ composition on corporate strategy and performance», International Journal of Management, 5 (2): 229-236.
  • ZAHRA, S., OVIATT, B.M y MINYARD, K. (1993): «Effects of corporate governance ownership and board structure on corporate social responsibility and financial performance», Academy of Management Proceedings 1993.
  • ZENG, S.X., XU, X.D., YIN, H.T. y TAM, C.M. (2012): «Factors that drive Chinese listed companies in voluntary disclosure of environmental information», Journal of Business Ethics, 109: 309-321.
  • ZYGLIDOPOULUS, S.C. (2003): «The issue lifecycle: implications for reputation for social performance and organizational legitimacy», Corporate Reputation Review, 6: 70-81.
Fuente de los datos: Dialnet