Consecuencias de las prácticas de sostenibilidad en el coste de capital y en la reputación corporativa

Effect of sustainable practices on capital costs and corporate reputation

Autores/as

DOI: https://doi.org/10.1016/j.rcsar.2013.08.008
Palabras clave: Responsabilidad social corporativa, Coste de capital, Reputación corporativa

Resumen

El objetivo de esta investigación es clarificar el efecto que las prácticas sostenibles generan en el coste de capital y en la reputación corporativa, al ser prácticas percibidas por los inversores y el mercado y que generan un impacto a nivel económico y financiero. Las hipótesis son testadas para una muestra compuesta por 1.757 empresas internacionales, cotizadas y no financieras. Dicha muestra está constituida por un total de 8.785 observaciones pertenecientes a 25 países y una región administrativa especial de la República Popular China (Hong Kong) para el periodo 2006-2010.Los resultados tras aplicar una metodología para datos de panel confirman cómo las prácticas de sostenibilidad son valoradas positivamente por los inversores y otros stakeholders, generando un efecto positivo en la reputación empresarial y un menor coste de capital.

Descargas

Los datos de descargas todavía no están disponibles.

Biografía del autor/a

Jennifer Martínez-Ferrero

Assistantprofessor

Multidisciplinary Institute of Enterprise (MIE), Facultad de Economía y Empresa
Campus Unamuno
Campus Unamuno
Salamanca
37007
SPAIN

Citas

[Adams, 2002] C.A. Adams. Internal organisational factors influencing corporate social and ethical reporting: Beyond current theorising. Accounting, Auditing & Accountability Journal, 15 (2002), pp. 223-250 http://dx.doi.org/10.1111/1475-6773.12226

[Adams y Zutshi, 2004] C. Adams, A. Zutshi. Corporate social responsibility: Why business should act responsibly and be accountable. Australian Accounting Review, 14 (2004), pp. 31-39

[Archel et al., 2009] P. Archel, J. Husillos, C. Larrinaga, C. Spence. Social disclosure, legitimacy theory and the role of the state. Accounting, Auditing and Accountability Journal, 22 (2009), pp. 1284-1307

[Arellano y Bond, 1991] M. Arellano, S. Bond. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58 (1991), pp. 277-297

[Asher et al., 2005] C. Asher, J.M. Mahoney, J.T. Mahoney. Towards a property rights foundation for a stakeholder theory of the firm. Journal of Management and Governance, 9 (2005), pp. 5-32

[Basu y Palazzo, 2008] K. Basu, G. Palazzo. Corporate social responsibility: A process model of sense making. Academy of Management Review, 33 (2008), pp. 122-136

[Berman et al., 2005] S.L. Berman, S.A. Phillips, A.C. Wicks. Resource dependence, managerial discretion and stakeholder performance. Academy of Management Proceedings, 1 (2005), pp. B1-B6

[Blanco et al., 2009] B. Blanco, J.M. García, J.A. Tribó. The complementary between segment disclosure and earnings quality, and its effect on cost of capital. 32nd Annual Congress of the European Accounting Association,

[Boatright, 1994] J.R. Boatright. Fiduciary duties and the shareholder-management relation: Or whats so special about shareholders?. Business Ethics Quarterly, 4 (1994), pp. 393-407

[Botosan, 2006] C.A. Botosan. Disclosure and the cost of capital: what do we know?. Accounting and Business Research, International Accounting Policy Forum, (2006), pp. 31-40

[Botosan y Plumlee, 2005] C.A. Botosan, M.A. Plumlee. Assessing alternative proxies for the expected risk premium. The Accounting Review, 80 (2005), pp. 21-53

[Brammer y Pavelin, 2004] S. Brammer, S. Pavelin. Building a good reputation. European Management Journal, 22 (2004), pp. 704-713

[Branco y Rodrigues, 2006] M.C. Branco, L.L. Rodrigues. Corporate social responsibility and resource based perspectives. Journal of Business Ethics, 69 (2006), pp. 111-132

[Carroll, 1979] A.B. Carroll. A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4 (1979), pp. 497-505

[Chen et al., 2009] K. Chen, Z. Chen, K. Wei. Agency costs of free cash flow and the effect of shareholder rights on the implied cost of equity capital. Journal of Financial and Quantitative Analysis, 46 (2009), pp. 171-207

[Choi y Wang, 2009] J. Choi, H. Wang. Stakeholder relations and the persistence of corporate social performance. Strategic Management Journal, 30 (2009), pp. 895-907

[Cormier et al., 2005] D. Cormier, M. Magnan, B. van Velthoven. Environmental disclosure quality in large German companies: Economic incentives, public pressures or institutional conditions. European Accounting Review, 14 (2005), pp. 111-122

[de Miguel et al., 2005] A. De Miguel, J. Pindado, C. de la Torre. How do entrenchment and expropriation phenomena affect control mechanisms?. Corporate Governance: An International Review, 13 (2005), pp. 505-516

[Deegan, 2000] C. Deegan. Financial accounting theory. Irwin McGraw-Hill, (2000)

[Deegan, 2002] C. Deegan. The legitimising effect of social and environmental disclosures–A theoretical foundation. Accounting, Auditing & Accountability Journal, 15 (2002), pp. 282-311 http://dx.doi.org/10.1111/1475-6773.12226

[Dhaliwal et al., 2011] D. Dhaliwal, O. Li, A. Tsang, Y. Yang. Voluntary non-financial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86 (2011), pp. 59-100

[Donaldson y Preston, 1995] T. Donaldson, L.E. Preston. The stakeholder theory of the corporation: Concepts, evidence and implications. Academy of Management Review, 20 (1995), pp. 65-91

[Dowling, 2004] G.R. Dowling. Corporate reputations: Should you compete on yours. California Management Review, 46 (2004), pp. 19-36

[Easton, 2004] P.D. Easton. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79 (2004), pp. 73-95

[El Ghoul et al., 2011] S. El Ghoul, O. Guedhami, C.C.Y. Kwok, D. Mishra. Does corporate social responsibility affect the cost of capital?. Journal of Banking and Finance, 35 (2011), pp. 2388-24060

[Fama y French, 1992] E.F. Fama, K.R. French. The cross-section of expected stock returns. Journal of Finance, 47 (1992), pp. 427-465

[Fombrun, 1996] C. Fombrun. Reputation: Realising value from the corporate image. Harvard Business School Press, (1996)

[Fombrun et al., 2000] C.J. Fombrun, N.A. Gardberg, M.L. Barnett. Opportunity platforms and safety nets: Corporate citizenship and reputational risk. Business and Society Review, 105 (2000), pp. 85-106

[Fombrun y Shanley, 1990] C. Fombrun, M. Shanley. What’ in a name? Reputation building and corporate strategy. Academy of Management Journal, 33 (1990), pp. 233-258

[Freeman, 1984] R.E. Freeman. Strategic management: A stakeholder approach. Pitman Publishing Inc, (1984)

[Friedman, 1970] M. Friedman. The social responsibility of business is to increase its profits. The New York Times Magazine, (1970), pp. 13-33

[Garrigues Walker y Trullenque-San Juan, 2008] A. Garrigues Walker, F. Trullenque-San Juan. Responsabilidad social corporativa: ¿papel mojado o necesidad estratégica?. Harvard Deusto Business Review, 164 (2008), pp. 18-36

[Godfrey y Hatch, 2007] P.C. Godfrey, N.W. Hatch. Researching corporate social responsibility: An agenda for the 21st Century. Journal of Business Ethics, 70 (2007), pp. 87-98

[González-Esteban, 2007] E. González-Esteban. La teoría de los stakeholders: un puente para el desarrollo práctico de la ética empresarial y de la responsabilidad social corporativa. VERITAS, 2 (2007), pp. 205-224

[Gray et al., 1995] R.H. Gray, R. Kouhy, S. Lavers. Methodological themes: constructing a research database of social and environmental reporting by UK companies. Accounting, Auditing and Accountability Journal, 8 (1995), pp. 78-101

[Gray et al., 1996] R.H. Gray, D. Owen, C. Adams. Accounting and accountability: Changes and challenges in corporate social and environmental reporting. Prentice Hall, (1996)

[Gregory et al., 2011] A. Gregory, R. Tharyan, J. Whittaker. Corporate social responsibility and the valuation of firms. Xfi Centre for Finance and Investment, (2011)

[Guenster et al., 2011] N. Guenster, R. Bauer, J. Derwall, K. Koedijk. The economic value of corporate ecoefficiency. European Financial Management, 17 (2011), pp. 679-704

[Guthrie y Parker, 1990] J. Guthrie, L.D. Parker. Corporate social reporting: A rebuttal of legitimacy theory. Accounting and Business Research, 19 (1989), pp. 343-352

[Hail y Leuz, 2006] L. Hail, C. Leuz. International differences in cost of equity capital: Do legal institutions and securities regulations matter?. Journal of Accounting Research, 44 (2006), pp. 485-531

[Heard y Bolce, 1981] J. Heard, W. Bolce. The political significance of corporate social reporting in the United States of America. Accounting, Organizations and Society, 6 (1981), pp. 247-254

[Hillman y Keim, 2001] A.J. Hillman, G.D. Keim. Shareholder value stakeholder management, and social issues: What’ the bottom line?. Strategic Management Journal, 22 (2001), pp. 125-139

[Hong y Andersen, 2011] Y. Hong, M.L. Andersen. The relationship between corporate social responsibility and earnings management: An exploratory study. Journal of Business Ethics, 104 (2011), pp. 461-471

[Jo y Harjoto, 2011] H. Jo, M. Harjoto. Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103 (2011), pp. 351-383

[Jones, 1995] T.M. Jones. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review, 20 (1995), pp. 404-437

[Jones y Wicks, 1999] T. Jones, A. Wicks. Convergent stakeholder theory. Academy of Management Review, 24 (1999), pp. 206-222

[Kasznik, 1999] R. Kasznik. On the association between voluntary disclosure and earnings management. Journal of Accounting Research, 37 (1999), pp. 57-81

[Knox y Maklan, 2004] S. Knox, S. Maklan. Corporate social responsibility: Moving beyond investment towards measuring outcomes. European Management Journal, 22 (2004), pp. 508-516

[Lai et al., 2010] C. Lai, C. Chiu, C. Yang, D. Pai. The effects of corporate social responsibility on brand performance: The mediating effect of industrial brand equity and corporate reputation. Journal of Business Ethics, 95 (2010), pp. 457-469

[Larrán y García-Meca, 2004] M. Larrán, E. García-Meca. Costes, beneficios y factores ligados a la política de divulgación de información financiera. Revista de Contabilidad, 7 (2004), pp. 75-111

[Lindblom, 1993] C.K. Lindblom. The implications of organizational legitimacy for corporate social performance and disclosure. Paper presented at the Critical Perspective on Accounting Conference, New York, NY. (1993)

[Lourenço et al., 2012] I.C. Lourenço, M. Castelo, J. Curto, T. Eugénio. How does the market value corporate sustainability performance?. Journal of Business Ethics, 108 (2012), pp. 417-428

[Mahoney et al., 2008] L. Mahoney, W. LaGore, J.A. Scazzero. Corporate Sscial performance financial performance for firms that restate earnings. Issues in Social and Environmental Accounting, 2 (2008), pp. 104-130

[McWilliams y Siegel, 2001] A. McWilliams, D.S. Siegel. Corporate social responsibility: A theory of the firma perspective. Academy of Management Review, 26 (2001), pp. 117-127

[McWilliams et al., 2006] A. McWilliams, D.S. Siegel, P.M. Wright. Corporate social responsibility: Strategic Implications. Journal of Management Studies, 43 (2006), pp. 1-18

[Meek y Gray, 1989] G. Meek, S.J. Gray. Globalization of stock markets and foreign listing requirements: Voluntary disclosures by continental European companies listed on the London Stock Exchange. Journal of International Business Studies, 20 (1989), pp. 315-316

[Melo y Garrido-Morgado, 2012] T. Melo, A. Garrido-Morgado. Corporate reputation: A combination of social responsibility and industry. Corporate Social Responsibility and Environment Management, 19 (2012), pp. 11-31

[Mitchell et al., 1997] R.K. Mitchell, B.R. Agle, D.J. Wood. Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22 (1997), pp. 853-886

[Nieto y Fernández, 2004] M. Nieto, R. Fernández. Responsabilidad social corporativa: la última innovación en management. Universia Business Review, Madrid, (2004),

[Ohlson y Juettner-Nauroth, 2005] J.A. Ohlson, B.E. Juettner-Nauroth. Expected EPS and EPS growth as determinants of value. Review of Accounting Studies, 10 (2005), pp. 349-365

[Orlitzky et al., 2003] M. Orlitzky, F.L. Schmidt, S.L. Rynes. Corporate social and financial performance: A meta-analysis. Organization Studies, 24 (2003), pp. 403-441

[Parlamento Europeo, 2013] Parlamento Europeo. Informe sobre responsabilidad social de las empresas: comportamiento responsable y transparente de las empresas y crecimiento sostenible (2012/2098(INI)). Comisión de Asuntos Jurídicos, Ponente, (2013)

[Peloza, 2005] J. Peloza. Corporate social responsibility as reputation insurance. Paper presented at the 2nd Annual Corporate Social Performance Conference. Haas School of Business, University of California, (2005, April)

[Pérez Ruiz y Rodríguez del Bosque Rodríguez, 2012] A. Pérez Ruiz, I. Rodríguez del Bosque Rodríguez. La imagen de responsabilidad social corporativa en un contexto de crisis económica: El caso del sector financiero en España. Universia Business Review, 33 (2012), pp. 14-29

[Porter y Kramer, 2006] M.E. Porter, M.R. Kramer. The link between competitive advantage and corporate social responsibility. Harvard Business Review, 85 (2006), pp. 78-92

[Post et al., 2002] J.E. Post, L. Preston, S. Sachs. Managing the extended enterprise: The new stakeholder view. California Management Review, 45 (2002), pp. 6-29

[Prior et al., 2008] D. Prior, J. Surroca, J.A. Tribó. Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16 (2008), pp. 160-177

[Robinson et al., 2008] M. Robinson, A. Kleffner, S. Bertels, C. Street. The value of a reputation for corporate social responsibility: Empirical evidence. Working Paper, University of Michigan, (2008),

[Scholtens y Kang, 2012] B. Scholtens, F.C. Kang. Corporate social responsibility and earnings management: Evidence from Asian economies. Corporate Social Responsibility and Environmental Management, (2012),

[Selvi et al., 2010] Y. Selvi, E. Wagner, A. Turiel. Corporate social responsibility in the time of financial crisis: Evidence from Turkey. Annales Universitatis Apulensis Series Oeconomica, 12 (2010), pp. 281-290

[Sen y Bhattacharya, 2001] S. Sen, C.B. Bhattacharya. Does doing good always lead to doing better? Consumer reactions to Corporate Social Responsibility. Journal of Marketing Research, 38 (2001), pp. 25-243

[Sen et al., 2006] S. Sen, C.B. Bhattacharya, D. Korschun. The role of corporate social responsibility in strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing Science, 34 (2006), pp. 158-166

[Spagnolo, 2005] G. Spagnolo. Managerial incentives and collusive behavior. European Economic Review, 49 (2005), pp. 1501-1523

[Starks, 2009] L.T. Starks. Corporate governance and corporate social responsibility: What do investors care about? What should investors care about?. The Financial Review, 44 (2009), pp. 461-468

[Surroca et al., 2010] J. Surroca, J.A. Tribó, S. Waddock. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31 (2010), pp. 463-490

[Torres et al., 2012] A. Torres, T. Bujmolt, J. Tribó, P. Verhoel. Generating global brand equity through corporate social responsibility to key stakeholders. International Journal of Research in Marketing, 29 (2012), pp. 13-24

[Ullman, 1985] A.H. Ullman. 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 (1985), pp. 250-279

[Waddock, 2003] S. Waddock. Stakeholder performance implications of corporate responsibility. International Journal of Business Performance Management, 5 (2003), pp. 114-124

[Williams y Barrett, 2000] R.J. Williams, J.D. Barrett. Corporate philanthropy, criminal activity, and firm reputation: Is there a link. Journal of Business Ethics, 26 (2000), pp. 341-350

Publicado
01-07-2014
Cómo citar
Martínez-Ferrero, J. (2014). Consecuencias de las prácticas de sostenibilidad en el coste de capital y en la reputación corporativa: Effect of sustainable practices on capital costs and corporate reputation. Revista de Contabilidad - Spanish Accounting Review, 17(2), 153–162. https://doi.org/10.1016/j.rcsar.2013.08.008
Número
Sección
Artículos