Publication: La responsabilidad social corporativa y su relación con la rentabilidad: un análisis del sector bancario internacional
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2017-01-11
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Universidad Complutense de Madrid
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Abstract
El estudio de la relación entre la RSC y el desempeño financiero (DEF) es complejo. En este sentido caben distintas hipótesis. En un extremo la hipótesis del impacto social (Freeman, 1984) defiende la existencia de un impacto positivo en la rentabilidad cuando se concilian los intereses y expectativas de la empresa y el conjunto de los grupos de interés. En el otro extremo, otros autores establecen una relación negativa entre la RSC y la rentabilidad (tradeoff hypothesis) mostrando que los costos asociados a la RSC exceden de los beneficios generados para la empresa (Friedman, 1962, 1970; Aupperle et al, 1985). En el medio algunos autores sostienen la existencia de mediadores o intangibles que explicarían los resultados a veces inconclusos y en definitiva sustentar una relación neutral entre ambas variables (Setó y Angla, 2011; Surroca, Tribó y Waddock, 2010; Gómez-García, 2008). Otros autores defienden la hipótesis de un círculo de valor virtuoso bidireccional o hipótesis de sinergia positiva entre la RSC y el DEF (McGuire et al, 1990; Waddock y Graves, 1997; Preston y ÓBannon, 1997; Orlitzky, et al., 2003, Orlitzky, 2005; Allouche y Laroche, 2005). De acuerdo a esta hipótesis, las compañías con resultados previos buenos liberan recursos para acometer actividades de RSC (hipótesis de la disponibilidad de recursos). Debido a ello, las investigaciones realizadas en los últimos años sobre el impacto de la RSC en el DEF arrojaron resultados inconclusos y conclusiones diferentes dependiendo de la industria, la dimensión estudiada de la RSC y del horizonte temporal considerado (Ortlitzky et al, 2003; Allouche y Laroche, 2005; Marom, 2006; Peloza, 2009; Martínez-Campillo et al 2013). En esta misma línea apuntan Godfrey y Hatch (2007) cuando señalaron la importancia de resolver estas tres cuestiones para poder comparar resultados...
The relationship between corporate social responsibility (CSR) and financial performance (CFP) is a complex area to study. Hence, there are different possible theories. On one extreme we find the social impact hypothesis (Freeman, 1984), which defends the existence of a positive impact on the company’s performance when the company’s interests and expectations are aligned with those of all stakeholders as a whole. On the other side someauthors establishes a negative link between CSR and the company profitability (trade-off hypothesis) showing that the costs associated with the CSR outweigh the benefits generated for the company (Friedman, 1962, 1970; Aupperle et al, 1985). We also find authors who also claim the existence of moderator variables or intangible values which would explain the occasionally inconclusive results and certainly support an insignificant relationship between the two variables (Setó y Angla, 2011; Surroca, Tribó y Waddock, 2010; Gómez-García, 2008). Other authors defend the two-way virtuous cycle of value or positive synergy hypothesis between CSR and CFP (McGuire et al, 1990; Waddock and Graves, 1997; Preston and ÓBannon, 1997; Orlitzky, et al., 2003, Orlitzky, 2005; Allouche and Laroche, 2005). According to them, the companies with good previous financial returns free up resources to undertake CSR activities (slack resources hypothesis). Consequently, recent research into the impact of CSR on CFP has led to inconclusive findings and conclusions that vary according to the industry, the CSR dimension studied and the timeline considered (Ortlitzky et al, 2003; Allouche and Laroche, 2005; Marom, 2006; Peloza, 2009; Martínez-Campillo et al 2013). As reflected by Godfrey and Hatcht (2007) when they underlined the importance of resolving these three issues in order to enable a comparison of findings. Objectives and main results This work endeavours to overcome these three key issues with a triple view. First, providing evidence of the relation between CSR and CFP in the financial sector over a 6-year period. Secondly, identifying the most important CSR dimensions to influence CFP among social, product responsibility, labour, environmental and corporate governance dimensions. Thridly, analysing the differences in the CSR impacts on CFP in the period of 2005-2010, before and after the international crisis that began in 2008. By doing so, the still limited study of this area in the financial industry will be enriched...
The relationship between corporate social responsibility (CSR) and financial performance (CFP) is a complex area to study. Hence, there are different possible theories. On one extreme we find the social impact hypothesis (Freeman, 1984), which defends the existence of a positive impact on the company’s performance when the company’s interests and expectations are aligned with those of all stakeholders as a whole. On the other side someauthors establishes a negative link between CSR and the company profitability (trade-off hypothesis) showing that the costs associated with the CSR outweigh the benefits generated for the company (Friedman, 1962, 1970; Aupperle et al, 1985). We also find authors who also claim the existence of moderator variables or intangible values which would explain the occasionally inconclusive results and certainly support an insignificant relationship between the two variables (Setó y Angla, 2011; Surroca, Tribó y Waddock, 2010; Gómez-García, 2008). Other authors defend the two-way virtuous cycle of value or positive synergy hypothesis between CSR and CFP (McGuire et al, 1990; Waddock and Graves, 1997; Preston and ÓBannon, 1997; Orlitzky, et al., 2003, Orlitzky, 2005; Allouche and Laroche, 2005). According to them, the companies with good previous financial returns free up resources to undertake CSR activities (slack resources hypothesis). Consequently, recent research into the impact of CSR on CFP has led to inconclusive findings and conclusions that vary according to the industry, the CSR dimension studied and the timeline considered (Ortlitzky et al, 2003; Allouche and Laroche, 2005; Marom, 2006; Peloza, 2009; Martínez-Campillo et al 2013). As reflected by Godfrey and Hatcht (2007) when they underlined the importance of resolving these three issues in order to enable a comparison of findings. Objectives and main results This work endeavours to overcome these three key issues with a triple view. First, providing evidence of the relation between CSR and CFP in the financial sector over a 6-year period. Secondly, identifying the most important CSR dimensions to influence CFP among social, product responsibility, labour, environmental and corporate governance dimensions. Thridly, analysing the differences in the CSR impacts on CFP in the period of 2005-2010, before and after the international crisis that began in 2008. By doing so, the still limited study of this area in the financial industry will be enriched...
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Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Departamento de Economía Financiera y Contabilidad III, leída el 09-10-2015