Measuring corporate sustainability in a synthetic way. Is it possible?

Luis Díaz-Marcos, Ricardo Queralt Sánchez de las Matas, Óscar Aguado-Tevar, María García de Blanes Sebastián

Article ID: 3386
Vol 5, Issue 2, 2025
DOI: https://doi.org/10.54517/jelp3386
Received: 5 March 2025; Accepted: 8 April 2025; Available online: 24 April 2025; Issue release: 30 June 2025


Download PDF

Abstract

This study develops a synthetic sustainability indicator (SSI) to assess corporate sustainability performance using data from Spanish IBEX 35 companies. Utilizing sparse principal components analysis (sPCA), the study condenses 65 Environmental, Social, and Governance (ESG) variables into a single indicator, addressing the lack of standardization in CSR evaluations and enabling comparisons across companies and sectors. The results show that environmental practices are the most significant factor (37.30%), followed by labor practices (19.23%) and corporate governance (18.52%). The study’s key contribution lies in offering a quantifiable, transparent method for evaluating corporate sustainability. The SSI provides valuable insights for investors and analysts, promoting data-driven decision-making and encouraging corporate improvements in sustainability performance.


Keywords

corporate sustainability; synthetic indicator; sparse principal components analysis; environmental, social and governance (ESG); IBEX 35


References

  1. Helmold M, Terry B. Sustainability Management and Social Responsibility. In: Operations and Supply Management 4.0. Springer International Publishing; 2021. doi: 10.1007/978-3-030-68696-3
  2. Le TT, Tran PQ, Lam NP, et al. Corporate social responsibility, green innovation, environment strategy and corporate sustainable development. Operations Management Research. 2023; 17(1): 114-134. doi: 10.1007/s12063-023-00411-x
  3. Dinu V. Corporate Social Responsibility—Opportunity for Reconciliation between Economical Interests and Social and Environmental Interests. The Amfiteatru Economic journal. 2011.
  4. Farmer MJ. Corporate social responsibility management. Abhinav-International Monthly Refereed Journal of Research in Management & Technology. 2014.
  5. Chopra DA, Modi DRK, Kumar DA. Integrating Corporate Social Responsibility (CSR) into Business Education: Cultivating Ethical Values and Sustainable Practices. Educational Administration Theory and Practices; 2024. doi: 10.53555/kuey.v30i5.3847
  6. Szlávik J, Nagypál NC, Pálvölgyi T. Sustainability and business behaviour: the role of corporate social responsibility. Periodica Polytechnica Social and Management Sciences; 2006.
  7. Kadagishvili L. Corporate Social Responsibility in the Context of Stakeholders. Economics and Business; 2024. doi: 10.52340/eab.2024.16.01.07
  8. Santos CM. La responsabilidad social corporativa como criterio de gestión empresarial. Lan Harremanak-Revista de Relaciones Laborales. 2006; (14).
  9. Bala D. Corporate social responsibility—an implementation guide for business. The Far East Journal of Psychology and Business. 2012.
  10. Fatima T, Elbanna S. Corporate Social Responsibility (CSR) Implementation: A Review and a Research Agenda Towards an Integrative Framework. Journal of Business Ethics. 2022; 183(1): 105-121. doi: 10.1007/s10551-022-05047-8
  11. Fontrodona J, Argandoña A. A panoramic view of business ethics (Spanish). Universia Business Review; 2011.
  12. Lin WL. The role of corporate social responsibility and corporate social irresponsibility in shaping corporate reputation: An analysis of competitive action and innovation strategies. Corporate Social Responsibility and Environmental Management. 2023; 31(2): 1451-1468. doi: 10.1002/csr.2640
  13. Gladwin TN, Kennelly JJ, Krause TS. Shifting Paradigms for Sustainable Development: Implications for Management Theory and Research. The Academy of Management Review. 1995; 20(4): 874. doi: 10.2307/258959
  14. Makower J. Beyond the Bottom Line: Putting Social Responsibility to Work for Your Business and the World. New York: Simon & Schuster; 1994.
  15. Scott M, Rothman H. Companies with a Conscience: Intimate Portraits of Twelve Firms That Make a Difference. New York: Citadel Press; 1994.
  16. Collins JC, Porras JI. Built to last: Successful habits of visionary companies. William Collins, Sons; 1994.
  17. López MV, Garcia A, Rodriguez L. Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index. Journal of Business Ethics. 2007; 75(3): 285-300. doi: 10.1007/s10551-006-9253-8
  18. Mio C, Costantini A, Panfilo S. Performance measurement tools for sustainable business: A systematic literature review on the sustainability balanced scorecard use. Corporate Social Responsibility and Environmental Management. 2021; 29(2): 367-384. doi: 10.1002/csr.2206
  19. Margherita A, Heikkilä M. Business continuity in the COVID-19 emergency: A framework of actions undertaken by world-leading companies. Business Horizons. 2021; 64(5): 683-695. doi: 10.1016/j.bushor.2021.02.020
  20. Zhao J. Reimagining Corporate Social Responsibility in the Era of COVID-19: Embedding Resilience and Promoting Corporate Social Competence. Sustainability. 2021; 13(12): 6548. doi: 10.3390/su13126548
  21. Fosu E, Yi K, Asiedu D. The effect of CSR on corporate social performance: Mediating role of corporate image, green innovation and moderating role of corporate identity. Corporate Social Responsibility and Environmental Management. 2023; 31(1): 69-88. doi: 10.1002/csr.2553
  22. Villafañe J. A company for after the crisis: The rules of good business and the ethical imperatives of good reputation (Spanish). Mediterráneo Económico; 2014.
  23. Kavadis N, Thomsen S. Sustainable corporate governance: A review of research on long‐term corporate ownership and sustainability. Corporate Governance: An International Review. 2022; 31(1): 198-226. doi: 10.1111/corg.12486
  24. Melé D. Management Ethics. Palgrave Macmillan UK; 2012. doi: 10.1057/9780230361560
  25. Adams C, Zutshi A. Corporate Social Responsibility: Why Business Should Act Responsibly and Be Accountable. Australian Accounting Review. 2004; 14(34): 31-39. doi: 10.1111/j.1835-2561.2004.tb00238.x
  26. Baah C, Agyabeng-Mensah Y, Afum E, et al. Exploring corporate environmental ethics and green creativity as antecedents of green competitive advantage, sustainable production and financial performance: empirical evidence from manufacturing firms. Benchmarking: An International Journal. 2023; 31(3): 990-1008. doi: 10.1108/bij-06-2022-0352
  27. King A. How to Get Started in Corporate Social Responsibility. Financial Management; 2002.
  28. Tsalikis J. The Business Ethics Index as a Leading Economic Indicator. Journal of Business Ethics. 2010; 99(4): 519-525. doi: 10.1007/s10551-010-0664-1
  29. Hong Y, Andersen ML. The Relationship Between Corporate Social Responsibility and Earnings Management: An Exploratory Study. Journal of Business Ethics. 2011; 104(4): 461-471. doi: 10.1007/s10551-011-0921-y
  30. Cuervo Á. Maximizing shareholder value versus corporate social responsibility: compatibility? (Spanish). Economistas. 2005.
  31. Inkpen AC, Sundaram AK. The Endurance of Shareholder Value Maximization as the Preferred Corporate Objective. Journal of Management Studies. 2021; 59(2): 555-568. doi: 10.1111/joms.12715
  32. Brenner SN. The Stakeholder Theory of the Firm. Business Ethics Quarterly; 1992.
  33. Minkkinen M, Niukkanen A, Mäntymäki M. What about investors? ESG analyses as tools for ethics-based AI auditing. AI & SOCIETY. 2022; 39(1): 329-343. doi: 10.1007/s00146-022-01415-0
  34. Ramoglou S, Zyglidopoulos S, Papadopoulou F. Is There Opportunity Without Stakeholders? A Stakeholder Theory Critique and Development of Opportunity-Actualization. Entrepreneurship Theory and Practice. 2021; 47(1): 113-141. doi: 10.1177/10422587211043354
  35. Griffin JJ, Mahon JF. Corporate Social Performance & Corporate Financial Performance. In: Proceedings of the International Association for Business and Society; 1995. doi: 10.5840/iabsproc1995667
  36. Simpson WG, Kohers T. The Link between Corporate Social and Financial Performance: Evidence from the Banking Industry. Journal of Business Ethics. 2002; 35(2): 97-109. doi: 10.1023/A:1013082525900
  37. Rau PR, Yu T. A survey on ESG: investors, institutions and firms. China Finance Review International. 2023; 14(1): 3-33. doi: 10.1108/cfri-12-2022-0260
  38. Mahajan R, Lim WM, Sareen M, et al. Stakeholder theory. Journal of Business Research. 2023; 166: 114104. doi: 10.1016/j.jbusres.2023.114104
  39. Carson TL. Does the Stakeholder Theory Constitute a New Kind of Theory of Social Responsibility?. Business Ethics Quarterly. 1993; 3(2): 171-176. doi: 10.2307/3857371
  40. Freeman REE, McVea J. A Stakeholder Approach to Strategic Management. SSRN Electronic Journal. 2001. doi: 10.2139/ssrn.263511
  41. González E. The plural business model from a stakeholder perspective (Spanish). Debats; 2012.
  42. Marcon Nora GA, Alberton A, Ayala DHF. Stakeholder theory and actor‐network theory: The stakeholder engagement in energy transitions. Business Strategy and the Environment. 2022; 32(1): 673-685. doi: 10.1002/bse.3168
  43. Tuleja T. Beyond the bottom line (Spanish). Barcelona: Plaza y Janes; 1987.
  44. Jensen MC. Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly. 2002; 12(2): 235-256. doi: 10.2307/3857812
  45. Consolandi C, Jaiswal-Dale A, Poggiani E, et al. Global Standards and Ethical Stock Indexes: The Case of the Dow Jones Sustainability Stoxx Index. Journal of Business Ethics. 2008; 87(S1): 185-197. doi: 10.1007/s10551-008-9793-1
  46. Fogliano de Souza FA, Samanez CP. Performance Analysis of Sustainable Investments in the Brazilian Stock Market: A Study About the Corporate Sustainability Index (ISE). Journal of Business Ethics. 2012; 117(1): 19-36. doi: 10.1007/s10551-012-1484-2
  47. Govindan K. Theory Building Through Corporate Social Responsibility 4.0 for Achieving SDGs: A Practical Step Toward Integration of Digitalization with Practice-Based View and Social Good Theory. IEEE Transactions on Engineering Management. 2024; 71: 2103-2120. doi: 10.1109/tem.2022.3155247
  48. European Commission, OECD. Handbook on Constructing Composite Indicators. Methodology and user guide. Paris: OECD publishing; 2008.
  49. Berg F, Kölbel JF, Rigobon R. Aggregate Confusion: The Divergence of ESG Ratings. Review of Finance. 2022; 26(6): 1315-1344. doi: 10.1093/rof/rfac033
  50. García‐Sánchez I, Hussain N, Martínez‐Ferrero J, et al. Impact of disclosure and assurance quality of corporate sustainability reports on access to finance. Corporate Social Responsibility and Environmental Management. 2019; 26(4): 832-848. doi: 10.1002/csr.1724
  51. Costa AJ, Curi D, Bandeira AM, et al. Literature Review and Theoretical Framework of the Evolution and Interconnectedness of Corporate Sustainability Constructs. Sustainability. 2022; 14(8): 4413. doi: 10.3390/su14084413
  52. Elkington J. Cannibals with forks: the triple bottom line of 21st century business. Oxford: Capstone; 1997. doi: 10.5860/choice.36-3997
  53. Savitz AW. The Tripple Bottom Line: How Today’s Best-Run Companies are achieving Economic, Social, and Environmental Success—and how you can too (Rev. y actual.). San Francisco, CA: Jossey-Bass; 2006.
  54. Srivastava AK, Dixit S, Srivastava AA. Criticism of Triple Bottom Line: TBL (With Special Reference to Sustainability). Corporate Reputation Review. 2021; 25(1): 50-61. doi: 10.1057/s41299-021-00111-x
  55. Slaper TF, Hall TJ. The Triple Bottom Line: What Is It and How Does It Work?. Indian Business Review; 2011.
  56. Nogueira E, Gomes S, Lopes JM. Triple Bottom Line, Sustainability, and Economic Development: What Binds Them Together?. A Bibliometric Approach. Sustainability. 2023; 15(8): 6706. doi: 10.3390/su15086706
  57. Balasubramanian S, Shukla V, Islam N, et al. Construction Industry 4.0 and Sustainability: An Enabling Framework. IEEE Transactions on Engineering Management. 2024; 71: 1-19. doi: 10.1109/tem.2021.3110427
  58. Melé D. Business Ethics in Action. Macmillan Education UK; 2009. doi: 10.1007/978-1-137-07468-3
  59. Baumüller J, Sopp K. Double materiality and the shift from non-financial to European sustainability reporting: review, outlook and implications. Journal of Applied Accounting Research. 2021; 23(1): 8-28. doi: 10.1108/jaar-04-2021-0114
  60. Christensen HB, Hail L, Leuz C. Mandatory CSR and sustainability reporting: economic analysis and literature review. Review of Accounting Studies. 2021; 26(3): 1176-1248. doi: 10.1007/s11142-021-09609-5
  61. Moneva JM. Corporate information and sustainable development (Spanish). Economistas; 2005.
  62. Husillos J, González CL, Álvarez MJ. The emergence of triple bottom line reporting in Spain. Spanish Journal of Finance and Accounting. 2011; 40(150): 195-219. doi: 10.1080/02102412.2011.10779701
  63. Khan SAR, Yu Z, Farooq K. Green capabilities, green purchasing, and triple bottom line performance: Leading toward environmental sustainability. Business Strategy and the Environment. 2022; 32(4): 2022-2034. doi: 10.1002/bse.3234
  64. Martínez-Falcó J, Sánchez-García E, Marco-Lajara B, et al. Do organizational commitment and consumer satisfaction mediate the relationship corporate social responsibility-sustainable performance? Assessing happiness management in Spanish wineries. Management Decision. 2023; 62(2): 643-664. doi: 10.1108/md-02-2023-0217
  65. Lozano JM. The citizen company as a responsible and sustainable company (Spanish). Madrid: Trotta; 2009.
  66. Deegan C. Introduction. Accounting, Auditing & Accountability Journal. 2002; 15(3): 282-311. doi: 10.1108/09513570210435852
  67. Husillos FJ. An approach from the theory of legitimacy to the environmental information disclosed by Spanish listed companies (Spanish). Revista Española de Financiación y Contabilidad. 2007; 36(133): 97-121. doi: 10.1080/02102412.2007.10779616
  68. Hess D. The Three Pillars of Corporate Social Reporting as New Governance Regulation: Disclosure, Dialogue, and Development. Business Ethics Quarterly. 2008; 18(4): 447-482. doi: 10.5840/beq200818434
  69. Donaldson T, Preston LE. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. The Academy of Management Review. 1995; 20(1): 65. doi: 10.5465/amr.1995.9503271992
  70. Mitchell RK, Agle BR, Wood DJ. Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts. The Academy of Management Review. 1997; 22(4): 853. doi: 10.2307/259247
  71. Freeman RE. Strategic Management. Marshfield, MA: Pitman Publishing Inc; 2010. doi: 10.1017/cbo9781139192675
  72. Evan WM, Freeman RE. A Stakeholder theory of the modern corporation: Kantian capitalism. In: Ethical Theory and Business. Englewood Cliffs: Prentice Hall; 1988.
  73. European Union. A renewed EU strategy for 2011-14 for Corporate Social Responsibility. Available online: https://capacity4dev.europa.eu/library/renewed-eu-strategy-2011-14-corporate-social-responsibility_en (accessed on 25 January 2025).
  74. European Union. Fomentar un marco europeo para la responsabilidad social de las empresas. Available online: http://eur-lex.europa.eu/legal-content/ES/TXT/?uri=CELEX:52001DC0366 (accessed on 25 January 2025).
  75. Blinova E, Ponomarenko T, Knysh V. Analyzing the Concept of Corporate Sustainability in the Context of Sustainable Business Development in the Mining Sector with Elements of Circular Economy. Sustainability. 2022; 14(13): 8163. doi: 10.3390/su14138163
  76. Tsalikis J, Seaton B. The International Business Ethics Index: European Union. Journal of Business Ethics. 2007; 75(3): 229-238. doi: 10.1007/s10551-006-9249-4
  77. United Nations Conference on Trade and Development. Guidelines on corporate social responsibility indicators in annual reports (Spanish). Nueva York y Ginebra: Publicación de las Naciones Unidas; 2008.
  78. Perrini F. The Practitioner’s Perspective on Non-Financial Reporting. California Management Review. 2006; 48(2): 73-103. doi: 10.2307/41166339
  79. Gray R, Owen D, Adams C. Accounting & Accountability: Changes and Challenges in Corporate Social and Environmental Reporting. Hemel Hempstead: Prentice Hall; 1996.
  80. Larrinaga C. Abadía JMM, Macarull FL, et al. Accounting regulations for environmental information. Spanish and international regulations (Spanish). Asociación Española de Contabilidad y Administración de Empresas, AECA; 2002.
  81. Dhaliwal DS, Radhakrishnan S, Tsang A, et al. Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review. 2012; 87(3): 723-759. doi: 10.2308/accr-10218
  82. Tsagas G, Villiers C. Why “Less is More” in Non-Financial Reporting Initiatives: Concrete Steps Towards Supporting Sustainability. Accounting, Economics, and Law: A Convivium. 2020; 10(2). doi: 10.1515/ael-2018-0045
  83. Lizcano JL, García IM, Fernández A. Standardization of Information on Corporate Social Responsibility (Spanish). EIP; 2010.
  84. Gray R, Owen D, Maunders K. Corporate Social Reporting: Emerging Trends in Accountability and the Social Contract. Accounting, Auditing & Accountability Journal. 1988; 1(1): 6-20. doi: 10.1108/eum0000000004617
  85. Menicucci E, Paolucci G. ESG dimensions and bank performance: an empirical investigation in Italy. Corporate Governance: The International Journal of Business in Society. 2022; 23(3): 563-586. doi: 10.1108/cg-03-2022-0094
  86. Kristensen K, Westlund A. Valid and reliable measurements for sustainable non-financial reporting. Total Quality Management & Business Excellence. 2003; 14(2): 161-170. doi: 10.1080/1478336032000051359
  87. Massari GF, Giannoccaro I. Adopting GRI Standards for the Circular Economy strategies disclosure: the case of Italy. Sustainability Accounting, Management and Policy Journal. 2023; 14(4): 660-694. doi: 10.1108/sampj-07-2021-0284
  88. Sheng J, Amankwah‐Amoah J, Khan Z, et al. COVID‐19 Pandemic in the New Era of Big Data Analytics: Methodological Innovations and Future Research Directions. British Journal of Management. 2020; 32(4): 1164-1183. doi: 10.1111/1467-8551.12441
  89. Krzus MP. Integrated reporting: if not now, when?. Zeitschrift fuer Internationale Rechnungslegung; 2011.
  90. Monciardini D, Mähönen JT, Tsagas G. Rethinking Non-Financial Reporting: A Blueprint for Structural Regulatory Changes. Accounting, Economics, and Law: A Convivium. 2020; 10(2). doi: 10.1515/ael-2020-0092
  91. Schröder P. Mandatory non-financial reporting in the banking industry: assessing reporting quality and determinants. Cogent Business & Management. 2022; 9(1). doi: 10.1080/23311975.2022.2073628
  92. Baboukardos D, Gaia S, Lassou P, et al. The multiverse of non-financial reporting regulation. Accounting Forum. 2023; 47(2): 147-165. doi: 10.1080/01559982.2023.2204786
  93. Ziyadeh MW, Othman M, Zaid AA. Effects of green human resource management on organisational sustainability: the mediating role of corporate social responsibility and organisational citizenship behaviour. International Journal of Organizational Analysis. 2023; 32(2): 357-372. doi: 10.1108/ijoa-11-2022-3506
  94. Eccles RG, Kruzs MP. Integrated Reporting for a Sustainable Strategy. John Wiley & Sons; 2010.
  95. Eccles RE, Saltzman D. Achieving Sustainability Through Integrated Reporting. Stanford Social Innovation Review; 2011.
  96. Velte P. Archival research on integrated reporting: a systematic review of main drivers and the impact of integrated reporting on firm value. Journal of Management and Governance. 2021; 26(3): 997-1061. doi: 10.1007/s10997-021-09582-w
  97. Kim S, Lee G, Kang H. Risk management and corporate social responsibility. Strategic Management Journal. 2020; 42(1): 202-230. doi: 10.1002/smj.3224
  98. Aluchna M, Roszkowska-Menkes M, Kamiński B. From talk to action: the effects of the non-financial reporting directive on ESG performance. Meditari Accountancy Research. 2022; 31(7): 1-25. doi: 10.1108/medar-12-2021-1530
  99. Jensen JC, Berg N. Determinants of Traditional Sustainability Reporting Versus Integrated Reporting. An Institutionalist Approach. Business Strategy and the Environment. 2011; 21(5): 299-316. doi: 10.1002/bse.740
  100. KPMG International Cooperative. The KPMG Survey of Corporate Responsibility Reporting 2013. Available online: https://assets.kpmg.com/content/dam/kpmg/pdf/2013/12/corporate-responsibility-reporting-survey-2013.pdf (accessed on 25 January 2025).
  101. Ahmad H, Yaqub M, Lee SH. Environmental-, social-, and governance-related factors for business investment and sustainability: a scientometric review of global trends. Environment, Development and Sustainability. 2023; 26(2): 2965-2987. doi: 10.1007/s10668-023-02921-x
  102. Spainsif. Available online: http://www.spainsif.es/ (accessed on 20 January 2025).
  103. Lopatta K, Canitz F, Tideman SA. Abnormal CSR and Financial Performance. European Accounting Review. 2022; 33(1): 49-75. doi: 10.1080/09638180.2022.2084134
  104. Alonso Mollar E. Corporate Social Responsibility, Corporate Governance, and Financial Performance: An Interdisciplinary Study of Finance and Psychology (Spanish). Valencia: Universidad de Valencia; 2013.
  105. Coelho R, Jayantilal S, Ferreira JJ. The impact of social responsibility on corporate financial performance: A systematic literature review. Corporate Social Responsibility and Environmental Management. 2023; 30(4): 1535-1560. doi: 10.1002/csr.2446
  106. Arian A, Sands J, Tooley S. Industry and Stakeholder Impacts on Corporate Social Responsibility (CSR) and Financial Performance: Consumer vs. Industrial Sectors. Sustainability. 2023; 15(16): 12254. doi: 10.3390/su151612254
  107. García-Sánchez IM, Hussain N, Khan SA, et al. Do Markets Punish or Reward Corporate Social Responsibility Decoupling?. Business & Society. 2020; 60(6): 1431-1467. doi: 10.1177/0007650319898839
  108. Patrick Raines J, Leathers CG. Financial derivative instruments and social ethics. Journal of Business Ethics. 1994; 13(3): 197-204. doi: 10.1007/bf02074819
  109. Adikaram R, Holcomb A. Exploring the role of analysts in identifying and communicating the value of bank CSR activity. International Journal of Bank Marketing. 2023; 42(4): 794-817. doi: 10.1108/ijbm-12-2022-0557
  110. San-Jose L, Retolaza JL, Gutierrez-Goiria J. Are Ethical Banks Different? A Comparative Analysis Using the Radical Affinity Index. Journal of Business Ethics. 2011; 100(1): 151-173. doi: 10.1007/s10551-011-0774-4
  111. Sandberg J. (Re‐)Interpreting Fiduciary Duty to Justify Socially Responsible Investment for Pension Funds? Corporate Governance: An International Review. 2013; 21(5): 436-446. doi: 10.1111/corg.12028
  112. Woods C, Urwin R. Putting sustainable investing into practice: A governance framework for pension funds. Journal of Business Ethics. 2010; 92(1): 1-19. doi: 10.1007/s10551-010-0631-x
  113. Sparkes R, Cowton CJ. The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility. Journal of Business Ethics. 2004; 52(1): 45-57. doi: 10.1023/B:BUSI.0000033106.43260.99
  114. Andreu A. Responsabilidad Social Corporativa. Noticias, artículos de opinión e información sobre aspectos de actualidad y de fondo para un mundo más responsable. Available online: http://concienciaresponsable.blogspot.com.es/2011/01/rsc-20-una-herramienta-de.htm (accessed on 25 January 2025).
  115. Cox P, Brammer S, Millington A. An Empirical Examination of Institutional Preferences for Corporate Social Performance. Journal of Business Ethics. 2004; 52(1): 27-43. doi: 10.1023/b:busi.0000033105.77051.9d
  116. Sethi SP. Investing in Socially Responsible Companies is a must for Public Pension Funds ? Because there is no Better Alternative. Journal of Business Ethics. 2005; 56(2): 99-129. doi: 10.1007/s10551-004-5455-0
  117. Solomon J, Solomon A, Norton S. Socially Responsible Investment in the UK: Drivers and Current Issues. Journal of General Management. 2002; 27(3): 1-13. doi: 10.1177/030630700202700302
  118. Wu Q, Liu X, Qin J, et al. An integrated multi-criteria decision-making and multi-objective optimization model for socially responsible portfolio selection. Technological Forecasting and Social Change. 2022; 184: 121977. doi: 10.1016/j.techfore.2022.121977
  119. Aupperle KE, Carroll AB, Hatfield JD. An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal. 1985; 28(2): 446-463. doi: 10.2307/256210
  120. Nirino N, Ferraris A, Miglietta N, et al. Intellectual capital: the missing link in the corporate social responsibility–financial performance relationship. Journal of Intellectual Capital. 2020; 23(2): 420-438. doi: 10.1108/jic-02-2020-0038
  121. Toro D. The strategic approach to corporate social responsibility: a review of the academic literature (Spanish). Intangible Capital; 2006.
  122. Waddock SA, Graves SB. The corporate social performance-financial performance link. Strategic Management Journal. 1997.
  123. Mahon JF, McGowan RA. Modeling Industry Political Dynamics. Business & Society. 1998; 37(4): 390-413. doi: 10.1177/000765039803700404
  124. Orlitzky M, Schmidt FL, Rynes SL. Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies. 2003; 24(3): 403-441. doi: 10.1177/0170840603024003910
  125. Lafuente A, Viñuales V, Pueyo R, et al. Responsabilidad social corporativa y políticas públicas. Available online: http://ecodes.org/documentos/archivo/ecodes_fa_rsc_politicas_publicas.pdf (accessed on 25 January 2025).
  126. García-Castro R, Ariño MA, Canela MA. Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity. Journal of Business Ethics. 2009; 92(1): 107-126. doi: 10.1007/s10551-009-0143-8
  127. Wright P, Ferris SP. Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal. 1997.
  128. Tirole J. Corporate Governance. Econometrica. 2001; 69(1): 1-35. doi: 10.1111/1468-0262.00177
  129. Yan S, Almandoz J, Ferraro F. The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance. Administrative Science Quarterly. 2021; 66(4): 903-944. doi: 10.1177/00018392211005756
  130. Baumol WJ, Batey Blackman SA. Perfect Markets and Easy Virtue: Business Ethics and the Invisible Hand, 1st ed. Oxford: Basey Blackwell; 1992.
  131. Hart O, Zingales L. The New Corporate Governance. National Bureau of Economic Research; 2022. doi: 10.3386/w29975
  132. Fallah Shayan N, Mohabbati-Kalejahi N, Alavi S, et al. Sustainable Development Goals (SDGs) as a Framework for Corporate Social Responsibility (CSR). Sustainability. 2022; 14(3): 1222. doi: 10.3390/su14031222
  133. Shleifer A, Vishny RW. A Survey of Corporate Governance. The Journal of Finance. 1997; 52(2): 737-783. doi: 10.1111/j.1540-6261.1997.tb04820.x
  134. Renneboog L, Ter Horst J, Zhang C. Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of Banking & Finance. 2008; 32(9): 1723-1742. doi: 10.1016/j.jbankfin.2007.12.039
  135. Heinkel R, Kraus A, Zechner J. The Effect of Green Investment on Corporate Behavior. The Journal of Financial and Quantitative Analysis. 2001; 36(4): 431. doi: 10.2307/2676219
  136. Sideri L. Leveraging CSR for Sustainability: Assessing Performance Implications of Sustainability Reporting in a National Business System. Sustainability. 2021; 13(11): 5987. doi: 10.3390/su13115987
  137. Galema R, Plantinga A, Scholtens B. The stocks at stake: Return and risk in socially responsible investment. Journal of Banking and Finance. 2008.
  138. Oehmke M, Opp MM. A Theory of Socially Responsible Investment. Review of Economic Studies. 2024; 92(2): 1193-1225. doi: 10.1093/restud/rdae048
  139. Heal G. Corporate Social Responsibility: An Economic and Financial Framework. The Geneva Papers on Risk and Insurance—Issues and Practice. 2005; 30(3): 387-409. doi: 10.1057/palgrave.gpp.2510037
  140. Mayer C. The Future of the Corporation and the Economics of Purpose. Journal of Management Studies. 2021; 58(3): 887-901. doi: 10.1111/joms.12660
  141. Zumente I, Bistrova J. ESG Importance for Long-Term Shareholder Value Creation: Literature vs. Practice. Journal of Open Innovation: Technology, Market, and Complexity. 2021; 7(2): 127. doi: 10.3390/joitmc7020127
  142. Fernández MA. How can I know if my investment is both ethical and profitable? Research and analysis with CSR criteria (Spanish). In: Inversiones Socialmente Responsables). Universidad Pontificia de Salamanca; 2005.
  143. Chen L, Zhang L, Huang J, et al. Social responsibility portfolio optimization incorporating ESG criteria. Journal of Management Science and Engineering. 2021; 6(1): 75-85. doi: 10.1016/j.jmse.2021.02.005
  144. Dewi DM. CSR effect on market and financial performance. El Dinar. 2014; 1(02). doi: 10.18860/ed.v1i02.2525
  145. Curran M, Moran D. Impact of the FTSE4Good Index on firm price: An event study. Journal of Environmental Management. 2007; 82(4): 529-537. doi: 10.1016/j.jenvman.2006.02.010
  146. Collison DJ, Cobb G, Power DM, et al. The financial performance of the FTSE4Good indices. Corporate Social Responsibility and Environmental Management. 2007; 15(1): 14-28. doi: 10.1002/csr.144
  147. Charlo MJ, Moya I. The financial performance of socially responsible companies. European Research in Business Management and Economics (Spanish). Investigaciones Europeas de Dirección y Economía de la Empresa. 2010; 16(2): 15-25. doi: 10.1016/s1135-2523(12)60109-9
  148. Martini A. Socially responsible investing: from the ethical origins to the sustainable development framework of the European Union. Environment, Development and Sustainability. 2021; 23(11): 16874-16890. doi: 10.1007/s10668-021-01375-3
  149. Godfrey PC, Merrill CB, Hansen JM. The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strategic Management Journal. 2008; 30(4): 425-445. doi: 10.1002/smj.750
  150. Dilling PFA. The effect of the inclusion to the Dow Jones Sustainability World Index on Firm value—an empirical event study. Applied Ethics-Science topic; 2008.
  151. Scalet S, Kelly TF. CSR Rating Agencies: What is Their Global Impact?. Journal of Business Ethics. 2009; 94(1): 69-88. doi: 10.1007/s10551-009-0250-6
  152. Wirba AV. Corporate Social Responsibility (CSR): The Role of Government in promoting CSR. Journal of the Knowledge Economy. 2023; 15(2): 7428-7454. doi: 10.1007/s13132-023-01185-0
  153. Olcese A, Alfaro J. Social responsibility, a driver of business change. A Spanish proposal for Europe and Latin America (Spanish). Madrid: McGraw-Hill; 2015.
  154. Jaworski, W. Use of extra-financial information by research analysts and investment managers. European Center for Corporate Engagement (ECCE). 2007.
  155. van Duuren E, Plantinga A, Scholtens B. ESG Integration and the Investment Management Process: Fundamental Investing Reinvented. Journal of Business Ethics. 2015; 138(3): 525-533. doi: 10.1007/s10551-015-2610-8
  156. Escrig E, Muñoz MJ, Fernández MA. Socially responsible investing: sustainability indices, ESG rating and information provider agencies. International Journal of Sustainable Economy. 2010; 2(4): 442-461. doi: 10.1504/ijse.2010.035490
  157. Stiglitz J, Sen AK, Fitoussi JP. The measurement of economic performance and social progress revisited. Political Theory; 2009.
  158. Álvarez I, Mínguez JL, Rodríguez JM. Corporate social performance: integrated indices for European industry and their relationship to performance (Spanish). Available online: https://www.aeca1.org/xvicongresoaeca/cd/142h.pdf (accessed on 25 January 2025).
  159. Luo W, Tian Z, Fang X, et al. Can good ESG performance reduce stock price crash risk? Evidence from Chinese listed companies. Corporate Social Responsibility and Environmental Management. 2023; 31(3): 1469-1492. doi: 10.1002/csr.2646
  160. Ogwang T, Cho DI. A Conceptual Framework for Constructing a Corruption Diffusion Index. Journal of Business Ethics. 2013; 125(1): 1-9. doi: 10.1007/s10551-013-1904-y
  161. Turzo T, Marzi G, Favino C, et al. Non-financial reporting research and practice: Lessons from the last decade. Journal of Cleaner Production. 2022; 345: 131154. doi: 10.1016/j.jclepro.2022.131154
  162. Tsalikis J, Seaton B. Business Ethics Index: Measuring Consumer Sentiments Toward Business Ethical Practices. Journal of Business Ethics. 2006; 64: 317-326. doi: 10.1007/s10551-010-0664-1
  163. Escrig-Olmedo E, Muñoz-Torres M, Fernandez-Izquierdo M, et al. Measuring corporate environmental performance: A methodology for sustainable development. Business Strategy and the Environment. 2017; 26(2): 142–162. doi: 10.1002/bse.1904
  164. Funtowitcz SO, Martínez-Alier J, Ravetz JR, et al. Information tools for environmental policy under conditions of complexity. Copenhagen: European Environment Agency; 1999.
  165. Munda G. Social Multi-Criteria Evaluation (SMCE) Methodological Foundations and Operational Consequences. European Journal of Operations Research. 2004; 158(3): 662-677. doi: 10.1016/S0377-2217(03)00369-2
  166. Roy B. Decision-Aid and Decision-Making. In: Readings in Multiple Criteria Decision Aid. Berlin Heidelberg: Springer-Verlag; 1990. doi: 10.1007/978-3-642-75935-2_2
  167. O’Neill J. Ecology, Policy and Politics; Human Well-Being and the Natural World. London: Routledge; 1993.
  168. Young W, Weckman G, Holland W. A survey of methodologies for the treatment of missing values within datasets: limitations and benefits. Theoretical Issues in Ergonomics Science. 2011; 12(1): 15-43. doi: 10.1080/14639220903470205
  169. Ren L, Wang T, Sekhari Seklouli A, et al. A review on missing values for main challenges and methods. Information Systems. 2023; 119: 102268. doi: 10.1016/j.is.2023.102268
  170. Boudiaf M, Mueller R, Ayed IB, et al. Parameter-free Online Test-time Adaptation. In: Proceedings of the 2022 IEEE/CVF Conference on Computer Vision and Pattern Recognition (CVPR); 2022. doi: 10.1109/cvpr52688.2022.00816
  171. Little RJA, Rubin DB. Statistical Analysis with Missing Data. Wiley Series in Probability and Statistics; 2002. doi: 10.1002/9781119013563
  172. Rubin DB. Multiple Imputation for Nonresponse in Surveys. Wiley Series in Probability and Statistics; 1987. doi: 10.1002/9780470316696
  173. Schafer JL. Analysis of Incomplete Multivariate Data. Chapman and Hall/CRC; 1997. doi: 10.1201/9781439821862
  174. Josse J, Husson F. Handling missing values in exploratory multivariate data analysis methods. Journal de la Société Francaise de Statistique. 2012.
  175. Pearson K. LIII. On lines and planes of closest fit to systems of points in space. The London, Edinburgh, and Dublin Philosophical Magazine and Journal of Science. 1901; 2(11): 559-572. doi: 10.1080/14786440109462720
  176. Hotelling H. Analysis of a complex of statistical variables into principal components. Journal of Educational Psychology. 1933; 24(6): 417-441. doi: 10.1037/h0071325
  177. Jolliffe IT. Principal Component Analysis, 1st ed. Springer New York; 1986. doi: 10.1007/978-1-4757-1904-8_7
  178. Beattie JR, Esmonde-White FWL. Exploration of Principal Component Analysis: Deriving Principal Component Analysis Visually Using Spectra. Applied Spectroscopy. 2021; 75(4): 361-375. doi: 10.1177/0003702820987847
  179. Duong TD, Duong VN. Non-negative Sparse Principal Component Analysis for Multidimensional Constrained Optimization. Berlin, Heidelberg: Springer; 2008. doi: 10.1007/978-3-540-89197-0_13
  180. Zhang Z, Zha H, Simon H. Low-Rank Approximations with Sparse Factors II: Penalized Methods with Discrete Newton-Like Iterations. SIAM Journal on Matrix Analysis and Applications. 2004; 25(4): 901-920. doi: 10.1137/s0895479801394477
  181. Zou H, Hastie T, Tibshirani R. Sparse Principal Component Analysis. Journal of Computational and Graphical Statistics. 2006; 15(2): 265-286. doi: 10.1198/106186006x113430
  182. Tibshirani R. Regression Shrinkage and Selection Via the Lasso. Journal of the Royal Statistical Society Series B: Statistical Methodology. 1996; 58(1): 267-288. doi: 10.1111/j.2517-6161.1996.tb02080.x
  183. Jolliffe IT, Trendafilov NT, Uddin M. A Modified Principal Component Technique Based on the LASSO. Journal of Computational and Graphical Statistics. 2003; 12(3): 531-547. doi: 10.1198/1061860032148
  184. Domínguez Serrano M, Blancas Peral FJ, Guerrero Casas FM, et al. A critical review for the construction of synthetic indicators (Spanish). Revista de Métodos Cuantitativos para la Economía y la Empresa; 2016. doi: 10.46661/revmetodoscuanteconempresa.2094
  185. Ramanathan R. Understanding Complexity: the Curvilinear Relationship Between Environmental Performance and Firm Performance. Journal of Business Ethics. 2016; 149(2): 383-393. doi: 10.1007/s10551-016-3088-8
  186. Fatemi A, Glaum M, Kaiser S. ESG performance and firm value: The moderating role of disclosure. Global Finance Journal. 2018; 38: 45-64. doi: 10.1016/j.gfj.2017.03.001

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 Author(s)

License URL: https://creativecommons.org/licenses/by/4.0/


This site is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).