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Cited by 2,252Corporate Social Responsibility ReportingCorporate Identity and ReputationIntellectual Capital and Performance Analysis

Corporate responsibility and financial performance: The role of intangible resources

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Surroca, Jordi, Tribó, Josep A., Waddock, Sandra·2010·Strategic Management Journal
DOI 10.1002/smj.820
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Abstract

This paper examines the effects of a firm's intangible resources in mediating the relationship between corporate responsibility and financial performance. We hypothesize that previous empirical findings of a positive relationship between social and financial performance may be spurious because the researchers failed to account for the mediating effects of intangible resources. Our results indicate that there is no direct relationship between corporate responsibility and financial performance—merely an indirect relationship that relies on the mediating effect of a firm's intangible resources. We demonstrate our theoretical contention with the use of a database comprising 599 companies from 28 countries. Copyright © 2009 John Wiley & Sons, Ltd.

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Cites

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  • Firms that participated in voluntary disclosure of carbon emissions are expected to have high-quality staff and innovative technology, improving energy efficiency and their operating process.

    “Firms that participated in the voluntary disclosure of carbon emissions are expected to have high-quality staff and innovative technology (Surroca et al., 2010) [25], improving energy efficiency and their operating process.”

    From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as Surroca et al., 2010

    In “The mediating role of intangibles in the instrumental approach” (p. 468), the paper says firms perceived as committed to corporate responsibility tend to attract better job applicants. The same section discusses environmental strategies, technological and process innovation, and reduced energy consumption. It does not establish these expectations specifically for firms that voluntarily disclose carbon emissions; its discussion of disclosure in “Sample and data” does not make that link. (LLM, conf=0.85)

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  • Firms that participated in voluntary disclosure of carbon emissions are expected to have high-quality staff and innovative technology, improving energy efficiency and their operating process.

    “Firms that participated in the voluntary disclosure of carbon emissions are expected to have high-quality staff and innovative technology (Surroca et al., 2010) [25], improving energy efficiency and their operating process.”

    From Voluntary Disclosure of Carbon Emissions and Sustainable Existence of Firms: With a Focus on Human Resources of Internal Control System (2021) · cites this paper as [25]

    The mediating-role section (around p. 468) says firms committed to corporate responsibility attract better job applicants and links proactive environmental strategies to innovation in technologies and processes. It does not establish that firms voluntarily disclosing carbon emissions specifically have these resources; the citation precedes the sentence’s further claim about energy efficiency. (LLM, conf=0.86)

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  • Stakeholder relationships constitute a source of competitive advantage that generates financial rents, protects the firm against hostility, and contributes to firm survival.

    “Stakeholder relationships constitute a source of competitive advantage (Surroca et al. 2010) that not only generate financial rents but also protect the firm against hostility (such as product harm crises) and contribute to firm survival (Choi and Wang 2009).”

    From Stakeholder marketing: theoretical foundations and required capabilities (2015) · cites this paper as Surroca et al. 2010

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Cites

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Research works printed but not linked: 11

  1. [37]37. Gomez-Mejia LR, Balkin DB. 2002. Management. McGraw-Hill: New York.
  2. [39]39. Graafland JJ, Eijffinger SCW, Smid H. 2004. Bench- marking of corporate social responsibility: method- ological problems and robustness. Journal of Business Ethics 53: 137-152.
  3. [40]40. Grant RM. 1991. The resource-based theory of competi- tive advantage. California Management Review 33(3): 114-135.
  4. [44]44. Helfat C. 1997. Know-how and asset complementarity and dynamic capability accumulation: the case of R&D. Strategic Management Journal 18(5): 339-360.
  5. [45]45. Hillman AJ, Keim GD. 2001. Shareholder value, stake- holder management, and social issues: what's the bottom line? Strategic Management Journal 22(2): 125-139.
  6. [52]52. Copyright  2009 John Wiley & Sons, Ltd. Strat. Mgmt. J., 31: 463-490 (2010) DOI: 10.1002/smj 486 · DOI
  7. [63]63. McGuire JB, Sundgren A, Schneeweis T. 1988. Cor- porate social responsibility and firm financial per- formance. Academy of Management Journal 31(4): 854-872.
  8. [64]64. McWilliams A, Siegel D. 2000. Corporate social respon- sibility and financial performance: correlation or mis- specification? Strategic Management Journal 21(5): 603-609.
  9. [88]88. Copyright  2009 John Wiley & Sons, Ltd. Strat. Mgmt. J., 31: 463-490 (2010) DOI: 10.1002/smj · DOI
  10. [92]92. Turban DB, Greening DW. 1997. Corporate social per- formance and organizational attractiveness. Academy of Management Journal 40(3): 658-672.
  11. [102]102. Copyright  2009 John Wiley & Sons, Ltd. Strat. Mgmt. J., 31: 463-490 (2010) DOI: 10.1002/

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Authors
Surroca, J., Tribó, J. A., & Waddock, S.
Affiliations
  • Universidad Carlos III de Madrid (ES)
  • Boston College (US)
Corresponding author
Surroca, Jordi
ORCID
Venue
Strategic Management Journal
Publisher
Wiley
Published
2009-11-17
Volume
31
Issue
5
Pages
463-490
ISSN
  • 0143-2095 (ISSN-L)
  • 1097-0266
DOI
10.1002/smj.820
OpenAlex
W2493849050
Cited by
2,252
References
109
Citations by year
2026: 119 · 2025: 177 · 2024: 167 · 2023: 176 · 2022: 218 · 2021: 181 · 2020: 195 · 2019: 154 · 2018: 165 · 2017: 128 · 2016: 124 · 2015: 125 · 2014: 108 · 2013: 84 · 2012: 75
FWCI
123.00
Type
journal article
Language
en
Open access
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor)
Locations
  • Strategic Management Journal (publishedVersion)
  • LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Científicas) (acceptedVersion, other-oa)
  • RePEc: Research Papers in Economics (submittedVersion)
  • e-Archivo (Carlos III University of Madrid) (submittedVersion)
Funders
  • Comunidad de Madrid (# 2008/00037/001, # 2009/00138/001, S2007/HUM-0413)
  • Fundación Ramón Areces
  • Ministry of Education and Science (# SEJ2006-01731, # SEJ2006-09401, # CSD 2006-16, ECO2009-10796, ECO2009-08308)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Intellectual Capital and Performance Analysis
Keywords
corporate social responsibility, financial performance, intangible resources, mediating effect, spurious correlations, social performance, firm resources

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