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Corporate responsibility and financial performance: the role of intangible resources
Open accessAbstract
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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“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
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“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]
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“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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Metadata
- Authors
- Surroca, J., Tribó, J. A., & Waddock, S.
- Affiliations
- Universidad Carlos III de Madrid (ES)
- Boston College (US)
- Corresponding author
- Surroca, Jordi
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 2009-11-17
- Volume
- 31
- Issue
- 5
- Pages
- 463-490
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- 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
- bronze
- doi.org
- 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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