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

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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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Authors: Surroca, J., Tribó, J. A., & Waddock, S.
Affiliations: Universidad Carlos III de Madrid (ES)
Boston College (US)
Corresponding author: Surroca, Jordi
ORCID: Surroca, Jordi
Tribó, Josep A.
Waddock, Sandra
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: bronze
doi.org
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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Corporate responsibility and financial performance: the role of intangible resources

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