Determinants and results of Corporate Social Responsibility as a stakeholder engagement tool

INTERNATIONAL DOCTORAL
SCHOOL OF THE USC
Ma ía
Ga ido Ruso
PhD Thesis
DETERMINANTS AND
RESULTS OF CORPORATE
SOCIAL RESPONSIBILITY AS A
STAKEHOLDER
ENGAGEMENT TOOL
San iago de Compos ela, 2022
Doc o al P og amme in Economics and Business
TESIS DE DOCTORADO
DETERMINANTS AND RESULTS OF
CORPORATE SOCIAL
RESPONSIBILITY AS A
STAKEHOLDER ENGAGEMENT
TOOL
Ma ía Ga ido Ruso
ESCUELA DE DOCTORADO INTERNACIONAL DE LA USC
PROGRAMA DE DOCTORADO EN ECONOMÍA Y EMPRESA
SANTIAGO DE COMPOSTELA
2022
DECLARACIÓN DEL AUTOR/A DE LA TESIS
D./Dña.
Ma ía Ga ido Ruso
Tí ulo da ese:
De e minan s and esul s o Co po a e Social Responsibili y as a s akeholde
engagemen ool
P esen o mi esis, siguiendo el p ocedimien o adecuado al Reglamen o y decla o que:
1) La esis aba ca los esul ados de la elabo ación de mi abajo.
2) De se el caso, en la esis se hace e e encia a las colabo aciones que u o es e abajo.
3) Con i mo que la esis no incu e en ningún ipo de plagio de o os au o es ni de abajos
p esen ados po mí pa a la ob ención de o os í ulos.
4) La esis es la e sión de ini i a p esen ada pa a su de ensa y coincide la e sión imp esa con la
p esen ada en o ma o elec ónico.
Y me comp ome o a p esen a el Comp omiso Documen al de Supe isión en el caso que el o iginal no
es é deposi ado en la Escuela.
En San iago de Compos ela, 11 de Julio de 2022.
Fi ma elec ónica

AUTORIZACIÓN
DEL
DIRECTOR
/
TUTOR DE LA TESIS
[De e minan s and esul s o Co po a e Social Responsibili y
as a s akeholde engagemen ool]
D./Dª.
BEATRIZ AIBAR GUZMÁN
INFORMA/N:
Que la p esen e esis, se co esponde con el abajo ealizado po D/Dª. Ma ía Ga ido
Ruso, bajo mi di ección/ u o ización, y a
u o izo
su
p esen ación
, conside ando
que
eúne l os
equisi os
exigidos en el R
eglamen o
de Es udios de
Doc o ado de la
USC,
y
que
como di ec o de es a
no incu e en las causas de
abs ención
es ablecidas
en la Ley
40/2015.
De acue do con lo indicado en el Reglamen o de Es udios de Doc o ado, decla a ambién
que la p esen e esis doc o al es idónea pa a se de endida en base a la modalidad de
Monog á ica con ep oducción de publicaciones, en los que la pa icipación del
doc o ando/a ue decisi a pa a su elabo ación y las publicaciones se ajus an al Plan de
In es igación.
En San iago de Compos ela, 11 de Julio de 2022.
ACKNOWLEDGEMENTS
Du ing all hese yea s o wo k I ha e gone h ough di e en eelings and i has no always been
easy o ace he challenge o he PhD. Fo his eason, seeing his wo k become a eali y is
eno mously sa is ying o me. Wi hou a doub , he e a e many people who a e esponsible o me
being he e oday, bu I ha e o make special men ion o a ew.
Fi s o all, o my di ec o Bea iz Aiba . The oad has been di icul bu I am immensely happy
o see ha we ha e been able o edi ec i un il we a e he e oday. Thank you o he hou s o wo k,
o cap u ing you knowledge and o showing me ha capaci y o wo k. I also wan o hank
P o esso Luis O e o, since wi hou his help i would no ha e been possible o inish his p ojec .
Thank you Luis because I ha e always ound wo ds o encou agemen in you and you ha e gi en
me a lo o ligh along he way. Thanks o Celia López. Since I en e ed his acul y, he only hing I
ha e ecei ed om you has been a ec ion. Thank you, hank you, hank you. Thanks also o Lo e o
Fe nández, who has always unde s ood and p io i ized he ime I had o dedica e o my hesis when
o ganizing he depa men . And o cou se, hanks o all he colleagues in he Depa men o
Financial Economics and Accoun ing o always ha ing wo ds o encou agemen owa ds me and
always encou aging me o con inue wi h his p ojec and o ind a place o mysel in he
depa men .
Thanks o Ad ián and Rulas, because wi hou a doub , unning in o hem hal way has made i
much mo e un.
And hanks o my iends, my amily and Rubén, o you pa ience and lo e du ing hese yea s.

LIST OF APPENDICES
Appendix 1. .................................................................................................................................................................. 135
Appendix 2. .................................................................................................................................................................. 136
LIST OF ACRONYMS
AIC - Akaike in o ma ion c i e ion
BRICS - B azil, Russia, India, China and Sou h A ica
CEO – Chie Execu i e O ice
CI - Con idence in e al
CSR - Co po a e Social Responsibili y
CSRD - Co po a e Sus ainabili y Repo ing Di ec i e
EFRAG - Eu opean Financial Repo ing Ad iso y G oup
ESG - En i onmen al, Social and Go e nance
EU - Eu opean Union
GRI - Global Repo ing Ini a i e
JCR - Jou nal Ci a ion Repo
MDGs - Millennium De elopmen Goals
MSCI- Mo gan S anley Capi al In e nacional
NIY – No maliced Ci a ions pe Yea
OC - O ganiza ional Commi men
OI - O ganiza ional Iden i ica ion
TI - Tu no e In en ions
ROA – Re u n On Asse s
ROE – Re u n on Equi y
SDGs - Sus ainable De elopmen Goals
SMEs – Small and Medium En e p ises
S&P - S anda d & Poo 's
UET - Uppe Echelons Theo y
UN –Uni ed Na ions
ABSTRACT
The concep o Co po a e Social Responsibili y (CSR) has unde gone a conside able e olu ion
o e ime. In his e olu ion, s akeholde s’ conce ns and demands ha e acqui ed a g owing
impo ance o he poin ha , a p esen , CSR is in insically linked o s akeholde engagemen .
F om an ins umen al pe spec i e, engaging wi h s akeholde s has an impac on a i m’s
pe o mance, bo h di ec ly and indi ec ly. Acco dingly, s akeholde engagemen should be a
undamen al aspec o business s a egy, so ha i akes in o accoun s akeholde s’ in e es s and
equi emen s. This is especially ue in he ield o CSR. CSR equi es ha companies engage wi h
hei in e nal and ex e nal s akeholde s in o de o iden i y and mee hei expec a ions ega ding
social and en i onmen al issues. The e o e, s akeholde engagemen should o be in eg a ed in o he
i m’s CSR s a egy and ac i i ies.
In his sense, he 2030 Agenda and he Sus ainable De elopmen Goals (SDGs) ha e supposed
a u n in CSR s a egies en ailing a enewed emphasis on s akeholde s cha ac e ized by a p oac i e
app oach which allows companies o iden i y di ec ions owa ds sus ainabili y, based on he mos
pe inen SDGs o hei ield o business, in such a way ha hey can gene a e he desi ed impac s
on s akeholde s, he en i onmen , and socie y. Thus, he ex en o which co po a e s a egies a e
aligned wi h he SDGs can be conside ed an indica o o he i m’s sus ainabili y success.
The 2030 Agenda is linked wi h CSR s a egies and, like hem, commi men o he SDGs can
p o ide companies angible and in angible economic bene i s. This equi es ha companies
communica e ele an in o ma ion abou hei con ibu ion o he SDGs o s akeholde s. In his
ega d, al hough co po a e anspa ency is conside ed a p econdi ion o s akeholde engagemen ,
many En i onmen al, Social and Go e nance (ESG) amewo ks ail o conside key aspec s o
business engagemen wi h s akeholde s ha a e c i ical o unde s anding he impac o he
companies’ s a egies and ac i i ies on he SDGs.
Since i has been shown ha he s udy o exogenous ac o s is no enough o explain he
adop ion o CSR p ac ices by companies o he ela ionship be ween CSR and inancial
pe o mance, i is necessa y o expand he ange o analyzed ac o s in o de o in eg a e in o he
analysis aspec s ela ed o pe sonal and beha io al ac o s ela ed o CSR and hei implica ions o
business pe o mance. This esea ch p ojec is mo i a ed by he desi e o co e ing his gap in
li e a u e.
The gene al objec i e o his esea ch p ojec is o analyze he de e minan s and esul s o CSR
as a s akeholde engagemen ool. As indica ed abo e, ou ocus o analysis is on he aspec s ela ed
o pe sonal and beha io al ac o s ela ed o CSR and hei implica ions o business pe o mance.
Speci ically, we ocus on he implica ions ha he pe cep ion o CSR ac i i ies by employees has on
hei wo k- ela ed a i udes and beha io s, unde s anding ha employees a e key s akeholde s o
he achie emen o o ganiza ional objec i es. Likewise, he a ibu es o idiosync a ic
cha ac e is ics o he companies’ Chie Execu i e O ice (CEO) ha a ec business anspa ency
h ough he disclosu e o in o ma ion ela ed o CSR ac i i ies and pe o mance a e analyzed,
conside ing ha she/he exe cises a g ea in luence on co po a e s a egies and decisions. Finally, in
o de o "close he ci cle" we del e in o he ela ionship be ween CSR pe o mance and business
pe o mance and, speci ically, how CSR a o s he la e .
In iew ha he 2030 Agenda and he SDGs suppose a “pa adigm shi ” o academic esea ch
on CSR, he s udy o he abo e issues is ca ied ou om he pe spec i e o business con ibu ion o
he SDGs. Acco dingly, in o de o con ex ualize he s udy, he analysis o he s a e o he a in
esea ch on he implica ions o he SDGs o business s a egies and he ole ha companies ha e o

con ibu e o he ul illmen o he SDGs is ca ied ou . We pe o m a bibliome ic analysis on he
pape s ocused on business s a egies conce ning he SDGs published om 2015 o 2021 in jou nals
indexed on Scopus da abase o p o ide a e e ence ame o he s a e-o -a o he businesses’ ole
o in he ul illmen o SDGs, which can o ien a e esea che s in he de elopmen o u u e s udies
on his subjec . Mo eo e , we ca y ou a me a-analysis h ough which p io esea ch’s indings
we e in eg a ed wi h he aim o p o iding a conclusi e esponse ega ding he condi ions unde
which CSR a ec employees’ wo k- ela ed a i udes. We show ha CSR does no ha e a uni e sal
posi i e impac on employees’ wo k- ela ed a i udes (inc easing OI and OC and educing TI), bu i
depends on ce ain condi ions, and we documen unde wha ci cums ances his e ec is
s onge /weake o e en opposi e. Thus, we o e a comple e pic u e and p o ide a deepe
unde s anding on how CSR a ec s employees’ wo k- ela ed a i udes documen ing he mode a ing
e ec o se en con ex ual ac o s (coun y, indus y, and na ional cul u e’s dimensions) and i e
pe sonal ai s (gende , age, educa ional backg ound, o ganiza ional enu e, and posi ion).
Fo he es o he wo k we ocus on he Spanish con ex . To analyze he ela ionship be ween
he idiosync a ic cha ac e is ics o he CEOs and he SDG disclosu e we ocus on companies lis ed
on he IBEX 35, whe eas ega ding he analysis o he ela ionship be ween ESG and i m
pe o mance we analyze Spanish Small and Medium Ene e p ises (SMEs). In his case, he
in o ma ion was collec ed h ough a su ey ca ied ou by email and o e he elephone a he end
o 2018.
Ou esul s we con ibu e inc ease he a ailable li e a u e on he ole o CEO’s pe sonal
cha ac e is ics in business decision-making, p o iding new e idence on a highly eme ging esea ch
opic. In his espec , conside ing ha , despi e he key ole ha companies mus play in he
achie ing o he SDGs, hei pa icipa ion con inues o be modes and is condi ioned by i m size
and co po a e e o , ou indings s ess he impo ance o “choosing he CEO well” o o e coming
he challenging ask o eaching he 2030 Agenda. Speci ically, hose companies wi h CEOs wi h a
high le el educa ion, locals, and wi h high le el o na cissism will disclose mo e in o ma ion abou
SDGs.
Finally, ha ing de ec ed he measu emen p oblem su ounding CSR pe o mance, we
con ibu e o li e a u e de eloping a obus measu e o he le el o ESG implemen a ion and quali y
(composed o 63 a iables g ouped in o ou dimensions: en i onmen al social, labo , and
go e nance). Ou index is mainly designed o e lec ESG pe o mance o SMEs and non-lis ed
companies, o which he main in e na ional o ganiza ions ha assess ESG pe o mance (e.g.,
Bloombe g, Thomson Reu e s, S anda d & Poo 's) do no p o ide in o ma ion. We also espond o
he call o mo e s udies abou he ela ionship be ween sus ainabili y and inancial pe o mance as
well as on he media o s and mode a o s o CSR- inancial pe o mance ela ionship. Fo m a
p ac ical pe spec i e, we show ha CSR is a ool ha p o ides a highe le el o esilience o
companies, especially in he case o hose i ms ha p esen a highe alue o he ESG index in he
labo and social dimensions. This has pa icula impo ance in he con ex ha we a e expe iencing
due o he e ec s o COVID-19 pandemic on economy wo ldwide.
Keywo ds: s akeholde engagemen , co po a e social esponsibili y, Agenda 2030, sus ainabili y
epo ing, inancial pe o mance, ESG pe o mance
RESUMEN CASTELLANO
El concep o de Responsabilidad Social Co po a i a (RSC) ha su ido una e olución conside able a
lo la go del iempo. En es a e olución, las p eocupaciones y demandas de los g upos de in e és han
adqui ido una impo ancia c ecien e has a el pun o de que, en la ac ualidad, la RSC es á
in ínsecamen e ligada a la pa icipación de los g upos de in e és.
Desde una pe spec i a ins umen al, comp ome e se con las pa es in e esadas iene un impac o en
el desempeño de una emp esa, an o di ec a como indi ec amen e. En consecuencia, la pa icipación
de las pa es in e esadas debe se un aspec o undamen al de la es a egia come cial, de modo que
enga en cuen a sus in e eses y equisi os. Es o es especialmen e cie o en el campo de la RSC, que
equie e que las emp esas se comp ome an con sus g upos de in e és in e nos y ex e nos pa a
iden i ica y cumpli con sus expec a i as en ma e ia social y ambien al. Po lo an o, la
pa icipación de las pa es in e esadas debe in eg a se en la es a egia y las ac i idades de RSC de la
emp esa.
En es e sen ido, la Agenda 2030 y los Obje i os de Desa ollo Sos enible (ODS) han supues o un
gi o en las es a egias de RSC que implica un eno ado én asis en los g upos de in e és
ca ac e izados po un en oque p oac i o que pe mi e a las o ganizaciones iden i ica umbos hacia
la sos enibilidad, a pa i de los ODS más pe inen es pa a su ámbi o emp esa ial, de al o ma que
puedan gene a los impac os deseados en los g upos de in e és, el medio ambien e y la sociedad.
Po lo an o, la medida en que las es a egias co po a i as es én alineadas con los ODS puede
conside a se un indicado del éxi o de la sos enibilidad de la emp esa.
La Agenda 2030 es á inculada a las es a egias de RSC y, como ellas, el comp omiso con los ODS
puede apo a a las emp esas bene icios económicos angibles e in angibles. Es o equie e que las
emp esas comuniquen in o mación ele an e sob e su con ibución a los ODS a las pa es
in e esadas. En es e sen ido, aunque la anspa encia co po a i a se conside a una condición p e ia
pa a la pa icipación de las pa es in e esadas, muchos ma cos Ambien ales, Sociales y de
Gobe nanza no conside an aspec os cla e de la pa icipación emp esa ial con las pa es in e esadas
que son undamen ales pa a comp ende el impac o de las es a egias y ac i idades de las emp esas
en los ODS.
Dado que se ha demos ado que el es udio de los ac o es exógenos no es su icien e pa a explica la
adopción de p ác icas de RSC po pa e de las emp esas o la elación en e la RSC y el desempeño
inancie o, es necesa io amplia el ango de ac o es analizados pa a in eg a en el análisis los
aspec os elacionados con ac o es pe sonales y de compo amien o elacionados con la RSC y sus
implicaciones pa a el desempeño emp esa ial. Es e p oyec o de in es igación es á mo i ado po el
deseo de cub i es e acío en la li e a u a.
El obje i o gene al de es e p oyec o de in es igación es analiza los de e minan es y esul ados de la
RSC como he amien a de”s akeholde engagemen ”. Como se indicó an e io men e, nues o oco
de análisis es á en los aspec os elacionados con los ac o es pe sonales y de compo amien o
elacionados con la RSC y sus implicaciones pa a el desempeño emp esa ial. En conc e o, nos
cen amos en las implicaciones que la pe cepción de las ac i idades de RSC po pa e de los
empleados iene sob e sus ac i udes y compo amien os elacionados con el abajo, en endiendo
que los empleados son ac o es cla e pa a la consecución de los obje i os o ganizacionales.
Asimismo, se analizan los a ibu os o ca ac e ís icas idiosinc ásicas del Di ec o Gene al (CEO) de
las emp esas que inciden en la anspa encia emp esa ial a a és de la di ulgación de in o mación
elacionada con las ac i idades y desempeño de la RSC, conside ando que eje ce una g an
in luencia en las es a egias y decisiones co po a i as. Finalmen e, in en amos “ce a el cí culo”
p o undizando en la elación en e el desempeño de la RSC y el desempeño emp esa ial y, en
conc e o, cómo la RSC a o ece a es e úl imo.
Además, en is a de que la Agenda 2030 y los ODS suponen un “cambio de pa adigma” pa a la
in es igación académica en RSC, el es udio de las cues iones an e io es se ealiza á desde la
pe spec i a de la con ibución emp esa ial a los ODS. En consecuencia, con el in de con ex ualiza
el es udio, se ealiza á el análisis del es ado del a e en la in es igación sob e las implicaciones de
los ODS pa a las es a egias emp esa iales y el papel que ienen las emp esas pa a con ibui al
cumplimien o de los ODS. Pa a ello, ealizamos un análisis bibliomé ico de los a ículos en ocados
en es a egias emp esa iales en o no a los ODS publicados en e 2015 y 2021 en e is as indexadas
en la base de da os Scopus pa a p opo ciona un ma co de e e encia del es ado del a e del papel de
las emp esas en el cumplimien o de los ODS. lo que puede o ien a a los in es igado es en el
desa ollo de u u os es udios sob e es e ema.
Además, lle amos a cabo un me aanálisis en el que se in eg a on los esul ados de in es igaciones
an e io es con el in de da una espues a concluyen e sob e las condiciones en las que la RSC
a ec a las ac i udes labo ales de los empleados. Mos amos que la RSC no iene un impac o posi i o
uni e sal en las ac i udes elacionadas con el abajo de los empleados (aumen ando la
iden i icación con la o ganización, el comp omiso y educiendo las in enciones de o ación), pe o
depende de cie as condiciones, y documen amos bajo qué ci cuns ancias es e e ec o es más
ue e/débil o incluso opues o.
Pa a el es o del abajo nos cen amos en el con ex o español. Pa a analiza la elación en e las
ca ac e ís icas idiosinc ásicas de los conseje os delegados y la di ulgación de los ODS pond emos
el oco en las emp esas que co izan en el IBEX 35, mien as que en cuan o al análisis de la elación
en e ESG y el endimien o de las emp esas analizamos las PYMES españolas. En es e caso, la
in o mación se ecopiló a a és de una encues a ealizada a ines de 2018.
Los esul ados que apo amos aumen an la li e a u a disponible sob e el papel de las ca ac e ís icas
pe sonales del CEO en la oma de decisiones emp esa iales, p opo cionando nue a e idencia sob e
un ema de in es igación muy eme gen e. En es e sen ido, eniendo en cuen a que, a pesa del papel
cla e que deben juga las emp esas en la consecución de los ODS, su pa icipación sigue siendo
modes a y es á condicionada po el amaño de la emp esa y el es ue zo co po a i o, nues os
hallazgos des acan la impo ancia de “elegi bien al CEO” po supe a la desa ian e a ea de
alcanza la Agenda 2030. Conc e amen e, aquellas emp esas con CEOs con una mayo o mación,
locales y con al os ni eldes de na cisisimo di ulga án más in o mación sob e los ODS.
Finalmen e, habiendo de ec ado el p oblema de medición en o no al desempeño de la RSE,
co ibuimos a la li e a u a desa ollando una medida obus a del ni el de implemen ación y calidad
de ESG (compues a po 63 a iables ag upadas en cua o dimensiones: ambien al, social, labo al y
de gobe nanza). Nues o índice es á diseñado p incipalmen e pa a e leja el desempeño ESG de las
pymes y emp esas no co izadas, pa a las cuales las p incipales o ganizaciones in e nacionales que
e alúan el desempeño ESG (po ejemplo, Bloombe g, Thomson Reu e s, S anda d & Poo 's) no
b indan in o mación. Desde una pe spec i a p ác ica, mos amos que la RSC es una he amien a
que p opo ciona un mayo ni el de esiliencia a las emp esas, especialmen e en el caso de aquellas
i mas que p esen an un mayo alo del índice ESG en las dimensiones labo al y social. Es o iene
pa icula impo ancia en el con ex o que es amos i iendo po los e ec os de la pandemia del
COVID-19 en la economía a ni el mundial.
Keywo ds: s akeholde engagemen , co po a e social esponsibili y, Agenda 2030, sus ainabili y
epo ing, inancial pe o mance, ESG pe o mance
1
INTRODUCTION
1. OVERVIEW
The concep o Co po a e Social Responsibili y (CSR) has unde gone a conside able e olu ion o e
ime, adap ing like a “chameleon” (Sa ka & Sea cy, 2016) o changes in socie y and he business
en i onmen (La apí Agudelo e al., 2019) and in he mo i a ions o companies o unde ake his
ype o ini ia i es (ElAl y e al., 2020). In his e olu ion, s akeholde s’ conce ns and demands ha e
acqui ed a g owing impo ance (Lane & De in, 2018) o he poin ha , a p esen , CSR is
in insically linked o s akeholde engagemen (Ga cía-Sánchez e al., 2020a).
S akeholde engagemen can be unde s ood as hose p ac ices ca ied ou by an o ganiza ion o
in ol e s akeholde s in o ganiza ional ac i i ies (G eenwood, 2007) in a “mu ually bene icial and
jus scheme o coope a ion” (Phillips, 1997, p. 54). Thus, i en ails o know s akeholde s’ demands
and y o sa is y hem (Hø ing e al., 2018). In his sense, gi en ha he se o a company’s
s akeholde s is b oad, encompassing a a ie y indi iduals, g oups, and o ganiza ions ha , di ec ly
and indi ec ly, can a ec o a e a ec ed by he company’s ac i i ies (F eeman, 1984) whose
objec i es and in e es s a e also di e se (O’Rio dan & Fai b ass, 2008), s akeholde engagemen
ex ends o a a ie y o o ganiza ional a eas and ac i i ies (G eenwood, 2007), including, among
o he , s a egic planning, human esou ce managemen , and social epo ing.
As Noland and Phillips no ed (2010, p. 40), “ o i ms me ely o in e ac wi h s akeholde s is no
longe su icien , i , in ac , i e e was. In e ac ion wi h s akeholde s is a logically necessa y
ac i i y o business”. Gi en i s impo ance o he company's su i al and success, s akeholde
engagemen has been ex ensi ely analyzed in li e a u e, bo h heo e ically and p ac ically, om
di e se s eams and ocusing on di e en issues, which has led o a lack o a “uni ied
unde s anding” o i s essen ials (Kujala e al., 2022), being usual o mix s akeholde engagemen
and s akeholde managemen up (Nai , 2020).
Al hough, G eenwood (2007, p. 325) sugges ed ha s akeholde engagemen is mainly “a mo ally
neu al ac i i y”, in ac h ee componen s (i.e., mo al, s a egic, and p agma ic) cha ac e ize
s akeholde engagemen (Kujala e al., 2022). The mo al componen ecognizes e hical conce ns
behind co-ope a ion wi h s akeholde s implying ai ness and openness (Nollan & Phillips, 2010).
The s a egic componen e e s o he in luence o he o ganiza ion’s s a egic in e es s on
s akeholde engagemen ac i i ies looking o a aining compe i i e ad an ages ( an Huijs ee &
Glasbe gen, 2008), hough his does no necessa ily mean ha he e a e alse and male olen
mo i a ions behind s akeholde engagemen (Nollan & Phillips, 2010). Finally, he p agma ic
componen emphasizes he p ac ical e ec s o s akeholde engagemen on s akeholde s’ li e
(Vopa il & Be ns ein, 2010).
F om an ins umen al pe spec i e, engaging wi h s akeholde s has an impac on a i m’s
pe o mance, bo h di ec ly and indi ec ly (Ayuso e al., 2014; Jones e al., 2018; Gup a e al., 2020;
Shayan e al., 2022). Acco dingly, s akeholde engagemen “ough o be pa o a i m’s la ge
s a egy” (Nollan & Phillips, 2010, p. 41) so ha i akes in o accoun s akeholde s’ in e es s and
8
esilience o companies, especially in he case o hose i ms ha p esen a highe alue o he ESG
index in he labo and social dimensions. This has pa icula impo ance in he con ex ha we a e
expe iencing due o he e ec s o COVID-19 pandemic on economy wo ldwide.
6. THESIS STRUCTURE
The s uc u e o he hesis esponds o he esea ch ques ions aised o achie e ou objec i es. This
hesis comp ises ou main chap e s, in addi ion o his in oduc ion (in which we b ie ly ou line his
esea ch p ojec ’s mo i a ions and objec i es and p esen CSR as a s akeholde engagemen ool)
and he conclusions chap e .
Chap e 1 analyzes he scope o exis ing li e a u e abou he ole ha companies ha e in
con ibu ing o he ul illmen on SDGs h ough a bibliome ic analysis o 196 pape s published
om 2015 o 2021 in Scopus jou nals. In iew o he “pa adigm shi ” o academic esea ch on
CSR ha he 2030 Agenda and he SDGs suppose, his chap e allows us o con ex ualize ou
esea ch, conside ing CSR and s akeholde engagemen om he pe spec i e o business
con ibu ion o he SDGs.
Chap e 2 deals wi h co po a e engagemen wi h a key s akeholde g oup: employees. On he one
hand, as Mon ei o e al. (2021) poin ou , “a company’s CSR agenda is conside ed un easible i i
does no ake in o accoun he physical and emo ional well-being o i s employees”. On he o he
hand, in ol emen in CSR p ac ices by a company can play a ole in mo i a ing i s employees,
posi i ely a ec ing business pe o mance by s eng hening he bond be ween employees and he
i m. Thus, in his chap e a me a-analysis based 42 s udies published in pee - e iewed jou nals is
pe o med wi h he aim o analyze he condi ions unde which CSR a ec s employees’ wo k-
ela ed a i udes and, he e o e, enhances co po a e engagemen wi h his s akeholde g oup.
Chap e 3 del es in o he d i e s o s akeholde engagemen . Speci ically, conside ing ha a
company’s CEO exe cises a g ea in luence on co po a e s a egies and decisions (Ga cía-Sánchez
e al., 2020) and ha anspa ency cons i u es a p econdi ion o s akeholde engagemen (Hø ing
e al., 2018), in his chap e we analyze he e ec o se e al CEO’s a ibu es and idiosync a ic
cha ac e is ics on business anspa ency ega ding business con ibu ion o he SDGs.
Chap e 4 aims o "close he ci cle" by examining how CSR pe o mance a ec s business
pe o mance and isk, ocusing he s udy in a con ex o economic c isis de i ed om he COVID-
19 pandemic. We also add ess in his chap e he p oblems de i ed om he lack o uni o mi y in
CSR measu ing.

9
CHAPTER 1. BUSINESSES’ ROLE
IN THE FULFILLMENT OF THE
2030 AGENDA: A BIBLIOMETRIC
ANALYSIS
Ga ido-Ruso, M.; Aiba -Guzmán, B.; Mon ei o, A.P. Businesses’ Role in The Ful illmen o he 2030 Agenda: A Bibliome ic
Analysis. Sus ainabili y 2022, 14(14), 8754. Publishe : MDPI, ISSN: 2071-1050
DOI: 10.3390/su14148754
1.1 INTRODUCTION
The wo ld is changing and he impac ha ac i i ies ha e on ou plane is p o oking mo e and mo e
nega i e consequences, which has mean ha he main ins i u ions wo ldwide ha e made a global
commi men necessa y o s op his de e io a ion. Tha is why he Uni ed Na ions (UN, 2015)
p oposed o con inue he wo ld’s economic de elopmen in a sus ainable way (Mozas-Mo al e al.,
2021) and es ablished he Millennium De elopmen Goals (MDGs) in Sep embe 2000 (UN, 2015;
San os & Bas os, 2020; Mozas-Mo al e al., 2021).
Fi een yea s la e , mo e ambi ious goals we e se o con inue on he pa h o he MDGs, and he UN
de ined he 2030 Agenda and hei 17 SDGs wi h he in en ion o achie ing a be e wo ld
(Bukalska e al., 2021; Capu o e al., 2021; Racowski e al., 2021). The main di e ence be ween he
wo p oposals is ha he SDGs a e mo e global and in ol e no only go e nmen ins i u ions, bu
also any ype o p i a e o ganiza ion, so ha companies can acqui e a undamen al ole, om his
momen , o con ibu e o sus ainable de elopmen (Gambe a e al., 2021).
The main di e ence be ween he MDG and he ODS is ha he la e conside s ha any ype o
company can p o ide solu ions o g ea e sus ainabili y. I is abou c ea ing alue and a oiding
damage o he en i onmen by ca ying ou hei ac i i y as li le as possible, based on sus ainable
business models (Ve bo en & Vanhe ck, 2016). The e o e, companies wo ldwide can play a
undamen al ole in he ul illmen o he 2030 Agenda (Rosa i and Fa ia, 2019).
Du ing he las ew yea s, a s eam o esea ch abou he implica ions o he SDGs o business
s a egies s a ed. This s udy aims o analyze he s a e o he a in such esea ch wi h he in en ion
o de e mining he main issues su ounding his opic. The me hodology ollowed was a
bibliome ic analysis o pape s ocused on he ole ha companies ha e in con ibu ing o he
ul illmen o he SDGs published om 2015 o 2021 in jou nals indexed on he Scopus da abase.
We e alua ed he empo al e olu ion o publica ions, he numbe o publica ions pe jou nal and
yea , he numbe o publica ions pe coun y, and he numbe o publica ions by au ho . This s udy
con ibu es o he SDG li e a u e wi h a e y comple e analysis o he exis ing esea ch on he ole
ha businesses can play in achie ing he SDGs and p o ides a clea summa y o he subjec .
Consequen ly, we p o ide a sys ema iza ion o he ex an esea ch on his subjec ha allows he
iden i ica ion o knowledge lows, ac i e esea ch opics, and lead au ho s, among o he issues.
Thus, his s udy’s indings depic he cu en s a us o he esea ch on he ole o businesses in he
10
ul illmen o SDGs and p o ide a ame o e e ence ha could guide esea che s ega ding he
di ec ion o u u e s udies on his subjec .
The es o his pape is s uc u ed as ollows: a e his in oduc ion, he nex sec ion con ex ualizes
he SDGs and explains he ole ha companies can play in achie ing hem. Sec ion 3 con ains he
empi ical amewo k o he analysis and, consequen ly, in Sec ion 4, he main indings a e
p esen ed. Finally, Sec ion 5 p esen s he main conclusions o he s udy, he implica ions o he
indings, and some limi a ions and opics o u u e esea che s.
1.2. THEORY
1.2.1. Sus ainable De elopmen Goals
The SDGs we e de ined in Sep embe 2015 by he UN a he Uni ed Na ions Gene al Assembly
in New Yo k (De Souza e al., 2021). The highes au ho i ies o mo e han 150 coun ies me o
app o e he 2030 Agenda o Sus ainable De elopmen (Mozas-Mo al e al., 2021). Unde he name
“T ans o ming Ou Wo ld: The 2030 Agenda o Sus ainable De elopmen ”, a numbe o p oposals
we e de ined, and he 193 coun ies ha a e membe s o he UN commi ed o ul illing his plan
(Fei e al., 2021; Loddo e al., 2021Mozas-Mo al e al., 2021)
The main objec i e o his mee ing was o achie e a commi men o a be e wo ld; he e o e,
he 2030 Agenda included 169 a ge s and 261 indica o s, g ouped in o 17 SDGs (Figu e 2), wi h
he aim o imp o ing ou en i onmen by gua an eeing sus ainable de elopmen in all possible
a eas (social, economic, and en i onmen al) (UN, 2015; San os e al., 2020; Ge ged & Almon ase ,
2021; Rodenbu g e al., 2021). Speci ically, he 17 objec i es a e: (1) no po e y, (2) ze o hunge ,
(3) good heal h and well-being, (4) quali y educa ion, (5) gende equali y, (6) clean wa e and
sani a ion, (7) a o dable and clean ene gy, (8) decen wo k and economic g ow h, (9) indus y,
inno a ion, and in as uc u e, (10) educed inequali ies, (11) sus ainable ci ies and communi ies,
(12) esponsible consump ion and p oduc ion, (13) clima e ac ion, (14) li e below wa e , (15) li e on
land, (16) peace, jus ice, and s ong ins i u ions, and (17) pa ne ships o he goals.
Figu e 2. Sus ainable De elopmen Objec i es
Sou ce: h ps://www.un.o g/es/sus ainable-de elopmen -goals, accesed on 23 May 2022.
11
As we can see, mos o he SDGs deal wi h issues as impo an and se ious as human igh s,
and hey co e ac ions o e adica ing inequali ies (e.g., po e y, hunge , heal h, o educa ion) and
he bad habi s ha exis oday on ou plane , p oposing a sus ainable way o li ing (Galleli e al.,
2021; Ge ged & Amon ase , 2021; O donez-Ponce e al., 2021; Sciand a e al., 2021). The
excep ion is SDG 17 “Pa ne ships o he goals”— his objec i e is he only one ha , ins ead o
es ablishing a pu pose o be achie ed, indica es he p ocedu e o be ollowed o mee he o he
objec i es. Compliance wi h he SDGs is no jus a ma e o he public ins i u ions o each
coun y—i is necessa y ha all agen s align hemsel es o achie ing a be e wo ld. This means
ha no only should go e nmen s implemen policies and ac ions o mee hese goals by 2030, bu
p i a e o ganiza ions should also be in ol ed in hese objec i es (Racowski & Ne o, 2021; Mabe e
al., 2021).
Mo eo e , i is necessa y o highligh he co ela ion ha exis s be ween he objec i es se by
he UN. This means ha any de ined plan o imp o e one o he 17 objec i es will ha e an impac
on he o he s, so o ganiza ions should conside hese goals as a whole (Waage e al., 2015; Nilsson
e al., 2016; Fei e al., 2021). They should no ocus on one speci ic objec i e, since he
in e ela ionship ha exis s be ween he 17 should lead o he design o a join ac ion plan o ha e
an impac on se e al o hese objec i es (Fei e al., 2021).
I he deadlines es ablished by he UN a e me , wi hin 8 yea s, hese 17 objec i es should ha e
been achie ed. Tha is why, a he beginning o he 2020–2030 decade, he leade s in ol ed in his
mission de ined a plan o “accele a e he compliance wi h he SDGs by 2030” (Racowski & Ne o,
2021, p. 61). Howe e , no one could imagine ha his plan would be h ea ened by he COVID-19
pandemic (Ál a ez e al., 2021; Galleli e al., 2021). In he yea 2020, an un hinkable si ua ion in
he 21s cen u y caused economic li e o emain s agnan and he p io i y o go e nmen s o be
managing he heal h si ua ion ha was being expe ienced. Consequen ly, he 2030 Agenda became
some hing ha emained in he backg ound (Ál a ez e al., 2021). P ac ically, all o he SDGs ha e
been a ec ed by he COVID-19 pandemic ha we ha e been expe iencing since 2020, bu SDG 3
has been a ec ed in a mo e p onounced way (Galleli e al., 2021).
1.2.2. Business and SDGs
As SDG 17 es ablishes, he SDGs should be achie ed by pa ne ships (Raub & Ma ín-Rios,
2019). This means ha his is no an issue ha only a ec s public ins i u ions o go e nmen s—
companies a e a key elemen in achie ing he SDGs (Bianchi, 2021; Calab ese e al., 2021; Dube,
2021; Khaled e al., 2021; O donez-Ponce e al., 2021; an Zan en & an Tulde , 2021). The SDGs
a e o such magni ude ha i is no enough o one ac o o commi o hem; commi men s o
businesses, go e nmen s, non-go e nmen al o ganiza ions, and s akeholde s a e needed (UN, 2015;
Diaz-Sa achaga, 2021; Mozas-Mo al e al., 2021; an Zan en & an Tulde , 2021).
The UN de end he key ole ha o ganiza ions play in his con ex . Speci ically, he 2030
Agenda s a es ha “we acknowledge he di e si y o he p i a e sec o , anging om mic o-
en e p ises o coope a i es o mul ina ionals. We call upon all businesses o apply hei c ea i i y
and inno a ion o sol ing sus ainable de elopmen challenges” (UN, 2015 p. 29).
The e o e, he ques ion ha companies mus ask hemsel es is how o collabo a e wi h SDGs
and how o inco po a e his in o hei s a egy (San os & Bas os, 2020; Calab ese e al., 2021; an
Zan en and an Tulde , 2021). O ganiza ions mus design hei business plans om a mo e
sus ainable pe spec i e conside ing wo p emises: ha m he SDGs as li le as possible and
implemen ac ions o help achie e hose goals (e.g., sa e ene gy, educe emissions, ci cula
economy, e c.) (Calab se e al., 2021; Diaz-Sa achaga, 2021; Lee & Kim, 2021; Liu e al., 2021;
Racowski & Ne o, 2021; Val e de & A ilés-Palacios, 2021). This is he new challenge o
businesses o no jus maximize hei bene i s; now, hey mus do so in a sus ainable way and
12
collabo a e wi h he en i onmen ha su ounds us (Liu e al., 2021; an Zan en & an Tulde ,
2021).
We mus conside ha , hese days, he economic objec i e is no he only ac o ha mo es an
o ganiza ion. Wi h all o he inequali ies and p oblems men ioned abo e, i is essen ial ha he
commi men o companies o he SDGs has undamen al impo ance wi hin he o ganiza ions,
because i is a key ool o be compe i i e in he long- e m (Lee & Kim, 2021). Un il ecen ly, he
commi men o companies o socie y was based on speci ic ac ions, such as dona ions o
pa icipa ion in some social ac i i y, bu his is no enough (Lee & Kim, 2021). This mission
in ol es a huge complexi y o exis ing companies, since i is e y di icul o change he gene al
pe spec i e o wo k; o s a ups, o o new companies o en ep eneu s, he idea would be o
c ea e a concep om sc a ch, based on he sus ainable economy (Bukalska e al., 2021; Calab ese
e al., 2021). Mo eo e , his is an oppo uni y o businesses o wo k in a sus ainable way, showing
hei s akeholde s hei commi men o CSR ac i i ies (Schönhe e al., 2017; Calab se e al., 2021;
Galleli e al., 2021; O donez-Ponce e al., 2021). A he beginning o he 2030 Agenda, and a e a
su ey ca ied ou a a company le el, “mo e han 70% o global co po a ions plan o inco po a e
SDGs in o hei business and mo e han 40% plan o include SDGs in hei business s a egy wi hin
i e yea s” (Lee & Kim, 2021, p. 202).
This undamen al ole ha companies a e playing in achie ing he SDGs is e lec ed in he
academic ield. A s eam o esea ch is in es iga ing he ela ionship be ween business and he
SDGs. I is a ela i ely new opic, conside ing ha he SDGs we e de ined in 2015. The main
ques ion is how companies can inco po a e he SDGs wi hin hei co po a e s a egy (Jonsdo i e
al., 2021; an Zan en & an Tulde , 2018). Khaled e al. demons a ed he impo ance o his opic,
a i ming ha “i is c ucial o explo e po en ial amewo ks ha would guide companies on how
hey can align hei s a egies as well as measu e and communica e hei con ibu ion o he SDGs”
(Khaled e al., 2021, p. 1). The e a e many ques ions abou he ela ionship be ween he SDGs and
business pe o mance (e.g., i hey p io i ize SDGs o ocus on a global pe spec i e, i hey
elabo a e on SDGs epo s, i hese ac i i ies ha e economic ad an ages o companies, and how he
SDGs a e pe cei ed by hei s akeholde s) ( an Zan en & an Tulde , 2018; Ga cía-Sánchez e al.,
2020; Calab ese e al., 2021; Diaz-Sa achaga, 2021).
Taking in o accoun he undamen al ole o companies in con ibu ing o he SDGs, he UN
Global Compac , he Global Repo ing Ini ia i e (GRI), and he Wo ld Business Council o
Sus ainable De elopmen elabo a ed a documen , he SDG Compass, o help businesses o include
he SDGs in hei plans (GRI, 2015). This guide explains o companies how o include he SDGs in
hei s a egy and how hey should communica e i so ha his in o ma ion eaches hei
s akeholde s (Ga cía-Sánchez e al., 2020, Ga cía-Sánchez e al., 2020). Speci ically, he SDG
Compass de ines i e s eps: (1) Unde s anding he SDGs; (2) De ining p io i ies; (3) Se ing goals;
(4) In eg a ing; and (5) Repo ing.
1.3. DATA AND METHODS
1.3.1. Sample selec ion
Wi h he objec i e o answe ing he esea ch ques ion, we conduc ed a bibliome ic analysis.
The i s s ep in his p ocess was o selec he pape s ha we we e going o analyze. Fi s o all, we
s a ed a li e a u e e iew ocused on he opic and, a e e iewing a conside able numbe o
a icles ela ed o he opic, we de ined ou sea ch c i e ia:
1. As we explained be o e, he SDGs we e de ined in 2015 by he UN, so we s a ed ou
sea ch ha yea and we co e ed un il he yea 2021 o be able o analyze all o he
possible comple e yea s om i s de ini ion o he p esen ;
13
2. Pape s we e selec ed om Scopus, because i includes a wide ange o s udies abou his
opic, has mo e jou nals indexed han he Web o Science, and is a e y common ool
used o bibliome ic s udies (Mio e al., 2020; Sweileh, 2020);
3. We ocus ou sea ch on jou nal a icles, ejec ing o he esul s, such as con e ences o
books chap e s, among o he s;
4. To ob ain a mo e comple e and in e disciplina y esul , no il e e e ing o he di e en
a eas o knowledge was included;
5. The a icles should be w i en in English;
6. Ou sea ch c i e ia we e: “Ti le, keywo ds, o abs ac ”.
Following hese s eps, we in oduced in o he Scopus da abase he ollowing sea ch:
(TITLE (“SDG”) OR TITLE (“Sus ainable De elopmen Goal”) OR TITLE (“SDG*”) OR
TITLE (“Sus ainable De elopmen Goal*”) OR TITLE (“GLOBAL AGENDA”) OR TITLE
(“2030 agenda”) OR TITLE (“Agenda 2030”) OR TITLE (“SUSTAINABLE DEVELOPMENT
AGENDA”) AND KEY (“SDG”) OR KEY (“SUSTAINABLE DEVELOPMENT GOAL”) AND
ABS (“o ganisa ion”) OR ABS (“ i m”) OR ABS (“co po a *”) OR ABS (“com pany”) OR ABS
(“business”) OR ABS (“ENTERPRISE”) OR ABS (“PRIVATE SECTOR”)) AND (LIMIT-TO
(SRCTYPE, “j”)) AND (LIMIT-TO (DOCTYPE, “a ”)) AND (LIMIT-TO (PUBYEAR, 2021) OR
LIMIT-TO (PUBYEAR, 2020) OR LIMIT-TO (PUBYEAR, 2019) OR LIMIT-TO (PUBYEAR,
2018) OR LIMIT-TO (PUBYEAR, 2017) OR LIMIT-TO (PUBYEAR, 2016) OR LIMIT-TO
(PUBYEAR, 2015)) AND (LIMIT-TO (LANGUAGE, “English”))
This sea ch e u ned 543 empi ical and non-empi ical s udies. Once we ob ained hese esul s,
we i s ly ead he abs ac s o all o he a icles o check i hey eally deal wi h he opic ha we
wan ed o in es iga e.
A e his i s imp ession, in which some in alid esul s we e al eady elimina ed, we s a ed
he nex s ep, in which each o he au ho s sepa a ely ead and analyzed he pape s, summa izing
hei main cha ac e is ics, and, subsequen ly, he esul s we e compa ed. In his analysis, pape s
ocused on public o ganiza ions o hose conduc ed in an academic se ing we e elimina ed.
Finally, 196 pape s we e iden i ied. Figu e 3 summa izes he s eps aken o ob ain he inal
sample.
Figu e 3. Sea ch p ocess
1.3.2. Da a analysis and p ocedu e
Once we ob ained ou inal sample, we analyzed he da a using he so wa e VOS iewe ,
speci ically e sion 1.6.18. I was c ea ed by Nees Jan an Eck and Ludo Wal man CWTS Leiden
Uni e si y, The Ne he lands, wi h he objec i e o “c ea ing maps based on ne wo k da a and
isualizing and explo ing maps” (Sweileh, 2020, p. 3). This isualiza ion so wa e package was
adop ed because o “i s powe ul use g aphic-in e ace ha can gene a e maps o desc ibe he
connec ions o each analysis uni ” ( an Eck & Wal man, 2012, p. 304).

14
Al hough he e a e o he ins umen s ha can be used o conduc ing li e a u e e iews (e.g.,
PRISMA-s a emen and SciMAT), we chose VOS iewe because i has been b oadly used in
p e ious s udies (Boa e al., Mon ei o e al., 2021)
1.4. FINDINGS
1.4.1. Scien i ic p oduc ion on he ole ha business has in he achie emen o he SDGs
Ou analysis shows ha we a e acing an eme ging issue in he academic wo ld. Al hough i is
ue ha he SDGs we e es ablished in 2015, i was no un il 2019 ha his opic began o gain
s eng h in he li e a u e. This e idence con i ms ha , ini ially, compliance wi h he SDGs was
conside ed he esponsibili y o public o ganiza ions, while, in he las wo yea s, he ole o
business has been p omo ed as a undamen al ac o when i comes o mee ing hese objec i es.
Figu e 4 shows he ch onological e olu ion o he publica ions on he ole ha businesses play
in he achie emen o he SDGs since 2015. As can be seen, he esea ch on his opic ac ually
s a ed in 2016. wi h he wo k o Schey ens e al. in he jou nal Sus ainable De elopmen , and
inc eased i s p esence in he li e a u e om he yea 2019 un il oday. Mos pape s we e published
du ing he las wo yea s, speci ically 161, which is 82.14% o he o al published pape s, so he
end o his opic is clea ly inc easing.
Figu e 4. Numbe o documen s by yea
Table 2 epo s he numbe o publica ions pe jou nal. We selec ed jou nals wi h i e o mo e
a icles published abou he opic, because he as majo i y published ou (1 jou nal), h ee (3
jou nals), wo (11 jou nals), o ewe (66 jou nals) s udies. Sus ainabili y is clea ly he jou nal wi h
he highes numbe o publica ions, a 50 pape s, wi h a g ea di e ence om he second jou nal,
which is he Jou nal o Cleane P oduc ion, a 15 publica ions.
Table 2. To al numbe o publica ions pe jou nal
Sou ce
Documen s
Sus ainabili y
50
Jou nal o Cleane P oduc ion
15
15
Business S a egy and he En i onmen
7
Sus ainable De elopmen
6
Business S a egy and De elopmen
5
Co po a e Social Responsibili y and En i onmen al Managemen
5
Wo ldwide Hospi ali y and Tou ism Themes
5
Sou ce: Scopus da abase.
Figu e 5 p o ides he g ow h o sou ces a ending o he numbe o a icles published since
2015. The “Sus ainabili y” jou nal has shown exponen ial g ow h in he numbe o a icles
published ela ed o SDGs as he numbe o a icles published in his jou nal in 2015 was 0, which
has inc eased o 23 du ing he las yea .
Figu e 5. Documen s pe yea by sou ce
The ac ha we a e wo king wi h such a no el opic in he academic wo ld means ha he
au ho s who a e dedica ed o in es iga ing his subjec ha e no ye had ime o publish a la ge
numbe o a icles on he opic. Figu e 6 shows he au ho s ha ha e published mo e han wo
pape s abou his opic. We can see ha he maximum numbe o a icles belonging o a esea che
is ou , a si ua ion ha Ga cía-Sánchez, an Tulde , and an Zan en sha e.
16
Figu e 6. Numbe o documen s by au ho
Figu e 7 shows he dis ibu ion o he pape s on he ole ha businesses ha e in he
achie emen o he SDGs. In o al, we ound mo e han 50 coun ies, and 29 wi h wo o ewe
publica ions. In Figu e, 6 we included hose ha ha e h ee o mo e a icles abou his opic in
Scopus. As can be seen, he coun y ha has published he mos pape s on he ole ha business has
in he achie emen o he SDGs is Spain, wi h 30 a icles, ollowed by he Uni ed Kingdom, wi h
27 pape s.
In Figu e 7, we can see how he coun ies wi h he mos published s udies on his subjec a e
de eloped coun ies, speci ically, Eu opean coun ies (Spain, he Uni ed Kingdom, and I aly),
ollowed by he Uni ed S a es. Howe e , i should be no ed ha wo coun ies o he BRICS, B azil
and China, a e also among he op en wi h a highe numbe o publica ions. This could mean ha
hese coun ies a e beginning o become in ol ed in compliance wi h he SDGs, and hei
companies a e al eady becoming awa e o a mo e sus ainable business model. Ali e al. epo ed on
how BRICS coun ies a e making e o s o engage hei ac i i ies wi h he SDGs, bu he main
conclusion is ha hey a e ocusing only on some objec i es, ins ead o co e ing hem as a whole
(Ali e al., 2018).
17
Figu e 7. Documen s by coun y
Finally, Table 3 shows he numbe o publica ions depending on he o ganiza ion. To elabo a e
he able, we conside ed he mos ele an o ganiza ions ( hose ha ha e published h ee o mo e
a icles), since he as majo i y ha e published wo (35 ins i u ions) o one (111 o ganiza ions). As
can be seen, he mos p oduc i e uni e si ies a e loca ed in Eu ope. The Uni e si y o Salamanca is
he only one wi h i e publica ions. Al hough he i s places belong mos ly o Eu opean
uni e si ies, i is wo h highligh ing he second place o he Uni e si y o Sao Paulo.
Table 3. Documen s by o ganiza ion
O ganiza ion
TP
Uni e si y o Salamanca
5
Uni e si y o Sao Paulo
4
Uni e si y Rey Juan Ca los
4
Uni e si y College London
4
E asmus Uni e si ei Ro e dam
4
Pa henope Uni e si y o Naples
4
Uni e si y o San iago de Compos ela
4
Ro e dam School o Managemen , E asmus Uni e si y
4
Uni e si y o Valencia
3
Uni e si y o O iedo
3
Vaal Uni e si y o Technology
3
Massey Uni e si y
3
Technical Uni e si y o Denma k
3
Uni e si y o Wa e loo
3
Uni e si y o he Aegan
3
Syddansk Uni e si y
3
Copenhagen Business School
3
Uin e si y S udi di Roma To Ve ga a
3
San 'Anna Scuola Uni e si a ia Supe io e Pisa
3
London Sou h Bank Uni e si y
3
Uni e si y o Sou h Aus alia
3
Kwame Nk umah Uni e si y o Science and Technology
3
Ba le Facul y o he Buil En i onmen
3
TP: o al publica ions; Sou ce: da a collec ed om Scopus.
1.4.2. Resea ch sub opics
24
4
Ilyas e al. (2020)
26
En i onmen al Science
and Pollu ion
Resea ch
Pakis an
42
21
5
Cen obelli e al
(2020)
18
Technological
Fo ecas ing and Social
Change
Eu ope
42
21
6
Muhmad and Muhamad
(2021)
15
Jou nal o Sus ainable
Finance and In es men
n.a
11
11
7
Acu i e al. (2020)
55
Ci ies
I aly and
Japan
19
9.5
8
Modgil e al. (2020)
119
P oduc ion Planning and
Con ol
India
18
9
9
De Luca e al. (2020)
25
Sus ainabili y
(Swi ze land)
I aly
12
6
10
Jha and Ranga ajan
(2020)
98
Sus ainable De elopmen
India
10
5
11
San os and Sil a
Bas os (2021)
52
Social Responsibili y
Jou nal
Po ugal
5
5
12
Adeola e al. (2021)
8
Wo ld Jou nal o
En ep eneu ship,
Managemen and
Sus ainable De elopmen
-
4
4
13
Cla o and Es e es
(2020)
102
Ma ke ing In elligence
and Planning
-
8
4
14
Phan e al. (2020)
56
Sus ainabili y
(Swi ze land)
I aly
8
4
15
Liu e al. (2021)
3
Ene gy Economics
China
3
3
16
Chau asia e al.
(2021)
21
Decision Sciences
n.a.
2
2
17
Bhaska and Kuma
(2019)
54
Jou nal o Indian
Business Resea ch
n.a.
5
1.67
18
Singh and Rahman
(2021)
93
Cogen Business and
Managemen
India
0
0
19
Galla do-Vázquez e
al. (2021)
66
Sus ainabili y
(Swi ze land)
Spain
0
0
20
Socoliuc e al. (2020)
23
Polish Jou nal o
En i onmen al S udies
Rumania
0
0
21
Yu and Kuo
(2021)
20
Sus ainabili y
(Swi ze land)
China
1
1
22
Nob ega e al. (2021)
7
Sus ainabili y
(Swi ze land)
B azil
0
0
23
Bukalska e al. (2021)
6
Ene gies
Poland
0
0
RO: anking o de ; NIY: no malized ci a ions pe yea ; Sou ce: Scopus.
- Clus e 5—Business In e ac ions wi h he SDGs: Twen y- wo pape s ha analyzed he nexus
be ween business and SDGs, aising ques ions as o whe he he di e en cha ac e is ics o
companies cause hem o in e ac di e en ly wi h SDGs, make up his clus e .
The a icles wi h he highes numbe o links we e hose by Rygh e al. (2021), an Zan en and
an Tulde (2021), and Ja eed e al. (2021). Wi h ega ds o he a icles’ impac , he pape wi h he
highes numbe o ci a ions in ela i e e ms was ha by an Zan en and an Tulde (2021),
whe eas he pape wi h mo e o al ci a ions was ha by Fleming e al. (2017). Con e sely, he e
we e h ee pape s wi h no ci a ions.
Almos all o he a icles belonging o his clus e we e w i en by mul iple au ho s (17 pape s),
whe eas he e we e i e publica ions by single au ho s. The au ho s wi h a highe numbe o
publica ions we e an Tulde , R., and an Zan en, J.A., wi h h ee pape s each. Wi hin his
sub opic, he jou nal wi h mo e pape s published was Sus ainabili y ( ou pape s), ollowed by
Business S a egy and De elopmen ( h ee pape s), Business S a egy and he En i onmen ( wo
pape s), and Co po a e Go e nance ( wo pape s). The i s published a icle o his clus e da ed

25
om 2017, and he yea wi h mo e publica ions was 2021, wi h 13 pape s published du ing ha
yea .
Table 8 shows he pape s belonging o his clus e , hei jou nal, he numbe o links be ween
pape s, he coun y o egion o s udy, and hei impac o in luence measu ed by he o al numbe
o ci a ions and he a e age numbe o ci a ions pe yea om he da e o publica ion (NIY)
(Cas elló-Si en , 2022). I should be no ed ha he las column e lec s he “accele a ion” o he
impac in ime weigh ing. Thus, unde equal condi ions o he da e o publica ion, he g ea e he
NIY, he g ea e he academic in e es in he pape .
Table 8. Clus e 5
RO
Au ho
Links
Jou nal
Coun y
Ci a ions
NIY
1
an Zan en and an Tulde
(2021)
102
Business S a egy and
he En i onmen
n.a.
25
25
2
an Zan en and an Tulde
(2021)
66
In e na ional Jou nal o
Sus ainable De elopmen
and Wo ld Ecology
n.a.
25
25
3
an Zan en and an Tulde
(2021)
76
Business S a egy and
he En i onmen
-
14
14
4
Sinko ics e al
(2021)
72
Mul ina ional Business
Re iew
n.a.
11
11
5
Gu be le
(2021)
12
Wo ld De elopmen
B azil
9
9
6
Pineda-Escoba
(2019)
73
Co po a e Go e nance
(Bingley)
Colombia
25
8.33
7
Fleming e al
(2017)
20
Ma ine Policy
Aus alia
38
7.6
8
Liou and Rao- Nicholson
(2021)
58
Jou nal o In e na ional
Business Policy
n.a.
6
6
9
Blago and Pe o a-
Sa chenko
(2021)
57
Co po a e Go e nance
(Bingley)
Russia
5
5
10
Dahlmann e al
(2019)
97
An h opocene Re iew
n.a.
15
5
11
Redman (2018)
49
Business S a egy and
De elopmen
n.a.
15
3.75
12
A nold (2018)
77
Business S a egy and
De elopmen
In e na ional
13
3.25
13
Fei e al. (2021)
40
Sus ainabili y
(Swi ze land)
In e na ional
3
3
14
Malay and
Aubine (2021)
86
Ecological Economics
Belgium
2
2
15
Buczacki e al
(2021)
37
Sus ainabili y
(Swi ze land)
n.a.
2
2
16
Lisowski e al
(2020)
67
Sus ainabili y
(Swi ze land)
In e na ional
3
1.5
17
Macella i e al
(2018)
58
Business S a egy and
De elopmen
I aly
5
1.25
18
Khalique e al
(2021)
6
Aus alasian Accoun ing,
Business and
Finance Jou nal
India
1
1
19
Fage lin e al
(2019)
44
Sus ainabili y
(Swi ze land)
Japan
1
0.33
20
Rygh e al
(2021)
106
C i ical Pe spec i es on
In e na ional
Business
n.a.
0
0
21
Ja eed e al. (2021)
99
Jou nal o Cul u al
He i age Managemen
and Sus ainable
De elopmen
Pakis an
0
0
26
22
Ma eucci
(2020)
13
Wo ldwide Hospi ali y
and Tou ism
Themes
in e na ional
0
0
RO: anking o de ; NIY: no malized ci a ions pe o yea ; Sou ce: Scopus.
- Clus e 6 (colo ed ligh blue)—Pe o mance, business model, and SDG measu emen :
Nine een pape s ha analyzed he ela ionship be ween pe o mance and business model wi h SDGs
in addi ion o a icles dealing wi h SDG measu emen make up his clus e .
The a icles wi h he highes numbe o links we e hose by Eja que and Campos (2020),
Co do a and Celone (2019), and Nechi a e al. (2020). Wi h ega ds o he a icles’ impac , he
pape wi h he highes numbe o ci a ions, bo h in absolu e and in ela i e e ms, was ha by Mina
e al. (2021). The ollowing pape s wi h a highe academic impac we e hose by Lassala e al.
(2021) and Núñez e al. (2020). Con e sely, he pape wi h he lowes numbe o ci a ions was ha
by Kandle Rod íguez (2020), wi h no ci a ions.
Almos all o he a icles belonging o his clus e we e w i en by mul iple au ho s (18 pape s),
whe eas he e was only 1 pape w i en by a single au ho . The au ho s wi h a highe numbe o
publica ions we e Mansell, P., and Philbin, S.P., wi h h ee pape s each, ollowed by Mozas-Mo al,
A., Be nal-Ju ado, E., Fe nández-Uclés, D., and Medina-Vi uel, M.J., wi h wo pape s each. Wi hin
his sub opic, he jou nal wi h mo e pape s published was Sus ainabili y. The i s published a icle
o his clus e da ed om 2019, and he yea wi h mo e publica ions was 2020, wi h 11 pape s, and
2021, wi h 8 pape s. Mo eo e , Spain was he mos analyzed coun y in his clus e .
Table 9 shows he pape s belonging o his clus e , hei jou nal, he numbe o links be ween
pape s, he coun y o egion o s udy, and hei impac o in luence measu ed by he o al numbe
o ci a ions and he a e age numbe o ci a ions pe yea om he da e o publica ion (NIY)
(Cas elló-Si en , 2022). I should be no ed ha he las column e lec s he “accele a ion” o he
impac in ime weigh ing. Thus, unde equal condi ions o he da e o publica ion, he g ea e he
NIY, he g ea e he academic in e es in he pape .
Table 9. Clus e 6
RO
Au ho
Links
Jou nal
Coun y
Ci a ions
NIY
1
Mina e al
(2021)
3
Jou nal o Cleane
P oduc ion
-
33
33
2
Lassala e al
(2021)
67
Economic Resea ch-
Ekonomska
Is azi anja
Spain
13
13
3
Núñez e al
(2020)
4
Sus ainabili y
(Swi ze land)
Spain
14
7
4
Co do a and Celone
(2019)
89
Sus ainabili y
(Swi ze land)
na
15
5
5
Mozas-Mo al e
al (2020)
4
Sus ainabili y
(Swi ze land)
Spain
8
4
6
Mozas-Mo al e
al (2021)
10
Technological
Fo ecas ing and
Social
Change
Spain
3
3
7
Raiden and King
(2021)
7
Resou ces,
Conse a ion and
Recycling
England
3
3
8
Zhou and E zkowi z
(2021)
3
Sus ainabili y
(Swi ze land)
n.a.
3
3
9
Nechi a e al
(2020)
84
Sus ainabili y
(Swi ze land)
Eas Eu ope
6
3
10
Mansell e al
(2020)
43
Sus ainabili y
(Swi ze land)
Uni ed
Kingdom
6
3
27
11
Mansell e al
(2020)
25
Sus ainabili y
(Swi ze land)
Uni ed
Kingdom
5
2.5
12
Mansell and Philbin
(2020)
43
Jou nal o Mode n
P ojec Managemen
n.a.
4
2
13
Jiménez e al
(2020)
67
Sus ainabili y
(Swi ze land)
Spain
3
1.5
14
Gambe a e al
(2021)
72
Jou nal o Legal,
E hical and
Regula o y
Issues
-
1
1
15
Jiménez e al
(2021)
23
Sus ainabili y
(Swi ze land)
Spain
1
1
16
de la Casa and
Caballe o
(2021)
4
CIRIEC-Espana
Re is a de Economia
Publica, Social y
Coope a i a
Spain
1
1
17
Eja que and Campos
(2020)
101
Sus ainabili y
(Swi ze land)
Eu ope
2
1
18
Ionaşcu e al
(2020)
66
Sus ainabili y
(Swi ze land)
n.a.
2
1
19
Kandle
Rod íguez (2020)
9
Wo ldwide
Hospi ali y and
Tou ism
Themes
Cos a Rica
0
0
Ro: Ranking O de ; NIY: no malized ci a ions pe yea ; Sou ce: Scopus.
- Clus e 7 (colo ed o ange)— SDG epo ing. I s use wi h legi ima ion pu pose: Nine een
pape s ha analyzed he SDG epo ing as a legi ima ion pu pose make up his clus e . As
men ioned abo e, he a icles belonging o his sub opic had a close link o hose ha o med
clus e s 3 and 8. The a icles wi h he highes numbe o links we e hose by Elal y e al. (2020),
Elal y e al. (2020), Calab ese e al. (2021), and an de Waal e al. (2021). Wi h ega ds o he
a icles’ impac , he pape wi h he highes numbe o ci a ions in ela i e e ms was ha by an de
Waal e al. (2021), whe eas he pape wi h mo e o al ci a ions was ha by Ike e al. (2019).
Con e sely, he e we e wo pape s wi h no ci a ions: Caldana e al. (2021), and Galleli e al. (2021).
Almos all o he a icles belonging o his clus e we e w i en by mul iple au ho s (18 pape s),
while he e was only 1 publica ion by a single au ho . The au ho s wi h a highe numbe o
publica ions we e ElAl y, A., Kha e, A., K üge , C., Lou enÇao, M., Pennabel, A.F., and Webbe ,
O., wi h wo pape s each. Wi hin his sub opic, he jou nals wi h mo e pape s published we e he
Jou nal o Cleane P oduc ion and Sus ainabili y, wi h h ee pape s each, ollowed by Business
S a egy and he En i onmen ( wo pape s). The i s published a icle o his clus e da ed om
2018, and he yea wi h mo e publica ions was 2021, wi h wel e pape s published du ing ha yea .
Table 10 shows he pape s belonging o his clus e , hei jou nal, he numbe o links be ween
pape s, he coun y o egion o s udy, and hei impac o in luence measu ed by he o al numbe
o ci a ions and he a e age numbe o ci a ions pe yea om he da e o publica ion (NIY)
(Cas elló-Si en , 2022). I should be no ed ha he las column e lec s he “accele a ion” o he
impac in ime weigh ing. Thus, unde equal condi ions o he da e o publica ion, he g ea e he
NIY, he g ea e he academic in e es in he pape .
Table 10. Clus e 7
RO
Au ho
Links
Jou nal
Coun y
Ci a ions
NIY
1
an de Waal e
al (2021)
101
Jou nal o Cleane
P oduc ion
In e na ional
25
25
2
Johnsson e al.
(2020)
67
Renewable and
Sus ainable Ene gy
n.a.
32
16
28
Re iews
3
Khan e al
(2021)
20
Business S a egy and
he En i onmen
n.a.
15
15
4
O donez-Ponce e
Kha e (2021)
100
Jou nal o
En i onmen al
Planning and
Managemen
-
14
14
5
Ike e al.(2019)
66
Jou nal o Cleane
P oduc ion
Japan
41
13.67
6
Jan e al. (2021)
21
Sus ainabili y
(Swi ze land)
Islamic
coun ies
8
8
7
ElAl y e al.
(2020)
109
Sus ainable
De elopmen
In e na ional
14
7
8
Calab ese e al.
(2021)
108
Jou nal o Cleane
P oduc ion
-
6
6
9
Szennay e al.
(2019)
67
Resou ces
n.a.
18
6
10
Wa ma e e al.
(2021)
11
Business S a egy and
he En i onmen
In e na ional
5
5
11
Russell e al.
(2018)
11
Sus ainabili y
(Swi ze land)
Uni ed
Kingdom
20
5
12
Ge ged and
Almon ase
(2021)
54
Resou ces Policy
Libya
3
3
13
Diaz-Sa achaga
(2021)
100
Co po a e Social
Responsibili y and
En i onmen al
Managemen
Spain
2
2
14
Lou enção e al.
(2021)
35
Wo ld Re iew o
En ep eneu ship,
Managemen and
Sus ainable
De elopmen
-
2
2
15
Lee and Kim
(2021)
14
Social Indica o s
Resea ch
In e na ional
2
2
16
Elal y e al.
(2020)
121
Jou nal o Applied
Accoun ing Resea ch
-
4
2
17
Vogel-Pöschl e
al (2020)
51
Zei sch i u
E alua ion
-
2
1
18
Caldana e al.
(2021)
35
Benchma king
B azil
0
0
19
Galleli e al.
(2021)
34
Sus ainabili y
(Swi ze land)
B azil
0
0
RO: Ranking o de ; NIY: no malized ci a ions pe yea ; Sou ce: Scopus.
-- Clus e 8 (colo ed b own)—SDG epo ing. Na u e and o ien a ion: Ele en pape s ha
analyzed ha analyze he na u e and o ien a ion o SDG epo ing by companies make up his
clus e . These a icles a e connec ed wi h hose belonging o clus e s 3 and 7.
The a icles wi h he highes numbe o links we e hose by Pzzi e al. (2020) and Izzo e al.
(2020). Wi h ega ds o he a icles’ impac , he pape wi h he highes numbe o ci a ions, bo h in
absolu e and in ela i e e ms, was ha by Rosa i and Fa ia (2019). The ollowing pape s wi h a
highe academic impac we e hose by Pizzi e al. (2021) and de Villie s e al. (2021). Con e sely,
he e we e wo pape s wi h no ci a ions.
All o he a icles belonging o his clus e we e w i en by mul iple au ho s. The au ho wi h
he highes numbe o publica ions was Mukhe jee, M., wi h wo pape s. Wi hin his sub opic, he
jou nal wi h mo e pape s published was Sus ainabili y ( h ee pape s), ollowed by he Jou nal o
Cleane P oduc ion ( wo pape s). The i s published a icle o his clus e da ed om 2019, and he
yea wi h mo e publica ions was 2021, wi h se en pape s published du ing ha yea .
29
Table 11 shows he pape s belonging o his clus e , hei jou nal, he numbe o links be ween
pape s, he coun y o egion o s udy, and hei impac o in luence measu ed by he o al numbe
o ci a ions and he a e age numbe o ci a ions pe yea om he da e o publica ion (NIY)
(Cas elló-Si en , 2022). I should be no ed ha he las column e lec s he “accele a ion” o he
impac in ime weigh ing. Thus, unde equal condi ions o he da e o publica ion, he g ea e he
NIY, he g ea e he academic in e es in he pape .
Table 11. Clus e 8
RO
Au ho
TL
Jou nal
Coun y
Ci a ions
NIY
1
Rosa i and Fa ia
(2019)
96
Jou nal o Cleane
P oduc ion
In e na ional
161
53.67
2
Pizzi e al
(2020)
118
Jou nal o Cleane
P oduc ion
n.a.
73
36.5
3
de Villie s e al
(2021)
65
Jou nal o Business
Resea ch
n.a.
20
20
4
Izzo e al. (2020)
115
Sus ainabili y
(Swi ze land)
I aly
27
13.5
5
Di Vaio e al.
(2021)
36
Ma i ime Policy
and Managemen
n.a.
6
6
6
Ghosh and Rajan
(2019)
9
In e na ional
Jou nal o
Sus ainable
De elopmen and
Wo ld Ecology
In e na ional
16
5.33
7
Gambe a e al.
(2021)
43
Sus ainabili y
(Swi ze land)
Spain
5
5
8
Mukhe jee and
Wood (2021)
10
Sus ainabili y
(Swi ze land)
Vie nam,
Indonesia,
Malaysia and
he
Philippines
2
2
9
F anco- Riquelme
and Rubalcaba
(2021)
30
Jou nal o Open
Inno a ion:
Technology,
Ma ke , and
Complexi y
Spain
1
1
10
Nguyen and Ngo
(2021)
39
Economic
Resea ch-
Ekonomska
Is azi anja
Vie nam
0
0
11
Bo a and Ma ei
(2021)
7
FME T ansac ions
n.a.
0
0
RO: anking o de ; NIY: no malized ci a ions pe yea ; Sou ce: Scopus.
- Clus e 9 (colo ed pink)— SDGs and business s a egies: Six pape s ha analyzed SDGs and
hei ela ionship wi h business s a egies, analyzing which s a egies acili a e SDGs’
implemen a ion, make up his clus e .
The a icles wi h he highes numbe o links we e hose by Mio e al. (2020). Wi h ega ds o
he a icles’ impac , he pape wi h he highes numbe o ci a ions, bo h in absolu e and in ela i e
e ms, was ha by Mio e al. (2020). The ollowing pape wi h a highe academic impac was ha
by El-Haddadeh e al. (2021). Con e sely, he pape wi h he lowe numbe o ci a ions was ha by
an den B oek (2020).
All he a icles belonging o his clus e we e w i en by mul iple au ho s excep o one, and all
he au ho s had one published a icle abou his sub opic. Wi hin his sub opic, he jou nal wi h
mo e pape s published was Sus ainabili y ( wo pape s), while he o he jou nals had one a icle

30
each. The i s published a icle o his clus e da ed om 2019, and he yea wi h mo e publica ions
was 2021, wi h h ee pape s published du ing ha yea . Mo eo e , Eu opean coun ies we e he
mos analyzed.
Table 12 shows he pape s belonging o his clus e , hei jou nal, he numbe o links be ween
pape s, he coun y o egion o s udy, and hei impac o in luence measu ed by he o al numbe
o ci a ions and he a e age numbe o ci a ions pe yea om he da e o publica ion (NIY)
(Cas elló-Si en , 2022). I should be no ed ha he las column e lec s he “accele a ion” o he
impac in ime weigh ing. Thus, unde equal condi ions o he da e o publica ion, he g ea e he
NIY, he g ea e he academic in e es in he pape .
Table 12. Clus e 9
RO
Au ho
Links
Jou nal
Coun y
Ci a ions
NIY
1
Mio e al. (2020)
121
Business S a egy
and he
En i onmen
n.a.
55
27.5
2
El-Haddadeh e
al. (2021)
3
Jou nal o Business
Resea ch
Uni ed
Kingdom
15
15
3
She eni (2019)
1
A ican Jou nal o
Hospi ali y, Tou ism
and Leisu e
sub-saha an
A ican
coun ies
7
2.33
4
Jimenez e al.
(2021)
50
Sus ainabili y
(Swi ze land)
n.a
2
2
5
Camodeca and
Almici (2021)
20
Sus ainabili y
(Swi ze land)
I aly
2
2
6
an den B oek
(2020)
63
Co po a e
Communica ions
F ench
2
1
Ro: Ranking O de ; NIY: no malized ci a ions pe yea ; Sou ce: Scopus.
Mo eo e , we conduc ed a co-occu ence analysis, which is based on he idea ha “ he
ela edness o i ems is de e mined based on he numbe o documen s in which hey occu oge he ”
( osViewe da abase). In his case, he uni o analysis is he keywo ds (conside ing all keywo ds).
We es ablished a minimum numbe o occu ences o a keywo d (5) and, om he 1.148 keywo ds
o ou sample, 59 me hese condi ions. Figu e 9 shows he esul s o he co-occu ence analysis.
The mos used keywo ds we e: sus ainable de elopmen ( o al link s eng h: 380), sus ainable
de elopmen goal ( o al link s eng h: 353), sus ainable de elopmen goals ( o al link s eng h: 269),
and sus ainabili y ( o al link s eng h: 239). I is ema kable ha “p i a e sec o ” was only epea ed
15 imes and “business” 17, when hey cons i u e he o he undamen al poin o he a icles ha we
a e analyzing. This sugges s ha he mos speci ic keywo ds a e no eally being used o classi y he
pape s, since i seems necessa y o use some e e ence o he p i a e sec o as a keywo d o
di e en ia e he wo ks ha analyze he business sec o om hose ha deal wi h he public sec o o
NGOs.
31
Figu e 9. Keywo ds
Sou ce: osViewe and Scopus.
In ou inal sample, we ound 5.975 ci ed sou ces, o which only 22 jou nals ecei ed mo e
han 40 ci a ions. Table 13 shows he en jou nals ha ecei ed he highes numbe o ci a ions, as
well as he numbe o ci a ions pe yea . These numbe s clea ly e lec he impo ance o he
Jou nal o Cleane P oduc ion in he discussion o he ole o companies in mee ing he SDGs.
Table 13. Numbe o ci a ions pe jou nal
Jou nal
Ci a ions
NIY
Jou nal o Cleane P oduc ion
700
116.67
Jou nal o Business E hics
526
87.67
Sus ainabili y
366
61
Co po a e Social Responsibili y and En i onmen al Managemen
272
45.33
Business S a egy and he en i onmen
155
25.83
Sus ainable De elopmen
131
21.83
Academy o Managemen Re iew
75
12.5
Na u e
57
9.5
S a egic Managemen Jou nal
51
8.5
Accoun ing, Audi ing & Accoun abili y Jou nal
49
8.17
NIY: no malized ci a ions pe yea ; Sou ce: osViewe and Scopus.
On he o he hand, we ound 17.826 ci ed au ho s, o which only 21 had been ci ed mo e han
40 imes. Table 14 shows he en au ho s who we e ci ed mo e han 60 imes, as well as he numbe
o ci a ions pe yea .
Table 14. Numbe o ci a ions pe au ho
Au ho s
Ci a ions
NIY
Rosa i, F.
93
15.5
Kolk, A.
81
13.5
Van Tulde , R.
72
12
G iggs, D.
68
11.33
Ga cía-Sánchez, I.M
66
11
Schey ens, R.
64
10.67
Rocks om, J.
61
10.17
32
Bebbing on, J.
60
10
Schal egge , S.
59
9.83
Une man, J.
59
9.83
NIY: no malized ci a ions pe yea ; Sou ce: osViewe and Scopus.
Finally, om he 13.967 ci ed e e ences, only wo had been ci ed mo e han 10 imes (Table
15). This makes sense because, as we s a ed, his is a e y cu en esea ch opic, so he wo mos
ci ed a icles a e among he oldes .
Table 15. Mos ci ed e e ences
Re e ence
Ci a ions
NIY
Sulli an, K., Thomas, S., & Rosano, M. (2018). Using indus ial ecology and s a egic
managemen concep s o pu sue he Sus ainable De elopmen Goals. Jou nal o Cleane
P oduc ion, 174, 237-246.
13
4.33
Schey ens, R., Banks, G., & Hughes, E. (2016). The p i a e sec o and he SDGs: The need
o mo e beyond ‘business as usual’. Sus ainable De elopmen , 24(6), 371-
382.
10
2
NIY: no malized ci a ions pe yea ; Sou ce: osViewe and Scopus.
1.5. DISCUSSION
1.5.1. Main cha ac e is ics o he pape s
In his sec ion, we summa ize he main cha ac e is ics o he pape s unde s udy. In addi ion o
he issues analyzed so a , is in e es ing o expose he heo ies on which hey ha e been based, he
SDGs ha hey analyze, o he cha ac e is ics o he sample. I is in e es ing o analyze his
in o ma ion join ly, since issues a e obse ed ha p o ide ele an da a ega ding he s a us o
exis ing esea ch on he ole ha companies play in he de elopmen o he SDGs.
Much o he wo k ob ained in his bibliog aphic e iew eso ed o he heo ies ha ha e been
commonly used in CSR esea ch o ein o ce hei wo k, as can be seen in Table 16. Mo eo e , he
pape s ha used a heo e ical amewo k mainly did so indi idually, al hough he e we e some
wo ks ha combined se e al o hese heo ies. O he pape s based hei esea ch on he heo e ical
amewo k o he SDGs, bu we e no based on speci ic heo ies (e.g., Ghosh & Rajan, 2019; de
Villie s e al., 2021). I should be no ed ha , in he i s clus e he mos used heo ies we e he
s akeholde heo y and he ins i u ional heo y. Wi hou a doub , he hi d clus e was he one ha
showed he g ea es a ie y o heo ies, and i was also he clus e ha p esen ed a g ea e numbe o
s udies ha based hei amewo k on an exis ing heo y.
Table 16. Theo ies used in he pape analyzed
Theo y
Pape s
Ac i i y heo y
Saz-Gil e al. (2020)
Agency heo y
Gambe a e al. (2021); Khaled e al. (2021); Ga cía-Meca and Ma ínez-Fe ei o
(2021); Ga cía-Sánchez e al. (2019); Kazemikhas agh e al. (2021); Lassala e al.
(2021);
Con inui y heo y
Saz-Gil e al. (2020)
G ounded heo y
Jan e al. (2021)
Imp ession managemen heo y
Ga cía-Sánchez e al. (2020)
Ins i u ional heo y
Rosa i and Fa ia (2019); Ge ged and Almon ase (2021);
Galleli e al. (2021); an Zan en and an Tulde (2018);
Ga cía-Sánchez e al. (2020); Hepne e al. (2021); E in and Bamigboye (2021);
Izzo e al. (2020); Ga cía-Sánchez e al. (2019); O donez-Ponce and Kha e (2021)
Legi imacy heo y
Gambe a e al. (2021); Rosa i and Fa ia(2019); Ga cía-Sánchez e al. (2020) Yu
e al. (2020); Cu ó-Pagès e al. (2021); Ga cía-Meca and Ma ínez-Fe ei o
(2021); Izzo e al. (2020); Kazemikhas agh e al. (2021); De Luca e al. (2020); Yu
33
and Kuo. (2021); Lassala e al. (2021); Khan e al. (2021); ElAl y e al. (2020)
Na u al esou ce based iew
Ilyas e al. (2020)
O ganiza ional iden i y heo y
Liou and Rao- Nicholson (2021)
Pa adox heo y
Vildåsen (2018)
Resou ce-based iew
O donez-Ponce e al. (2021)
Signaling heo y
Rosa i and Fa ia(2019); Diaz-Sa achaga (2021); Khan e al. (2021)
Social and en i onmen al jus ice
heo y
Gu be le (2021)
S akeholde heo y
Gambe a e al. (2021); Rosa i and Fa ia(2019); Diaz-Sa achaga (2021);
Jonsdo i e al. (2021); Gunawan e al. (2020); Lopez (2020); Ga cía-Sánchez e
al. (2019); Gallego-Sosa e al. (2021); E in and Bamigboye (2021); Nishi ani e
al. (2021); Jun and Kim (2021); Modgil e al. (2020); Phan e al. (2020); Galla do-
Vázquez e al. (2021); Lassala e al. (2021); Jimenez e al. (2021)
Tempo ali y heo y
an den B oek (2020)
Theo y o esou ce dependence
Gallego-Sosa e al. (2021)
Uppe Echelons heo y
Gallego-Sosa e al. (2021); Ilyas e al. (2020)
Value heo y
Olo sson and Ma k-He be (2020)
Volun a y disclosu e heo y
Izzo e al. (2020)
On he o he hand, a sign ha he esea ch on he subjec is ecen is ha i can be seen ha
mos o he s udies app oach he analysis om a gene ic poin o iew, ocusing on he SDGs as a
global concep . The e is s ill no much specialized esea ch on each o he SDGs. Howe e , as
shown in Table 17, some s udies ha e conduc ed an analysis on a pa icula objec i e. Among hese
a icles, we obse ed ha he objec i e ha ecei ed he mos a en ion was 12 (Responsible
consump ion and p oduc ion), ollowed by SDGs 8, 9, and 17. The only SDGs ha had no been
speci ically analyzed we e 2 and 16. The clus e s ha p esen ed he mos specialized s udies on a
speci ic SDG we e 1, 5, and 6. In each o hem, he mos analyzed SDGs we e also 12, 8, and 9
Table 17. Mos ci ed e e ences
SDG
Publica ions
1
Schey ens and Hughes (2019); Gu be le (2021)
2
-
3
Hepne e al. (2021); Consolandi e al. (2020)
4
Bello and O hman (2020); Mozas-Mo al e al. (2020); Mozas-Mo al e al. (2021)
5
Hepne e al. (2021); Gu be le (2021); Núñez e al. (2020)
6
Hepne e al. (2021)
7
Hepne e al. (2021); Modgil e al. (2020)
8
Hepne e al. (2021); Modgil e al. (2020); Gu be le (2021); Khalique e al. (2021); Ma eucci (2020);
Núñez e al. (2020); Mozas-Mo al e al. (2020); Mozas-Mo al e al.. (2021)
9
Hepne e al. (2021);Vildåsen (2018); Modgil e al. (2020); Nob ega e al. (2021); Mozas-Mo al e al.
(2020); Mozas-Mo al e al. (2021)
10
Núñez e al. (2020)
11
Di Vaio and Va iale (2020); Modgil e al. (2020); Gu be le (2021)
12
Palakshappa and Dodds (2021); Hepne e al. (2021); Vildåsen (2018); Modgil e al. (2020); Gu be le
(2021); Ma eucci (2020); Mozas-Mo al e al. (2020); Mozas-Mo al e al. (2021); Russell e al. (2018)
13
Mozas-Mo al e al. (2020); Mozas-Mo al e al. (2021)
14
Vildåsen (2018)
15
Hepne e al. (2021); Mozas-Mo al e al. (2020); Mozas-Mo al e al. (2021)
16
-
17
Hepne e al. (2021); Vildåsen (2018); Di Vaio and Va iale (2020); Ma eucci (2020); Mozas-Mo al e al.
(2021)
40
pa icula o m o iden i ica ion a ec ing employees’ sel -concep , which will be in insically
linked o hei company (De Roeck & Maon, 2018). Gi en ha he g oup’s p es ige and he
dis inc i eness o i s alues a o iden i ica ion (Ash o h & Mael, 1989), employees will end o
iden i y wi h publicly epu able companies, as i sa is ies hei inna e need o sel -enhancemen
(Fa ooq e al., 2014; Shen e al., 2018).
CSR ac i i ies posi i ely a ec a company’s image and ex e nal epu a ion (B amme e al.,
2007), gene a ing a eeling o p ide among i s employees and, consequen ly, enhancing hei
iden i ica ion wi h he o ganiza ion (Lee & Chen, 2018). In his espec , some s udies (Ca meli e
al., 2007; Kim e al., 2010) ha e analyzed he e ec o employees’ pe cep ion o CSR on hei OI,
mos o hem documen ing a posi i e e ec .
H2.1: Pe cei ed CSR is posi i ely ela ed o employees’ o ganiza ional iden i ica ion.
2.2.2.2. O ganiza ional commi men
OC is “ he ela i e s eng h o an indi idual’s iden i ica ion wi h and in ol emen in a
pa icula o ganiza ion” (Mowday e al., 1979, p. 226). I a ec s he ela ionship be ween an
employee and he /his employing o ganiza ion as well as he /his decision o belong o such an
o ganiza ion (Meye & Allen, 1997).
P io s udies (Pe e son, 2004; B amme e al., 2007) documen a posi i e e ec o pe cei ed
CSR on employees’ a ec i e OC, explaining his e ec as employees end o iden i y hemsel es
wi h he posi i e alues unde lying in CSR, which enhances hei sel -image p omo ing an
emo ional a achmen o he i m (B amme e al., 2007; Azim, 2016).
H2.2: Pe cei ed CSR is posi i ely ela ed o employees’ o ganiza ional commi men .
2.2.2.3. Tu no e in en ions
Pe cei ed CSR no only encou ages employees’ posi i e wo k- ela ed a i udes bu also
discou ages nega i e ones (Wang e al., 2020). TI e e o employees’ psychological willingess o
consciously and delibe a ely lea e he i m, ei he due o dissa is ac ion wi h he company o be e
oppo uni es somewhe e else (Hansen e al., 2011; Lin & Liu, 2017). Gi en ha TI in luence
employees’ cu en beha io (Wang e al., 2020), i may a ec wo k en i onmen (Lin & Liu, 2017)
and suppose a high cos o i ms (G i e h e al., 2000). We ocus ou s udy in TI a he han ac ual
u no e because “ u no e in en ion is he bes p edic o o ac ual u no e beha io ” (Lin & Liu,
2017, p. 1), which means ha o companies is in e es ing o know i hei employees ha e u no e
in en ions o y o e e se his si ua ion.
A ew s udies ha e empi ically analyzed he e ec o pe cei ed CSR on TI, documen ing a
nega i e associa ion (Wang e al., 2020). This esul can be a ibu ed o he ac ha pe cei ed CSR
enhances he o ganiza ion’s a ac i eness and employees’ sa is ac ion (B amme e al., 2007;
Fa ooq e al., 2014), hus enhancing hei desi e o belong o such an o ganiza ion and con inue
wo king he e (Lee & Chen, 2018).
H2.3: Pe cei ed CSR is nega i ely ela ed o employees’ u no e in en ions.
2.2.2.4. Mode a ing e ec o con ex ual ac o s and employees’ demog aphic ea u es
Se e al au ho s ha e s essed ha employees’ a i ude owa d CSR a ec s he impac o
CSR on wo k- ela ed a i udes so ha he e ec o CSR ac i i ies on OI, OC, and TI will a y
depending on employees’ sensibili y owa d CSR, e en becoming nega i e in some cases (Pe e son,
2004; Tu ke , 2009). In u n, employees’ sensibili y owa d CSR and, consequen ly, hei eac ions
o hei i m’s CSR ini ia i es a e in luenced by con ex ual ac o s as well as employees’
demog aphic ea u es (Fa ooq e al., 2014; Donia e al., 2019). The e o e, bo h ypes o ac o s may

41
mode a e he e ec o CSR pe cep ion on employees’ wo k- ela ed a i udes (De Roeck & Maon,
2018).
2.2.2.4.1. Le el o de elopmen o he coun y
Employees’ and companies’ a i udes owa d CSR a e a ec ed by hei coun y’s
economic, social, and poli ical condi ions (Baughn e al., 2007). Based on a s udy o 15
coun ies, Wel o d (2005) showed ha he e is a posi i e ela ionship be ween a coun y’s
economic de elopmen and CSR, which explains a iance in he le el o CSR engagemen
among coun ies.
Economic de elopmen also posi i ely a ec s employees’ demands o co po a e
esponsibili y, which end o be g ea e when he le el o weal h in a coun y is highe (Baughn
e al., 2007). Clea ly, hose employees who li e in unde de eloped coun ies ha e o he
p io i ies and needs be o e CSR, while i s wo ld employees a e mo e likely o show mo e
in e es in CSR ac i i ies since hey ha e hei basic needs co e ed (Razzaq e al., 2020).
The e o e, he e ec o employees’ pe cep ion o CSR on hei wo k- ela ed a i udes can be
a ec ed by he le el o social and economic de elopmen o he coun y whe e a company
ope a es.
H2.4: The company’s coun y de elopmen le el mode a es he ela ionship be ween
pe cei ed CSR and employees’ wo k- ela ed a i udes, so ha he e ec o pe cei ed CSR on
OI (H2.4a), OC (H2.4b), and TI (H2.4c) will be s onge in coun ies wi h highe le els o social
and economic de elopmen .
2.2.2.4.2. Indus y pollu ion le el
P io li e a u e documen s a ela ionship be ween indus y pollu ion le el and CSR
(Bane jee e al., 2003; Jenkins & Oba a, 2006). Con o e sial indus ies (i.e., hose conside ed
‘di y’ o ‘sin’, such as pe o-chemical, oil, and obacco) a e a cause o highe public conce n
ela ed o hei en i onmen al and social impac s and, consequen ly, hey end o engage in
CSR ac i i ies (Mon ei o & Aiba ‐Guzmán, 2010). As a esul , inc eased engagemen wi h
CSR by i ms belonging o con o e sial indus ies migh be pe cei ed as une hical (Hill,
2001), and p oduce he opposi e e ec , nega i ely a ec ing co po a e epu a ion.
In his ega d, De Roeck & Maon (2018) con end ha he pollu ion le el o he indus y
o which a company belongs may a ec how i s employees pe cei e and espond o CSR. Thus,
belonging o con o e sial indus ies migh dec ease he e ec o CSR ac i i ies on employees’
wo k- ela ed a i udes, as employees migh pe cei e hem as dis us ul. Se e al s udies on
con o e sial indus ies (e.g., Du on e al., 1990; De Roeck & Delobbe, 2012) suppo his
iew.
H2.5: The company’s indus y pollu ion le el mode a es he ela ionship be ween
pe cei ed CSR and employees’s wo k- ela ed a i udes, so ha he e ec o pe cei ed CSR
on OI (H2.5a), OC (H2.5b), and TI (H2.5c) will be s onge when he i m belongs o non-
con o e sial indus ies.
2.2.2.4.3. Na ional cul u e
Na ional cul u e e e s o he alues ha cha ac e ize a coun y’s cul u e. I p o ides a
“collec i e p og amming o he mind” (Ho s ede, 1984, p. 389) ha a ec s indi iduals’
a i udes and beha io s (Lee e al., 2015). I a ec s how socie ies app oach CSR (Waldman e
al., 2006), in luencing no only employees’ sensibili y owa d en i onmen al and social issues
bu also he ex en o which hey conside ha i ms ha e e hical esponsibili ies and alue hei
CSR e o s (McNama a e al., 2017). The e o e, na ional cul u e can play a mode a ing ole in
42
he ela ionship be ween pe cei ed CSR and employees’ wo k- ela ed a i udes (Muelle e al.,
2012; Wang e al., 2020).
The mos widely ci ed axonomy o he s udy o na ional cul u e is he one de eloped by
Ho s ede (1980, 2001), which de ines na ional cul u e h ough i e dimensions:
indi idualism/collec i ism, unce ain y a oidance, powe dis ance, masculini y/ eminini y, and ime
o ien a ion. The i s dimension (indi idualism) e lec s whe he a socie y places emphasis on
indi idual goals e sus collec i e ones. P io esea ch ound a posi i e asso ia ion be ween
collec i is ic cul u es and CSR (Es eban e al., 2017). To he ex en ha in collec i is ic cul u es
people ca e o he wel a e o o he s, employees will posi i ely alue hei company’s CSR e o s
(Kim e al., 2010), leading o highe le els o OI and OC and educing TI (De Roeck & Maon,
2018).
H2.6: The indi idualism le el o he coun y’s na ional cul u e mode a es he ela ionship
be ween pe cei ed CSR and employees’ wo k- ela ed a i udes, so ha he e ec o
pe cei ed CSR on OI (H2.6a), OC (H2.6b), and TI (H2.6c) will be s onge in collec i is ic
cul u es.
Unce ain y a oidance e e s o he ex en o which indi iduals eel h ea ened o a e
uncom o able in ambiguous and unce ain si ua ions (Ho s ede, 1980). As Rallapalli e al. (1994)
no ed, isk aking beha io is ela ed o une hical ac ions and, acco dingly, CSR engaged socie ies
end o a oid his kind o isks (Kacpe czyk, 2009), a posi i e ela ionship exis ing be ween
unce ain y a oidance and CSR (Kang e al., 2016; Ho e al., 2021). Thus, in cul u al con ex s
cha ac e ized by high unce ain y a oidance employees will alue hei companies’ CSR ini ia i es
H2.7: The unce ain y a oidance le el o he coun y’s na ional cul u e mode a es he
ela ionship be ween pe cei ed CSR and employees’ wo k- ela ed a i udes, so ha he
e ec o pe cei ed CSR on OI (H2.7a), OC (H2.7b), and TI (H2.7c) will be s onge in cul u es
cha ac e ized by high unce ain y a oidance.
Masculine alues a e associa ed wi h a ocus on ecogni ion and ma e ial success, whe eas
eminini y e e s o he p e e ence o ela ionships, quali y o li e, ca ing, and al uism. The e o e,
indi iduals in eminine coun ies will exhibi highe sensi i i y owa ds CSR (Es eban e al., 2017)
and, consequen ly, i can be expec ed ha he e ec o CSR pe cep ion on hei wo k- ela ed
a i udes is a ec ed by his dimension o na ional cul u e.
H2.8: The emini y le el o he coun y’s na ional cul u e mode a es he ela ionship be ween
pe cei ed CSR and employees’ wo k- ela ed a i udes, so ha he e ec o pe cei ed CSR
on OI (H2.8a), OC (H2.8b), and TI (H2.8c) will be s onge in eminine cul u es
Time o ien a ion e lec s whe he a socie y p io i izes long e m o e sho e m (Ho s ede,
2001). Sho - e m-o ien ed cul u es place emphasis on immedia e bene i s a he han look o long-
e m alue c ea ion, which leads indi iduals and companies o p io i ize sho - e m gains a he
expense o long- e m s a egies such as hose ela ed o CSR. Acco dingly, i can be expec ed ha
he e ec o CSR pe cep ion on employees’ wo k- ela ed a i udes is a ec ed by he coun y’s ime
o ien a ion.
H2.9: The ime o ien a ion o he coun y’s na ional cul u e mode a es he ela ionship
be ween pe cei ed CSR and employees’ wo k- ela ed a i udes, so ha he e ec o
pe cei ed CSR on OI (H2.9a), OC (H2.9b), and TI (H2.9c) will be s onge in coun ies
cha ac e ized by a long- e m o ien a ion.
2.2.2.4.4. Employees’ demog aphic ea u es
43
Besides con ex ual ac o s, employees’ demog aphic ea u es and pe sonal ai s also a ec
hei sensibili y owa d CSR (i.e., how hey espond o hei o ganiza ion’s CSR ac i i ies) and,
consequen ly, hey may mode a e he impac ha CSR ac i i ies ha e on wo k- ela ed a i udes.
Thus, in he case o socially and en i onmen ally conce ned indi iduals, a a o able pe cep ion o
hei i ms CSR ac i i ies may lead o s onge OI and OC and, con e sely, educe TI (Shahzadi e
al., 2019).
Gende di e ences a ec indi iduals’ pe cep ions o CSR (Panwa e al., 2010). Se e al
au ho s ha e showed ha women end o be mo e conce ned wi h en i onmen al and social issues
whe eas men end o be mo e ocused on economic ones (Da idson & F eudenbu g, 1996;
Mon ei o e al., 2021). Consequen ly, emale employees will eac posi i ely o hei i ms’ CSR
ac i i ies (Robe s, 1991) and pe cei ed CSR will ha e a s onge impac on hei wo k- ela ed
a i udes (Pe e son, 2004).
H2.10: Employees’ gende mode a es he ela ionship be ween pe cei ed CSR and
employees’ wo k- ela ed a i udes, so ha he e ec o pe cei ed CSR on OI (H2.10a), OC
(H2.10b), and TI (H2.10c) will be s onge in he case o emale employees.
Employees’ age also in luences hei sensibili y owa d CSR (Wang e al., 2020). Al hough
hose indi iduals who we e bo n om he eigh ies (i.e., Y gene a ion o Millenials) end o show a
highe conce n owa d social and en i onmen al issues (Klimkiewicz & Ol a, 2017), as no ed by
Wang e al. (2020), employees end o pu mo e emphasis on meaning ul goals (such as social and
en i onmen al p o ec ion) as hei age inc eases. Acco dingly, i can be expec ed ha he impac o
pe cei ed CSR on wo k- ela ed a i udes is s onge as employees’age inc eases.
H2.11: Employees’ age mode a es he ela ionship be ween pe cei ed CSR and employees’
wo k- ela ed a i udes, so ha he e ec o pe cei ed CSR on OI (H2.11a), OC (H2.11b), and TI
(H2.11c) will be s onge in he case o olde employees.
The ime span ha an employee has spen wi h a speci ic company (o en e e ed as enu e)
also a ec s how employees pe cei e hei company’s CSR e o s, as hey can judge and alue hem
based on hei wo k expe ience. The e o e, we expec ha employees’ enu e a ec s he impac o
pe cei ed CSR on hei wo k- ela ed a i udes.
H2.12: Employees’ enu e mode a es he ela ionship be ween pe cei ed CSR and employees’
wo k- ela ed a i udes. so ha he e ec o pe cei ed CSR on OI (H2.12a), OC (H2.12b), and TI
(H2.12c) will be s onge as enu e inc eases.
Employees’ educa ional le el, i.e., “ he o mal quali ica ion in he o m o deg ees
indi iduals ecei e om college o uni e si y” (Shahzadi e al., 2019, p. 1242), a ec s bo h
indi iduals’ hough p ocesses and hei p e e ences and goals (Pipe e al., 2012). Educa ion a ec s
employees’ abili y o unde s and o he s’ demands (Ng & Feldman, 2009), so ha , as hei
educa ional le el inc eases, employees end o alue al uis ic and social ewa ds (Rose, 2005) and
show highe conce n o social and en i onmen al p oblems (Sun e al., 2020). Se e al au ho s
ound ha employees’ educa ional le el is posi i ely ela ed o CSR (Fa ooq e al., 2014; Sun e al.,
2020). Consequen ly, we expec a s onge e ec o CSR pe cep ion on wo k- ela ed a i udes in he
case o employees wi h highe quali ica ions.
H2.13: Employees’ educa ional le el mode a es he ela ionship be ween pe cei ed CSR and
employees’ wo k- ela ed a i udes. so ha he e ec o pe cei ed CSR on OI (H2.13a), OC
(H2.13b), and TI (H2.13c) will be s onge as employees’ educa ional le el inc eases.
Finally, he posi ion ha an employee occupies in he company may also a ec he /his
sensibili y owa d CSR. Kucha ska & Kowalczyk (2019) ound ha he highe he employees’
44
posi ion in a company is, he mo e posi i ely hey pe cei e i s CSR e o s, because op
managemen sha es he i m’s iewpoin . The e o e, we expec a s onge e ec o CSR pe cep ion
on wo k- ela ed a i udes in he case o employees in highe posi ions.
H2.14: Employees’ posi ion mode a es he ela ionship be ween pe cei ed CSR and
employees’ wo k- ela ed a i udes, so ha he e ec o pe cei ed CSR on OI (H2.14a), OC
(H2.14b), and TI (H2.14c) will be s onge in he case o high-posi ion employees.
Figu e 10 summa izes he esea ch model.
Figu e 10. Resea ch model
2.3. METHODOLOGY
A me a-analysis join ly analyzes he esul s o di e en obse a ions ha examine he beha io o
he same a iables, wi h he aim o p o iding a common esponse o he hypo heses aised (Hun e
& Schmid , 2004; By on & Pos , 2016).
2.3.1 Da a collec ion
45
The i s s ep o cons uc he da a se was o ca y ou a sys ema ic e iew o sea ch ele an
s udies on he subjec . Two di e en sea ch asks we e pe o med. We i s ly made an ini ial sea ch
wi h he aim o inding he main jou nals ha publish a icles on he subjec . We speci ically looked
o a icles ha s udy he ela ionship be ween CSR ac i i ies and employees’ wo k- ela ed a i udes
published be ween Janua y 1999 and Decembe 2019 in pee - e iewed jou nals indexed on he Web
o Science and Scopus da abases by using he ollowing keywo ds: “CSR” o “co po a e social
esponsibili y”, and “ u no e ”, “commi men ”, "a ec i e commi men ”, and “o ganiza ional
iden i ica ion”. Then, a second sea ch was ca ied ou by pe o ming a comp ehensi e e iew
ocused on he jou nals ha had published some pape s on he subjec iden i ied in he i s sea ch.
This sea ch e u ned 209 publica ions.
The second s ep consis ed in he eading and c i ical analysis o he ini ial sample o 209
pape s. Each o he au ho s sepa a ely ead and analyzed he pape s summa izing hei main
cha ac e is ics and subsequen ly he esul s we e compa ed. The ollowing c i e ia o inclusion o
pape s we e used (Pa uzel e al., 2021):
A icles should consis in empi ical s udies and p o ide s a is ical da a. The e o e, heo e ical
a icles, bibliog aphic e iews and me a-analyses we e excluded.
The selec ed sample mus be made up o employees. The e o e, s udies ca ied ou wi h
s uden s we e emo ed.
The dependen a iables should be OI, OC o TI, while he independen a iable should be
employees’ CSR pe cep ion. The s udies ough o p o ide he co ela ion coe icien s be ween
pe cei ed CSR and he dependen a iables.
Repea ed a icles we e elimina ed.
As a esul o hese il e s, a inal sample o 42 pape s was ob ained. Figu e 11 depic s he
p ocess ollowed o cons uc he da a se and Table 18 shows he inal sample o a icles and he
dependen a iable o each o hem.
Figu e 11. A icle selec ion p ocess
Table 18. Final sample o a icles acco ding o hei dependen a iable
Commi men
O ganiza ional iden i ica ion
Azim (2016)
B amme e al. (2015)
A icles selec ed h ough
jou nal sea ch
To al: 209 a icles
A icles dele ed:
heo e ical, bibliog aphic
e iew and me a-analysis
(41)
To al: 168
A icles dele ed: hose
ha use di e en sample
(5)
To al: 163
A icles dele ed: hose
ha use di e en
a iables (118)
To al: 45
A icles dele ed:
duplica ed (3)
Final sample: 42 a icles

46
Bou aoui e al. (2019)
B amme e al. (2007)
B a o e al. (2017)
Closon e al. (2015)
D’Ap ile and Talò (2015)
Di le -Simonsen (2015)
Fu e al. (2014)
Gla as and Kelley (2014)
Gup a (2017)
Ho man and Newman (2014)
Islam e al. (2016)
Khaleel e al. (2017)
Kim e al. (2016)
Kim e al. (2017)
Kowalczyk and Kucha ska (2020)
Kundu e Gahlawa (2016)
Mo y e al. (2016)
Muelle e al. (2012)
Oh e al. (2019)
Tu ke (2009)
Valen ine and Godkin (2017)
Vlachos e al. (2014)
Youn e al. (2018)
Za a and Ali (2016)
Zhou e al. (2018)
Zien a a e al. (2015)
B iege e al. (2020)
Ca meli e al. (2007)
De Roeck and Delobbe (2012)
De Roeck e al. (2016)
Fa ooq e al. (2014)
Gup a (2017)
Islam e al. (2016)
Ko e al. (2018)
Shin e al. (2016)
Tian e Robe son (2019)
Wang e al. (2017)
Za a and Ali (2016)
Zhao e al. (2019)
Tu no e in en ions
Chaudha y (2017)
Hansen e al. (2011)
Kim e al. (2016)
Lin and Liu (2017)
Ng e al. (2019)
Valen ine and Godkin (2017)
Wang e al. (2017)
2.3.2. Da a analysis
2.3.2.1. Coding p ocedu es
The nex s ep was a coding p ocess, ca ied ou wi h he objec i e o minimizing e o s.
F om he inal sample o a icles, a complex ask o da a s anda diza ion was pe o med o ge a
common measu e o all a iables. The c i ical issue when measu ing he main a iables was he
lack o uni o mi y ega ding he scales used. The e o e, a e analyzing each one, a common
c i e ion was es ablished and he da a we e s anda dized (Table 19).
The p oblem ha a ose when measu ing he CSR a iable is ha he e is no common
c i e ion o do i . A e e iewing he ex an li e a u e, we obse e ha he au ho s apply di e en
scales o measu e his a iable. Mo eo e , some au ho s measu e he CSR a iable in a gene al way
and o he s ocus on some o i s subdimensions (en i onmen al, social, e c.). Howe e , a e
e iewing he a icles included in his me a-analysis, we obse ed ha mos o he au ho s e e o
p ac ically he same concep s, al hough hey call hem di e en ly, he e o e we ha e homogenized
his a iable by measu ing all he esul s on a Like scale om 1-5.
As ega ds employees’ demog aphic ea u es, we conside ed employees’ a e age age (age), he
sam ple’s p opo ion o emales (gende ), and employees’ a e age enu e ( enu e). Employees’
educa ional le el (educa ion) was measu ed by making a dis inc ion be ween uni e si y and non-
uni e si y educa ion, and employees’ posi ion (posi ion) was measu ed dis inguishing be ween
manage s and employees.
Rega ding con ex ual ac o s, ollowing p e ious s udies (Volle o e al, 2018 Mon ei o and
Aiba -Guzmán, 2010), indus ies we e classi ied acco ding o hei pollu ion le el in: (1) high-
pollu an o mo e con o e sial (manu ac u ing, ene gy sec o , ood, and ag icul u e, chemical), (2)
low-pollu an o less con o e sial (casinos, ho els, and heal h ca e), (3) no-pollu an o no
con o e sial (banking and inance, in o ma ion echnology, and elec onic), and (4) mix (samples
ha include companies om se e al ypes o indus ies).
47
Simila ly, coun ies we e classi ied acco ding o hei economic le el, social de elopmen ,
and li es yles. Thus, we dis inguish wo b oad g oups: coun ies wi h a high le el o social and
economic de elopmen and coun ies wi h a low le el o social and economic de elopmen . Then,
ollowing G aa land & Smid (2019) and Fa be & Cha les (2013), we also conside he
geog aphical a ea in which he coun ies a e loca ed acco ding o he ollowing ca ego ies: (1)
Anglo-Saxon coun ies ou side Eu ope, (2) Anglo-Saxon coun ies in Eu ope, (3) Scandina ian
coun ies, (4) O he wes e n Eu opean coun ies, (5) Medi e anean Eu opean coun ies, (6) Japan,
(7) Eas and Sou heas Asian coun ies, (8) Sou h Asian coun ies, (9) Middle Eas and No h
A ica, and (10) mix (samples ha include companies om se e al coun ies). Thus, he coun ies
belonging o he i s six ca ego ies we e conside ed as de eloped coun ies, whe eas he emaining
ca ego ies co espond o coun ies wi h a low le el o social and economic de elopmen . This
double classi ica ion in necessa y o cap u e bo h he coun ies’ economic de elopmen le el and
he coun ies’s social and li es yle ea u es ha can a ec employees’ wo k- ela ed a i udes and
hei CSR pe cep ion ( o example, al hough Spain and Japan can ha e a compa able le el o
economic de elopmen , he social and li es yle ea u es o people om bo h coun ies a e e y
di e en ).
Finally, he a iables ela ed o he dimensions o na ional cul u e we e coded ollowing he
da a ma ix c ea ed by Ho s ede (h ps://gee ho s ede.com/ esea ch-and- sm/dimension-da a-
ma ix/).
Table 19. Va iables
Va iable
Ac onym
Measu emen
Panel A:
Independen a iable
Pe cei ed CSR
Pe cei ed CSR
Like scale om 1-5
Panel B:
Dependen a iable
O ganiza ional iden i ica ion
OI
Like scale om 1-5
O ganiza ional commi men
OC
Like scale om 1-7
Tu no e in en ions
TI
Like scale om 1-5
Panel C: Mode a o s
Con ex ual ac o s
Employees ea u es
Le el o de elopmen o he
coun y
Coun y
Two g oups:
A) High de elopmen le el:
1. Anglo-Saxon coun ies ou side Eu ope
2. Anglo-Saxon coun ies in Eu ope
3. Scandina ian coun ies
4. O he wes e n Eu opean coun ies
5. Medi e anean Eu opean coun ies
6. Japan
B) Low de elopmen le el:
7. Eas and Sou heas Asian coun ies
8. Sou h Asian coun ies
9. Middle Eas and No h A ica
C) O he s
10. Mix
Indus y pollu ion le el
Indus y
Fou g oups:
1. High pollu an o mo e con o e sial
2. Low pollu an o less con o e sial
3. No pollu an
4. Mix
Na ional cul u e:
-Indi idualism le el
-Unce ain y a oidance le el
-Masculini y le el
-Time o ien a ion
Indi idualism
Scale om 0-120 (Ho s ede, 2001)
Unce ain y
a oidance
Scale om 0-120 (Ho s ede, 2001)
Masculini y
Scale om 0-120 (Ho s ede, 2001)
Long e m
o ien a ion
Scale om 0-120 (Ho s ede, 2001)
48
Employees’ gende
Gende
Sample’s p opo ion o emales
Employees’ age
Age
Employees’ a e age age
Employees’ enu e
Tenu e
Employees’ a e age enu e
Employees’ educa ional
le el
Educa ion
Dummy a iable:
Uni e si y educa ion
Non-uni e si y educa ion
Employees’posi ion
Posi ion
Dummy
2.3.2.2. Da a analysis p ocedu es
The da a analysis has been ca ied ou wi h R (Pa uzel e al., 2021). Fi s ly, he exis ence o
publica ion bias was checked h ough he Egge ’s Reg ession In e cep (Egge e al, 1977).
Publica ion bias e e s o he ac ha he pape s wi h signi ican indings a e mo e likely o be
published han hose wi h non-signi ican esul s, which could mean ha ou inal selec ion o
s udies is no ep esen a i e o he s udies ca ied ou on his opic (Re elli & Vi iani, 2015). I he
coe icien is highe han 0.05 means ha he e a e no biases in he me a-analysis. Then, we
co ec ed he measu emen e o by using co ela ions (Hun e & Schmid , 2004).
Finally, a he e ogenei y analysis was ca ied ou o measu e he he e ogenei y o he
samples. Two s a is ics we e compu ed: Q (Coch an’s Q Tes ) and I2 ( he he e ogenei y index). The
i s assesses whe he a iabili y in co ela ions ac oss s udies is s a is ically signi ican (i.e., a
s a is ically signi ican Q- alue deno es he e ogenei y). The I2 s a is ic indica es he a io o o al
a ia ion in es ima es a ibu able o he e ogenei y; when i s alue exceeds 75%, he sample is
ega ded as he e ogeneous (G eenland & O’Rou ke, 2008). The exis ence o he e ogenei y con i ms
he impo ance o knowing he ole o di e en mode a ing a iables ha can in luence he
ela ionship be ween pe cei ed CSR and wo k- ela ed a i udes.
Reg ession analysis, mul i a ia e analysis and p incipal componen analysis we e used o
es he esea ch hypo heses. Following Bo ens ein e al. (2011), a andom e ec s me a-analysis
echnique was used o es Hypo heses H2.1, H2.2, and H2.3, whe eas a ixed e ec s me a- eg ession
was used o es he emaining hypo heses. A 95% con idence in e al (CI) was conside ed.
2.4. RESULTS
2.4.1. Publica ion bias es
Table 20 shows he esul s o he Egge 's es o he ela ionship be ween CSR pe cep ion and
he h ee analyzed wo k- ela ed a i udes (OI, OC, and TI). In all cases he p alue o Egge 's
eg ession in e cep is highe han he benchma k o 0.5, which indica es ha he e a e no biases in
he me a-analysis. Table 20. Resul s o he Egge 's es
Hypo heses
k
N
Egge ’s in e cep
H1
14
3955
-0.5080
H2
27
17816
-0.5207
H3
7
5737
0.0817
No e: k = numbe o a icles included in each analysis; N = numbe o pa icipan s in each analysis; Egge ’s
in e cep = he in e cep o he linea eg ession.; p = p- alue o Egge 's in e cep .
2.4.2. Main esul s
2.4.2.1. The e ec o pe cei ed CSR on employees’ wo k- ela ed a i udes
49
Table 21 epo s he esul s o he ela ionships be ween pe cei ed CSR and he h ee
analyzed wo k- eal ed a i udes (OI, OC, and TI). As can be seen, pe cei ed CSR is posi i ely
co ela ed wi h OI ( c = 0.46) and OC ( c = 0.49) and nega i ely co ela ed wi h TI ( c = -0.22). In
all cases, he 95% IC does no include 0. Acco dingly, Hypo heses H2.1, H2.2, and H2.3 a e suppo ed.
O e all, ou indings show ha pe cei ed CSR has a posi i e e ec on employees, s eng hening
posi i e a i udes and diminishing nega i e ones. These esul s a e consis en wi h he indings
ob ained in o he me a-analyses ca ied ou by Wang e al. (2020) and Pa uzel e al. (2021).
Table 21. Resul s o di ec ela ions
95% CI
Rela ionship
k
N
c
LL
UL
Z
Q
PQ
I2
OI
14
3955
0.46
0.4080
0.5813
11.186
97.7960
<.0001
86.44
OC
24
17816
0.49
0.4406
0.6416
10.5512
650.1254
<.0001
96.85
TI
10
5737
-0.22
-0.3161
-0.1410
-5.1163
64.2978
<.0001
87.47
Rela ionship
k
N
c
LL
UL
Z
Q
PQ
I2
No e: k = numbe o a icles included in each analysis; N = numbe o pa icipan s in each analysis; c =
co ela ions coe icien s; 95% CI = 95% con idence in e al o c; LL = lowe le el o he CI; UL = uppe le el o
he CI; Z = Z-s a is ic; Q = Q-s a is ic; pQ = p alue o he Q-s a is ic; I2 = I2 s a is ic
2.4.2.2. Mode a ing e ec o con ex ual ac o s
Table 22 epo s he esul s o he mode a ing e ec o con ex ual ac o s on he ela ionship
be ween pe cei ed CSR and employees’ wo k- ela ed a i udes (Hypo heses 2.4-2.9).
Table 22. Res uls o mode a ing e ec s (con ex ual ac o s)
Va iable
OI
OC
TI
Coun y
k
12
23
10
Q
19
7.6669
1.6198
p
0.0010
0.4667
0.4449
Indus y
k
12
22
10
Q
16
3.7026
19.2796
p
0.0003
0.2954
0.0002
Indi idualism
k
12
23
10
Q
0.1751
1
1.2891
p
0.6756
0.2207
0.2562
β
0.4781
0.4260
-0.1503
Unce ain y
a oidance
k
12
23
10
Q
0.0082
0.2834
24.1562
p
0.9277
0.5945
<0.0001
β
0.5005
0.6328
-0.009
Masculini y
k
12
23
10
Q
0.0111
0.5758
0.3737
p
0.9160
0.4480
0.5410
β
0.5395
0.3906
-0.5334
Long e m
o ien a ion
k
12
23
10
q
62.875
0.4499
0.0382
P
0.0122
0.5024
0.8451
β
0.2188
0.4749
-0.2484
No e: k = numbe o samples; Q = Q-s a is ic; β = eg ession coe icien s; p = p- alue
56
compliance wi h he SDGs. Companies mus ocus hei CSR ac i i ies aking in o accoun he
SDGs and communica e wha ac ions hey ca y ou in hei epo s.
The CEO is he main pe son in cha ge o he o ganiza ion and, consequen ly, o i s s a egies as
well as he in o ma ion ha is made a ailable o s akeholde s (Li e al., 2018; Ga cía-Sánchez &
Ma ínez-Fe e o, 2019; Ga cía-Sánchez e al., 2019). In ac , decisions ela ed o sus ainabili y
co espond o him/he (Aguinis & Gla as, 2012; Godos-Díez e al., 2019). The e o e, CEOs ha e
he du y and he powe o in luence he sus ainable policies o companies (Co dei o & Sa kis, 2008;
A ena e al., 2018; Aiba -Guzmán & F ías-Acei uno, 2021). Likewise, CEOs ha e a key ole in
p omo ing co po a e anspa ency in his ega d (Li e al., 2018; Ga cía-Sánchez e al., 2020b).
Conside ing ha decisions ela ed o CSR a e subjec o manage ial disc e ion (Hamb ick &
Finkels ein, 1987; A ena e al., 2018; Ga cía-Sánchez & Ma ínez-Fe e o, 2019), CEOs’
demog aphic cha ac e is ics, alues, and cogni i e s yles, by a ec ing how hey pe cei e he
en i onmen , will in luence hei companies’ CSR s a egies and pe o mance (Liao e al., 2019).
The e o e, gi en he ele ance ha hese ac i i ies ha e in he company, he e is a need o s udy he
pe sonal cha ac e is ics o CEOs o know wha consequences hey may ha e on CSR ac i i ies
(A ena e al., 2018; Ja eed & Le en, 2019; Ji e al., 2019; Khan e al., 2020).
Taking his in o accoun , he pu pose o his chap e is o analyze how he pe sonal a ibu es o
CEOs in luence he le el o SDG disclosu e. Fo his, an empi ical s udy has been ca ied ou in
which we analyze how di e en pe sonal a ibu es o he CEO (gende , age, educa ion, na ionali y,
enu e and na cissism) in luence he le el o disclosu e o he SDGs o he IBEX-35 companies.
Al hough se e al s udies ha e analyzed he e ec o CEO’s a ibu es on CSR epo ing (Lewis e
al., 2014; Li e al., 2018; Ga cía-Sánchez e al., 2020b), as a as we a e awa e, he e is no s udy ha
has analyzed his issue be o e. Thus, we aim o con ibu e o academic esea ch by inc easing he
a ailable li e a u e on his eme ging esea ch opic.
The es o he chap e is s uc u ed as ollows: a e his in oduc ion, he nex sec ion co e s he
heo e ical amewo k and he hypo heses de elopmen . Sec ion 3 con ains he in o ma ion abou
he empi ical s udy’s design. In Sec ion 4, he esul s a e p esen ed and, inally, Sec ion 5
summa izes he main conclusions o he s udy, he implica ions o he esul s, and some limi a ions
and po en ial lines o u u e esea ch.
3.2. BACKGROUND AND HYPOTHESES DEVELOPMENT
3.2.1 Theo e ical amewo k
Gi en he impo ance ha beha io al science esea ch has acqui ed in ecen imes, i is
necessa y o ake in o accoun ha business decisions a e biased by he pe sonal cha ac e is ics and
a ibu es o hose who make decisions. Speci ically, i mus be aken in o accoun ha manage s
make di e en decisions based on hei pe sonal cha ac e is ics, alues, and cogni i e s yles
(Bambe e al., 2010 Liao e al., 2019).
The li e a u e g an s he ole o undamen al decision make o he CEO, who is conside ed he
mos in luen ial igu e in an o ganiza ion. As indica ed ea lie , he adop ion o sus ainabili y
p ac ices as well as hei disclosu e a e disc e ional decisions ha co espond o he CEO o he
company (Wei e al., 2018 Ga cía-Sánchez & Ma ínez-Fe e o, 2019) and, like any decision, hey
will be biased o he CEO’s pe sonal a ibu es, alues and expe iences.
A e analyzing he exis an li e a u e, we con i med ha he e a e coun less a icles ha alk
abou he impac ha he cha ac e is ics o he CEO will ha e on CSR pe o mance, bu he same does
no happen i we speci y his esea ch in disclosu e. A e ca ying ou a li e a u e e iew 214 esea chs,

57
once hese wo ks ha e been e iewed, we obse e ha only 11 a icles s udy he ela ionship be ween
pe sonal cha ac e is ics o he CEO and he disclosu e o CSR (Table 1).
F om a heo e ical pe spec i e, he Uppe Echelons Theo y (UET), which was bo n om he
hand o Hamb ick & Mason (1984), a gues ha he pe sonal cha ac e is ics o he indi iduals who
make decisions ha e implica ions o he o ganiza ion. These cha ac e is ics will be he cause o
CEOs o make ce ain decisions (Ga cía-Sánchez e al., 2019; Chin e al., 2013; Ga cía-Sánchez &
Ma ínez-Fe e o, 2019), such as he le el o disclosu e o he SDGs.
This heo y is based on wo undamen al p inciples: i s , manage s make decisions based on
how hey in e p e he con ex ha su ounds he decision and, second, hese in e p e a ions a e
pa ial and a e biased by hei indi idual cha ac e is ics and he expe iences ha each one has li ed
(Wang e al., 2015). UET is linked o he limi ed a ionali y o Simon (1958), who s a ed ha people
make decisions based on an emo ional pa in addi ion o he a ional one, since we do no ha e all
he in o ma ion o all he ime o analyze he in o ma ion a ailable as o make a decision based on
absolu e a ionali y (Alazzani e al., 2019; T an & Pham, 2020).
The e o e, CEOs will make limi ed a ional decisions (Hamb ick & Mason, 1984), which
means ha , i we wan o unde s and he beha io o an o ganiza ion, i will be necessa y o s udy
he a ibu es o i s CEO (Liao e al., 2019). Thus, he UET has been b oadly used o s udying he
e ec s o he a ibu es o he companies’ key decision-make s (i.e., he boa d o di ec o s and he
CEO) in co po a e s a egies (Chang e al., 2017; Naseem e al., 2017; End ika e al., 2021).
Building on he UET’s pe spec i e, a company’s inclina ion o engage in CSR may be
in luenced by i s CEO’ p e e ences and p io i ies which, in u n, s em om he /his pe sonali y,
alues and expe iences (Hamb ick and Mason, 1984; Pe enko e al., 2016; Aiba -Guzmán & F ías-
Acei uno, 2021).
3.2.2 Hypo heses de elopmen
Se e al s udies analyze and a i m ha he pe sonal a ibu es and skills o he CEO (e.g., age,
gende , in e na ional expe ience, educa ional le el, us , poli ical p e e ences, eligion, sen imen al
s a us) a e e lec ed in CSR s a egies and pe o mance (Aguinis & Gla as, 2012; A ena e al.,
2018; Zhang e al., 2018; Ga cía-Sánchez & Ma ínez-Fe e o; Aiba -Guzmán & F ías-Acei uno,
2021). O e all, he esul s indica e ha hose companies wi h CEOs wi h mo e expe ience, abili y,
powe o in e na ional expe iences will be mo e likely o in es in CSR (Ga cia-Sánchez e al.,
2020b). The same goes o women, libe als, and ma ied CEOs (Alazzani e al., 2019; Chin e al.,
2013; Hegde & Mish a, 2019; Oka o & Ujah, 2020; T an & Pham, 2020; Yuan e al., 2019; Zhang
e al., 2018; Zou e al., 2020; Z ibi & Bou a eh, 2020).
3.2.2.1 Gende
Al hough he li e a u e on gende di e si y a ibu es o women manage s a high o ien a ion
owa ds CSR and co po a e anspa ency (Mon ei o e al., 2021b), he s udies p o ide mixed esul s.
F iske e al. (2020) show ha he gende o CEOs in luences CSR disclosu e in such a way ha
hose companies led by women CEOs will be mo e willing o disclose CSR in o ma ion in
co po a e epo s han companies wi h a man CEO. Howe e , Suá ez-Rico e al. (2018) ob ained
di e en esul s when s udied he e ec s ha he CEO’s gende has on he le el o disclosu e
he /his company makes abou i s CSR ac i i ies on he social ne wo k Twi e . In hei s udy, no
signi ican ela ionship was ound be ween hese a iables. On he o he hand, Malik e al. (2020)
ound ha gende is indi e en in he le el o disclosu e o CSR. The e o e, we p opose he
ollowing hypo hesis:
H3.1: Companies wi h emale CEOs will epo mo e SDG in o ma ion.
58
3.2.2.2 Age
Rega ding he ela ionship be ween age and CSR disclosu e, again p io s udies show
con adic o y indings. F iske e al. (2020) posi ed ha he olde he CEO, he less in e es he will
show in his ype o p ac ices bu in hei s udy no ela ionship was ound be ween age and le el o
disclosu e. Simila ly, Suá ez-Rico e al. (2018) ound no signi ican e ec o he CEO age on he
le el o disclosu e o CSR ac i i ies on he social ne wo k Twi e . Con e sely, Malik e al. (2020)
documen a posi i e ela ionship be ween he le el o CSR disclosu e by a company and he age o
i s CEO.
These mixed esul s can be explained because, as obse ed by Abe ne hy e al. (2019), when
analyzing he in luence o he CEO’s age on CSR ac i i ies, a p oblem may a ise, known as he
"ho izon p oblem", which consis s in he ac ha he olde he CEO, and consequen ly he sho e
he ime o job le in he company, he mo e eluc an he/she will be o make decisions ha a e
bene icial o he company in he long un i such decisions a e cos ly o him/he in he sho un.
This issue will also a ec disclosu e o such ac i i ies.
The e o e, based on his po en ial p oblem and conside ing he esul s o chap e 2 ega ding
employees, we p opose he ollowing hypo hesis:
H3.2: Companies wi h young CEOs will epo mo e SDG in o ma ion.
3.2.2.3 Educa ion
Ma e al. (2019) s a e ha he highe he educa ional le el o he CEO, he mo e likely
he/she will be o p epa e CSR epo s, and ind a posi i e ela ionship be ween hese wo a iables.
In a simila way, Lewis e al. (2014) link CSR disclosu e wi h educa ional le el and show ha he
highe he educa ional le el, he mo e likely he CEO will be o disclose olun a y CSR
in o ma ion. Acco dingly, we p opose he ollowing hypo hesis:
H3.3: Companies wi h CEOs wi h a high-le el o educa ion will epo mo e SDG in o ma ion.
3.2.2.4 Na ionali y
Al-Duais e al. (2021) de end he ole played by he CEO’s na ionali y in decision-making,
including CSR epo ing. Human beings es ablish sen imen al bonds wi h he geog aphical a eas o
which hey belong and, he e o e, he decisions made by an indi idual a e ela ed o hei local
bonds. Consequen ly, i is mo e likely ha he CEOs who wo k in hei own coun y ha e a g ea e
in e es in p o ec ing i and ca ying ou ac ions a o able o he en i onmen o social, among
o he s. (He nández e al., 2010; Ren e al., 2021). The e o e, i can be hough ha he ac o ac ing
in a local en i onmen will make CEOs eel mo e commi ed when making decisions ha a ec he
socie y in which hey ca y ou hei ac i i ies. The e o e, we p opose he ollowing hypo hesis:
H3.4: Companies wi h local CEOs will epo mo e SDG in o ma ion.
3.2.2.5 Tenu e
The li e a u e conside s his a iable as one o he mos in luen ial when analyzing CEO
decisions (Khan e al., 2020; Al-Duais e al., 2021). Ne e heless, con adic o y esul s a e obse ed
ega ding i s in luence on CSR. Some au ho s documen a posi i e ela ionship (Huang e al., 2013;
Cho e al., 2019) whe eas o he s ind a nega i e ela ionship (Chen e al., 2019; Khan e al., 2020,
2021). I makes sense o hink ha he ime a CEO has been in he company will be di ec ly ela ed
o his/he knowledge o he company, assuming ha he longe ime he/she has been in he posi ion,
he mo e he/she knows he company (Al-Duais e al., 2021) and, consequen ly, he/she will eel
59
mo e connec ed wi h he company and will look o he bes op ions o achie e a good image and
epu a ion. The e o e, we p opose he ollowing hypo hesis:
H3.5: Companies wi h CEOs wi h mo e yea s o enu e will epo mo e SDG in o ma ion.
3.2.2.6 Na cissism
Na cissis s a e unde s ood as hose indi iduals who pa ially in e p e eali y “because i is
e lec ed in hei own image and cons an ly seek a en ion and ein o cemen o hei posi i e sel -
iews" (Pe enko e al., 2014, p. 265). These people show a high deg ee o sel -lo e and sel -
admi a ion (Tang e al., 2017; Al-Shamma i e al., 2019).
The e o e, i can be in e ed ha his kind o indi iduals will make decisions ha cause an
inc ease in he a en ion di ec ed owa ds hem, as may be he case wi h SDG engagemen and
epo ing. These ypes o ac i i ies a e inc easingly p esen socially and, in media, hese decisions
a e usually linked wi h company manage s. Acco dingly, hese well-execu ed ini ia i es a e likely
o esul in a posi i e image o he CEO (Tang e al., 2017; Lin e al., 2022). Also, due o hei
pe sonali y, hese people will y o a oid c i icism o , wha is equi alen in his case, socially
i esponsible ac ions (Pe enko e al., 2014).
Consequen ly, we p opose he ollowing hypo hesis:
H3.6: Companies wi h na cissis ic CEOs will epo mo e SDG in o ma ion.
3.3. MODEL AND VARIABLES
3.3.1 Model
Wi h he objec i e o know he e ec o CEO’s a ibu es on SDG disclosu e, we p opose he
ollowing Equa ion [1], including some con ol a iables wi h he in en ion o a oid biased esul s:
SDGi, = ß0 + ß1 Gende i, + ß2 Agei, + ß3 Educa ioni, + ß4 Na ionali yi, + ß5 Tenu ei, + ß6
Na cissismi, + ß7 bsizei, + ß8 bindependencei, + ß9 b emi, + ß10 CEOduali yi, + ß11 CSRcomi, + ß12
i msizei, + ß13 age companiesi, + ß14 ype o indus yi, + ß15 ROAi, + ß16 Yea + i, + ηi, [Equa ion
1]
3.3.2 Sample
We ocus he s udy on he Spanish con ex . Conside ing ha he companies ha disclose mo e
in o ma ion abou he SDGs a e he la ges , and ollowing Ga cía-Sanchez e al. (2022), he sample
selec ed o ca y ou his s udy is made up o he 35 companies ha make up he Ibex-35. We
analyze he da a belonging o he 2015-2020 pe iod. Thus, we ha e a panel da a o 217
obse a ions.
3.3.3 Va iables
3.3.3.1 Dependen a iable: SDG Repo ing
To analyze he le el o SDG disclosu e in each o he companies, we ha e used he
me hodology applied by Hummel & Skezely (2021) and we ha e basically ollowed 2 s eps. The
in o ma ion ob ained o his a iable comes om he annual epo s p epa ed by he companies. In
he i s place, we used a ex ual analysis wi h he in en ion o apidly analyzing whe he he epo s
60
p o ide in o ma ion on he SDGs and, once hose ha did p o ide he equi ed in o ma ion we e
de ec ed, we ca ied ou a con en analysis, one o he mos used me hods when analyzing
sus ainabili y disclosu e (Ál a ez e al., 2021; E in & Bamigboye, 2021; Gambe a e al., 2021;
Mon ei o e al., 2021). Each au ho ead in dep h each o he epo s published by he sample
companies and answe ed he ques ions made by Hummel & Skezely, which a e shown in Table 26,
o de e mine a alue associa ed wi h he le el o disclosu e.
Table 26. SDG disclosu e measu emen
Disclosu e Indica o
Measu emen
De ini ion and p io i iza ion
DEF1: Does he s a emen om he senio decision-make e e ence he SDGs?
0 (no) / 1 (yes)
DEF2: Does he epo p o ide gene al in o ma ion on he SDGs?
0 (no) / 1 (yes)
DEF3: Does he epo p o ide in o ma ion on he p ocess o SDG p io i iza ion?
0 (no) / 1 (yes)
DEF4: Does he epo p o ide in o ma ion on he ou come o SDG p io i iza ion
(i.e. he SDGs hey ela e o)?
0 (no) / 1 (yes)
DEF5: Does he SDG p io i iza ion ela e o nega i e impac s in addi ion o posi i e
ones?
0 (no) / 1 (yes)
Measu emen and analysis
MEA1: Does he epo p o ide in o ma ion on quali a i e a ge s ela ed o he
SDGs?
0 (no) / 1 (yes)
MEA2: Does he epo p o ide in o ma ion on quan i a i e a ge s ela ed o he
SDGs?
0 (no) / 1 (yes)
MEA3: Does he epo p o ide in o ma ion on speci ic (pas o ongoing) ac ions
ela ed o achie ing he SDGs?
0 (no) / 1 (yes)
MEA4: Does he epo p o ide quali a i e in o ma ion on he ou come o hese
ac ions?
0 (no) / 1 (yes)
MEA5: Does he epo p o ide quan i a i e in o ma ion on he ou come o hese
ac ions
0 (no) / 1 (yes)
MEA6: Does he epo p o ide in o ma ion on u u e ac ions ela ed o achie ing
he SDGs?
0 (no) / 1 (yes)
Sou ce: Hummel & Skezely (2021, p. 10)
3.3.3.2 Independen a iables: A ibu es CEO
Based on p io li e a u e, he independen a iables conside ed in his s udy a e he
ollowing: gende , measu ed as a dicho omous a iable (1=male; 0= emale); age; educa ional le el,
es ablishing ou le els (1=non-uni e si y, 2=uni e si y, 3=pos g adua e, 4=PhD); na ionali y,
measu ed as a dicho omous a iable (1= o eign CEO; 0=Spanish CEO); enu e, and na cissism.
To measu e he las a iable, we ollow he scale de eloped by Lin e al. (2022). Thus, we
analyzed he pho os o he CEO published in he annual epo s and s ablished di e en le els o
na cissism (1= he e is no pho o; 2=pho o o he CEO accompanied bu i occupies less han hal a
page; 3=pho o o he CEO accompanied bu i occupies mo e han hal a page; 4= pho o o he CEO
only and occupies less han hal a page; 5= pho o o he CEO only and occupies mo e han hal a
page).
The da a om all he a iables we e ob ained om he annual epo s.
61
3.3.2.3. Con ol a iables
Some cha ac e is ics o he i ms we e included in he model as con ol a iables: boa d size
(numbe o di ec o s o he boa d), boa d independence (pe cen age o independen di ec o s), boa d
eminine (pe cen age o emale di ec o s), CEO duali y (measu ed as a dicho omous a iable,
0= he e is no duali y, 1=duali y), CSR commission (0=no commission, 1= he e a e a CSR
commission), i m size (loga i hm o o al asse s), company age, indus y (di e en ia ing he
ollowing ca ego ies: 1=cons uc ion; 2= oil and ene gy; 3= pha maceu ical; 4= ex ile; 5=consume
se ices, anspo and dis ibu ion; 6= echnology and elecommunica ions; 7= inancial se ices;
8= eal es a e se ices; 9= ou ism and hospi ali y) and ROA.
The da a e e ing o hese a iables ha e been ob ained om he SABI (Ibe ian Balance
Analysis Sys em da abase).
3.4. RESULTS AND DISCUSSION
3.4.1 Desc ip i es and co ela ions
Table 27 shows he desc ip i e s a is ics o he a iables included in he model.
Table 27. Desc ip i e s a is ics
Va iable
Obs.
Mean
S d.de .
SDG
217
2.8064
3.2374
Gende
217
0.9725
0.1643
Yea
217
55.9262
7.4320
Educa ion
217
2.8847
0.6530
Fo eign CEO
217
0.1059
0.3085
Tenu e
217
7.0921
6.7823
Na cissism
217
3.1013
1.5362
Boa d size
217
12.4884
2.7269
Boa d independence
217
0.492655
0.1288
Boa d emenine
217
0.221403
0.1096
CEO duali y
217
0.2396
0.4278
CSR/ESG comission
217
0.2534
0.4359
Fi m size
217
9.8866
0.9641
Company age
217
47.77
39.7432
Indus y
217
3.91
2.5706
ROA
217
3.2655
9.0253
In Table 28 we show he bi a ia e co ela ions. Analyzing hese da a, i can be concluded ha
we will no ha e mul icollinea i y p oblems.

62
Table 28. Co ela ions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
1 Sdg
1.0000
2 Gende
-0.0449
1.0000
3 Yea
0.01002
-0.0585
1.0000
4 Educ
0.2150
-0.0298
0.0364
1.0000
5 F_ceo
-0.1184
0.0581
0.0317
-0.0310
1.0000
6 Tenu e
0.0424
-0.0102
0.5817
0.2041
-0.7128
1.0000
7 Na c
0.1036
-0.1172
-0.0756
-0.0114
-0.0716
-0.0609
1.0000
8 Pe iod
0.4753
0.0039
0.0954
-0.0312
0.1195
0.0776
-0.0051
1.0000
9 Bsize
0.2016
0.1026
-0.1378
-0.0280
-0.1113
-0.2720
0.0124
0.0048
1.0000
10 Bind
0.1056
-0.0560
0.1069
0.1396
0.0343
0.1006
0.0039
0.1016
-0.0284
1.0000
11 B em
0.2440
-0.1547
-0.0551
0.1164
0.0289
0.0107
0.0343
0.3562
0.2627
0.4810
1.0000
12 Ceo_d
-0.0031
0.0947
0.1730
-0.0167
0.1925
0.4534
0.0403
-0.0636
-0.0929
0.0177
0.0129
1.0000
13 Cs _c
0.2186
0.0983
0.0687
0.0868
0.0059
0.2050
-0.0109
0.2136
0.0395
0.1847
0.2956
0.1941
1.0000
14 size
0.2698
-0.2107
-0.0966
0.1063
-0.0223
-0.3020
-0.0501
0.0616
0.4887
0.1746
0.4087
-0.1779
0.0408
1.0000
15 Age
0.0909
-0.0201
0.3035
-0.0165
-0.1419
0.0910
0.1442
0.0275
0.2636
-0.0580
0.0930
-0.0504
0.2342
0.4056
1.0000
16 Ind
0.0413
-0.2030
-0.1101
0.0022
-0.2334
-0.1567
0.2168
-0.0177
0.1699
0.1709
0.1654
-0.2965
-0.3064
0.2912
-0.1126
1.0000
17 ROA
0.1453
0.0611
-0.2037
0.1068
-0.0832
-0.0939
0.0837
0.119
-0.1264
0.0067
-0.0141
-0.0817
-0.0076
0.0161
0.0164
-0.1164
1.0000
63
3.4.2 Main esul s
The ollowing Table shows he esul s ob ained by es ima ing Equa ion [1] o es he
hypo heses abo e men ioned. Es ima ions we e compu ed by using Tobi es ima ions o panel da a.
To check he obus ness o he esul s (second and hi d column) we apply he boo s apping
echnique (Ende , 2011) and obse e ha wi h he a ia ions made in he dependen a iable, he
esul s con inue o e lec he same pa e ns, which indica es a high le el o obus ness and a o s
he esul s ob ained by he model.
Table 29. Analysis model
SDG Coe icien
(S d. e o )
SDG
Coe . Boo s ap
Robus .
Gende
-0.6431
(1.1278)
-0.9210
(.1673)
-.1025
(.3590)
Yea
0.0253
(0.0323)
.0021
(.00479)
.00063
(.0102)
Educa ion
0.0946***
(0.2786)
.1074***
(.0413)
0.3064***
(.0886)
Fo eign CEO
-1.9059***
(0.6438)
-.2384**
(.0955)
-.5700***
(.0204)
Tenu e
-0.0085
(0.0423)
-.0036
(-0068)
-.0059
(.0134)
Na cissism
0.2767**
(0.1235)
-0.1416
(.0183)
.0739*
(.0393)
Boa d size
0.1912**
(0.0784)
.0239**
(.0116)
.04302*
(.0249)
Boa d independence
0.6546
(1.5892)
.1841
(.2357I
.0935
(.5058)
Boa d emenine
-4.1541*
(2.1670)
-.5212
(.3215
-1.3519*
(.6898)
CEO duali y
0.6998
(0.5128)
.1459
(.0760)
.2563
(.1632)
CSR/ESG comission
0.8938*
(0.4603)
.0899
(.0683)
.2885*
(.1465)
Fi m size
0.9491***
(0.2841)
.1249**
(.0421)
.3059***
(.0904)
Company age
-0.0123***
(0.0059)
--.0009
(.0008)
-.0028
(.00188)
Indus y
-0.0640
(0.0864)
-.0208
(0.1283)
-.0124
(.0275)
ROA
0.9695
(0.1111)
.0046
(.0029)
.01658***
(.0063)
pe iodcod
-15600
(3.4024)
.1167
(.0164)
-.2859
(.0353)
The esul s showed ha he educa ion o he CEO (coe =.0946; p<0.01) has a posi i e and
s a is ically signi ican impac on he le el o SDG disclosu e made by companies. This esul
con i ms he Hypo hesis 3.3 and is consis en wi h p io esea ch indings. Speci ically, i is in line
wi h he esul s ob ained by Lewis e al. (2019) Ma e al. (2019). The e o e, i can be said ha
Spanish IBEX-35 companies wi h CEOs wi h a highe educa ion le el will disclose mo e
in o ma ion abou he SDGs.
Mo eo e , he esul s showed ha he na ionali y o he CEO (coe =-1.9059: p<0.05) has a
nega i e and s a is ically signi ican impac on he le el o SDG disclosu e made by companies.
Taking accoun ha his a iable is a dummy coded as 0 (Spanish CEO) and 1 ( o eign CEO), his
inding indica ed ha hose IBEX-35 i ms wi h local CEOs end o disclose a highe le el o SDG
in o ma ion. Thus, we can accep he Hypo hesis 3.4. Fu he mo e, ou esul is consis en wi h
64
p io esea ch indings, speci ically, hose ob ained by Al-Duais e al. (2021) o Ren e al. (2021).
Howe e , in he in e p e a ion o his inding should be conside ed ha mos o he CEOs o he
sample companies a e Spanish.
On he o he hand, he esul s also showed ha he CEO na cissism (coe =.2767; p<0.05) has a
posi i e and s a is ically signi ican impac on he le el o SDG disclosu e made by companies,
which allows us o con i m he Hypo hesis 3.6 and, he e o e, we can asse ha IBEX-35
companies wi h na cissis ic CEO will disclose mo e in o ma ion abou he SDGs. This inding is
consis en wi h he esul s ob ained by Pe enko e al. (2014) o Al-Shamma i e al. (2019).
As ega ds he emaining a ibu es o he CEO ha ha e been analyzed in his s udy (CEO
gende , age o he CEO, and enu e) no signi ican ela ionship has been ound. Acco dingly, he
ela ed hypo heses (H3.1, H3.2 and H3.5) canno be accep ed. I is in line wi h he esul s ob ained
by Huang (2012), Glass e al. (2015) o Oh e al. (2018). Howe e , i is necessa y o emphasize ha
he sample is made up mos ly o men, which indica es wo issues. Fi s o all, he eali y ha exis s
in he business wo ld in e ms o he numbe o managemen posi ions held by women, which is
s ill a long way om achie ing an equal si ua ion, and which b ings us o he second poin . In his
case, p obably, he esul s ega ding CEO gende hey a e no signi ican because he emale
ep esen a ion o he sample is oo small o show signi ican esul s.
Rega ding con ol a iables, he esul s show a posi i e and signi ica i e ela ionship be ween
boa d size (coe =.1912: p<0.05) and he ac ha companies ha e a CSR commi ee (coe =0.8938;
p<0.1), and he le el o SDGs disclosu e. These indings a e consis en wi h he exis ing li e a u e
and wi h he cu en egula ions o he Eu opean Union (EU), which oblige la ge companies o
comply wi h ce ain epo ing s anda ds.
Howe e , we can obse e a nega i e and signi ica i e e ec ega ding he eminine pe cen age
o he boa d (coe =-4.1514; p<0.1). Mo eo e , i m age p esen s a nega i e and signi ica i e
ela ionship (coe =-0.1235; p<0.05) wi h he le el o SDGs disclosu e, so we can s a e ha
younge companies will disclose mo e in o ma ion abou he SDGs. These esul s a e consis en
wi h p io s udies like Mani a e al. (2018) o Ismail & La i (2019).
3.5 CONCLUSIONS
Nowadays, mo e and mo e s akeholde s a e demanding in o ma ion ega ding business con ibu ion
o he SDGs (Ga cía-Sánchez e al., 2022). In hese ac i i ies, he CEO, a undamen al igu e in he
company’s decision-making (Wei e al., 2018), has a main ole in his ega d and he /his pe sonal
a ibu es, alues, and expe iences will in luence he /his company SDG p ac ices.
A e e iewing he li e a u e and obse ing he g owing in e es o his opic, we hypo hesized he
e ec o se e al CEO’s pe sonali y a ibu es (gende , age, educa ion, na ionali y, and na cissism)
on he /his le el o disclosu e on SDG. Ou esul s show ha some o hese cha ac e is ics
(educa ion, na ionali y, and na cissism) in luence SDG epo ing. Speci ically, ou esul s indica e
ha Spanish IBEX-35 companies wi h CEOs wi h a highe educa ion le el, local CEOs, and
na cissis ic CEO will disclose mo e in o ma ion abou he SDGs.
This s udy con ibu es o academic esea ch by inc easing he a ailable li e a u e on he ole o
CEO’s pe sonal cha ac e is ics in business decision-making. In pa icula , we ex end he s udy o
he e ec o CEOs’ a ibu es on CRS o he le el o disclosu e o in o ma ion on he business
con ibu ion o he SDGs, p o iding new e idence on a highly eme ging esea ch opic. In his
espec , conside ing ha , despi e he key ole ha companies mus play in he achie ing o he
SDGs (Raub & Ma in-Rios, 2019; Sachs & Sachs, 2021), hei pa icipa ion con inues o be modes
and is condi ioned by i m size and co po a e e o (Jun & Kim, 2021), ou indings s ess he
65
impo ance o “choosing he CEO well” (Weng & Chen, 2017, p. 224) o o e coming he
challenging ask o eaching he 2030 Agenda.
The main limi a ion in his s udy is he small size o he sample, and he ac ha we analyze only
one coun y and he la ges companies. The e o e, u u e esea ch could adop a b oade scope
conside ing o he coun ies and SMEs.
72
in all he s udies wi h he aim o ob aining compa able esul s o all he companies (Lahouel e al.,
2021).
We p opose he ollowing hypo heses:
H4.1: The me hod used in he elabo a ion o he ESG index will in luence he esul s ob ained
4.2.2 Co po a e social esponsibili y and Financial Pe o mance
The ac ha socie y is inc easingly in ol ed wi h CSR ac i i es causes s akeholde s o demand
his ac ions, so CSR could be used as a ool o s a is y s akeholde s needs (B andão e al., 2017;
Famiyeh, 2017). Hence, he academic wo ld is emphasizing he impo ance o aking in o accoun
he in e es o s akeholde s and achie es hei engagemen in CSR p ac ices (Su iyap ongpapai,
2021). S akeholde engagemen makes e e ence o he p ocess o comunica e o in ol es
s akeholde s in o o ganiza ions ac i i ies, in his case, pa icula ly, in CSR ac i i ies
(Su iyap ongpapai, 2021). The ac o demons a e ha hei ac ions, in addi ion o bene i s o
socie y and en i onmen , a e also bene icial o he o ganiza ion, will help o explain hei
implemen a ion, so i is essen ial ha e e y s akeholde s unde s and he scope o CSR ac i i ies
(A end and B e el, 2010).
Se e al s udies a e made abou he consequences ha CSR ac i i ies ha e o companies. A
good image, he inc easing o employees mo i a ion o he decline o employees u no e a e some
o he bene i s ha CSR has on di e en ields wi hin an o ganiza ion (Babajee e al., 2021).
Aguinis and Gla as (2012) conclude ha socioen i onmen al pe o mance dec ease isks o
companies a ac in es o s and imp o e pe cei ed managemen quali y. All o hese esul s
p o oke ha inally, CSR imply a compe i i e ad an age o business (Wang e al., 2014; Melo e
al., 2020). Váldez Juá ez e al. (2018, p.1) claims ha “CSR is one o he mos success ul business
ac ions o ha e eme ged in he las wo decades”, in addi ion o being essen ial o he su i al o
companies. This is a undamen al ool in he s a egy o a company o make hem compe i i e (Bai
and Chang, 2015; Bah a, 2020).
The link be ween CSR and pe o mance is a opic ha has been ex ensi ely s udied in he
academic li e a u e (Nguyen e al, 2021) om di e en pe spec i es (Vlachos e al., 2009; A end
and B e el, 2010). Some au ho s analyze he ela ionship be ween CSR and inancial pe o mance
(Ch ou ou & T iki, 2017), o he s be ween inancial pe o mance and CSR and o he s analyze his
ela ionship in a bidi ec ional way. In his s udy we a e going o ocus on he i s app oach. The e
a e di e en schools o hough s abou he symbol o he ela ionship o hese wo a iables. On he
one hand, he posi ion agains he exis ence o a pos i e link was led by Mil on F iedman (1972)
and neoclassical economis s a gued ha CSR supposed a cos o companies (Blasi e al, 2018;
Bah a, 2020). He de ended ha he only objec i e ha a company has is he economic, he e o e i s
ac i i y should be based solely on inc easing p o i s. On he o he hand, he posi i e ela ionship
be ween hese wo a iables was o iginally de ended by F eeman (1984). A wide a ay o s udies o
he las imes demons a e a posi i e ela ionship be ween hese wo a iables, de ending ha CSR
ac i i ies should be pa o business managemen , because i helps o imp o e inancial pe o mance
and consequen ly o achie e compe i i e ad an ages (McWilliams and Siegel, 2000; Ha and
Sha ma, 2004; Kolk and Pinkse, 2008; Pa k e al., 2014; DiSegni e al., 2015; B andão e al., 2017;
Ma ínez-Conesa e al., 2017; Bah a., 2020; Melo e al., 2020). I would be an absolu ely nonsense
hink ha companies apply CSR i hey only in ol e cos s o he company (Ma golish and Walsh,
2003; Lioui and Sha ma, 2012; Ch ou ou and T iki, 2017; Melo e al., 2020).
One o he main me a-analysis made abou his opic (Ma golis e al, 2007) shows a esul
o ally impa ial. Ho a ho a’s (2010) deals wi h s udies in which hal o hem show a posi i e
esul and he o he hal a nega i e o e en non-exis an (Lioui and Sha ma, 2012). O he wo ks

73
alks abou he exis ence o a lo o biases ha make he esul s inconclusi e (B una and Lahouel,
2022).
Some au ho s go u he , and once hey ake his ela ionship o g an ed, hey wan o analyze
no CSR as a global concep bu he e ec o he di e en dimensions in inancial pe o mance
(Ch ou ou and T iki, 2017; Kuzey e al., 2021). Fo example, en i onmen al pe o mance shows a
posi i e in luence in inancial pe o mance (Iwa a and Okada, 2011; B andão e al., 2017; Melo e
al, 2020), wha will make companies ha m he en i onmen less i hey see posi i e economic
esul s by no doing so. In con as , he e a e some s udies ha analyze he same ela ionship and
p o ide nega i e esul s (B amme e al., 2005; B amme and Milling on, 2008). We conside ha
ESG will ha e a posi i e e ec on company pe o mance, so we p opose he ollowing hypo heses:
H4.2: ESG pe o mance in luences posi i ely in companies’ pe o mance
H4.2.1: ESG En i onmen al pe o mance in luences posi i ely in companies’ pe o mance
H4.2.2: ESG Social pe o mance in luences posi i ely in companies’ pe o mance
H4.2.3: ESG Labo al pe o mance in luences posi i ely in companies’ pe o mance
H4.2.4: ESG Go e nmen pe o mance in luences posi i ely in companies’ pe o mance
4.2.3 Co po a e social esponsibili y and Financial Pe o mance in SMEs
Analyzing he li e a u e abou CSR i s ly and i nexus wi h inancial pe o mance d aws
a en ion ha he e is a business sec o in which he esea ch is clea ly sca ce. Mos o he s udies
ha analyze his a iables e e s o la ge co po a ions, being SMEs o go en in his ield, wi hou
aking in o accoun ha SMEs a e key in business (Re e e e al, 2016; Ma ínez-Conesa e al,
2017; Bah a, 2020; Salam e al, 2020; Kim and Kim, 2021; Le e al, 2021). Clea ly, SMEs ha e
been less s udied on his subjec and need o open a gap in his a ea (Choongo, 2017; Ga cía-
Sánchez y Ma ínez-Fe e o, 2019).
The ole o SMEs in socie y is ele an enough o he academic wo ld o ake hem in o
accoun when ca ying ou empi ical wo k on CSR-business pe o mance. This kind o
o ganiza ions is he engine o he economy, especially a a egional le el, asumming “mo e han
99% o he o e all numbe o companies in Eu ope” (Eu opean Commission, 2014). Mo eo e ,
SMEs employ wo- hi ds o he Eu opean communi y, so he e is no doub abou i s impac on he
economy and he in e es ha may ha e o esea ch abou his companies (Galla do-Vázquez e al,
2019; Le e al, 2021).
One o he main cha ac e is ics o SMEs de i ed om i s size is ha he ole o managemen
and owne ship alls on he same pe son (Galla do-Vázquez e al, 2019; Mag izos e al, 2021). This
means ha CSR decisions a e made by he owne s o SMEs (Mag izos e al, 2021; Ramecesse,
2021). Mo eo e , he link be ween CSR and o ganiza ions can be much close in he case o SMEs
because o he p oximi y ha hey ha e wi h hei en i onmen (Re e e e al., 2016; G aa land,
2018; Mag izos e al, 2021) ope a ing in hei local socie y. This close ela ionship encou ages
SMEs o be mo e commi ed wi h he local communi ies (Mag izos e al, 2021). The e o e i is
easie o his o ganiza ions o keep a close ela ionship wi h hei s akeholde s, o sa is y
consume s o o mo i a e wo ke s among o he s ac ions. Consequen ly, CSR can be a ool o
imp o e SMEs compe i i eness (Bah a, 2020; Kim and Kim, 2021). Ano he cha ac e is ic de i ed
om his close ela ionship is ha CSR managemen is no done in such a o mal way as in la ge
lis ed companies. In con as , he main incon enience ha SMEs ha e o ace is he ac ha ,
because o hei size, hey a e likely o ha e ewe esou ces o implemen CSR ac i i ies (O e o-
González e al., 2021; Kim and Kim, 2021).
Taking accoun his s ong bond wi h s akeholde s and ha he main heo y ha suppo s he
exis ence o a posi i e ela ionship be ween CSR and inancial pe o mance is s akeholde heo y
(F eeman, 1984), we will ely on i o ca y ou his s udy. Du ing he las yea s, his heo y has
74
become one o he amewoks mos used by he academic communi y o concep ualize and
unde s and issues ela ed o co po a e e hical esponsibili ies (Schwa z and Ca oll, 2008,
Dmy iye e al., 2021; Kim e al., 2021). F eeman (2004) de ends ha o an o ganiza ion o be
conside ed socially esponsable, he i s s ep is o ake in o accoun i s s akeholde s, since hey all
in e ene in pe o mance ou comes (Bučiūnienė and Kazlauskai ė, 2012; Od iozola and Ba aiba -
Diez, 2017). The managemen o a company should no ocus solely on he economic objec i e, i is
also necessa y o ensu e he in e es s o he sk aheolde s (F eeman, 2007). The s akeholde heo y
conside s undamen al o he su i al o an en e p ise he ac ha i has he suppo o i s
s akeholde s, he e o e i is necessa y ha hey ag ee and pe sis wi h he ac i i ies ha he
o ganiza ions implemen (Li e al, 2016; Ba ic, 2017; Bah a, 2020). Galan and Cadez (2017)
main ain ha he way in which companies manage hei ela ionship wi h s akeholde s will es ablish
he success o his company, so ha he be e ha managemen is, he mo e success ul i will be
o e ime and ice e sa. Acco dingly, i any s akeholde is no sa is ied he company may be a
isk.
In hese days, mo e and mo e SMEs a e engaging CSR s a egies (Pas ana e al, 2014;
G aa land, 2017; Galla do-Vázquez e al, 2019). SMEs can use hese ac i i ies like a way o
dis inguish hemsel es om hei compe i o s (Galla do-Vázquez e al, 2019).
The p esence o CSR ac i i ies in SMEs is s a ing in li e a u e, bu mo e empi ical e idence is
needed o demons a e i he esul s ob ained in la ge companies a e a ibu able o SMEs (Re e e
e al, 2016; Choi e al., 2018). “The ele an ex an li e a u e on he knowledge gap ha exis s in he
CSR-SME ela ionship is s ill a om cons uc ing a consolida ed and gene ally accep ed model o
in es iga e such ela ionships, as well as p o iding a esponsible pe spec i e on he managemen o
SMEs” (Ma ínez-Conesa e al, 2017, p.2375).
Some s udies show ha he size o he company in luences in he e ec s ha CSR causes in
companies (Ramecesse, 2021). López-Pé ez e al. (2017) show ha he bigge he company is he
s onge is he nexus be ween CSR and co po a e epu a ion, b and image and inancial alue.
Ma ínez-Ma ínez e al. (2017) also de ends ha he size o a company will in luence on he
s eng h o he ela ionship be ween CSR and inancial pe o mance.
Choi e al. (2018) show ha in Ko ean SMEs he e is a s ong ela ionship be ween CSR and
inancial pe o mance. O he au ho s achie e he same esul s (Madueño e al., 2016; Ra nawa i e
al., 2018; Khan e al., 2019; Neculaesei e al., 2019) suppo ing he s akeholde heo y. Mo eo e ,
Le e al. (2021) esul s show ha he e is a di ec and posi i e ela ionship wi h hese a iables, i
no also wi h business con inui y.
O he s s udies ind ha CSR has a signi ican posi i e impac on inancial pe o mance and
demos a e he mode a o e ec o di e en a iables: i m epu a ion (Agyemang and Ansong,
2017; Bah a e al., 2020) and inno a ion capabili y (Bah a e al, 2020b). These au ho s made hei
analysis in de eloping coun ies, a ending o he need o esea ch on his opic p esen ed by hese
coun ies. Ma ínez-Conesa e al. (2017) esea ch show ha he g ea e he in ol emen o SMEs in
CSR, he g ea e hei pe o mance. Mo eo e , hey analyze he mode a ing ole o inno a ion, and
hey con i m ha i in luences his ela ionship in a posi i e way. Soewa no e al. (2021) analyzes
he link be ween CSR and business pe o mance, and, in addi ion o demons a e ha he e is a
posi i e link be ween hese wo a iables, hey con i m ha compe i i e p essu e is a media ing
a iable o his ela ionship. In his line, o he au ho s de end his posi i e ela ionship and con i m
he mode a ing ole o b and us and b and loyal y (Than e al, 2021), o ganiza ional lea ning
(Váldez-Juá ez e al, 2019) and en ep eneu ial o ien a ion (Váldez-Juá ez e al, 2021).
Ik am e al. (2019) demons a e how CSR impac s on co po a e epu a ion, b and image and
inancial alue o he company. Mo eo e , Mone a-Abadía e al., (2018) analyzes how SMEs
o ien a ion owa d CSR can imp o e compe i i e success, media ing by inno a ion and
75
pe o mance. Thei esul s claim ha SMEs should engage wi h CSR ac i i ies i hey wan success.
Neja i e al. (2017) also ind a posi i e ela ionship be ween SMES o ien a ion owa d CSR and
epu a ion.
Some esea che s b eak down CSR ac i i ies in o hei dimensions and analyze he impac ha
each o hem has on o ganiza ions. Bacinello e al. (2020) co obo a e ha economic, social and
en i onmen al dimensions cause a compe i i e ad an age in companies. Choongo (2017) wo ks
wi h social and en i onmen al dimensions and show a signi ican impac on inancial pe o mance.
Váldez-Júa ez (2017) analyzes social and economic dimension and demons a e a di ec and
posi i e ela ionship be ween his ac i i ies and p o i abili y. Recen s udies (Achi e al, 2022; Hang
e al., 2022) also show a posi i e ela ionship be ween CSR and pe o mance.
E en hough nume ous p io s udies ind a posi i e link be ween CSR and i m pe o mance,
o he s ind an insigni ican ela ionship be ween CSR and inancial pe o mance. Ansong (2017)
analyzes he di ec ela ionship be ween CSR and inancial pe o mance, and he can only a i m
ha he e is a ela ionship be ween he a iables when i in e enes s akeholde engagemen as a
mode a o a iable, so di ec ly hese wo concep s ha e no a signi ca i e nexus. Mo eo e ,
Can ele and Cassia (2020) analyze some hing similia be ween sus ainabili y implemen a ion and
i m pe o mance, inding ha his ela ionship is only posi i ely when business success
compe i i eness and cus ome sa is ac ion play hei oles as mode a ing a iables. The same
occu s wi h Ramcese (2021) wo ks, who analyze CSR and i m pe o mance and inds a posi i e
ela ionship bu insigni ican , his ela ionship is only signi ica i e when he au ho includes
co po a e image and co po a e go e nance as media o s. An in e es ing app oach is he one made
by Uzhago a e al. (2018) who di e en ia e companies based on hei wo kspace (domes ic s.
in e na ionalized) and ind ha he ela ionship be ween CSR and compe i i e pe o mance only
exis s in he case o in e na ionalised business.
Based on a Spanish SMEs sample, Cega a-Na a o e al. (2016) conclude ha i will be he
economic dimension o CSR, and no he social one, ha de e mines an imp o emen in inancial
pe o mance. Re e e e al. (2016) ca y ou a s udy in which hey posi a ela ionship be ween
inno a ion and o ganiza onal pe o mance, conside ing bo h la ge and small o ganiza ions.
Palacios-Manzano e al. (2021) ind a posi i e ela ionship be ween CSR and pe o mance,
conside ing job sa is ac ion and inno a ion as mode a ing a iables
The abo e men ioned cha ac e is ics o SMEs make his ype o comanies wo k in a di e en
way. The e o e, he implemen a ion o CSR p ac ices also equi es a speci ic analysis (Mag izos e
al, 2021). So, he ollowing hypo hesis is p oposed:
H4.3: SMEs will ind i mo e di icul han la ge companies o mone ize he esul s om ESG
implemen a ion
4.2.3.1 C isis
Mag izos e al. (2021) p o ides a e y in e es ing conclusion ha adds mo e alue o he
ele ance o CSR ac i i ies. They analyze he ole o his a iable in a con ex o economic c isis
and conclude ha he e is a ela ionship be ween CSR and inancial pe o mance, which means a
posi i e aspec o CSR p ac ices du ing c isis. This aises a e y in e es ing app oach conside ing
wha ole CSR ac i i ies play in pe iods o c isis, some hing ha no many au ho s ha e
in es iga ed (Folge -La oude e al., 2022; U sic & Ces a , 2022). This is a ai ly unknown opic bu
i can p o ide e y aluable in o ma ion o companies. The ac ha CSR can in luence in he
su i al o esilience o a company in an uns able economic pe iod can be a guide o manage his
ype o si ua ions. The ac ha a coun y is expe iencing a pe iod o c isis supposes an a mosphe e
76
o unce ain y in all sphe es (social, economic, poli ical...). The e o e, companies mus ace hese
si ua ions and look o ools ha help hem o e come hese pe iods (Pais Seles e al., 2018).
We a e cu en ly expe iencing a global economic c isis de i ed om he Co id-19 pandemic,
which has caused companies o ace a si ua ion ne e seen be o e. The global economy has been
comple ely s opped o a ew mon hs and he inancial esul s o companies ha e been a ec ed.
The e o e, i is in e es ing o know wha ole CSR ac i i ies play in his ype o si ua ion (Hwang e
al., 2021). Gi en he ele ance and awa eness ha exis s oday in e ms o sus ainabili y, i is
necessa y o know i when he main ac i i y o companies is a ec ed in a nega i e way, i is wo h
in es ing in his ype o ac i i y since hey can imp o e his si ua ion o hey will simply suppose an
addi ional expense.
P e ious li e a u e ela es he idea ha economic c ises a e accompanied by a educ ion in CSR
spending, since he p io i ies o companies change (Ka ou a and Sahinidis, 2015). Hwang e al.
(2021) also discuss wha ole CSR managemen plays in business inancial pe o mance and how
hese ypes o ac i i ies can be a ool o o e come he cu en economic c isis caused by he
COVID-19 pandemic.
As p e iously men ioned, he Spanish economy depends undamen ally on small and medium-
sized companies, so aking in o accoun he cu en si ua ion de i ed om he COVID-19
pandemic, we a e going o analyze he ole o CSR in he cu en si ua ion is du ing he pandemic.
We p oposed he ollowing hypo heses:
H4.4: Companies wi h a highe le el o ESG will p esen a highe le el o esilience in pe iods
o c isis
H4.4.1: Companies wi h a highe le el o ESG en i onmen al will p esen a highe le el o
esilience in pe iods o c isis
H4.4.2: Companies wi h a highe le el o ESG social will p esen a highe le el o esilience in
pe iods o c isis
H4.4.3: Companies wi h a highe le el o ESG labo will p esen a highe le el o esilience in
pe iods o c isis
H4.4.4: Companies wi h a highe le el o ESG go e nance will p esen a highe le el o
esilience in pe iods o c isis
4.2.4 In luence o he isibili y o he company’s commi men o CSR
One a iable ha could help when s anda dizing he measu emen o CSR ac i i ies and ha
mus be aken in o accoun in esea chs is CSR disclosu e. I consis s in sha ing and communica ing
o di e en s akeholde s by companies he ac i i ies ela ed o social esponsibili y ha he
company ca ies ou (Buallay e al, 2020). The ac ha mo e and mo e a en ion is paid o CSR and
ha business a e mo e in ol ed han e e in all aspec s co e ed by hese ac i i ies imply ha he e
is a need o communica e CSR ac i i ies. The e o e, companies no longe only communica e
economic- inancial in o ma ion bu also add ess s akeholde s o epo on he esponsbili ies hey
acqui e wi h socie y (Maqbool and Zammel, 2017; Kuzey e al, 2021). Fo hese ac ions o be eally
e ec i e, hey need o be known and make known o he s akeholde s (Ba aiba -Díez and So o ío,
2018). I is no enough o implemen CSR ac i i ies, i is essen ial o make hem isible and
communica e hem (A end and B e el, 2010; Bah a, 2020).
I is clea ha disclosu e is a key ool ha could be con ex ualized wi hin he s akeholde heo y
(Od iozola and Ba aiba -Diez, 2017; Ba aiba -Díez and So o ío, 2018), since i is a way o espond
o s akeholde in e es s (Ba aiba -Díez and So o ío, 2018; Buallay e al., 2020). Ne e heless, i is
also necessa y o men ion in his sec ion ignaling heo y (Spence, 1974). I is essen ial o conside
his heo y o explain he need o disclosu e o non- inancial in o ma ion (Bae e al., 2018). The
77
publica ion o in o ma ion by companies in luences he decision-making o hose who ecei e ha
in o ma ion (Conellly, 2010). Signaling heo y claims ha when co po a e in o ma ion is made
public, he company is sending di e en signals o i s s akeholde s, om which i will ob ain a
esponse (Bae e al., 2018; Taj, 2016). Thus, his heo y suppo s manage ’s in en ion o sha e
in o ma ion wi h he objec i e o ecei es signals om he ma ke and hei s akeholde s (Bae e al.,
2018). One o he main objec i es o signaling heo y is achie e an asymme ic in o ma ion
educ ion which will lead o a compe i i e ad an age o a company. Fo his ega d, companies
should disclose ele an and high quali y in o ma ion (Taj, 2016; Conelly e al., 2011; Bae e al.,
2018).
This heo y is based on ou elemen s: signale , signals, ecei e , and eedback Fi s o all,
signale will be he people inside he o ganiza ion who ha e use ul in o ma ion o he ou side, in
ou case i will be manage s o SMEs owne s. These signale s send signals, i e e s o disclosed
in o ma ion, hese a e signals sen ab oad wi h he in en ion o in luencing he opinion o
s akeholde s. In ou case, he quali y o he epo s is going o de e mine he quali y o he signals.
Mo eo e , he ecei e is he s akeholde s ha ecei e he in o ma ion and inally, he eedback
e e s o he in e ac ion s be ween signale s and ecei e s (Taj, 2016; Conelly e al., 2011; Bae e
al., 2018).
So, he ool ha company has o educe asymme ic in o ma ion is sus ainabili y epo s (Bae e
al., 2018). I is essen ial ha in o ma ion is disclosed p ope ly, since i is useless o ha e a high
le el o CSR ac i i ies i ha in o ma ion is unknown o he s akeholde s, who a e he ones who
will make decisions ha will decide he success o he company. The e o e, managemen has o
conside signaling as a s a egic ool in he social and en i onmen al in es men decision-making
p ocess (Bae e al., 2018).
The impo ance o his issue is so e iden ha i is inc easingly common o see how companies
de elop codes o e hics and public epo s in which hey communica e hei CSR ac i i ies, o a e
e alua ed by hi d pa ies (Bučiūnienė and Kazlauskai ė, 2012). In his way hey also co e he
in o ma ion needs o he s akeholde s (Ba aiba -Díez and So o ío, 2018).
This ele ance is also no able in he li e a u e. Palazuelos e al. (2022) conduc ed a li e a u e
e iew o lea n how i has e ol ed he esea ch o non inancial in o ma ion in he las wen y yea s.
The esul s show ha clea ly, in he ecen decades his opic has gained impo ance, in 2000 he e
was no a icles published on his subjec , while in 2020 o y a icles we e indexed in JCR and
Scopus da abases, al hough ac ually, his opic begins o ha e a conside able p esence in economic
li e a u e since 2018, which indica es he el ance o he opic we a e dealing wi h.
The e a e al eady wo ks ha s a e ha CSR disclosu e should al edy be conside ed as one mo e
ac ion wi hin CSR (Ga cia-Sanchez and GallegoAl a ez, 2012; Ba aiba -Díez and So o ío, 2018).
This means ha companies will ha e double wo k, ge ing in ol ed in hese ac i i ies and p epa ing
he in o ma ion in he mos accu a e way possible o disclose i (Od iozola and Ba aiba -Diez,
2017; Ba aiba -Díez and So o ío, 2018). This new ask will ha e consequences in company esul s,
so companies should wo k on hei sus ainabili y epo s i hey wan o maximize hei bene i s
(Yang and Basile, 2021). No only is communica ion impo an , bu also how i is done. Depending
on i s elabo a ion, his in o ma ion will be pe cie ed c edible o no (e.g. Du e al., 2010), o i hey
a e aligned wi h s akeholde in e es (e.g. B amme & Pa elin, 2006; Yang and Basile, 2021). On
he con a y, a poo ly execu ed disclosu e can lead o a se ies o disad an ages o he company.
CSR epo s can be used as a managemen s a egy o c ea e a symbolic image o he company
wi hou ac ually implemen ing CSR ac i i ies in a commi ed way (Cho e al., 2010; Behnam and
MacLean, 2011). CSR disclosu e could be used as a ma ke ing ool. Economic li e a u e shows how
CSR epo ing cans manipu ale s akeholde s decision-making when companies disclosed
ambiguous in o ma ion (Ga cía-Sánchez e al. 2020b; Pa a-Domínguez e al, 2021).

78
The e a e s udies ha analyze he ela ionship be ween CSR (including disclosu e and
communica ion) and inancial esul s (B amme and Pa elin, 2006, 2016; Ba aiba -Díez and
So o ío, 2018). The ad an ages o his ac ion a e ha he mo e in o ma ion is disclosed abou CSR
by he company, mo e he company is engaged wi h CSR spending (Maqbool and Zamme , 2017).
Mo eo e , anspa ency and pe o mance inc ease and cos s and isk dec ease (Maignan and Fe ell,
2001; O li zky e al., 2003; Lindg een e al., 2009). Ba aiba -Díez and So o ío (2018) s udy he
ela ionship be ween CSR and business epu a ion and obse e ha epu a ion imp o es when CSR
ac i i ies a e no only ca ied ou , bu also disclosed. (Buallay e al, 2020). Some au ho s s a e he
impo ance o CSR disclosu e in imp o ing inancial pe o mance and hus gaining a compe i i e
ad an age (McWilliams e al., 2006; Po e and K ame , 2006). CSR disclosu e has consecuences
on s akeholde s’ us and, i i is used p ope ly, suppo s o ganiza ional sus ainabili y (Buallay e
al, 2020). Mo eo e , CSR disclosu es igge posi i e a i udes and highe p oduc i i y be ween
in e nal s akeholde s (Giang and Gung, 2021)
Anyway, in O li zky (2013) me a-analysis, he e is no a clea conclusion abou he
consequences ha CSR ha e on companie esul s. I is impo an o in es iga e he ela ionship
be ween CSR disclosu e and i ms’ pe o mance (Buallay e al, 2020)
I he p ocess o disclosu e non inancial in o ma ion is al eady complex in i sel , e en mo e so
i we con ex ualize i in SMEs. As men ioned abo e, his ype o companies ha e a se ies o
peculia i ies, and he ac o being small en ails an added cos when i comes o publicly
communica ing CSR ac i i ies (B amme and Milling on, 2006; Ting, 2021). SMEs end o use
in o mal channels o communica e wi h hei s akeholde s, due o he closeness hey ha e wi h hem
and o example, in hese days, wi h he scope o social ne wo ks, i is e y easy o communica e
in o ma ion in his way wi hou p epa ing p o esional epo s (Yang and Basile, 2021). Ting (2021)
makes a compa ison be ween SMEs and la ge companies and s a es ha i is likely ha la ge
companies a e capable o communica ing ac ions ha ac ually a e no implemen ed, bu SMEs do
ca y hem ou , al hough hey ha e p oblems communica ing hem.
Wi h he objec i e o achie e a s anda iza ion when analyzing esul s o hei compa ison, he
ollowing hypo hesis is s a es:
H4.5: CSR disclosu e in luences posi i ely in companies pe o mance
H4.6: CSR Comission in luences posi i ely in companies pe o mance
4.2.5 CSR disclosu e legal amewo k
The objec i e o economic g ow h is sus ainabili y; i is essen ial ha all pa s in ol ed in
economic ac i i ies a e awa e o he balance be ween economy, socie y and en i onmen (Du án
Domínguez, 2021). The ele ance o his ype o p ac ices, along wi h he inequali y ha exis s
when implemen ing and ca ying i ou , assumes ha CSR ac i i ies a e no longe an op ion and he
exis ence o a poli ical-legal amewo k ha egula es he implemen a ion o his ype o ac i i ies
and hei dissemina ion is beginning o be necessa y.
The in o ma ion p oduced by companies on sus ainabili y is mainly aimed a socie y and
in es o s. E ns and Young (2017) de elop a s udy in which hey emphasize he impo ance o non-
inancial in o ma ion o in es o s, esul ing in he majo i y o he su eyed sample ecognizing ha
his in o ma ion is c ucial in hei decision-making p ocess. Thus, hey will be able o make
consis en decisions based on eliable in o ma ion. The e o e, he insis ence o he need o a
consis en egula o y amewo k o p epa e epo ing s anda ds ha ensu e he consis ency and
compa abili y o he in o ma ion ha is p epa ed by he companies, since abou non- inancial
in o ma ion “ he e is li le, i any, epo ing s anda disa ion” (Galan and Cadez, 2017, p.677).
79
Mo e and mo e ins i u ions a e p essu ing companies o ca y ou CSR ac i i ies (Bai and
Chang, 2015), and mo eo e , o comunica e hem. The e a e al eady go e nmen s ha o ce
companies o dedica e a pe cen age o hei p o i s o CSR ac i i ies (Maqbool and Zamme , 2017;
Babajee e al., 2021), al hough in e ms o disclosu e, in some coun ies CSR epo ing is no
manda o y (Galan and Cadez, 2017), while in o he s i is al eady an imposi ion (Nizamuddin,
2018). In any case, his p essu e does no only come om go e nmen s, o he o ganiza ions (e.g.
UN, O ganiza ion o Economic Coope a ion and De elopmen ) con inue in his line and ha e
de eloped s anda ds in his ega d (Galla do-Vázquez e al, 2019; Ramecesse, 2021). Companies
ha e he esponsibili y o ansmi in o ma ion o s akeholde s, hus gua an eeing anspa ency and
hei commi men o socie y. These quali ies a e essen ials, because i disclosed CSR in o ma ion is
ques ioned, hei impac on s akeholde s will be nega i e (Ga cía Sánchez e al, 2020b). The e o e,
companies a e in e es ed in ensu e p ope ly epo s. (Ballou e al., 2018).
Di e en amewo ks ha e been de eloped by en i ies (academic ins i ui ions, p o esional
co po a ions) o se guidelines when disclosing in o ma ion on CSR (Muse a e al., 2019). The
op ion mos used by companies is he one elabo a ed o he GRI, whose objec i e is o help
o ganiza ions o be anspa en and o ake esponsibil y o he impac s ha hei ac i i y causes in
he en i onmen and, consequen ly, o in o m hei s akeholde s. Elabo a e his epo s and hei
disclosu e is comple ely olun a y. O he epo s used a e: a guide o disclosing he business
con ibu ion o he achie emen o he UN SDGs, he ISO 26000 Guidance on Social
Responsibili y, an in e na ional s anda d o social esponsibili y ha includes co po a e e hics,
en i onmen al p o ec ion, and labo (ISO, 2010); he In e na ional In eg a ed Repo ing Council,
Sus ainabili y Accoun ing S anda ds Boa d, he Wo ld Business Council o Sus ainable
De elopmen Guidelines among o he s (Oh and Pa k, 2015; Re e e e al, 2016; Palazuelos e a al.,
2021; O iz-Ma ínez and Láza o-Sánchez, 2021).
The olun a iness o hese epo s makes necessa y he exis ence o a public egula ion ha
con ol he quan i y and quali y o in o ma ion ha is published. Thus a a Eu opean le el, he EU
s a ed o ge in ol ed wi h he disclosu e o non- inancial in o ma ion jus unde en yea s ago
(Palazueloso e al, 2021). One o he g ea challenges o egula o y amewo ks o co po a e
in o ma ion is o ge companies o p o ide clea e in o ma ion abou hei si ua ion, as well as abou
hei social impac . In 2014, he Eu opean Pa liamen and he Council on disclosu e o non- inancial
in o ma ion and in o ma ion on di e si y, published Di ec i e 2014/95/EU. This di ec i e was bo n
wi h he aim o p omo ing anspa ency ega ding he disclosu e o CSR ac i i ies and gua an eeing
compa abili y be ween Eu opean companies h ough hei non- inancial in o ma ion (San os-Jaén,
2018; Muse a e al., 2019; Palazuelos e al., 2021; O iz-Ma ínez and Láza o-Sánchez, 2021).
A e his, many coun ies begin o oblige hei la ge companies o p o ide non- inancial
in o ma ion h ough wo possible channels: included in he inancial epo s o h ough he
publica ion o speci ic sus ainabili y epo s (Palazuelos e al., 2021; O iz-Ma ínez and Láza o-
Sánchez, 2021).
I we analyze he si ua ion in a na ional le el, we should ind he same commi men wi h
sus ainabili y egula ions because Spain “is one o he mos s ongly commi ed o he p esen a ion
o non- inancial in o ma ion” (Sie a-Ga cía e al., 2018). Mos companies ha make hei non-
inancial in o ma ion public do soy olun a ily assuming he in e na ional e e ence s anda ds
issueed by he GRI, he eali y is ha he published sus ainabiliy in o ma ion is no homogeneus.
The e o e, ollowing he oo s eps o he EU, i is app o ed he “Spanish CSR S a egy 2014–2020”
(San os-Jaén e al., 2021; Galla do-Vázquez e al, 2019), applicable o e e y companie including
SMEs (Ma ínez-Conesa e al, 2017; O iz-Ma ínez and Láza o-Sánchez, 2021). Mo eo e he
Real-Dec e o ley 18/2017 and he Ley 11/2018 a e app o ed, whe e he Eu opean egula ion is
included (Aiba -Guzmán, 2021). This egula ion implies he obliga ion o ce ain companies o
80
o mula e and publish a non- inancial epo in o de o p o ide s akeholde s wi h accu a e,
compa able and e i iable non- inancial in o ma ion on en i onmen al, social and wo k o ce issues.
The law 11/2018 came o es ablish a legal equi emen on he essen ial a ibu es ha a e equi ed
o in o ma ion on sus ainabili y: esponsibili y, pa icipa ion, commi men and anspa ency.
Go e nmen s obliga ion is o e i y ha hese s anda ds a e implemen ed, o his eason, he
EU decides o ca y ou an analysis o he impac on he 2014 Di ec i e ha e ealed wo
undamen al ci cumns ances. On he one hand, ha he non- inancial in o ma ion p esen ed by he
companies has no me he expec a ions o he use s and, on he o he , ha he companies encoun e
di icul ies de i ed om he lack o speci icacion o he equi emen s ega ding he in o ma ion ha
hey ha e o epo (Du án Domínguez, 2021).
These esul s in a new di ec i e being published he 21 o Ap il 2021. The e a e es ablished
new ules abou sus ainabili y epo ing. One o he new p oposals ha shows he ele ance ha he
CSR disclosu e has in hese days is he c ea ion o a Co po a e Sus ainabili y Repo ing Di ec i e
(CSRD) by he Eu opean Comission (Ma in e al., 2021; O iz Ma ínez, 2021; Te amanzi e al.,
2022). The pu pose o his objec i e will be o con i m ha sus ainabili y epo s comply wi h he
s anda s p oposed by he EU and disclose eliable and consis en in o ma ion, hus achie ing g ea e
compa abili y and allowing his Exchange o in o ma ion be ween o ganiza ions and s akeholde s o
be much mo e p oduc i e (Te amanzi e al., 2022). The c ea ion o his Di ec i e is o i al
impo ance o p e en di e si y in disclosed in o ma ion.
4.3.- EMPIRICAL ANALYSIS
In his sec ion we a e going o explain and in es iga e he ela ionship be ween ESG and
pe o mance. We will analyze i he companies ha implemen ESG ac ions he mos ha e a be e
pe o mance and i hese ac ions also imp o e pe o mance in ad e se economic ci cums ances
such as he cu en one de i ed om he Co id-19 c isis.
As we men ioned abo e, empi ical s udies o measu e he implemen a ion o ESG used se e al
echniques, which causes he di icul y o compa ing esul s. Fo his eason, and gi en he need o
c ea e an index ha allows he bes possible measu emen o ESG and each o i s dimension we a e
going o design an index ha allows us o measu e his a iable. Nex we will explain he p occes,
desc ibe he da a used and he a iables analyzed.
4.3.1 Sample
The sample is made up o 538 Spanish companies. Speci ically, i is made up o 402 small
companies (74.72%) and 136 medium o la ge companies (25.28%). The da a wi h which we a e
going o wo k in his s udy ha e been ob ained h ough a su ey o all he companies ha make up
he sample.
4.3.2 Measu ing he ESG implemen a ion h ough an index
To know he eal si ua ion o CSR, as well as i s de e minan s and e ec s, i is necessa y o
de elop a measu e o he le el o ESG p ac ices in he companies. The index is made up o
dicho omous a iables and companies ha ha e implemen ed a g ea e numbe o bes p ac ices
ac ions will be conside ed mo e in ol ed in ESG and will ha e a mo e ad anced sys em. Below we
show he composi ion o he ESGglobal index, which se es o de e mine he deg ee o he
deploymen o comp ehensi e ESG in companies (Figu e 13). The index is composed by he
in eg a ion o 63 a iables and he da a has been collec ed h ough a su ey. As ep esen a i e
ac o s o he deg ee o ESG implemen a ion, we use dicho omous a iables and cons uc an index
81
o measu e he deg ee o implemen a ion. In addi ion, we also conside pa ial indica o s o each
dimension, g ouped in o ou ca ego ies: En i onmen al, Social, Labo and Go e nance.
Figu e 13. ESG index s uc u e
The index is made up o dicho omous a iables and companies ha ha e implemen ed a g ea e
numbe o ac ions will be conside ed mo e in ol ed and commi ed wi h ESG managemen bes
p ac ices. In he cons uc ion o he en i onmen al indica o (E), i is posi i ely alued ha he
company has en i onmen al indica o s and objec i es, wi hou penal ies, and wi h ac ions o educe
clima e change, o ac ions o p omo e he ci cula economy o biodi e si y. I is also posi i ely
alued ha he company has an en i onmen al ce i ica ion and conside s he en i onmen in he
design o he s a egy. In he cons uc ion o he social indica o (S), we di e en ia e be ween social
(Ss) and labo (Sl) aspec s. On he one hand, in he social ield, i is assessed whe he he company
akes in o accoun ESG c i e ia in he selec ion o supplie s, esponsible communica ion p ac ices,
epo s on he impac s o i s p oduc s and p omo es sus ainabili y wi h cus ome s o social
de elopmen , among o he s. Rega ding he labo dimension, he p omo ion o equali y, inclusion,
di e si y, objec i i y, lexibili y and concilia ion, among o he s a e he mos impo an ac o s
conside ed. In he cons uc ion o he co po a e go e nance indica o (G), he exis ence o an
in e nal egula ion, he dedica ion o he adminis a o s, he in o ma ion p o ided, he dimension,
he independence, he selec ion c i e ia, he exis ence o e hical no ms, he di e si y in e ms o
knowledge and gende and he quali y o inancial in o ma ion a e conside ed. The de ails o he
ou dimensions ha make up he index wi h hei espec i e a iables a e explained in he
Appendix 2.
4.3.2.1. Me hodology o build he indices
The cons uc ion o he indices can be done h ough a ious me hods (Table 31) and he
esul s can be sensi i e o he way in which he indices a e calcula ed. P e ious wo k has no
e alua ed he e ec ha he way in which he indices a e buil may ha e. In his pape we use he
MCDA index ool, p oposed by Cinelli, Spada, Kim and Zhang (2020). The p ocess has wo key
s eps: no maliza ion and agg ega ion. The i s s ep is done o make he indica o s and dimensions
compa able on he same scale and in he second we de ine he o m o combine he no malized
ESGglobal
En i onmen al (E) 13 i ems
Social (S) 11 i ems
Labo (L) 24 i ems
Go e nance (G) 15 i ems
88
_cons
0.2855***
0.1158***
0.1178***
0.3278
2.0862***
0.7457
N
759
776
777
779
776
764
2
0.0434
0.0478
0.0498
0.0113
0.0788
0.0548
Gi en wha we' e seen be o e, he esul s a e sensi i i y o he agg ega ion me hods. The e o e,
we ha e ied o wo k wi h ha monic means and i can be seen ha he e ec changes conside ably
wi h espec o he addi i e agg ega ion me hod. Using his me hod inc eases he co ela ions and
consequen ly he signi icance, as we can see in Table 39.
Table 39. Es ima ed model wi h ha monic means
Va iable
ROE
ROA
CFLOW
GROWTH
ROAadj
ROEadj
ESGglobalA m
0.0776
-0.0095
-0.0251
0.5571**
-0.115
1.0458
ESGglobalA msq
-0.1057
-0.009
0.0085
-0.7318**
-0.4835
-1.6536
logTA
-0.0088
-0.0028*
-0.0033**
-0.0291*
0.0970**
0.0790*
amily
0.0154
-0.0008
0.0076
0.0146
0.1539
0.0227
Sol ency
-0.0620**
0.0200**
0.0233***
-0.1188
-0.311
0.3074
G ow h
0.0001
-0.0007
0.0013
-0.0451
-0.0013
YEAR
YES
YES
YES
YES
YES
YES
SECTOR
YES
YES
YES
YES
YES
YES
_cons
0.2266***
0.0858***
0.1180***
0.4662**
0.0982
-0.4591
N
764
776
777
779
776
764
2
0.0358
0.0424
0.0511
0.0158
0.0474
0.0456
We obse e ha he only a iable wi h which a signi ican ela ionship is es ablished is he
g ow h, while no ela ionship is obse ed wi h ROE, ROA, cash low o isk adjus ed e u n. We
obse e ha in he i s case he ela ionship is posi i e and in he second nega i e.
These esul s show ha he di e ence in me hods in luence he esul s, hus suppo ing
hypo hesis 4.1.
4.4.2 E ec s du ing he pandemic
When analyzing he ole played by global ESG and each o i s subdimensions in c isis
scena ios such as he one de i ed om he Co id-19 pandemic (Table 40), we obse e he
ollowing. Only he social and labo indexes e lec a posi i e and signi ican ela ionship (0.0424
and 0.0281, espec i ely). This means ha hose ac ions aimed a social causes and hose ela ed o
he wo kplace will be hose ha a e associa ed wi h a highe le el o esilience in uns able con ex s.
Howe e , nei he he global no he en i onmen al no he go e nance index will be ele an in
hese si ua ions. This implies ha hypo heses 4.4.1 and 4.4.4 a e ejec ed and 4.4.2 and 4.4.3 a e
accep ed.
Table 40. E ec s du ing he pandemic
Pandemic Resilience
Va iable
Mglob
MEn i Ind
MSocInd
MLabInd
MGobInd
ESGglobalnew
0.007

89
En i Ind
0.0023
SocInd
0.0424*
LabInd
0.0281**
GobInd
-0.0121
logTA
0.0414
0.0920**
0.0740**
0.0417
0.0948***
amily
-0.0299
-0.0812
-0.0634
0.0433
-0.0659
Sol ency
-0.5098**
-0.3266
-0.4055*
-0.3568*
-0.3587
G ow h
0.0528*
0.0679**
0.0655*
0.0532*
0.0587**
SECTOR
YES
YES
YES
YES
YES
_cons
3.2632***
2.7713***
2.7729***
3.1540***
2.7967***
N
232
273
299
282
271
2
0.0925
0.0729
0.09
0.0853
0.078
ROA
Va iable
Mglob
MEn i Ind
MSocInd
MLabInd
MGobInd
ESGglobalnew
0.0008
En i Ind
0.0021
SocInd
0.0026
LabInd
0.0020*
GobInd
-0.0007
logTA
-0.0096
-0.0114
-0.0128*
-0.0104
-0.0049
amily
-0.0052
-0.0072
-0.007
-0.0012
0.0004
Sol ency
-0.0167
0.0218
0.0206
0.0339
-0.0073
G ow h
-0.0132***
-0.0124***
-0.0122**
-0.0130***
-0.0124**
SECTOR
YES
YES
YES
YES
YES
_cons
0.1369**
0.1355**
0.1316**
0.1183**
0.1186**
N
232
273
299
282
271
2
0.1109
0.0779
0.0922
0.0924
0.0777
ROE
Va iable
Mglob
MEn i Ind
MSocInd
MLabInd
MGobInd
ESGglobalnew
0.0009
En i Ind
0.0032
SocInd
0.0031
LabInd
0.0033*
GobInd
0.0002
logTA
0.0414
0.0920**
0.0740**
0.0417
0.0948***
amily
-0.0299
-0.0812
-0.0634
0.0433
-0.0659
Sol ency
-0.5098**
-0.3266
-0.4055*
-0.3568*
-0.3587
G ow h
0.0528*
0.0679**
0.0655*
0.0532*
0.0587**
SECTOR
YES
YES
YES
YES
YES
_cons
0.1579
0.1918*
0.2053**
0.1305
0.12
N
232
273
299
282
271
2
0.0518
0.0398
0.0437
0.0405
0.0251
Cash low
Va iable
Mglob
MEn i Ind
MSocInd
MLabInd
MGobInd
90
ESGglobalnew
0.0005
En i Ind
0.0013
SocInd
0.0011
LabInd
0.0016*
GobInd
-0.0002
logTA
-0.0063
-0.006
-0.0058
-0.0058
-0.0044
amily
0.0003
-0.0005
0.001
0.0044
0.0004
Sol ency
0.0237
0.0284
0.0358**
0.0402**
0.0316*
G ow h
-0.0016
-0.001
-0.001
-0.0014
-0.0013
SECTOR
YES
YES
YES
YES
YES
_cons
0.1282**
0.1355**
0.1253**
0.1111**
0.1169**
N
232
273
299
282
271
2
0.0742
0.0654
0.0744
0.0738
0.0663
4.4.3 The e ec o he deg ee o implemen a ion conside ing he size o he companies
In his sec ion we a e going o analyze he e ec o he deg ee o implemen a ion o CSR
ac i i ies aking in o accoun he size o he company (Table 41). By inse ing a a iable ha akes
in o accoun he size, ha is, he deg ee o de elopmen when hey a e small, hings change
conside ably.
Table 41. E ec o he deg ee o ESG implemen a ion conside ing he size o he companies
Va iable
ROE
ROA
CFLOW
GROWTH
ROAadj
ROEadj
ESGglobalnew
0.0011*
0.0006*
0.0004
0.0024
0.0175**
0.0214**
ESGsmall
-0.0008*
-0.0005**
-0.0002
-0.0025*
-0.0239***
-0.0232***
logTA
-0.0142**
-0.0061**
-0.0049*
-0.0428**
-0.0318
-0.0599
amily
0.013
-0.001
0.0086
0.0138
0.0572
-0.0472
Sol ency
-0.0696**
0.0216***
0.0212***
-0.1051
-0.226
0.4081
G ow h
-0.0023
-0.0014
0.0008
-0.0597*
-0.0124
YEAR
YES
YES
YES
YES
YES
YES
SECTOR
YES
YES
YES
YES
YES
YES
_cons
0.3180***
0.1259***
0.1264***
0.6976**
1.9821**
1.4683*
N
695
710
711
715
711
699
2
0.0497
0.0521
0.0585
0.0114
0.061
0.0618
We obse e ha in he case o small companies, he e ec o ESG ac i i ies on he a iables
analyzed is nega i e in mos cases. A nega i e and signi ican e ec is obse ed on ROE (-0.0008),
ROA (-0.0005), g ow h (-0.0025), ROA adj (-0.0239) and ROE adj (-0.0232). This may mean ha
o small companies, aking in o accoun he means hey ha e, he implemen a ion o hese ac i i ies
in ol es cos s ha a e oo high. The weigh o SMEs in he se o companies is g ea e han ha o
la ge companies. These esul s a e in line wi h he me a-analysis o Khan (2022) which explains he
di icul y small businesses ha e in making his ype o ac i i y p o i able. This implies ha we can
accep hypo hesis 4.3.
4.4.4 S a egic and disclosu e
91
In his sec ion we will analyze whe he companies use s a egically he in o ma ion om he
s kaheolde s in he design o epo ing (Table 42) and how he le el o disclosu e in luences i
(Table 43).
Table 42. E ec o conside ing s akeholde in o ma ion o he design o he epo ing
Va iable
ROE
ROA
CFLOW
GROWTH
ROAadj
ROEadj
In os akeholde s
0.0068*
0.0038**
0.0024
-0.0028
-0.0269
-0.0447
logTA
-0.0110**
-0.0042***
-0.0034**
-0.0196*
0.0968***
0.0708*
amily
0.0103
0.0016
0.0080*
0.001
0.1758
-0.0492
Sol ency
-0.0540**
0.0256***
0.0295***
-0.0636
-0.0517
0.4807**
G ow h
0.0004
-0.0006
0.0016
-0.0560*
0.0001
YEAR
YES
YES
YES
YES
YES
YES
SECTOR
YES
YES
YES
YES
YES
YES
_cons
0.2653***
0.0929***
0.1047***
0.4259***
-0.0769
-0.1975
N
1013
1031
1032
1036
1029
1006
2
0.0466
0.052
0.0635
0.0354
0.0298
0.032
We obse e ha he use o s akeholde s in he design o he s a egy has a signi ican and
posi i e e ec on ROE (0.0068) and ROA (0.0038). The e o e, using s akeholde in o ma ion
s a egically in epo ing design has a posi i e e ec in pe o mance, suppo ing H4.5. Howe e , no
signi ican e ec was ound on he o he a iables. This alue is signi ican o companies as i is a
undamen al guide when p epa ing hei ESG epo s.
On he o he hand, he ac o ha ing an ESG commi ee wi hin he companies has a
signi ican and nega i e e ec on ROE (-0.0293), while he ac o p epa ing epo s in which ESG
ac i i ies a e disclosed has a signi ican and posi i e e ec on he g ow h le el (0.0839). I is
s iking ha i is posi i e o companies o disclose his ype o ac i i y, bu i is no posi i e o ha e
a commi ee dedica ed exclusi ely o ESG. This may be due o he ac ha , appa en ly, main aining
a commi ee can be qui e expensi e and, he e o e, companies a e no compensa ed o his e o in
he inal esul s. Consequen ly, we can accep hypo heses 4.7 and ejec hypo heses 4.6.
Table 43. ESG commi ee and ESG epo ing
Va iable
ROE
ROA
CFLOW
GROWTH
ROAadj
ROEadj
ESGcommi ee
-0.0293*
-0.0033
-0.0097
0.0124
0.139
-0.1881
ESG epo ing
0.0096
0.0061
0.0066
0.0839**
-0.0888
0.0085
logTA
-0.0105*
-0.0041**
-0.0035**
-0.0254*
0.1237***
0.1099**
amily
0.011
0.0039
0.0098**
0.0061
0.1361
-0.0643
Sol ency
-0.0561**
0.0236***
0.0268***
-0.0809
-0.1673
0.2671
G ow h
0.0001
-0.0009
0.0016
-0.0601**
-0.0121
YEAR
YES
YES
YES
YES
YES
YES
SECTOR
YES
YES
YES
YES
YES
YES
_cons
0.2834***
0.1043***
0.1123***
0.4971**
-0.4447
-0.6657
N
898
913
915
916
912
894
2
0.0498
0.0513
0.0676
0.0393
0.0334
0.0306
92
4.5. CONCLUSIONS
In his pape , we ha e analyzed he ole ha CSR ac i i ies ha e in business pe o mance, as well as
he ole ha hese ypes o ac ions ha e as ools o manage c isis si ua ions. In addi ion, we ha e
seen he pe o mance impac o companies disclosing his ype o ac i i y and ha ing an ESG
commi ee. Ha ing de ec ed he measu emen p oblem su ounding CSR, we de eloped an index
ha allows us o assess he le el o implemen a ion o hese ac i i ies by a sample o Spanish
companies and we obse e ha hey imp o e pe o mance.
The i s conclusion o ake in o accoun is ha he esul s a e a ec ed by he me hod used.
The e o e, he me hodology used mus be aken in o accoun in u u e analyses. Mo eo e , i is
impo an o dis inguish he consequences o each o he ESG subdimensions. I we analyze he
di e en dimensions and compa e i wi h he global analysis, we see di e en e ec s. In ac , he
o e all e ec is likely o be di use because i is compensa ed by he di e en dimensions o ESG o
by he a ia ion in size be ween companies. In addi ion, we can see how ESG is a ool ha causes a
highe le el o esilience in he con ex ha we a e expe iencing due o COVID-19. This is mo e
no able in hose companies ha p esen a highe index o labo and social ESG. Finally, ega ding
he size o he companies, we see ha i is mo e di icul o small companies o mone ize ESG.
This may be due o he cos s in ol ed in implemen ing his ype o ac i i y, o economies o scale
o because hey a e less p epa ed o op imally exploi he e o s hey make.
This chap e has a numbe o limi a ions. Mainly i should be men ioned ha i e e s o a sample o
Spanish companies, so we ecommend u u e esea che s o expand he sample and ca y ou a mo e
in e na ional s udy o check i hese e ec s a e also ul illed in o he geog aphical a eas, o i
ins ead his is a a iable o ake in o accoun . Rega ding he implica ions o his s udy, we mainly
ha e o commen on he ac ha we ha e designed an index ha allows he measu emen o ESG o
be s anda dized and he e o e pu s an end o he p oblem ha so many esea che s ha e commen ed
on.
93
CONCLUSIONS
1. INTRODUCTION
The wen y- i s cen u y has mean an impo an s ep o wa d in he ecogni ion by companies o
hei b oade social esponsibili ies and hei in eg a ion in business s a egies wi h he aim o
c ea ing sha ed alue (Chandle , 2016; La apí Agudelo e al., 2019). Fi ms ha e esponded o he
expec a ions and claims o a wide ange o ex e nal and in e nal s akeholde s in ela ion o business
commi men wi h sus ainable de elopmen h ough he adop ion o socially esponsible beha io s
(B amme e al., 2007), c ea ing “win-win si ua ions” (Po e & an de Linde, 1995) in which an
adequa e social and en i onmen al pe o mance p o ides compe i i e ad an ages o he company
(S au manis, 2008; Mado an e al., 2016; Ga cía-Sánchez e al., 2020c).
As pa o he 2030 Agenda, he de ini ion in 2015 o he SDGs ga e companies a new ole,
in ol ing hem as key ac o s in he achie emen o he SDGs (UN, 2015; Rosa i & Fa ia, 2019).
This new ole is included wi hin he o e all amewo k o a company’s CSR ac i i ies, so bo h
issues (SDGs and CSR) a e inhe en ly connec ed (Shayan e al., 2022). The e o e, like o he CSR
s a egies, hose ac i i ies aimed a achie ing he SDGs can b ing bene i s o companies (Ga cía-
Sánchez e al., 2020a). Howe e , he a ainmen o such bene i s equi es ha s akeholde s
ecognize he companies’ e o s in ela ion o he sus ainable de elopmen (Izzo e al., 2020).
On he o he hand, as Yamake and Kaneko (2021) showed, ising s akeholde awa eness o he
SDGs may a ou he de elopmen o “p o-sus ainable beha io s” by companies. Knowing wha
he in ol emen wi h he SDGs and CSR suppose o companies will be essen ial o s akeholde s
and will in luence hei beha io (A end and B e el, 2010; Ga cía-Sánchez e al., 2020a).
Acco dingly, s akeholde engagemen u ns in o c i ical o he achie emen o he SDGs (Jun &
Kim, 2021).
Wi h hese p emises, his esea ch p ojec has analyzed he de e minan s and esul s o CSR as a
s akeholde engagemen ool ocusing on he aspec s ela ed o pe sonal and beha io al ac o s
ela ed o CSR and hei implica ions o business pe o mance.
2. SUMMARY OF FINDINGS
In his esea ch p ojec we aimed o answe ou esea ch ques ions ela ed o he a o emen ioned
objec i e. In his sec ion we summa ize he main esul s ob ained h oughou he wo k.
As ega ds he i s esea ch ques ion (How ha e he 2030 Agenda and he SDGs impac ed
academic esea ch on business managemen and CSR), we ca ied ou a bibliome ic analysis om
which we can conclude ha we a e in on o a “ho ” esea ch opic, wi h a ema kable g ow h in
las yea s, which demons a es he ele ance and in e es o his heme. In pa icula , esea che s’
in e es concen a es a ound he s udy o how business add ess he SDGs, he bene i s a ising om
SDG engagemen and SDG epo ing.

94
The second esea ch ques ion (Unde which condi ions does CSR a ec employees’ wo k- ela ed
a i udes?) was add essed h ough a me a-analysis The esul s show ha some con ex ual ac o s
mode a e he impac o pe cei ed CSR on wo k- ela ed a i udes which may explained he mixed
esul s ob ained by p io esea che s. Speci ically, he ac ha a company ope a es in coun ies wi h
highe le els o social and economic de elopmen and a na ional cul u e cha ac e ized by a long-
e m o ien a ion s eng hens he impac o pe cei ed CSR on OI, whe eas i he company ope a es
in cul u al con ex s cha ac e ized by high unce ain y a oidance o belongs o non-con o e sial
indus ies, i diminishes he e ec o pe cei ed CSR on TI. Mo eo e , some employees’ pe sonal
a ibu es also mode a e he ela ionship be ween pe cei ed CSR and wo k- ela ed a i udes. In his
espec , he e ec o pe cei ed CSR on OC and TI is s eng hened when employees occupy
manage ial posi ions, whe eas he impac o pe cei ed CSR on TI diminishes as he employees’ age
inc eases.
Wi h ega d o he hi d esea ch ques ion (Wha a e he CEO’s idiosync a ic cha ac e is ics ha
a ec SDG epo ing as a s akeholde engagemen ool), we can a i m ha some pe sonal a ibu es
o he CEO in luence he decisions hey make ega ding he le el o disclosu e o he SDGs.
Speci ically, companies wi h CEOs wi h a high le el educa ion, wi h local CEOs o wi h CEOs
wi h a high le el o na cissisism will disclose mo e SDG in o ma ion.
Finally, in answe ing he ou h esea ch ques ion (How is ESG pe o mance, bo h globally and o
each o i s dimensions, associa ed wi h business pe o mance and wha ci cums ances a ec his
associa ion?) we obse e ha he e is g ea di icul y in measu ing CSR ac i i ies and ha he
esul s ob ained ega ding he ela ionship be ween CSR pe o mance and inancial pe o mance a e
a ec ed by he used me hod as well as he conside ed ESG subdimension. In ac , i is likely ha
he o e all e ec o CSR pe o mance on inancial pe o mance o be di use because i is
compensa ed by he di e en dimensions o ESG. As a esul , he ela ion be ween ESG
subdimensions and inancial pe o mance is signi ica i e indi idually bu no i we analyzed i
globally. Addi ionally, we obse ed ha ESG is a ool ha a o s a highe le el o esilience in he
con ex ha we a e expe iencing due o COVID-19, pa icula ly in hose companies ha p esen a
highe index o labo and social pe o mance. Fu he mo e, we ound ha i is mo e di icul o
small companies o mone ize ESG, which may be due o he cos s in ol ed in implemen ing his
ype o ac i i ies, o economies o scale o because hey a e less p epa ed o op imally exploi he
e o s hey make.
3. IMPLICATIONS OF THESE FINDINGS
3.1 Theo e ical
Taking in o accoun he ise o his opic in he academic wo ld, he esul s ob ained in his
chap e a e ele an o li e a u e. Fi s o all, we obse ed ha esea ch on business con ibu ion o
he SDGs is no well s uc u ed, so ou bibliome ic analysis may con ibu e o p o ide a e e ence
ame o he s a e-o -a o his esea ch opic which can o ien a e esea che s in he de elopmen o
u u e s udies.
On he o he hand, he second chap e in eg a es and ex ends p io esul s and p o ides a deepe
unde s anding on how CSR a ec s employees’ wo k- ela ed a i udes by documen ing he e ec o
con ex ual ac o s and employees’ demog aphic a ibu es on such a ela ionship. Speci ically, we
show ha he e ec o pe cei ed CSR on employees' wo k- ela ed a i udes may a y due o he
le el o economic and social de elopmen and he na ional cul u e o he coun y whe e a company
ope a es, he le el o pollu ion o he indus y o which i belongs as well as employees' age and
posi ion. Fu he mo e, we show ha , al hough indi idually some a iables do no ha e a signi ican
95
mode a ing e ec , hey ha e a signi ican e ec in combina ion wi h o he a iables, which opens
new esea ch a enues. Thus, we con ibu e o explain p io mixed indings.
Rega ding he hi d esea ch ques ion, we con ibu e o he academic esea ch ex ending he
s udies ha analyze he impac o he CEO’s pe sonal cha ac e is ics on CSR o, speci ically, hei
e ec on he le el o disclosu e o he SDGs. As a as we a e awa e, he e is no s udy ha has
analyzed his issue be o e.
Finally, a e e i ying he exis ing di icul ies when measu ing ESG, we ha e p oposed he
elabo a ion o an index conside ing each one o he dimensions o ESG and ha allows measu ing
he le el o ESG bo h in la ge companies and in SMEs. This pu s an end o he p oblem ha so
many esea che s ha e commen ed on. Addi ionally, we p o ide new e idence on he ela ionship
be ween CSR pe o mance and inancial pe o mance and he ci cums ances ha a ec i .
3.2 P ac ical
This esea ch’ indings also ha e some manage ial and human esou ces implica ions. Fi s o
all, we con i m ha CSR could be use a s akeholde engagemen ool, speci ically o employees.
We showed he posi i e e ec ha pe cei ed CSR has on employees, s eng hening posi i e
a i udes (OI and OC) and diminishing nega i e ones (TI), which con adic s he idea ha he only
sou ce o mo i a ion o employees a e economic ewa ds. Thus, we show ha he CSR ole is no
es ic ed o ex e nal s akeholde managemen bu also ex ends o in e nal s akeholde s’ beha io .
Thus, in es ing esou ces in o CSR ini ia i es no only is bene icial o he en i onmen and he
socie y bu can also be used as a ool in human esou ces managemen o inc ease employees’
mo i a ion and a ac and e ain alen ed wo ke s. Secondly, we documen he condi ions unde
which he posi i e e ec o CSR on employees’ wo k- ela ed a i udes is s onge /weake o e en
he opposi e. Gi en ha he posi i e impac o CSR in employees’ a i udes is no uni e sal,
knowing how CSR p ac ices in luence employees allows companies o con igu e pe inen human
esou ce managemen policies. Fo example, CSR could be used o e ain alen ed manage s and
younge employees, bu i s e ec diminishes in he case o coun ies cha ac e ized by high
a oidance unce ain y.Mo eo e , ou esul s p o ide in o ma ion abou wha idiosync a ic
cha ac e is ics o he CEO in luence in SDG epo ing. In ac , companies ha wan o p omo e a
highe le el o SDG disclosu e may ake in o accoun wha cha ac e is ics he CEO mus ha e o
his o happen.
As indica ed abo e, CSR can imp o e co po a e pe o mance by boos ing he link be ween
employees and hei company. Speci ically, ou esul s indica e ha he labo ESG has a g ea
impac on business p o i abili y. The e o e, i companies ca y ou ESG ac i i ies aimed a
employees, hey will pe cei e i as some hing posi i e and i will in luence hei a i ude wi hin he
company, inc easing hei mo i a ion and leading o be e pe o mance. In addi ion, all hose
companies ha ge in ol ed in an app op ia e way wi h ESG ac i i ies will ha e a ac o in a o o
being mo e esilien in imes o c isis. I is also no ewo y ha SMEs companies ha e mo e
di icul ies in mone izing he e o s de i ed om he implemen a ion o CSR ac i i ies, so hey
mus ake his in o ma ion in o accoun o know o wha ex en hey should be in ol ed in his ype
o ac ion.
4. LIMITATIONS OF THE STUDY
Despi e i s implica ions, his chap e is subjec o some limi a ions. Fi s ly, ou bibliome ic analysis
only ha e included pape s o he Scopus da abase as a sou ce o da a collec ion, bu Web o Science
o Google Schola , should also be conside ed o expand he s udy. Mo eo e , o he me hodologies
as S a emen o SCIma could be employed. Fu he mo e, he numbe o s udies included in he
me a-analysis was small, especially o he analyses ela ed o TI.
96
On he o he hand, he s udy o he implica ions o he CEO’s a ibu es on SDG epo ing was
based on a small sample o companies, which may limi he gene alizabili y o he esul s. The same
p oblem occu s wi h he sample u ilized o ca y ou he analysis o he ela ionship be ween CSR
pe o mance and inancial pe o mance. Addi ionally, i should be men ioned ha bo h samples
e e o Spanish companies and, he e o e, he in e p e a ion and implica ions o he esul s a e
limi ed o ha con ex .
5. SUGGESTIONS FOR FUTURE RESEARCH
Conside ing he abo e limi a ions, some sugges ions o u u e esea ch may be sugges ed. Fi s o
all, he ac o di e en ia ing a ious hemes ega ding he ole ha business ha e on he ul illmen
o he 2030 Agenda can open new lines o esea ch o all hose academics who wish o del e
deepe in o each o he unde lying hemes ela ed o business con ibu ion o he SDGs. Mo eo e ,
u u e s udies could comple e he analysis by in es iga ing how con ex ual ac o s and employees’
demog aphic ea u es a ec he ela ionship be ween di e en componen s o CSR and o he wo k-
ela ed a i udes and beha io s.
Mo eo e , we sugges o u u e esea che s o expand he sample and adop an in e na ional ocus o
analyze he e ec o CEO’s a ibu es on SDG epo ing as well as he ela ionship be ween CSR
pe o mance and business pe o mance.
97
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THESIS SUMMARY (GALICIAN)
O concep o de Responsabilidade Social Co po a i a (RSC) expe imen ou unha conside able
e olución no empo, adap ándose aos cambios da sociedade e do en o no emp esa ial (La apí
Agudelo e al., 2019) así como ás mo i acións das emp esas pa a emp ende es e ipo de inicia i as
(ElAl y e al., 2020). Nes a e olución, as p eocupacións e demandas dos s akeholde s adqui i on
unha impo ancia c ecen e (Lane & De in, 2018) a a o pun o de que, na ac ualidade, a RSC es á
in insecamen e ligada ao comp omiso dos s akeholde s (Ga cía-Sánchez e al., 2020a).
O comp omiso das pa es in e esadas pódese en ende como aquelas p ác icas le adas a cabo po
unha o ganización pa a implica aos in e esados nas ac i idades o ganiza i as (G eenwood, 2007)
nun “esquema de coope ación xus o e mu uamen e bene icioso” (Phillips, 1997, p. 54). Así, supón
coñece as demandas das pa es in e esadas e a a de sa is acelas (Hø ing e al., 2018). Nes e
sen ido, dado que o conxun o de s akeholde s dunha emp esa é amplo, aba cando unha a iedade de
indi iduos, g upos e o ganizacións que, di ec a e indi ec amen e, poden a ec a ou se en a ec ados
polas ac i idades da emp esa (F eeman, 1984) cuxos obxec i os e in e eses son amén di e sos
(O'Rio dan e Fai b ass, 2008), o comp omiso dos s akeholde s es éndese a unha a iedade de á eas
e ac i idades o ganiza i as (G eenwood, 2007), incluíndo, en e ou as, plani icación es a éxica,
xes ión de ecu sos humanos e in o mes sociais.
Como sinala on Noland e Phillips (2010, p. 40), “que as emp esas simplemen e in e ac úen coas
pa es in e esadas xa non é su icien e, se, de ei o, o oi algunha ez. A in e acción coas pa es
in e esadas é unha ac i idade emp esa ial loxicamen e necesa ia”. Dada a súa impo ancia pa a a
supe i encia e o éxi o da emp esa, o comp omiso dos s akeholde s oi amplamen e analizado na
li e a u a, an o eó ica como p ac icamen e, desde di e sas co en es e cen ándose en di e en es
cues ións, o que p o ocou a al a dunha "comp ensión uni icada" dos seus esenciais (Kujala e al.,
2022), sendo habi ual mes u a a pa icipación e a xes ión das pa es in e esadas (Nai , 2020).
Aínda que G eenwood (2007, p. 325) suxe iu que o comp omiso das pa es in e esadas é
p incipalmen e "unha ac i idade mo almen e neu a", de ei o es compoñen es (é dici , mo al,
es a éxico e p agmá ico) ca ac e izan o comp omiso de di as pa es (Kujala e al., 2022). O
compoñen e mo al ecoñece as p eocupacións é icas de ás da coope ación coas pa es in e esadas
que implican equidade e ape u a (Nollan & Phillips, 2010). O compoñen e es a éxico e í ese á
in luencia dos in e eses es a éxicos da o ganización nas ac i idades de implicación das pa es
in e esadas que buscan ob e an axes compe i i as ( an Huijs ee & Glasbe gen, 2008), aínda que
is o non signi ica necesa iamen e que haxa mo i acións alsas e malé olas de ás do comp omiso
dos s akeholde s (Nollan & Phillips, 2010). Finalmen e, o compoñen e p agmá ico salien a os
e ec os p ác icos do comp omiso das pa es in e esadas na ida das pa es in e esadas (Vopa il &
Be ns ein, 2010).
Desde unha pe spec i a ins umen al, a elación coas pa es in e esadas en un impac o no
desempeño dunha emp esa, an o di ec a como indi ec amen e (Ayuso e al., 2014; Jones e al.,
2018; Gup a e al., 2020; Shayan e al., 2022). En consecuencia, o comp omiso das pa es
in e esadas "debe ía o ma pa e da es a exia máis ampla dunha emp esa" (Nollan & Phillips,
2010, p. 41) pa a que eña en con a os in e eses e os equisi os das pa es in e esadas (Raub &