Are Socially Responsible Behaviors Paid Off Equally? A Cross‐cultural Analysis

Fo Pee Re iew A e soci ally esponsible beha io s paid o equally? A C oss - cul u al analysis. Jou nal: Co po a e Social Responsibili y and En i onmen al Managemen Manusc ip ID: CSR-12-0173.R1 Wiley - Manusc ip ype: Resea ch A icle Keywo ds: Co po a e Social Responsibili y, Na ional Cul u e, Financial Pe o mance, Me a-analysis, S akeholde s h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen Fo Pee Re iew A e socially esponsible beha io s paid o equally? A C oss-cul u al analysis. KEY WORDS: Co po a e Social Responsibili y, Financial Pe o mance, Me a-analysis, Na ional Cul u e, S akeholde s. Page 1 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew ABSTRACT: Based on he s ong in luence ha na ional cul u e has on CSR ac ions (Ins i u ional Theo y), i is necessa y o s udy how he inancial ou comes o CSR ac ions could be a ec ed by hese cul u al cha ac e is ics. This ac is pa icula ly in e es ing o manage s whose companies ope a e in di e en cul u es gi en ha hey ha e o deal wi h his aspec . The aim o his pape is o analyze he mode a o ole ha na ional cul u e could ha e on he CSR-FP ela ionship h ough a me a-analysis, hence helping o cla i y he deba e exis ing abou his ela ionship in he li e a u e. The esul s show ha his ela ionship is g ea ly a ec ed by na ional cul u e. In his sense, coun ies wi h a high asse i eness and gende egali a ianism show a e y nega i e ela ionship. Ne e heless, hose wi h a highe u u e o ien a ion, ins i u ional collec i ism and a humane o ien a ion e eal a posi i e co ela ion which eaches i s maximum alue in hose coun ies wi h a high unce ain y a oidance. Page 2 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew 1. INTRODUCTION Deba e is g owing abou he lack o ag eemen on he ela ionship be ween Co po a e Social Responsibili y (CSR) and Financial Pe o mance (FP) (Da idson &Wo ell, 1990, Ru e al, 2001). Al hough his is a much s udied ques ion, he indings a e he e ogeneous. In his sense, ecen wo ks ha e aimed o s udy he possible media o o mode a o ole ha ce ain a iables can ha e on his ela ionship o hope ully make a g ea e consensus abou his issue possible. Nowadays, he analysis o he e ec ha na ional cul u e has on i m managemen and pe o mance is one o he key a eas in in e na ional business esea ch (Venaik & B ewe , 2010). Gi en he g owing impo ance ha CSR has on he managemen and s a egy o he company (Ca oll & Shabana, 2010), some au ho s ha e empi ically s udied he s ong impac ha cul u al cha ac e is ics o coun ies ha e on he socially esponsible beha iou o hei companies (Waldman e al, 2006; Ringo & Zollo, 2007). O he s ha e ocused on he di e ences be ween coun ies (Singh & Ga cia, 2008; Yong, 2008; S ensson e al, 2009). The e o e, based on Ins i u ional Theo y (Baughn e al, 2007; Ma en & Moon, 2008), he CSR concep is di e en acco ding o he coun y (Jamali & Mi shak, 2006) and he expec a ions o he di e en s akeholde s should be alike in coun ies wi h simila cul u al cha ac e is ics. The e o e, hese a ia ions in he CSR concep ha e an in luence on he s age o he CSR de elopmen (Maon e al, 2010) in he coun y, and hey could a ec he expec ed ou comes o he CSR ac ions (pa icula ly hei FP), acco ding o Schol ens & Kang (2013). Su p isingly, he e ec ha he cul u al cha ac e is ics o coun ies ha e on he CSR-FP ela ionship has no been empi ically analyzed, despi e his ha ing been sugges ed by G ay e al (2001). Consequen ly, he aim o his esea ch is o analyze he in luence o na ional cul u e on he CSR-FP ela ionship in o de o ha e a be e unde s anding o i and hope ully make a g ea e consensus on his ela ionship possible. This is especially ele an o manage s o Mul ina ional Companies (MNC) because i could help hem o manage hei CSR s a egy and hei expec ed inancial ou comes depending on he coun y (Du an & Bajo, 2012). To achie e ou aim, ou sample was made up o 103 a icles ha analyze he ela ionship be ween CSR and FP in 27 di e en coun ies om all o e he wo ld om 2000 un il 2013. La e , we iden i y he di e en clus e s acco ding o he GLOBE na ional cul u al dimensions (House e al, 2004) as a speci ic and ela i ely objec i e assessmen o a coun y’s cul u e. Finally, we es ou hypo hesis by a me a-analy ical echnique. The esul s e eal ha he cul u al cha ac e is ics o he coun ies in which companies ope a e a ec he CSR-FP ela ionship due o he g ea di e ences iden i ied. In addi ion, he in oduc ion o ha mode a ing a iable helps o conside ably dec ease he he e ogenei y. Page 3 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew The e o e, hose cha ac e is ics ha p o ide a e y di e en CSR-FP ela ionship ha e been iden i ied. They ma ch a la ge nega i e ela ionship wi h coun ies wi h high asse i eness and gende egali a ianism. Ne e heless, he ela ionship is posi i e and s onge when he ins i u ional collec i ism, humane o ien a ion and unce ain y a oidance dimensions in he coun ies a e g ea e . The pape is o ganised as ollows. In Sec ion 2, we ocus on he deba e abou he ela ionship be ween CSR and FP and o mula e he ele an hypo hesis. In Sec ion 3, we look mo e closely a he s a is ical echniques we used: a clus e analysis and a me a- analysis. Sec ion 4 p esen s he esul s o he s udy. Finally, we show he indings in Sec ion 5, he limi a ions o he s udy and some o he lines o in es iga ion which emain open. 2. CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE In e es in he s udy o he ela ionship be ween CSR and FP began wi h Moskowi z (1972). This wo k has been con inued o e se e al decades o esea ch in which many a icles ha e been published, and, among hem, se e al li e a u e e iews (B amme & Milling on, 2005, Fe nandez & Luna, 2007; Beu den & Gössling, 2008). The s udies show ha he e is no widesp ead conclusion abou he exis ence o he ela ionship and e en less abou i s meaning. Se ing ou om he concep ual amewo k ha seeks o explain he ela ionship be ween CSR and FP, we ind ha mos accep ed heo e ical bases a e summa ized by P es on & O'Bannon (1997). These au ho s p opose six hypo heses which posi he a ious possibili ies ha allow o a ela ionship be ween CSR and FP, such as he Social Impac Hypo hesis, he Slack Resou ces Hypo hesis, Posi i e Syne gy, he T ade-o Hypo hesis, he Manage ial Oppo unism Hypo hesis and Nega i e Syne gy (as can be seen in Table 1.). INSERT TABLE 1 Based on hese hypo heses and he p e ious li e a u e, he e is no unanimi y abou he di ec ion o he ela ionship, since we can ind wo ks ha suppo he s udy o he ela ionship in bo h ways and o he s suppo ing a bidi ec ional ela ionship. Thus, we can ind wo ks ha ake CSR as he dependen a iable (P io e al, 2008, Choi & Jung, 2008; Apos olakau & Jackson, 2009; Soana, 2011; Su oca e al, 2010, Chih e al, 2010) , hose ha conside FP as he dependen a iable (Ba kus e al, 2006, Luo & Bha acha ya, 2006, Lopez e al, 2007, Fe nandez & Luna, 2007; Be one e al, 2007, Van de Laan e al, 2008 , Yu e al, 2009; Ve galli & Poddi , 2009; Mone a & O a, 2010) and o he s which s udy he bidi ec ional ela ionship (Nakao e al, 2007; Makni e al, 2009, Yang e al, 2010; A as e al, 2010; Fauzi, 2009). In his sense, he me a-analyses pe o med (O li zky e al, 2003; Allouche & La oche, 2005; Wu, 2006) come o he conclusion ha he ela ionship be ween CSR p ac ices and FP exis s and is posi i e. Howe e , hey highligh ha he s udy o he media ing o mode a ing ole o se e al a iables could be he key o cla i ying and unde s anding his Page 4 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew ela ionship be e – he hypo hesis o mode a o a iables (O li zky e al, 2003; Gomez, 2008). Some o he ields in which his has been s udied a e s akeholde managemen (Van de Laan e al, 2008), ea nings managemen (P io e al, 2008), he di e en ia ion o indus y and inno a ion capaci y (Hull & Ro henbe g, 2008), deb and he cha ac e is ics o boa ds (Dunn & Sain y, 2009), and in angible esou ces (Su oca e al, 2010). Howe e , he di e ences ha na ional cul u e has on he CSR-FP ela ionship ha e no been analyzed despi e hei being sugges ed by G ay e al (2001). No wi hs anding, some esea che s ha e s udied he s ong e ec ha a coun y’s cul u e has on he CSR beha io s o hei companies (Waldman e al, 2006; Ringo & Zollo, 2007). Addi ionally, in he specialized li e a u e we can ind signi ican di e ences in he e hical and en i onmen al beha io be ween he mos epu able U.S. companies and Eu ope (Fe nandez & Luna, 2007), be ween wo coun ies such as Spain and he UK (Singh & Ga cia, 2008), Aus alia and Malaysia (Yong, 2008), and be ween Sweden, Canada and Aus alia (S ensson e al, 2009). This was suppo ed by Ins i u ional Theo y (Baughn e al, 2007). This heo y allows he explo ing and compa ing o he mo i es o manage s conce ning CSR in na ional, cul u al and ins i u ional con ex s (Aguile a e al, 2005; Ma en & Moon, 2008). This is because he concep o “ins i u ions” could be unde s ood as “collec ions o ules and ou ines ha de ine ac ions in e ms o ela ions be ween oles and si ua ions” (Ma ch & Olsen, 1989: 160). Taking in o accoun ha he social esponsibili y o he companies is con ex ualized by na ional ins i u ions, he CSR beha io s a e hus di e en in each coun y (Jamali & Mi shak, 2006). This a ec s he inancial ou come expec ed (Schol ens & Kang, 2013). In his sense, he li e a u e shows ha while Anglo-Saxon and Eu opean companies ha e been ca ying ou CSR ac ions o decades and hese a e a he co e o he s a egy o hei business, o ganiza ions om de eloping coun ies ha e only s a ed o implemen hese p ac ices in ecen yea s in o de o legi ima e hemsel es (Moon & Shen, 2010). They ha e p io i ized hei s akeholde s coun ing on he FP expec ed (Jamali, 2008). Addi ionally, a ques ion is a ising in he li e a u e abou why companies a e commi ed o CSR and i hey a e eally ca ying i ou because hey a e ac ually engaged o i i is mo e a ques ion o window-d essing (Cai e al, 2012). Some coun ies a e o en c i icized o hei socially i esponsible beha io (Wang & Juslin, 2009) and hey a e he e o e ying o launch se e al CSR ini ia i es. S akeholde s a e mo e and mo e sensi i e o his ques ion and hey a e decisi e in he CSR-FP ela ionship ( he Social Impac Hypo hesis - F eeman, 1984). As a esul , we o mula e ou esea ch hypo hesis: H 1 : The cul u al cha ac e is ics o coun ies mode a e he ela ionship be ween CSR and FP. Page 5 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew 3. METHODOLOGY As men ioned ea lie , ou aim is o each a conclusion abou whe he a coun y’s cul u e a ec s he ela ionship es ablished be ween CSR and FP, based on a sample o 103 a icles om 2000 o 2013. To do so, we i s pe o med a clus e analysis, aking in o accoun he cul u al alues – based on he GLOBE classi ica ion (House e al, 2004) - o each o he coun ies in ol ed in o de o iden i y di e en g oups which would allow us o con as ou hypo hesis h ough he me a-analysis. 3.1. SAMPLE Ou sample is composed o 103 wo k i ems (see Appendix 1). I includes a b ie e e ence o he pe iod s udied, he size o he sample, and he geog aphical a ea e e ed o in each a icle. Fi s ly, o iden i y hem, hose a icles ha a e e e enced in he li e a u e e iew o Beu den & Gössling (2008) abou he ela ionship be ween CSR and FP om he ea ly 1990s un il 2007 ha e been included in he ini ial sample. Secondly, we pe o med a sea ch in he ISI Web o Knowledge and Scopus da abases. These we e chosen because hey con ain all he i ems om he jou nals which a e specialized in CSR and a e mo e enowned. The wo ds used in hese sea ches ha e been “Co po a e Social Responsibili y, Financial Pe o mance, Empi ical” and “Co po a e Social Responsibili y, Financial Pe o mance, Analysis” in o de o a oid heo e ical a icles. In addi ion, due o he impo an ole o he “publica ion bias” (Ki kham & Dwan, 2010) - which e en ques ions he obus ness o he conclusions eached- we included pape s om SRNN in ou sample. This is due o i being such a p es igious and illus ious in e na ional ne wo k. This bias is due o he ac ha many scien i ic pape s, mos ly wi h "nega i e" esul s ( hose which ind no signi ican di e ences, o which ha e esul s ha go agains he s udy hypo hesis o he es ablished no m) ne e ge published, ake longe o do so o a e less ci ed in o he publica ions. A e collec ing all he wo k i ems, we pu hem in o de and ollowed p ocedu es o elimina e any duplica ion ha migh exis o ha ing used di e en sou ces. Subsequen ly, we also had o exclude i ems o he ollowing easons: 1. Theo e ical a icles - in which he ela ionship be ween CSR and FP is no s udied quan i a i ely- as hey a e no use ul o ou pu pose o eaching a conclusion on empi ical e idence. 2. S udies published p io o 2000, because a he beginning o he cen u y new ways o epo ing and aluing CSR ac ions (DJSI, KLD) ha e appea ed wo ldwide. Addi ionally, Quazi & Richa dson (2012) sugges ed ha i would be be e o compa e pe iods ha a e no oo long as CSR s a egy is cons an ly e ol ing. 3. We had o exclude s udies ha do no p o ide some s a is ics ha could be ans o med in o Pea son co ela ion coe icien s, in acco dance wi h he o mulas p oposed by Wol (1986), Rosen hal (1991) and Wilson & Lipsey (2000). Page 6 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew 4. Finally, we emo ed hose a icles ha we e made up o an in e na ional sample and did no p o ide an independen coe icien o each coun y. Once we had he clus e s, we decided o also elimina e hose which in ol e wo o h ee di e en coun ies because all o he coun ies a e no in he same g oup. 3.2. MODERATOR VARIABLE: THE NATIONAL CULTURE The e is no uni e sal ag eemen in he social sciences abou de ining he e m “cul u e”. Gene ally speaking, cul u e is used o e e o a se o pa ame e s o a g oup ha se s his g oup apa om ano he g oup in a signi ican way. Fo House e al (2004), cul u e se es as a amewo k ha allows us o in e p e and gi e meaning o he signi ican e en s ha esul om he common expe iences o membe s o a g oup, which, being an issue o g ea impo ance, a e ansmi ed o e gene a ions. The undamen al ea u e o cul u e is ha i is a social design ha a ec s he majo i y o p ac ices and social p ocesses. In his way, much social beha io can be unde s ood by he p e ailing cul u e. CSR p ac ices will be he e o e condi ioned by each coun y’s social design and cul u e. Yong (2008) indica ed ha di e en cul u al a iables a ec ed he a i udes o manage s conce ning p o i and social a i udes in he business and ound ha manage s wo king in Aus alia a e he mos socially conside a e owa d hei employees, cus ome s and en i omen , while hose employed in Malaysia had he highes ega d o p o i . S ensson e al (2009) ound ha co po a ions ope a ing in Sweden ha e u ilized e hical s uc u es and p ocesses di e en ly om hei Canadian and/o Aus alian coun e pa s, and ha in each cul u e he way in which companies ashion hei app oach o business e hics appea s cong uen wi h hei na ional cul u al alues. Ringo & Zollo (2007) sugges ha na ional cul u e dimensions ha e a s ong impac on he CSR beha io o o ganiza ions. Va ious s udies ha e a emp ed o iden i y dimensions o cul u al alues ha a e use ul in explaining he cul u al di e ences be ween coun ies. The i s was Ho s ede’s (1980), which iden i ied 4-5 cul u al dimensions. This was ollowed by se e al o he wo ks which aimed o imp o e, expand o cla i y he measu emen o a coun y’s cul u e. In esponse o his concep ual de elopmen , we can include he cul u al alues s udies o Schwa z (1992, 1994), o Ingleha s (1977, 2001, 2004) and o T ompenaa s (1993), and inally, GLOBE’s cul u al amewo k (House e al, 2004). Ho s ede's o iginal esea ch (1980) was based on a ques ionnai e sen o IBM employees in 40 coun ies and wo ime pe iods (1967-1968) and (1971-1973). Ho s ede iden i ied ou cul u al dimensions ha dis inguished di e en coun ies. These we e e e ed o as powe dis ance, unce ain y a oidance, indi idualism and masculini y 1 . La e (1987) he added a i h cul u al dimension called long- e m o ien a ion. In 2004, he GLOBE esea ch p og am - he ac onym o Global Leade ship O ganiza ional Beha io E ec i eness (House e al, 2004)- p esen ed he esul s o esea ch whose main aim was 1 Powe dis ance: The deg ee o which a socie y accep s he unequal dis ibu ion o powe in ins i u ions and o ganiza ions. Unce ain y A oidance: Re lec s ha people in a coun y p e e s uc u ed si ua ions o uns uc u ed si ua ions.Indi idualism: The deg ee o which indi iduals p e e o ac as such a he han as membe s o a g oup. Masculini y: The deg ee o which alues such as asse i eness, pe o mance, success and compe i i eness - associa ed wi h he male ole - p e ail o e alues such as quali y o li e, pe sonal ela ionships, se ice, solida i y - alues associa ed wi h he eminine ole. (Ho s ede, 2000) Page 7 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew o desc ibe, unde s and and p edic he in luence o cul u al a iables on leade ship, p ocess managemen and e ec i eness anywhe e in he wo ld. This p og am began in 1993. I used da a om 825 o ganiza ions in 62 coun ies, and iden i ied 9 dimensions ha we e ca ego ized as: unce ain y a oidance, powe dis ance, emphasis in socie y on collec i ism, amily and g oup collec i is p ac ices, gende equali y, asse i eness, u u e o ien a ion, pe o med o ien a ion and human o ien a ion 2 . As Robbins (2004) poin ed ou , Ho s ede's cul u al dimensions ha e become he basic amewo k o di e en ia ing na ional cul u es, hough da a which emana e om a single company - namely IBM- and which a e abou 40 yea s old, can educe and e ode he abili y o explain he cul u al di e si y be ween coun ies. A compa ison o he dimensions o GLOBE and Ho s ede shows ha he o me upda es and ex ends Ho s ede’s wo k. Ho s ede’s and GLOBE’s dimensions a e hose mos used in s udies abou coun y cul u e (Shi & Wang, 2011). Howe e , s udies based on bo h models eached simila conclusions (Ringo & Zollo, 2007), ega dless o he cul u al classi ica ion used. In his sense, he na ional cul u al dimensions o GLOBE (House e al, 2004) (Appendix 2) a e conside ed o be a mo e up- o-da e se o cul u al measu es (Chhoka e al, 2007; Ringo & Zollo, 2007) and a la ge numbe o cul u al cha ac e is ics a e analyzed. Addi ionally, he measu es a e displayed by people wi hin ha cul u e (no only manage s), hence being mo e app op ia e o explaining socie al ou comes (S ephan & Uhlane , 2010). Fo all hese easons, we a e going o ake in o accoun GLOBE´s cul u al cha ac e is ics. We ca y ou a clus e analysis in e ms o hese a iables in o de o iden i y g oups o coun ies wi h simila cul u al cha ac e is ics. To do so, we i s o all pe o m a k-means clus e , since he numbe o coun ies in he sample (27) is high and ou in en ion is o educe he he e ogenei y wi hin g oups. 3.3. META-ANALYSIS Me a-analysis is a s a is ical echnique used o quan i a i ely in eg a e he esul s o p e ious s udies on a speci ic esea ch opic in o de o ob ain a gene al conclusion abou i (Sanchez-Meca, 2008). 2 Pe o mance O ien a ion: The deg ee o which a g oup encou ages and ewa ds g oup membe s o pe o mance imp o emen and excellence. Fu u e O ien a ion: The ex en o which indi iduals engage in u u e-o ien ed beha io s such as delaying g a i ica ion, planning, and in es ing in he u u e. Humane O ien a ion: The deg ee o which a g oup encou ages and ewa ds indi iduals o being ai , al uis ic, gene ous, ca ing, and kind o o he s. Gende egali a ianism: The deg ee o which a g oup minimizes gende inequali y. Asse i eness: The deg ee o which indi iduals a e asse i e, con on a ional and agg essi e in hei ela ions wi h o he s. Ins i u ional Collec i ism: The deg ee o which o ganiza ional and socie al ins i u ional p ac ices encou age and ewa d he collec i e dis ibu ion o esou ces and collec i e ac ion. In-g oup Collec i ism: The deg ee o which indi iduals exp ess p ide, loyal y and cohesi eness in hei o ganiza ions and amilies. Powe dis ance: The deg ee o which membe s o a g oup expec powe o be dis ibu ed equally Unce ain y a oidance: The ex en o which a socie y, o ganiza ion o g oup elies on social no ms, ules, and p ocedu es o alle ia e he unp edic abili y o u u e e en s. (House e al, 2004) Page 8 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew C isós omo VL, F ei e F, Vasconcellos F. 2011. Co po a e social esponsibili y, i m alue and inancial pe o mance in B azil. Social Responsibili y Jou nal 7(2): 295 – 309. DOI: 10.1108/17471111111141549 Da Sil a-Mon ei o SM, Aiba ‐Guzman B. 2010. De e minan s o en i onmen al disclosu e in he annual epo s o la ge companies ope a ing in Po ugal. Co po a e Social Responsibili y and En i onmen al Managemen 17(4): 185-204. 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DOI: 10.1108/00251740910978304 Page 23 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew CAUSAL SEQUENCE SIGN OF THE RELATIONSHIP Posi i e Neu al Nega i e CSR → FP Social Impac Hypo hesis Hypo hesis o mode a o a iables T ade-O Hypo hesis CSR ← FP Slack Resou ces Hypo hesis Manage ial Oppo unism Hypo hesis CSR ↔ FP Posi i e Syne gy Nega i e Syne gy Table 1: Types o ela ionship be ween CSR and FP. Sou ce: P es on & O'Bannon (1997), Gomez (2008). K N E ec size p- alue Con idence in e al Tes o homogenei y 75% CSR-CFP 103 31878 0.0674 0.003 0.0233 0.1114 732.16 11.77 G oup 1 15 2063 -0.0508 0.35 -0.1481 0.0466 68.74 125.92 G oup 2 34 12591 0.0852 0.08 -0.0091 0.1795 311.27 214.46 G oup 3 54 17224 0.068 5 0.003 0.0196 0.1174 319.34 26.99 The con idence in e al is calcula ed wi h a p obabili y o 95%. The es o homogenei y h ough he Q s a is ic and associa ed p obabili y dis ibu ion acco ding o he Chi-squa e. Table 2: Mode a ion o coun ies g ouped by GLOBE. K N E ec size p- alue Con idence in e al Tes o homogenei y 75% CSR-CFP 103 31878 0.0674 0.003 0.0233 0.1114 732.16 11.77 G oup 1_1 11 1467 0.0127 0.81 -0.0898 0.1151 29.52 294.62 G oup 1_2 4 596 - 0.2069 0.07 - 0.4292 0.015 3 18.77 424.56 G oup 2_1 6 2686 0.0916 0.001 0.0430 0.1402 17.06 501.52 G oup 2_2 28 9905 0.0835 0.115 - 0.0304 0.1973 294.07 29.17 G oup 3_1 47 15796 0.0570 0.02 0.0128 0.1011 180.02 48.02 G oup 3_2 7 1428 0.1964 0.125 -0.0522 0.4450 81.23 99.00 The con idence in e al is calcula ed wi h a p obabili y o 95%. The es o homogenei y is h ough he Q s a is ic and associa ed p obabili y dis ibu ion acco ding o he Chi-squa e. Table 3: Mode a ion o coun ies g ouped by GLOBE (II) Page 24 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew Appendix 5 T es o equali y o means d Sig. Means di e ence S anda d e o o di e ence Pe o mance_O ien a ion - 1.176 9 . 270 . 25071 . 21313 Fu u e_O ien a ion .502 9 .628 . 0 9071 . 18073 Gende -.480 9 .642 -.10714 .22301 Asse i eness .557 9 .591 .13714 .24626 Ins i u ional_collec i ism 1.657 9 .132 .35750 .21576 In-g oup_collec i ism -3.953 9 .003 -.71646 .18079 Powe _dis ance - .470 9 .650 - .0 7429 .1 5818 Humane_O ien a ion - 2.762 9 .022 - . 55036 .1 9924 Unce ain y _a oidance .148 9 .886 - . 56746 . 64675 HIERARCHICAL CLUSTER ANALYSIS Dend og am using A e age Linkage (Be ween G oups) Rescaled Dis ance Clus e Combine Page 31 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew Appendix 6 T es o equali y o means d Sig. Means di e ence S anda d e o o di e ence Pe o mance_O ien a ion .90 2 8 . 393 . 18167 .2 0130 Fu u e_O ien a ion .016 8 .988 .00333 .21230 Gende .202 8 .845 .03750 .18572 Asse i eness 1.476 8 .178 .37750 .25577 Ins i u ional_collec i ism -1.356 8 .212 -.33333 .24575 In-g oup_collec i ism 3.580 8 .007 . 4 1 500 .1 1591 Pow e _dis ance .904 8 . 393 . 25083 . 27756 Humane_O ien a ion - 3.716 8 .006 - .5 9583 . 16033 Unce ain y _a oidance . 720 8 . 492 - . 18833 . 26153 HIERARCHICAL CLUSTER ANALYSIS Dend og am using A e age Linkage (Be ween G oups) Rescaled Dis ance Clus e Combine Page 32 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew Appendix 7 CLUSTERS’ MEAN VALUES Ini ial Clus e s G oup 1 G oup 2 G oup 3 1 2 3 1.1 1.2 2.1 2.2 3.1 3.2 Pe o mance_O ien a ion 3.84 4.32 4.25 3.87 3.77 4.17 4.42 4.25 4.25 Fu u e_O ien a ion 3.58 4.07 4.24 3.69 3.35 4.13 4.03 4.24 4.23 Gende 3.43 3.25 3.51 3.22 3.86 3.18 3.29 3.49 3.52 Asse i eness 4.29 4.09 4.03 4.20 4.47 4.18 4.04 4.17 3.89 Ins i u ional_collec i ism 3.85 4.57 4.48 3.91 3.73 4.80 4.44 4.35 4.62 In-g oup_collec i ism 5.27 5.39 3.94 5.51 4.81 4.93 5.65 4.17 3.72 Powe _dis ance 5.45 5.15 4.75 5.47 5.42 5.10 5.17 4.90 4.60 Humane_O ien a ion 3.60 4.40 4.05 3.71 3.38 4.42 4.38 4.12 3.98 Unce ain y_a oidance 3.78 4.18 4.80 3.78 3.78 3.83 4.38 4.56 5.04 Page 33 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew Figu e 1: Clus e s esul ing om clus e analysis based on GLOBE cul u al dimensions. 160x122mm (96 x 96 DPI) Page 34 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Fo Pee Re iew Figu e 2: Clus e s esul ing om clus e analysis based on cul u al dimensions wi hin he GLOBE g oups 1, 2 and 3. 147x155mm (96 x 96 DPI) Page 35 o 35 h p://mc.manusc ip cen al.com/cs em Co po a e Social Responsibili y and En i onmen al Managemen 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60