Analysis of the determinants of CSR disclosure in Spanish listed companies

Objeto: Este trabajo pretende profundizar en los determinantes de la divulgación de información sobre las acciones sociales que las empresas realizan. En particular, se centra en el papel que puede jugar un factor apenas considerado hasta el momento como es la estructura de propiedad. Diseño/metodología: Con el objetivo anterior, a partir de una muestra de empresas españolas cotizadas en el año 2008 hemos realizado un análisis de regresión lineal para analizar cómo la identidad del principal accionista de la empresa así como otras características empresariales afectan a la transparencia en RSC. Aportaciones y resultados: En contra de lo esperado, los resultados sugieren que la identidad del principal accionista no afecta a la transparencia informativa en RSC. Por el contrario, son otras características, como el tamaño de la empresa, su nivel de endeudamiento así como su nivel de transparencia en general, las que parecen explicar la transparencia sobre acciones socialmente responsables. Limitaciones: La existencia de otros indicadores de transparencia en RSC así como el haber realizado el estudio en un único país y en un momento temporal concreto, hace necesario ser cautos sobre los hallazgos obtenidos. estudio se encuadra en el ámbito de tres estados mexicanos y por tanto, los datos no son generalizables. El trabajo es un estudio exploratorio que nos aproxima a la realidad de las PYMES de México, no se pueden, por tanto, extraer relaciones de causalidad a partir de estos datos. Valor añadido: Un número reducido de estudios ha analizado la influencia de la estructura de propiedad en la transparencia en RSC, y además, de los pocos trabajos existentes, la mayoría se han centrado en el grado de concentración de la propiedad y no han tenido en cuenta la identidad o tipología del primer accionista.Purpose: This paper aims to analyse in depth the determinants of disclosure of corporate social activities. In particular, it is focused on a barely considered factor: ownership structure. Design/methodology/approach: Using a sample of Spanish listed companies in 2008 we employed a OLS model to analyse how the identity of the largest shareholder as well as other firm characteristics may influence the disclosure of social activities. Findings and Originality: Contrary to our expectations, the findings suggest that the identity of the main shareholder does not affect the disclosure of social activities. On the contrary, firm size, leverage and general level of disclosure seem to explain the information provided by the firms related to their social activities. Research Limitations/implications: Our results should be considered with caution because we have used a specific measure of disclosure of social activities and our study is carried out in a specific country and period of time. Originality/value: A reduced number of studies have analysed the influence of firm ownership structure on the disclosure of social activities, and the existing studies have mainly considered the ownership concentration but not the identity of the largest shareholder.Peer Reviewe

Explaining the performance of Spanish privatised firms: a panel data approach

[EN] Using a panel data of 70 Spanish privatised firms, we study whether the shares held in the divested firms’ capital by employees, managers and the State, the nationality of the buyer, the economic environment, as well as the firms’ size, may explain the performance of privatised firms. The results suggest that firms in which the State completely relinquishes control have more probabilities of maximizing efficiency. Besides, the entrance of foreign investors in the firms’ capital may provide firms with new know-how and access to new technologies and markets that may also improve the success of privatisations processes. Moreover, the results suggest that privatisations of SOEs per se may not be sufficient to improve their performance, since privatisations that are accompanied by liberalisation programs and competition turn out to be more successful. Finally, these results are in general terms the same both for firms privatised through direct sale and public offering

Determinants of post-privatisation performance of Spanish divested firms

[EN] This paper analyses the factors which may explain the improvements in performance taking place after privatisations. Using a sample of 58 Spanish privatised firms within the period 1985-2000, we find no significant mean increases in industry adjusted profitability and efficiency following privatisation over a medium term horizon (three years), although the results vary according to the privatised firm. More than 50% of the firms show increases in profitability and over 45% show increases in efficiency after the first stage of the privatisation process. When we analyse how different characteristics of the privatisation processes may explain the observed performance changes, the results suggest that competition may play an important role in the success of privatisation processes. Efficiency gains seem to take place in competitive markets, not in utilities. The results also suggest some positive influence of factors such as the entrance of foreign investors, the relinquishment of control by the State over privatised firms and the firms’ size on the performance of privatised firms

Introduction to Special Issue “Advances in Sustainability-Oriented Innovations”

8836This Special Issue focuses on the study of Sustainability-Oriented Innovations (SOIs). Our purpose is to shed light on the SOIs literature regarding their determining factors, implications and new challenges for the future. In this editorial, we are delighted to present the three papers included in this Special Issue. Each of them tackles di erent issues related to SOIs having important academic and managerial implications. Two papers analyze the influence of SOIs on urban development and resource productivity, respectively, and the third studies SOIs determinants, in particular, cooperation networks. Moreover, two of the papers analyze SOIs considering territory (cities or countries) as their unit of analysis while the third focuses on firms. This denotes that SOIs’ actions are important whatever the level of analysis and as either a determinant or a consequence.S

Determinantes de la mejora en la performance de las empresas españolas privatizadas

Este trabajo ha obtenido el 2.º Premio Estudios Financieros 2007 en la Modalidad de CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS. En este trabajo se analiza qué factores podrían explicar la mejora en la performance de las empresas privatizadas. Utilizando una muestra de empresas españolas privatizadas en el período de tiempo 1985-2000, los resultados no apoyan, en primer lugar, una mejora en el funcionamiento de las empresas públicas tras su privatización en términos de rentabilidad y eficiencia en un horizonte temporal a medio plazo (tres años), aunque los resultados varían según la empresa privatizada. Más de un 50 por 100 de las empresas muestran una mejora en la rentabilidad y en torno al 45 por 100 experimentan una mejora en la eficiencia después del primer tramo de privatización. Sin embargo, otros factores parecen influir también en la performance empresarial post-privatización. Así, el nivel de competencia del sector al que pertenece la empresa juega un papel importante en el éxito del proceso privatizador, pues la mejora en la eficiencia parece tener lugar en sectores competitivos. Además, los resultados ponen de manifiesto un efecto positivo del tamaño empresarial, pero no así de la performance previa de la empresa

Independent directors' background and CSR disclosure

[EN] This paper extends research on how the background of independent directors mayaffect the way in which their companies disclose information about corporate socialresponsibility (CSR). Using a sample of 83 Spanish‐listed firms over the period2009–2014, the findings of a random effects probit model suggest that, in additionto board independence, having independent directors with political backgroundsand diverse education has a positive impact on their firm's probability of issuing aCSR report following the standards of the Global Reporting Initiative.SIWe acknowledge funding received from the Ministerio de Economía yCompetitividad of Spain (projects ECO2015‐63880‐R and ECO 2015‐69058‐R) and the University of León (Spain) (project ULE2014‐1

Do Board Gender Diversity and Director Typology Impact CSR Reporting?

[EN] By studying female directors and their typology, this paper contributes to the empirical evidence relating to boardgender diversity and the disclosure of corporate social responsibility (CSR) information. An ordered random effectprobit model was applied to a panel of Spanish non-financial and non-insurance listed firms over the 2009–2013period. The analyses revealed that a higher percentage of women in boardrooms and in groups of outside andindependent directors imply better CSR disclosure. These results hold for corporations with a critical mass of threewomen on the board and among outside directorsSIThe authors acknowledge the funding received from theProject ECO2012-35439 from the Ministerio deEconomía y Competitividad of Spain and the ProjectULE2014-1 from the University of León (Spain). Theyalso acknowledge funding from project ECO 2012-36532

Legal and Cultural Factors as Catalysts for Promoting Women in the Boardroom

12 p.This study focuses on whether regulation as well as national cultures play significant roles in defining women’s role in society. We are contributing to the existing debate by providing the first empirical analysis to calibrate which legal mechanisms and cultural dimensions are more efficient in achieving boardroom gender equality. We have highlighted the impact of regulation by distinguishing between those countries that have passed positive laws imposing gender quotas in the boardroom and those applying the ‘comply or explain’ recommendation in their good governance codes. We have monitored enforcement levels among countries and tested the validity of Hofstede’s cultural factors in impacting on gender quotas. The emerging picture is that of gender diversity being triggered by the adoption of positive laws rather than by soft recommendations. Moreover, gender diversity policies are more commonly promoted in countries where governments, corporations and institutions are characterized by less masculinity and lower power distance.S

Corporate Governance and Innovation: a Theoretical Review

p. 266-284Purpose – The purpose of this paper is to present a review of the literature on two lines of research, corporate governance and innovation, explaining how different internal corporate governance mechanisms may be determinants of business innovation. Design/methodology/approach – It explores the theoretical background and the empirical evidence regarding the influence of both ownership structure and the board of directors on company innovation. Then, conclusions are drawn and possible future research lines are presented. Findings – No consensus was observed regarding the relation between corporate governance and innovation, with both positive and negative arguments being found, and with empirical evidence not always pointing in the same direction. Thus, new studies trying to clarify this relationship are needed. Originality/value – Over recent years, interest has grown in the influence of governance mechanisms on innovation decisions taken by the management. Innovation efforts and results depend on factors that are influenced by corporate governance, such as ownership structure or the functioning of the board of directors. Thus, the paper shows an updated state of the art in this field proposing future lines for empirical research.S

Influencia de la estructura de propiedad en la eficiencia de las privatizaciones empresariales

Considerando una muestra de 55 empresas españolas privatizadas en el periodo de tiempo 1985-2003, analizamos si la tipología del principal accionista influye en el cambio de la performance tras la privatización. Una vez controlado el posible sesgo de selección asociado al método de privatización empleado, los resultados sugieren que cuando el primer accionista tras el cambio de propiedad ya no es el Estado se produce una mejora en la eficiencia empresarial. Además, el nivel de competencia del sector al que pertenece la empresa juega un papel importante en el éxito del proceso privatizador, pues la mejora en la eficiencia parece tener lugar en sectores competitivos.Using a sample of 55 Spanish privatised firms in the period 1985-2003, we analyse whether the identity of the main shareholder influences on post-privatisation firms’ performance. After controlling for possible sample selection bias related to the government’s choice of firm method of privatisation, the results suggest that when State is not the main shareholder an improvement in firms’ efficiency seems to take place. In addition, the industry competitiveness seems to play an important role in the success of privatisation as post-privatisation improvements take place in competitive sectors