Corporate Social Responsibility and Operational Inefficiency: A Dynamic Approach

Sustainability is currently a common term used more and more frequently in the academic literature and in the public communications of companies. This is an indicative that suggests that more and more sustainability is understood as a challenge that involves not only environmental aspects, but also as an integrative concept including economic, environmental and social aspects that should be a key pillar of the most highly innovative and advanced companies in the twenty first century. This study has been developed over several years, collecting detailed information on more than two hundreds different ESCO projects (Energy Service Company) in Spain, developed during five years (2010 to 2014). The aim of this research is related to obtaining a better understanding of an issue that is a concern: to what extend these projects that are seeking the efficient reduction of energy from collaboration between companies, could contribute to the integrated vision of sustainability, as a platform for the integration of economic and environmental.This research was funded by the National Science Centre (Narodowe Centrum Nauki) in Poland grant number DEC-2016/23/B/HS4/03398

Voluntary disclosure of corporate strategy: determinants and outcomes. An empirical study into the risks and payoffs of communicating corporate strategy.

Business leaders increasingly face pressure from stakeholders to be transparent. There appears however little consensus on the risks and payoffs of disclosing vital information such as corporate strategy. To fill this gap, this study analyzes firm-specific determinants and organisational outcomes of voluntary disclosure of corporate strategy. Stakeholder theory and agency theory help to understand whether companies serve their interest to engage with stakeholders and overcome information asymmetries. I connect these theories and propose a comprehensive approach to measure voluntary disclosure of corporate strategy. Hypotheses from the theoretical framework are empirically tested through panel regression of data on identified determinants and outcomes and of disclosed strategy through annual reports, corporate social responsibility reports, corporate websites and corporate press releases by the 70 largest publicly listed companies in the Netherlands from 2003 through 2008. I found that industry, profitability, dual-listing status, national ranking status and listing age have significant effects on voluntary disclosure of corporate strategy. No significant effects are found for size, leverage and ownership concentration. On outcomes, I found that liquidity of stock and corporate reputation are significantly influenced by voluntary disclosure of corporate strategy. No significant effect is found for volatility of stock. My contributions to theory, methodology and empirics offers a stepping-stone for further research into understanding how companies can use transparency to manage stakeholder relations