Stakeholders versus Firm Communication in Social Media: The case of Twitter and Corporate Social Responsibility Information

Building on legitimacy theory and prior work on stakeholder management, we study firm Corporate Social Responsibility (CSR) communication in social media. In particular, we analyze the content of over a million microblogs on Twitter relating to CSR in the banking industry. We focus on key issues considered by banks in their CSR reports, which we classify into Core or Supplementary depending on their connection with core business activities. We find that the use of Twitter to communicate CSR information in social media suggests that significant differences exist between the information interests of companies and stakeholders. Outside stakeholders focus on Core CSR issues, whilst firm insiders are relatively more likely to communicate Supplementary CSR issues. Firm insiders information dissemination appears biased towards favorable information, and consistent with a legitimacy-based use of social media. Event studies conducted on dates with significant exogenous CSR news confirm the findings of parallel talking, and no resemblance in the CSR issues communicated by firms and stakeholders in social media.The authors gratefully acknowledge funding from the Ministerio de Ciencia, Innovación y Universidades [ECO2016-77579], Comunidad de Madrid (H2015/HUM-3353), FEDER UNC315-EE-3636, the Catedra UAM-Auditores Madrid, and from UC3M-Twittiment

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

Aprender siendo parte del proceso de enseñanza usando las nuevas tecnologías

Memorias en formato póster de los proyectos que han obtenido reconocimiento en la 19ª Convocatoria de Apoyo a Experiencias de Innovación Docente. Curso 2021-2022. Presentadas en la Jornada de Innovación docente 2022 celebrada en Getafe el 23 de junio de 2022

Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain

This paper investigates the effect of proprietary costs in relation to managers’ decisions to disclose information. Further, we look into the impact of factors affecting the timing of disclosures in a comparative study of Spain and the UK. Our investigation focuses on management earnings press releases discussing annual results. These press releases allow managers great discretion in terms of the decision to release and the timing. Our results show that the potential for growth is negatively related to the likelihood of a company voluntarily issuing a press release. Moreover, once the decision to voluntarily disclose is made, the timing is also relevant. We find significant differences in the timing of press releases between the two countries examined in this study. Also, significant differences between companies having or not having an investor relations department are evident. The existence of an investor relations function in the company seems to have a different impact depending on the country. Interestingly, even though corporate performance seems not to have a direct effect on the timing of the press release, this factor is moderated by the country where companies operate

Impression management : developing and illustrating a scheme of analysis for narrative disclosures – a methodological note

Purpose – This paper develops a holistic measure for analysing impression management and for detecting bias introduced into corporate narratives as a result of impression management. Design/methodology/approach – Prior research on the seven impression management methods in the literature is summarised. Four of the less-researched methods are described in detail, and are illustrated with examples from UK Annual Results’ Press Releases (ARPRs). A method of computing a holistic composite impression management score based on these four impression management methods is developed, based on both quantitative and qualitative data in corporate narrative disclosures. An impression management bias score is devised to capture the extent to which impression management introduces bias into corporate narratives. An example of the application of the composite impression management score and impression management bias score methodology is provided. Findings – While not amounting to systematic evidence, the 21 illustrative examples suggest that impression management is pervasive in corporate financial communications using multiple impression management methods, such that positive information is exaggerated, while negative information is either ignored or is underplayed. Originality/value – Four impression management methods are described in detail, illustrated by 21 examples. These four methods are examined together. New impression management methods are studied in this paper for the first time. This paper extends prior impression management measures in two ways. First, a composite impression management score based on four impression management techniques is articulated. Second, the composite impression management score methodology is extended to capture a measure for bias, in the form of an impression management bias score. This is the first time outside the US that narrative disclosures in press releases have been studied.Not applicableThe Accounting Harmonisation and Standardisation in Europe: Enforcement, Comparability and Capital Market Effects research projec

Impression management : developing and illustrating a scheme of analysis for narrative disclosures – a methodological note

Purpose – This paper develops a holistic measure for analysing impression management and for detecting bias introduced into corporate narratives as a result of impression management. Design/methodology/approach – Prior research on the seven impression management methods in the literature is summarised. Four of the less-researched methods are described in detail, and are illustrated with examples from UK Annual Results’ Press Releases (ARPRs). A method of computing a holistic composite impression management score based on these four impression management methods is developed, based on both quantitative and qualitative data in corporate narrative disclosures. An impression management bias score is devised to capture the extent to which impression management introduces bias into corporate narratives. An example of the application of the composite impression management score and impression management bias score methodology is provided. Findings – While not amounting to systematic evidence, the 21 illustrative examples suggest that impression management is pervasive in corporate financial communications using multiple impression management methods, such that positive information is exaggerated, while negative information is either ignored or is underplayed. Originality/value – Four impression management methods are described in detail, illustrated by 21 examples. These four methods are examined together. New impression management methods are studied in this paper for the first time. This paper extends prior impression management measures in two ways. First, a composite impression management score based on four impression management techniques is articulated. Second, the composite impression management score methodology is extended to capture a measure for bias, in the form of an impression management bias score. This is the first time outside the US that narrative disclosures in press releases have been studied.Not applicableThe Accounting Harmonisation and Standardisation in Europe: Enforcement, Comparability and Capital Market Effects research projec

Corporate social responsibility and dynamic productivity change in the US food and beverage manufacturing industry

This study examines the relationship between corporate social responsibility (CSR) and dynamic productivity change of each input employed and investment undertaken in the US food and beverage manufacturing industry. We compute input‐ and investment‐specific dynamic Luenberger indicators and decompose them into the contributions of input‐ and investment‐specific dynamic technical inefficiency changes and dynamic technological changes. We then relate these indicators to an overall CSR measure and aspect‐specific CSR measures (governance, environment, and social). Our results confirm that the association between CSR and productivity change has different signs and effects on specific inputs or investments. We also find that only certain aspects of CSR participate in the association between CSR and dynamic productivity change and its components. [EconLit citations: C61, D24, L66, M14]

Methodological Insights: Impression management: Developing and illustrating a scheme of analysis for narrative disclosures – a methodological note

Purpose – This paper aims to develop a holistic measure for analysing impression management and for detecting bias introduced into corporate narratives as a result of impression management. Design/methodology/approach – Prior research on the seven impression management methods in the literature is summarised. Four of the less-researched methods are described in detail, and are illustrated with examples from UK annual results' press releases (ARPRs). A method of computing a holistic composite impression management score based on these four impression management methods is developed, based on both quantitative and qualitative data in corporate narrative disclosures. An impression management bias score is devised to capture the extent to which impression management introduces bias into corporate narratives. An example of the application of the composite impression management score and impression management bias score methodology is provided. Findings – While not amounting to systematic evidence, the 21 illustrative examples suggest that impression management is pervasive in corporate financial communications using multiple impression management methods, such that positive information is exaggerated, while negative information is either ignored or is underplayed. Originality/value – Four impression management methods are described in detail, illustrated by 21 examples. These four methods are examined together. New impression management methods are studied in this paper for the first time. This paper extends prior impression management measures in two ways. First, a composite impression management score based on four impression management techniques is articulated. Second, the composite impression management score methodology is extended to capture a measure for bias, in the form of an impression management bias score. This is the first time outside the USA that narrative disclosures in press releases have been studied.Corporate image, Disclosure, Financial management, Press relations

The illusion of CSR: drawing the line between core and supplementary CSR

Purpose – The purpose of this paper is to contribute to the development of the theoretical framework for corporate social responsibility (CSR) and to provide a number of conceptual considerations which can be considered in the design of measures for corporate social performance (CSP). Design/methodology/approach – This study develops a theoretical framework of CSR and provides conceptual considerations to improve the measurement of CSP. The example of Spanish savings banks is used to illustrate the complexity of the concept of CSR, which includes different dimensions and relationships. Findings – CSP evaluation can be affected by the illusion of CSR, which may result in invalid conclusions on the relationship with financial performance. This risk mainly affects those studies whose CSP measure is based on charity or philanthropic activities, as most of the time they are disconnected from core business. These activities enjoy great visibility and, in some cases, such as Spanish savings banks, they become a thick veil that can be used to hide serious deficiencies in other key aspects of CSP. Research limitations/implications – This study has implications for the literature on the conceptual and theoretical framework of CSR and the research on the link between CSP and financial performance. This paper highlights the importance of seeking comprehensive measures that cannot be misleading because of the relationships between the components of CSR. Originality/value – The paper provides a novel conceptual framework for CSR, which connects the conceptual debate around “Strategic CSR” with the theoretical framework designed by Carroll’s (1991) Pyramid of CSR and emphasizes the importance of a meticulous examination of the CSP construct before studying its relationship with financial performanc