Abstract
In recent decades, the novel fact of considering corporate social responsibility (CSR) as part of the corporate strategy of companies has resulted in interest groups demanding the disclosure of such information. Likewise, considering their importance of transparency and governance today, it is necessary to make an approximation on the study of the divulgation of CSR information on companies listed on the Spanish stock market. The aim of this work is to determine whether the disclosure of the measures taken by the companies on CSR influences business profitability. Applying PLS-SEM on the information extracted from the sustainability reports of 103 companies listed on the Spanish continuous market, it is found that the disclosure of CSR measures improves business profitability in its social and economic dimensions, with no effect being found between the disclosure CSR in its environmental dimension on business profitability.
Highlights
Over the years, people and businesses have become increasingly aware of environmental and social problems
One of the great contributions of this work is that it does analyze the influence of the implementation of corporate social responsibility (CSR) measures in a generic way on business profitability, but that it breaks down the CSR into its main dimensions to be able to determine individually, the impact of each dimension about profitability. This investigation assumes that, if the stakeholders perceive an increase in the value of the company due to the disclosure of the CSR measures that it applies, that increase in value will have compensated by an increase in profits, and, of its business profitability
Companies listed on the Spanish stock market should use the disclosure of CSR information as a way to make their management more transparent but as a differentiating element both in the valuation of socially responsible investments and in manifesting in a way to explicitly commit to your stakeholders
Summary
People and businesses have become increasingly aware of environmental and social problems. In this way, corporate awareness implies being economically, socially, and environmentally sustainable [1]. The influence of the implementation of CSR on business results is a line of inconclusive research [3]. This is an issue that has received special attention since the 1970s with the contributions of [4] and [5] and that continues today, not yet reaching a consensus on how they influence the CSR measures taken in the profitability of companies
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