IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v9y2017i3p449-d93439.html
   My bibliography  Save this article

Competitive Success in Responsible Regional Ecosystems: An Empirical Approach in Spain Focused on the Firms’ Relationship with Stakeholders

Author

Listed:
  • M. Isabel Sánchez-Hernández

    (Business Administration and Sociology Department, School of Economics, University of Extremadura, Ave. Elvas s/n, Badajoz 06006, Spain)

  • Tomás M. Bañegil-Palacios

    (Business Administration and Sociology Department, School of Economics, University of Extremadura, Ave. Elvas s/n, Badajoz 06006, Spain)

  • Ramón Sanguino-Galván

    (Business Administration and Sociology Department, School of Economics, University of Extremadura, Ave. Elvas s/n, Badajoz 06006, Spain)

Abstract

Nowadays, any business manager is concerned about sustainability issues and is wondering how to implement social and environmental practices creating economic and social value at the same time. The implementation of social responsibility programs is justified by the benefits that result from a good relationship of the firm with key stakeholders. The present research investigates the links among firms’ relationship with stakeholders, firms’ champion behavior, stakeholders’ satisfaction and firms’ competitive success in regional contexts where social responsibility is promoted. Using the resource-based theory and the concept of shared value, a conceptual model is proposed in which a strong firm relationship with stakeholders will cause the stakeholder’ satisfaction and will help the firm to become a champion in the market, contributing to improved competitiveness. This empirical analysis was based on survey data through partial least squares structural equation modeling (PLS-SEM) from 130 Spanish firms in the Region of Extremadura. Participants were firm managers in regional clusters involved in the social responsibility journey promoted by the local government. The results suggest that a good relationship of the frim with stakeholders directly and positively influences firm competitive success, and also, it is enhanced by improvements in stakeholders’ satisfaction and firm champion behavior.

Suggested Citation

  • M. Isabel Sánchez-Hernández & Tomás M. Bañegil-Palacios & Ramón Sanguino-Galván, 2017. "Competitive Success in Responsible Regional Ecosystems: An Empirical Approach in Spain Focused on the Firms’ Relationship with Stakeholders," Sustainability, MDPI, vol. 9(3), pages 1-18, March.
    • Handle: RePEc:gam:jsusta:v:9:y:2017:i:3:p:449-:d:93439
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/9/3/449/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/9/3/449/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. José Plaza-Úbeda & Jerónimo Burgos-Jiménez & Eva Carmona-Moreno, 2010. "Measuring Stakeholder Integration: Knowledge, Interaction and Adaptational Behavior Dimensions," Journal of Business Ethics, Springer, vol. 93(3), pages 419-442, May.
    2. Manuel Branco & Lúcia Rodrigues, 2006. "Corporate Social Responsibility and Resource-Based Perspectives," Journal of Business Ethics, Springer, vol. 69(2), pages 111-132, December.
    3. Carroll, Archie B., 1991. "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders," Business Horizons, Elsevier, vol. 34(4), pages 39-48.
    4. Benzaquen, Jorge & Carpio, Luis Alfoso del & Zegarra, Luis Alberto & Valdivia, Christian Alberto, 2010. "A competitiveness index for the regions of a country," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
    5. Jarvis, Cheryl Burke & MacKenzie, Scott B & Podsakoff, Philip M, 2003. "A Critical Review of Construct Indicators and Measurement Model Misspecification in Marketing and Consumer Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 30(2), pages 199-218, September.
    6. Parket, I. Robert & Eilbirt, Henry, 1975. "The practice of business social responsibility: the underlying factors," Business Horizons, Elsevier, vol. 18(4), pages 5-10, August.
    7. Larue Tone Hosmer, 1994. "Strategic planning as if ethics mattered," Strategic Management Journal, Wiley Blackwell, vol. 15(S2), pages 17-34, June.
    8. Sarstedt, Marko & Ringle, Christian M. & Smith, Donna & Reams, Russell & Hair, Joseph F., 2014. "Partial least squares structural equation modeling (PLS-SEM): A useful tool for family business researchers," Journal of Family Business Strategy, Elsevier, vol. 5(1), pages 105-115.
    9. Armstrong, J. Scott & Overton, Terry S., 1977. "Estimating Nonresponse Bias in Mail Surveys," MPRA Paper 81694, University Library of Munich, Germany.
    10. Hendy, Jane & Barlow, James, 2012. "The role of the organizational champion in achieving health system change," Social Science & Medicine, Elsevier, vol. 74(3), pages 348-355.
    11. Henri Servaes & Ane Tamayo, 2013. "The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness," Management Science, INFORMS, vol. 59(5), pages 1045-1061, May.
    12. Pascual Berrone & Jordi Surroca & Josep Tribó, 2007. "Corporate Ethical Identity as a Determinant of Firm Performance: A Test of the Mediating Role of Stakeholder Satisfaction," Journal of Business Ethics, Springer, vol. 76(1), pages 35-53, November.
    13. Weerawardena, Jay & Mort, Gillian Sullivan & Liesch, Peter W. & Knight, Gary, 2007. "Conceptualizing accelerated internationalization in the born global firm: A dynamic capabilities perspective," Journal of World Business, Elsevier, vol. 42(3), pages 294-306, September.
    14. Giacomo Manetti, 2011. "The quality of stakeholder engagement in sustainability reporting: empirical evidence and critical points," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(2), pages 110-122, March.
    15. Andreas Rasche & Daniel Esser, 2006. "From Stakeholder Management to Stakeholder Accountability," Journal of Business Ethics, Springer, vol. 65(3), pages 251-267, May.
    16. Andrew B. Bernard & Stephen J. Redding & Peter K. Schott, 2007. "Comparative Advantage and Heterogeneous Firms," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 74(1), pages 31-66.
    17. Angeloantonio Russo & Antonio Tencati, 2009. "Formal vs. Informal CSR Strategies: Evidence from Italian Micro, Small, Medium-sized, and Large Firms," Journal of Business Ethics, Springer, vol. 85(2), pages 339-353, April.
    18. Philip McCann & Raquel Ortega-Argilés, 2011. "Smart specialisation, regional growth and applications to EU cohesion policy," Working Papers 2011/14, Institut d'Economia de Barcelona (IEB).
    19. Saeidi, Sayedeh Parastoo & Sofian, Saudah & Saeidi, Parvaneh & Saeidi, Sayyedeh Parisa & Saaeidi, Seyyed Alireza, 2015. "How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction," Journal of Business Research, Elsevier, vol. 68(2), pages 341-350.
    20. Lu, Irene R.R. & Kwan, Ernest & Thomas, D. Roland & Cedzynski, Marzena, 2011. "Two new methods for estimating structural equation models: An illustration and a comparison with two established methods," International Journal of Research in Marketing, Elsevier, vol. 28(3), pages 258-268.
    21. Weber, Manuela, 2008. "The business case for corporate social responsibility: A company-level measurement approach for CSR," European Management Journal, Elsevier, vol. 26(4), pages 247-261, August.
    22. Philipp Schreck, 2011. "Reviewing the Business Case for Corporate Social Responsibility: New Evidence and Analysis," Journal of Business Ethics, Springer, vol. 103(2), pages 167-188, October.
    23. Barbara Lougee & James Wallace, 2008. "The Corporate Social Responsibility (CSR) Trend," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(1), pages 96-108, December.
    24. Mario Davide Parrilli, 2009. "Collective efficiency, policy inducement and social embeddedness: Drivers for the development of industrial districts," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 21(1), pages 1-24, January.
    25. Michael Kitson & Ron Martin & Peter Tyler, 2004. "Regional Competitiveness: An Elusive yet Key Concept?," Regional Studies, Taylor & Francis Journals, vol. 38(9), pages 991-999.
    26. Park, Jongchul & Lee, Hanjoon & Kim, Chankon, 2014. "Corporate social responsibilities, consumer trust and corporate reputation: South Korean consumers' perspectives," Journal of Business Research, Elsevier, vol. 67(3), pages 295-302.
    27. Jordi Surroca & Josep A. Tribó & Sandra Waddock, 2010. "Corporate responsibility and financial performance: the role of intangible resources," Strategic Management Journal, Wiley Blackwell, vol. 31(5), pages 463-490, May.
    28. Philip McCann & Raquel Ortega-Argilés, 2011. "Smart specialisation, regional growth and applications to EU cohesion policy," Working Papers 2011/14, Institut d'Economia de Barcelona (IEB).
    29. Reinartz, Werner & Haenlein, Michael & Henseler, Jörg, 2009. "An empirical comparison of the efficacy of covariance-based and variance-based SEM," International Journal of Research in Marketing, Elsevier, vol. 26(4), pages 332-344.
    30. Howell, Jane M. & Shea, Christine M. & Higgins, Christopher A., 2005. "Champions of product innovations: defining, developing, and validating a measure of champion behavior," Journal of Business Venturing, Elsevier, vol. 20(5), pages 641-661, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cegarra-Navarro, Juan-Gabriel & Reverte, Carmelo & Gómez-Melero, Eduardo & Wensley, Anthony K.P., 2016. "Linking social and economic responsibilities with financial performance: The role of innovation," European Management Journal, Elsevier, vol. 34(5), pages 530-539.
    2. Renáta Myšková & Petr Hájek, 2018. "Sustainability and Corporate Social Responsibility in the Text of Annual Reports—The Case of the IT Services Industry," Sustainability, MDPI, vol. 10(11), pages 1-18, November.
    3. Wójcik Piotr, 2018. "The business case for corporate social responsibility: A literature overview and integrative framework," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 26(1), pages 121-148, March.
    4. Rajat Panwar & Erlend Nybakk & Eric Hansen & Jonatan Pinkse, 2017. "Does the Business Case Matter? The Effect of a Perceived Business Case on Small Firms’ Social Engagement," Journal of Business Ethics, Springer, vol. 144(3), pages 597-608, September.
    5. Piotr Ratajczak, 2021. "The mediating role of natural and social resources in the corporate social responsibility—corporate financial performance relationship," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(1), pages 100-119, January.
    6. Alexandra ZBUCHEA & Florina PÎNZARU, 2017. "Tailoring CSR Strategy to Company Size?," Management Dynamics in the Knowledge Economy, College of Management, National University of Political Studies and Public Administration, vol. 5(3), pages 415-437, September.
    7. Hans B. Christensen & Luzi Hail & Christian Leuz, 2021. "Mandatory CSR and sustainability reporting: economic analysis and literature review," Review of Accounting Studies, Springer, vol. 26(3), pages 1176-1248, September.
    8. Sebastian Goebel & Barbara E. Weißenberger, 2017. "The Relationship Between Informal Controls, Ethical Work Climates, and Organizational Performance," Journal of Business Ethics, Springer, vol. 141(3), pages 505-528, March.
    9. Luis Enrique Valdez-Juárez & Dolores Gallardo-Vázquez & Elva Alicia Ramos-Escobar, 2019. "Organizational Learning and Corporate Social Responsibility Drivers of Performance in SMEs in Northwestern Mexico," Sustainability, MDPI, vol. 11(20), pages 1-23, October.
    10. Antonio Martos‐Pedrero & David Jiménez‐Castillo & Vera Ferrón‐Vílchez & Francisco Joaquín Cortés‐García, 2023. "Corporate social responsibility and export performance under stakeholder view: The mediation of innovation and the moderation of the legal form," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 248-266, January.
    11. Hafiz Yasir Ali & Muhammad Asrar‐ul‐Haq & Shaheera Amin & Sadaf Noor & Muhammad Haris‐ul‐Mahasbi & Muhammad Kashif Aslam, 2020. "Corporate social responsibility and employee performance: The mediating role of employee engagement in the manufacturing sector of Pakistan," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2908-2919, November.
    12. Gangi, Francesco & Meles, Antonio & Monferrà, Stefano & Mustilli, Mario, 2020. "Does corporate social responsibility help the survivorship of SMEs and large firms?," Global Finance Journal, Elsevier, vol. 43(C).
    13. Dolores Gallardo-Vázquez & Luis Enrique Valdez-Juárez & Ángela María Castuera-Díaz, 2019. "Corporate Social Responsibility as an Antecedent of Innovation, Reputation, Performance, and Competitive Success: A Multiple Mediation Analysis," Sustainability, MDPI, vol. 11(20), pages 1-28, October.
    14. Megumi Suto & Hitoshi Takehara, 2020. "Corporate social responsibility intensity, management earnings forecast accuracy, and investor trust: Evidence from Japan," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 3047-3059, November.
    15. del-Castillo-Feito, Cristina & Blanco-González, Alicia & Hernández-Perlines, Felipe, 2022. "The impacts of socially responsible human resources management on organizational legitimacy," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    16. Hafiz Yasir Ali & Rizwan Qaiser Danish & Muhammad Asrar‐ul‐Haq, 2020. "How corporate social responsibility boosts firm financial performance: The mediating role of corporate image and customer satisfaction," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(1), pages 166-177, January.
    17. Zia ur Rehman & Asad Khan & Asim Rahman, 2020. "Corporate social responsibility's influence on firm risk and firm performance: the mediating role of firm reputation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2991-3005, November.
    18. Fabrizio Zerbini, 2017. "CSR Initiatives as Market Signals: A Review and Research Agenda," Journal of Business Ethics, Springer, vol. 146(1), pages 1-23, November.
    19. Antonio Martos-Pedrero & Francisco Joaquín Cortés-García & David Jiménez-Castillo, 2019. "The Relationship between Social Responsibility and Business Performance: An Analysis of the Agri-Food Sector of Southeast Spain," Sustainability, MDPI, vol. 11(22), pages 1-23, November.
    20. Ioannis E. Nikolaou, 2019. "A Framework to Explicate the Relationship Between CSER and Financial Performance: an Intellectual Capital-Based Approach and Knowledge-Based View of Firm," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(4), pages 1427-1446, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:9:y:2017:i:3:p:449-:d:93439. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.