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The impact of corporate social responsibility strategy on the management and governance axis for sustainable growth

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  • Lopez, Belen
  • Rangel, Celia
  • Fernández, Manuel

Abstract

The aim of this work is to show whether a continuous strategy in Corporate Social Responsibility (CSR) over time brings efficiency and profitability to the company’s operations. The methodology used in this paper is based on two sets of variables: the scoring for 27 listed companies present in the Spanish MERCO Corporate Responsibility and Governance Ranking (MERCO CR&G Ranking), and their share price in the Spanish open stock market for said companies from 2011 to 2019. These variables are compared with regressive, autoregressive and moving average econometrical methods over time. Results reveal that: (i) there is a directly proportional relationship between CSR, measured by the MERCO CR&G Ranking, and the share price; (ii) such relationship loses relevance when considering the economic context; (iii) the great progress of CSR in terms of management, transparency, measurement, environment and governance translates into a crucial contribution to the efficiency and sustainable growth of the company.

Suggested Citation

  • Lopez, Belen & Rangel, Celia & Fernández, Manuel, 2022. "The impact of corporate social responsibility strategy on the management and governance axis for sustainable growth," Journal of Business Research, Elsevier, vol. 150(C), pages 690-698.
    • Handle: RePEc:eee:jbrese:v:150:y:2022:i:c:p:690-698
    DOI: 10.1016/j.jbusres.2022.06.025
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    7. Lijuan Wu & Shanyue Jin, 2022. "Corporate Social Responsibility and Sustainability: From a Corporate Governance Perspective," Sustainability, MDPI, vol. 14(22), pages 1-15, November.
    8. Schnabl, Lukas & Schmitz, Anna-Karina & Waltermann, Emily & Göring-Lensing-Hebben, Katharina, 2026. "Responsibility beyond the point of sale: Leveraging product stewardship to mitigate Scope 3 emissions," Journal of Business Research, Elsevier, vol. 208(C).
    9. Asunción Agulló-Torres & Francisco-José Del Campo-Gomis & David-Bernardo López-Lluch & Irene Arias-Navarro, 2026. "Evaluation of the environmental commitment of all large and medium-sized Spanish wineries based on objective information from their websites," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 72(3), pages 190-206.
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