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Multi-criteria analysis of the GRI sustainability reports: an application to Socially Responsible Investment

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  • Amelia Bilbao-Terol
  • Mar Arenas-Parra
  • Verónica Cañal-Fernández
  • Pablo Nguema Obam-Eyang

Abstract

The aim of this paper is to construct a support decision-making system to evaluate the different items of corporate social responsibility. For this purpose, we propose a multi-criteria model that runs on two levels of decision-making in accordance with the hierarchical structure designed by the Global Reporting Initiative (GRI). Tools for modelling preferences and aggregating information are used in this framework. Arrays of normalized scores reflecting the company performance in the Aspects and Categories of GRI are then made available for the stakeholders. The design of investment portfolios uses the obtained measures of sustainability in an Extended Goal Programming model that combines financial and sustainability objectives. The proposal enables more informed decision-making for investors with social concerns that prefer direct investment and wish to make their own financial decisions. The developed methodology has been applied to 8 Spanish companies, which have been selected for their relevance in the Spanish stock market.

Suggested Citation

  • Amelia Bilbao-Terol & Mar Arenas-Parra & Verónica Cañal-Fernández & Pablo Nguema Obam-Eyang, 2018. "Multi-criteria analysis of the GRI sustainability reports: an application to Socially Responsible Investment," Journal of the Operational Research Society, Taylor & Francis Journals, vol. 69(10), pages 1576-1598, October.
    • Handle: RePEc:taf:tjorxx:v:69:y:2018:i:10:p:1576-1598
    DOI: 10.1057/s41274-017-0229-0
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    Cited by:

    1. Javier Alejandro Bermeo Pacheco & María Mercedes Teijeiro-Álvarez & María Teresa García-Álvarez, 2020. "Sustainable Development in the Economic, Environmental, and Social Fields of Ecuadorian Universities," Sustainability, MDPI, vol. 12(18), pages 1-21, September.
    2. Fernando García & Jairo González-Bueno & Javier Oliver & Nicola Riley, 2019. "Selecting Socially Responsible Portfolios: A Fuzzy Multicriteria Approach," Sustainability, MDPI, vol. 11(9), pages 1-14, April.
    3. Mejías, Ana M. & Bellas, Roberto & Pardo, Juan E. & Paz, Enrique, 2019. "Traceability management systems and capacity building as new approaches for improving sustainability in the fashion multi-tier supply chain," International Journal of Production Economics, Elsevier, vol. 217(C), pages 143-158.

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