http://hdl.handle.net/10366/156319 2026-04-21T03:37:53Z http://hdl.handle.net/10366/171007 [EN]The objective of this study is to analyse the influence of specific organisational and corporate governance factors on the implementation of ethical practices in the corporate field. We study the effect of corporate size, leverage and profitability as organisational drivers that may encourage the undertaking of the practices of business ethics. We also examine the impact of the size, activity and level of independence of the board of directors as potential factors that promote an ethical climate. Based on a broad sample of companies from 29 countries, we propose a Tobit model for panel data. Our findings stress the relevance of corporate size as a driver promoting ethical practices as well as the importance of the board of directors and its features of size, activity and independence as key factors in the design and implementation of an ethical climate. 2025-01-01T00:00:00Z http://hdl.handle.net/10366/170970 This study aims to check how Chief Executive Officers (CEOs) can influence the development of environmental, social, and governance (ESG) performance within the energy sector, considering female directors as a moderator. The study finds that CEO duality has a negative effect on ESG performance, while CEO board membership has positive effect. The results show that female directors negatively moderate the relationship between CEO duality and CEO board membership and ESG performance. This study also provides evidence that an ex-CEO board chair encourages environmental performance. Additionally, CEO board membership positively influences social performance and has a negative effect on governance performance. Furthermore, the results reveal that female directors negatively moderate the association between CEO duality and environmental and social performance. Finally, the moderating effect of female directors on the relationship between an ex-CEO board chair and CEO board membership and social and governance performance is negative. These results carry implications for policymakers and managers aiming to optimize corporate governance for improved ESG outcomes. Policymakers should consider regulations that discourage CEO duality and promote balanced leadership structures while simultaneously fostering environments where diverse board compositions can thrive without unintended negative effects. For managers, the findings suggest the need to design governance frameworks that capitalize on the benefits of CEO board membership while addressing the complexities introduced by diverse board dynamics, including the role of female directors. Tailored training and empowerment initiatives for female directors could help unlock their potential to positively influence ESG performance. 2025-01-01T00:00:00Z http://hdl.handle.net/10366/170967 [EN]This paper explores the impact of some audit committees’ characteristics (executive and independent directors and directors’ attendance at audit committee meetings) on CSR reporting. Moreover, it also aims to test the moderating effect of women directors on boards on the association between audit committees’ characteristics and CSR disclosure. This study uses an international sample comprising 13,264 firm-year observations of non-financial firms from 2007 to 2018. The results show that executive and independent directors on audit committees have a negative impact on CSR reporting, while the directors’ attendance at audit committees meetings is positively associated with CSR disclosure. This study’s results also provide convincing evidence that female directors on corporate boards positively moderate the negative association between executive and independent directors on audit committees and CSR disclosure. Finally, the findings also show that female directors on corporate boards do not moderate the positive impact of directors’ attendance at audit committees’ meetings on CSR information. This study is focused on attributes of audit committees based on a sample of international listed non-financial firms. This is the first study analyzing the moderating role of female directors on boards on the relations between both executive directors on audit committees and CSR reporting and the average attendance of directors at audit committees’ meetings and CSR disclosure. [ES]Este trabajo explora el impacto de algunas características de los comités de auditoría (consejeros ejecutivos e independientes y la asistencia de los consejeros a las reuniones de los comités de auditoría) en la divulgación de información de responsabilidad social corporativa (RSC). Además, también tiene como objetivo analizar el efecto moderador de las consejeras del consejo de administración en la relación entre las características de los comités y la divulgación de la RSC. Este estudio se basa en una muestra internacional que comprende 13,264 observaciones empresas-año no financieras desde 2007 hasta 2018. Los resultados muestran que los consejeros ejecutivos e independientes en comités de auditoría tienen un impacto negativo en la divulgación de información de RSC, mientras que la asistencia de los consejeros a las reuniones del comité se asocia positivamente con la divulgación de información sobre RSC. Nuestros resultados también evidencian que las consejeras del consejo de administración moderan positivamente la asociación negativa entre los consejeros ejecutivos e independientes de los comités de auditoría y la divulgación de información sobre RSC. Finalmente, los hallazgos también muestran que las consejeras no moderan el impacto positivo de la asistencia de los consejeros a las reuniones de los comités de auditoría y la divulgación sobre RSC. Este estudio se centra en los atributos de los comités de auditoría de una muestra de empresas internacionales no financieras cotizadas. Este es el primer estudio que examina el papel moderador de las consejeras de los consejos en las relaciones entre los consejeros ejecutivos en los comités de auditoría y el informe de RSC y la asistencia media de los consejeros a las reuniones de los comités de auditoría y divulgación de la RSC. 2023-01-01T00:00:00Z http://hdl.handle.net/10366/170722 [EN]The growing interest in the impact that organizations have on society has made Corporate Social Responsibility (CSR) a matter of extraordinary relevance. Religions are among the factors that may drive the adoption of more CSR practices and, as such, may play a significant role in their promotion. The aim here is to discover whether religions contribute to the development of a broader range of CSR initiatives on the basis of Stakeholder, and Legitimacy theories. We studied the impact of different religions on an index made up of 122 CSR practices that include social and environmental issues. We tested the hypothesis proposed through panel data models for a sample composed of 13,884 firm-year observations from 30 countries. Our findings suggest that certain religions, such as Christianity, Judaism, and Buddhism, have a positive influence on the adoption of CSR practices. Companies operating in countries with a high percentage of adherents to these religions are more prone to undertake CSR activities. However, Islam, Hinduism, and Folk religions record an inverse trend that evidences a negative link. 2021-01-01T00:00:00Z http://hdl.handle.net/10366/170642 [EN]Amid growing environmental pressures and the pressing demand to advance sustainable development, the circular economy(CE) has positioned itself as a transformative business approach capable of safeguarding favourable ecosystem conditionsthrough the application of key R-strategies. This research analyses the impact of corporative transition towards CE that respectsplanetary boundaries on the creation of tangible and intangible value for companies. To achieve our objectives and test our hy-potheses, we employed an unbalanced panel dataset comprising 44,756 observations over the period 2013–2022, involving 7010multinational and multisectoral companies. Our empirical findings show the significant and positive impact of CE transitionson firms' market value and growth opportunities, as well as on the probability of obtaining an award, intangible recognition forthe potential value that CE may offer to society and the environment. Furthermore, our complementary analysis highlights CEparadigms as a pathway in which, without importance of corporate advance—emerging, developing, mature or leading—value iscreated. Additionally, complementary estimations by subsamples of industries with high and low environmental sensitivity indi-cate stronger tangible value creation in environmentally sensitive industries, while the intangible value was more salient amongless environmentally exposed industries. These empirical results are robust across various methodological specifications; theseinclude GMM estimations to mitigate potential endogeneity concerns. Our findings provide empirical evidence to understand thepotential benefits of the transition to CE, especially in relation to the intangible recognition that it entails for companies to createvalue for society in accordance with the notion of safe operating space. 2026-02-01T00:00:00Z http://hdl.handle.net/10366/170641 [EN]Climate change threatens the future of the next generations and is already causing widespread destruction in the present through an increasing number of natural disasters. A new model of production and consumption based on sustainability is required, especially in the fashion industry—the second most polluting sector in the world. Therefore, in order to determine whether these companies contribute to people’s and the planet’s well-being, it is necessary to understand their practices. To this end, we analyse the sustainable practices of the sector by studying the ten most responsible fashion companies according to the BoF Sustainability Index, that is based on the methodology of content analysis applied to case studies. To do this, we have defined a taxonomy of the ten most common sustainability strategies and practices: stakeholder engagement, strong governance and transparency, decarbonisation, biodiversity conservation and restoration, circularity, reducing waste and pollution from the use of plastics, eliminating hazardous chemicals, preserving water quality, diversity, equity and inclusion policies, supply chain responsibility, and supporting the communities in which companies operate. The results show that major business groups have integrated axes into their sustainability strategies that address the industry’s primary social and environmental challenges. These plans are based on ambitious goals that go beyond stakeholder demands and the generation of economic benefits. 2026-02-10T00:00:00Z http://hdl.handle.net/10366/170635 [EN]This study examines the relationship between assurance provider rotation and sustainability assurance quality using an in-ternational sample of 604 companies over the period 2011–2017. We find that provider rotation is positively associated withboth breadth and depth of assurance statements, suggesting that switching assurers is linked to higher overall sustainabilityassurance quality. However, when companies switch from nonaccounting to accounting providers, assurance quality decreases,particularly in statement breadth and to a lesser extent in depth. Additional analyses indicate that these rotation effects reflectstructural heterogeneity between provider types rather than dynamic improvements following a switch, with quality benefitsemerging gradually as new assurers establish their engagement approaches. The findings advance understanding of how marketstructure and provider characteristics shape sustainability assurance quality and provide timely insights for standard setters andregulators developing new frameworks for sustainability reporting and assurance. 2026-02-17T00:00:00Z http://hdl.handle.net/10366/170292 [EN]The impact of all six of Hofstede’s cultural dimensions (power distance, individualism/collectivism, masculinity/femininity, uncertainty avoidance, long-term/shortterm orientation, and restraint/indulgence) on business innovation practice has not, to the best of our knowledge, been hitherto examined. Past research has focused on four or five of these cultural dimensions. The aim of this study is therefore to analyze how corporate innovation policies are affected by all these dimensions in a sample of firms operating in different countries. The paper draws on institutional theory, whereby firms domiciled in the same institutional context will behave in a similar manner and their decisions on innovation practices will therefore also be similar. The findings show that the cultural dimensions of power distance, masculinity, uncertainty avoidance, and long-term orientation are positively associated with innovation, while individualism has a negative effect, and indulgence has no effect whatsoever. 2021-01-01T00:00:00Z http://hdl.handle.net/10366/170290 [EN]The influence of chief executive officer (CEO) power on innovation has only briefly been the subject of study thus far creating a need for further exploration. The purpose of this research is to provide more evidence of the impact of CEO power on innovation as a business strategy. We also address the moderating effect that national culture has on the relationship between CEO power and innovation. The Thomson Reuters database provided the data for this research. The cohort of firms represents different countries, specifically, a sample of firms from 37 countries. To estimate the model, we used the generalised method of moments (GMM) procedure, an estimator that allows the researcher to control for unobservable heterogeneity and endogeneity. GMM also attenuates estimation bias. Our findings reveal that CEO power has a positive effect on innovation. In turn, the dimensions of national culture used here do not have the same moderating effect on the relationship between CEO power and innovation. Power distance and uncertainty avoidance negatively moderate the positive association between CEO power and innovation; individualism and indulgence reinforce the positive effect of CEO power on innovation; masculinity and long-term orientation do not affect the relationship. 2024-01-01T00:00:00Z http://hdl.handle.net/10366/170221 [EN]This research aims to shed light on the effect of corporate social responsibility (CSR) disclosure on capital structure, a significant strategic policy for all listed companies. Furthermore, it aims to explore the moderating effect of the presence of female directors on corporate boards on the relationship between CSR disclosure and capital structure. We use an international sample of 48 countries for the years 2007–2019 collected from the Thomson Reuters database. This study uses the GMM procedure to estimate the model of the association between the disclosure of CSR information and capital structure and the moderating effect of board gender diversity in such relationship. Drawing on agency theory, the results support the negative relationship between CSR disclosure and capital structure. Moreover, our findings also reveal that board gender diversity does not moderate the association between CSR disclosure and capital structure. 2023-01-01T00:00:00Z http://hdl.handle.net/10366/169810 [EN]The aim of this research is to examine the impact of three audit committee characteristics on corporate social and environmental responsibility (CSR) disclosure: the existence of an audit committee, audit committee independence, and audit committee financial expertise. Moreover, this research analyzes the moderating effect of board gender diversity between these audit committees' attributes and CSR reporting. The results of analyzing 13,178 firm-year observations of non-financial companies show that the presence of an audit committee and audit committee financial expertise are positively associated with CSR disclosure. However, a higher proportion of non-executive directors in audit committees has a negative effect on the disclosure of CSR information. These findings suggest that some audit committees' features play an important role in ensuring the reporting of environmental, social, and economic information. Our evidence also indicates that the presence of female directors on boards increases the positive impact of financial expert membership of audit committees on CSR disclosure, while women directors moderate any negative effect of the percentage of independent directors on audit committees on CSR reporting by increasing the latter. In addition, female directors moderate the positive impact of the existence of an audit committee on the disclosure of CSR information by reducing the latter. 2021-01-01T00:00:00Z http://hdl.handle.net/10366/169809 [EN]Studies addressing the impact of board capabilities on CSR reporting are scarce. The aim of this research is to provide further evidence of the impact that certain board capabilities, such as board specific skills, board tenure and board cultural diversity have on CSR disclosure. Additionally, the moderating impact of CEO power on the association between these three board competences and CSR reporting is examined. The paper draws on resource dependence theory and agency theory, which are highly relevant in analysing how board competence influences CSR disclosure. The findings show that board specific skills, board tenure and board cultural diversity have a positive effect on the disclosure of CSR information. Moreover, our evidence also shows that CEOs with greater power can negatively moderate the positive effect of the three board competences considered on CSR reporting.[ES]Los estudios que abordan el impacto de las capacidades del consejo de administración en la información sobre RSE son escasos. El objetivo de esta investigación es proporcionar más pruebas del impacto que tienen ciertas capacidades del consejo de administración en la divulgación de la RSC, como son las habilidades específicas del consejo, la permanencia en el cargo y la diversidad cultural del consejo. Además, se examina el impacto moderador del poder del CEO en la asociación entre estas tres competencias del consejo y la información sobre RSC. El artículo se basa en la teoría de la dependencia de los recursos y en la teoría de la agencia, que son muy pertinentes para analizar cómo las competencias del consejo de administración influyen en la divulgación de la RSE. Los resultados muestran que las competencias específicas del consejo, la permanencia en el cargo y la diversidad cultural del consejo tienen un efecto positivo en la divulgación de información sobre RSE. Además, nuestros datos también muestran que los consejeros delegados con mayor poder pueden moderar negativamente el efecto positivo de las tres competencias del consejo consideradas sobre la información de RSC. 2022-01-01T00:00:00Z http://hdl.handle.net/10366/169795 [EN]The aim of this research is to analyse the impact of corporate social responsibility (CSR) disclosure on corporate performance. It also analyses the moderating effect of CSR assurance on the association between CSR disclosure and corporate performance, contributing to knowledge in this area. The theoretical framework of the study is based on stakeholder theory and legitimacy theory. The sample used consists of 9861 international firm-year observations collected from the Thomson Reuters database between 2009 and 2018. Our model has been estimated using the generalised method of moments (GMM) estimator. The findings show that CSR disclosure is positively associated with corporate performance, as proposed in our hypothesis. Additionally, our evidence shows that CSR assurance plays a positive moderating role between CSR disclosure and corporate performance. 2022-05-01T00:00:00Z http://hdl.handle.net/10366/169792 [EN]This study analyses whether board diversity in terms of gender and culture, as well as members’ experience and tenure, has a positive influence on the undertaking of environmental practices. The analysis was performed on a broad sample of international companies from 29 countries, on the basis of an index made up of 55 environmental activities. We designed a Tobit model in which the index of environmental practices is a function of several features of the board. The findings confirm that more diverse boards, with more experienced and long-tenured members, are more prone to the environmental commitment by promoting a broader range of environmental initiatives. The article provides new insights in terms of the influence of board diversity in culture, experience, and tenure. We extend previous literature by analysing these factors, whose effects have been less studied, rather than other drivers (such as board size and independence). Corporate governance mechanisms, and more specifically, the board of directors, may play an essential role in ensuring congruence among a firm’s actions, stakeholders’ demands, and societal expectations. The advantages derived from a wider knowledge base and diversity in the board lead to a pro-environmental vision on behalf of the company. 2025-01-01T00:00:00Z http://hdl.handle.net/10366/169791 [EN]To date, not much research has been devoted to analyzing the impact of some corporate governance mechanisms (board diversity and CEO duality) on corporate risk. Consequently, we believe that it is necessary to study such topic in greater depth. The aim of this research is to provide further evidence of the impact that board diversity, specifically board specific skills, board tenure and board cultural diversity, as well as CEO duality, have on corporate risk. Additionally, our study also examines the moderating role of the state-owned enterprises (SOEs) on the association between the three characteristics of board diversity and corporate risk, and between CEO duality and corporate risk. The theoretical framework used in this research is based on agency theory and resource dependence theory. The findings show that board specific skills and board cultural diversity have a negative effect on corporate risk, while board tenure does not affect it. On the other hand, CEO duality has a negative effect, which is against the prediction of our hypothesis. Our evidence also reveals a negative moderating effect of SOEs on the impact of board specific skills, board tenure and board cultural diversity on corporate risk. Additionally, SOEs do not moderate the negative impact of CEO duality on corporate risk. Our research contributes to past literature on corporate risk by concluding that some corporate governance mechanisms like board specific skills, board cultural diversity and CEO duality lessen it. The moderating role performed by SOEs with the relationship between board specific skills, board culture diversity, board tenure and corporate risk is also a relevant contribution. 2022-01-01T00:00:00Z http://hdl.handle.net/10366/169662 Currently, in all developed countries there is great interest in improving democratic practices in local governments, as the administration closest to citizens. However, the possible influence of these actions on the management of public services and municipal finances have been side-lined, despite the great interest in evaluating the performance of local governments under budgetary constraints. Our research aims to fill this knowledge gap by studying the impact of key aspects of local governance (transparency and citizen participation), together with other environmental variables, on the efficiency of two municipal public services of both qualitative and quantitative importance: waste collection and street cleaning. The results show that the type of management, population density, the tourist activity of the municipality and the strength of local government are determinants that explain the efficiency of the public services examined in this research, while transparency and citizen participation have little impact. 2021-04-22T00:00:00Z