Article information
Resumen
El artículo analiza el efecto que la estructura de los consejos de administración y la divulgación de información de responsabilidad social corporativa ejercen sobre la performance empresarial. A partir de un modelo dinámico estimado mediante el método generalizado de momentos (MGM), y utilizando una muestra de 171 sociedades españolas cotizadas en el periodo 2004-2008, se constata que no existe ningún efecto de la estructura de gobierno corporativo y la rendición de cuentas sobre la performance de la organización, tras controlar por la performance previa. El artículo pone de manifiesto la importancia de considerar la endogeneidad dinámica en la relación existente entre gobierno corporativo/responsabilidad social corporativa y performance.
Clasificación JEL:
M14
G32
L25
Palabras clave:
gobierno corporativo
consejos de administración
informe de responsabilidad social corporativa
rendición de cuentas
performance
Abstract
We analyze the effect that the structure of boards of directors and disclosure of corporate social responsibility information have on business performance after controlling for dynamic endogeneity in the model. We analyse 171 Spanish enterprises during the period 2004 to 2008. The results of the estimation using the GMM method (Generalized Method of Moments) show that there is no effect on performance from the structure of corporate governance and corporate social responsibility after controlling for prior performance. The article highlights the importance of considering the dynamic endogeneity in the relation between corporate governance/corporate social responsibility and performance.
Keywords:
corporate governance
boards of directors
social responsibility report
accountability
performance
JEL Classification:
M14
G32
L25
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Las autoras agradecen la financiación recibida por el MICINN-FEDER a través del proyecto de investigación ECO2009-09623, así como el apoyo recibido por el Grupo de Investigación de Excelencia CREVALOR reconocido por la Diputación General de Aragón.
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