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ISSN0034-7590
9770034759007
00561
ARTIGOS
Relation between background variables, values and corporate social responsibilit...
ISSN 0034-7590
www.fgv.br/rae
REDAÇÃO
Analista de Produção Editorial: Denise Francisco Cândido
Assistente Administrativa: ...
Publicação bimestral da Fundação Getulio Vargas
Escola de Administração de Empresas de São Paulo
Apoio:
PESQUISA E CONHECI...
RAE – Revista de Administração de Empresas / Fundação Getulio Vargas.
Vol. 1, n. 1 (maio/ago. 1961) - . - Rio de Janeiro: ...
ISSN 0034-7590
Janeiro/Fevereiro 2016
EDITORIAL
7	 SETE ANOS DEPOIS, A DESPEDIDA
	 Eduardo Diniz
ARTIGOS
8	 RELAÇÃO ENTRE ...
ISSN 0034-7590
January/February 2016
CONTENTS
EDITORIAL
7	 SEVEN YEARS LATER, THE FAREWELL
	 Eduardo Diniz
ARTICLES
8	 REL...
ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016
SUMARIO
EDITORIAL
7	 DESPUÉS DE SIETE AÑOS, LA DESPEDIDA
	 E...
ISSN 0034-7590
RAE | Revista de Administração de Empresas | FGV-EAESP
EDITORIAL
SETE ANOS DEPOIS, A DESPEDIDA
N
os últimos...
8
ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19
MARÍA DEL ROSARIO GONZÁLEZ-
RODRÍGUEZ
rosaglez@us.e...
9
ISSN 0034-7590
AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Sp...
10
ISSN 0034-7590
ARTICLES | Relation between background variables, values and corporate social responsibility
© RAE | São...
11
ISSN 0034-7590
AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias S...
12
ISSN 0034-7590
ARTICLES | Relation between background variables, values and corporate social responsibility
© RAE | São...
13
ISSN 0034-7590
AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias S...
14
ISSN 0034-7590
ARTICLES | Relation between background variables, values and corporate social responsibility
© RAE | São...
15
ISSN 0034-7590
AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias S...
16
ISSN 0034-7590
ARTICLES | Relation between background variables, values and corporate social responsibility
© RAE | São...
17
ISSN 0034-7590
AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias S...
18
ISSN 0034-7590
ARTICLES | Relation between background variables, values and corporate social responsibility
© RAE | São...
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ISSN 0034-7590
AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias S...
20
ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 20-28
CRISTINA MADORRAN
madorran@unavarra.es
Professor ...
21
ISSN 0034-7590
AUTHORS | Cristina Madorran | Teresa Garcia
© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 20-28
INTR...
FGV - RAE Revista de Administração de Empresas, 2016. Volume 56, Número 1
FGV - RAE Revista de Administração de Empresas, 2016. Volume 56, Número 1
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FGV - RAE Revista de Administração de Empresas, 2016. Volume 56, Número 1
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RAE-Revista de Administração de Empresas, foi lançada em maio de 1961, com perfil acadêmico-científico, dedicada a professores, pesquisadores e estudantes. É o mais tradicional periódico acadêmico-científico de administração no Brasil, com publicação ininterrupta desde seu lançamento. Acesse: www.fgv.br/rae

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FGV - RAE Revista de Administração de Empresas, 2016. Volume 56, Número 1

  1. 1. ISSN0034-7590 9770034759007 00561 ARTIGOS Relation between background variables, values and corporate social responsibility María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers e Marcelo da Silva Leite Corporate social responsibility and financial performance: The Spanish case Cristina Madorran e Teresa Garcia Influence of manufacturer signature on store brands’ loyalty and purchase intention Cristina Calvo-Porral, Valentín-Alejandro Martínez-Fernández e Oscar Juanatey-Boga ¿Influye la personalidad de los directivos de PyMEs en los resultados exportadores? Francisco Javier Rondan-Cataluña, Antonio Navarro-García e Jorge Arenas-Gaitan Critérios de estratificação e comparação de classificadores socioeconômicos no Brasil Wagner Kamakura e José Afonso Mazzon The role of earnings persistence in valuation accuracy and the time horizon Renê Coppe Pimentel e Andson Braga de Aguiar Comparative analysis of American and Spanish cruise passengers’ behavioral intentions Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García e Fernando J. Garrigos-Simon Gestión humana de orientación analítica: Un camino para la responsabilización Juan David Perez Patino e Isabel Cristina Lopera Arbelaez RESENHA A arte de influenciar os outros Mauro Maia Laruccia INDICAÇÕES BIBLIOGRÁFICAS Neurociência aplicada à educação Vanessa Clarizia Marchesin Psicoeconomia Israel José dos Santos Felipe R$50,00 PESQUISA E CONHECIMENTO V. 56, N. 1, Janeiro–Fevereiro 2016 www.fgv.br/rae
  2. 2. ISSN 0034-7590 www.fgv.br/rae REDAÇÃO Analista de Produção Editorial: Denise Francisco Cândido Assistente Administrativa: Eduarda Pereira Copidesque e revisão (Português): Paula Thompson | Márcia Nunes Tradução e revisão (Espanhol e Inglês): AraberaTraduções | Robert Dinham ADMINISTRAÇÃO Responsável: Ilda Fontes Assistente Administrativa: Eldi Francisca Soares Assistente de Marketing: Andréa Cerqueira Souza Jovem Aprendiz: Nicolas Brendo Ribeiro Silva DISTRIBUIÇÃO Comunidade acadêmico-científica: 600 exemplares Número de visitas ao site no período novembro/dezembro 2015: 97.835 visitantes ASSINATURA ANUAL: R$ 300,00 EXEMPLAR AVULSO: R$ 50,00 PONTOS DE VENDA: Livrarias da FGV e Livraria Cultura ARTE/EDITORAÇÃO ELETRÔNICA Typecomm | Comunicação + Design Ilustração Pensata: Alex Lutkus PRODUÇÃO INDUSTRIAL Impressão e Acabamento: Gráfica Tudo Em Digital Data de Impressão: 22.01.2016 Tiragem: 600 exemplares PERIODICIDADE: Bimestral INDEXADORES DOAJ - Directory of Open Access Journals www.doaj.org Ebsco Publishing: Business Source Complete, Economia y Negocios, Fonte Acadêmica www.ebscohost.com e-Revistas Plataforma Open Access de Revistas Científicas Electrónicas Españolas y Latinoamericanas http://www.erevistas.csic.es Gale Cengage Learning www.gale.cengage.com Google Scholar scholar.google.com.br Portal de Periódicos CAPES www.periodicos.capes.gov.br ProQuest Information and Learning www.proquest.com.br RePEc www.repec.org Sistema de Información Científica Redalyc - Red de Revistas Científicas de América Latina y el Caribe, España y Portugal redalyc.uaemex.mx SciELO - Scientific Electronic Library Online www.scielo.org Scopus | Elsevier www.info.sciverse.com/scopus SHERPA/RoMEO http://www.sherpa.ac.uk/romeo SPELL – Scientific Periodicals Electronic Library www.spell.org.br Sumários Brasileiros de Revistas Científicas www.sumarios.funpeerp.com.br Thomson Reuters SSCI, JCR www.thomsonreuters.com DIRETÓRIOS 10th Edition of Cabell’s Directory of Publishing Opportunities in Management www.cabells.com CLASE – Citas Latinoamericans en Sciencias Sociales y Humanidades www.dgbiblio.unam.mx/index.php/catalogos Diadorim diadorim.ibict.br IBSS - International Bibliography of the Social Science www.lse.ac.uk HAPI-Hispanic American Periodicals Índex hapi.ucla.edu Latindex - Sistema Regional de Información en Línea para Revistas Científicas de América Latina, el Caribe, España y Portugal www.latindex.org Ulrichs Periodical Directory www.ulrichsweb.com SAC / ASSINATURAS AssinaJá Telefones: + 55 (11) 3512-9442 | + 55 (21) 4063-6989 Horário de atendimento: segunda a sexta das 9 as 18h, exceto feriados. www.fgv.br/rae CORPO EDITORIAL CIENTÍFICO Alexandre de Pádua Carrieri (UFMG - Belo Horizonte - MG, Brasil), Allan Claudius Queiroz Barbosa (UFMG - Belo Horizonte - MG, Brasil), Ana Maria de Albuquerque Vasconcellos (UNAMA - Belém - PA, Brasil), Ana Paula Paes de Paula (UFMG - Belo Horizonte - MG, Brasil), Anatalia Saraiva Martins Ramos (UFRN - Natal - RN, Brasil), André Lucirton Costa (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Andre Luis de Castro Moura Duarte (INSPER - São Paulo - SP, Brasil), Andre Ofenhejm Mascarenhas (Centro Universitário da FEI - São Paulo - SP, Brasil), Andrea Lago da Silva (UFSCAR – São Carlos – SP, Brasil), Anielson Barbosa da Silva (UFPB - João Pessoa - PB, Brasil), Antonio Díaz Andrade (AUT University - Auckland, Nova Zelândia), Antonio Domingos Padula (UFRGS - Porto Alegre - RS, Brasil), Antonio Lopo Martinez (FUCAPE - Vitoria - ES, Brasil), Antonio Moreira de Carvalho (PUC Minas - Belo Horizonte - MG, Brasil), Antonio Navarro-García (Universidad de Sevilla - Sevilha, Espanha), Bento Alves da Costa Filho (Ibmec-DF - Brasília - DF, Brasil), Bill Cooke (University of York - Heslington, Reino Unido), Carlos Jesús Fernández Rodríguez (Universidad Autónoma de Madrid - Madrid, Espanha), Carlos L. Rodriguez (UNCW - Wilimigton - NC, Estados Unidos), Cesar Alexandre de Souza (USP-FEA - São Paulo SP, Brasil), Claudio R. Lucinda (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Dario de Oliveira Lima Filho (UFMS - Campo Grande - MS, Brasil), Delane Botelho (FGV-EAESP - São Paulo - SP, Brasil), Denise Del Prá Netto Machado (FURB - Blumenau - SC, Brasil), Diego Rene Gonzales Miranda (Universidad EAFIT - Medellín, Colômbia), Diogo Henrique Helal (UFPB - Joao Pessoa - PB, Brasil), Domingo Garcia-Perez-de-Lema (UPCT - Cartagena, Espanha), Edgard Barki (FGV-EAESP - São Paulo - SP, Brasil), Edmilson de Oliveira Lima (UNINOVE - São Paulo - SP, Brasil), Eduardo Andre Teixeira Ayrosa (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ely Laureano de Paiva (FGV-EAESP - São Paulo - SP, Brasil), Eric David Cohen (Ibmec-Rio - Rio de Janeiro - RJ, Brasil), Eric van Heck (Erasmus University - Rotterdam, Holanda), Fábio Frezatti (USP-FEA - São Paulo - SP, Brasil), Fernanda Finotti Perobelli (UFJF - Juiz de Fora - MG, Brasil), Francisco Javier Rondán Cataluña (Universidad de Sevilla - Sevilla, Espanha), Gláucia Maria Vasconcellos Vale (PUC-Minas - Belo Horizonte - MG, Brasil), Glicia Vieira (UFES - Vitoria - ES, Brasil), Graziela Comini (USP-FEA - São Paulo - SP, Brasil), Graziela Dias Alperstedt (UDESC - Florianópolis - SC, Brasil), Heitor Almeida (College of Business at Illinois - Champaign, Estados Unidos), Henrique Luiz Côrrea (CRUMMER - Flórida - FL, Estados Unidos), Janete Lara de Oliveira (UFMG - Belo Horizonte - MG, Brasil), João Luiz Becker (UFRGS - Porto Alegre - RS, Brasil), Jorge Verschoore (São Leopoldo – RS, Brasil), José Antônio Gomes Pinho (UFBA - Salvador - BA, Brasil), José Henrique de Faria (UFPR - Curitiba - PR, Brasil), José Mauro C. Hernandez (USP-EACH - São Paulo - SP, Brasil), Luciano Barin Cruz (HEC-Montréal - Québec, Canada), Luiz Artur Ledur Brito (FGV-EAESP - São Paulo - SP, Brasil), Maria Alexandra Cunha (FGV-EAESP - São Paulo - SP, Brasil), Maria Ceci Araújo Misoczky (UFRGS - Porto Alegre - RS, Brasil), Mário Aquino Alves (FGV-EAESP - São Paulo - SP, Brasil), Mario Sacomano Neto (UNIMEP - São Paulo - SP, Brasil), Marlei Pozzebon (HEC-Montréal - Québec, Canada e FGV-EAESP - São Paulo - SP, Brasil), Mateus Canniatti Ponchio (ESPM - São Paulo - SP, Brasil), Mauricio Reinert (UEM - Maringá - PR, Brasil), Patricia Mendonça (USP-EACH - São Paulo - SP, Brasil), Paulo Bastos Tigre (UFRJ - Rio de Janeiro - RJ, Brasil), Paulo Roberto Barbosa Lustosa (UnB - Brasília - DF, Brasil), Rafael Alcadipani (FGV- EAESP - São Paulo - SP, Brasil), Rafael Goldszmidt (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ramón Valle Cabrera (Universidad Pablo de Olavide - Sevilha, Espanha), Rebecca Arkader (UFRJ - Rio de Janeiro - RJ, Brasil), Ricardo Ratner Rochman (FGV/EESP - São Paulo - SP, Brasil), Roberto Patrus Mundim Pena (PUC-Minas - Belo Horizonte - MG, Brasil), Rodrigo Bandeira-de-Mello (FGV-EAESP - São Paulo - SP, Brasil), Rodrigo Ladeira (UNIFACS - Salvador - BA, Brasil), Salomão Alencar de Farias (UFPE - Recife - PE, Brasil), Sérgio Bulgacov (FGV-EAESP - São Paulo - SP, Brasil), Sérgio Giovanetti Lazzarini (INSPER - São Paulo - SP, Brasil), Silvana Anita Walter (FURB - Blumenau - SC, Brasil), Sônia Maria Fleury (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Tales Andreassi (FGV- EAESP - São Paulo - SP, Brasil), Teresia D. L. van Ad. de Macedo-Soares (PUC-Rio - Rio de Janeiro - RJ, Brasil), Thomas Brashear Alejandro (University of Massachusetts Amherst - Amherst - MA, Estados Unidos), Vinicius Brei (UFRGS - Porto Alegre - RS, Brasil), Wilson Toshiro Nakamura (MACKENZIE – São Paulo – SP, Brasil). COMITÊ DE POLÍTICA EDITORIAL Carlos Osmar Bertero, Eduardo Diniz, Flávio Carvalho de Vasconcelos, Francisco Aranha, Luiz Artur Ledur Brito, Maria José Tonelli, Maria Tereza Leme Fleury, Tales Andreassi, Thomaz Wood Jr. EDITORA-CHEFE Maria José Tonelli EDITOR ADJUNTO Felipe Zambaldi EDITORA DE LIVROS Roseli Morena Porto
  3. 3. Publicação bimestral da Fundação Getulio Vargas Escola de Administração de Empresas de São Paulo Apoio: PESQUISA E CONHECIMENTO | V. 56, N. 1, JANEIRO-FEVEREIRO 2016
  4. 4. RAE – Revista de Administração de Empresas / Fundação Getulio Vargas. Vol. 1, n. 1 (maio/ago. 1961) - . - Rio de Janeiro: Fundação Getulio Vargas, 1961 - v.; 27,5cm. Quadrimestral: 1961–1962. Trimestral: 1963–1973. Bimestral: 1974–1977. Trimestral: 1978–1992. Bimestral: 1992–1995. Trimestral: 1996–2010. Bimestral: 2011–. Publicada: São Paulo: FGV-EAESP, 1988– ISSN 0034-7590 1. Administração de empresas – Periódicos. I. Fundação Getulio Vargas. II. Escola de Administração de Empresas de São Paulo. A RAE – Revista de Administração de Empresas adota a Licença de Atribuição (CC- BY) do Creative Commons (https://creativecommons.org/licenses/by/3.0/br) em todos os trabalhos publicados, exceto, quando houver indicação específica de detentores de direitos autorais. CDD 658 CDU 658
  5. 5. ISSN 0034-7590 Janeiro/Fevereiro 2016 EDITORIAL 7 SETE ANOS DEPOIS, A DESPEDIDA Eduardo Diniz ARTIGOS 8 RELAÇÃO ENTRE VARIÁVEIS DE BASE, VALORES E RESPONSABILIDADE SOCIAL CORPORATIVA Contribuição ao conhecimento sobre a relação entre valores humanos básicos e a percepção pública acerca da responsabilidade social corporativa. María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers e Marcelo da Silva Leite 20 RESPONSABILIDADE SOCIAL CORPORATIVA E DESEMPENHO FINANCEIRO: O CASO ESPANHOL Análise da relação entre responsabilidade social corporativa e desempenho financeiro em face do debate que ocorre na literatura sobre a área. Cristina Madorran e Teresa Garcia 29 INFLUÊNCIA DA ASSINATURA DO FABRICANTE NA LEALDADE E INTENÇÃO DE COMPRA DE MARCAS PRÓPRIAS DE VAREJISTA Estudo sobre as diferenças entre as probabilidades de compra entre marcas de loja com e sem identificação do fabricante e sobre o papel moderador da assinatura do fabricante na intenção de compra. Cristina Calvo-Porral, Valentín-Alejandro Martínez-Fernández e Oscar Juanatey-Boga, 43 A PERSONALIDADE DOS DIRETORES DE PEQUENAS E MÉDIAS EMPRESAS INFLUENCIA OS RESULTADOS DE EXPORTAÇÃO? Trabalho sobre as variações entre os valores de executivos de PMEs com e sem sucesso de exportação segundo a escala de Schwartz Francisco Javier Rondan-Cataluña, Antonio Navarro-Garcia e Jorge Arenas-Gaitan 55 CRITÉRIOS DE ESTRATIFICAÇÃO E COMPARAÇÃO DE CLASSIFICADORES SOCIOECONÔMICOS NO BRASIL Comparaçãoconceitualemetodológicadecincoclassificadoresparaaestratificaçãosocioeconômica da sociedade brasileira e mensuração dos trade-offs de erros de classificação entre eles Wagner Kamakura e José Afonso Mazzon 71 O PAPEL DA PERSISTÊNCIA DOS LUCROS NA ACURÁCIA DE AVALIAÇÃO E NO HORIZONTE TEMPORAL Investigação sobre a persistência dos ganhos sob a premissa de ser um bom insumo para modelos de avaliação de empresas e para orientação mercadológica e gerencial no longo prazo Renê Coppe Pimentel e Andson Braga de Aguiar 87 ANÁLISE COMPARATIVA DAS ATITUDES COMPORTAMENTAIS DE PASSAGEIROS DE CRUZEIRO NORTE-AMERICANOS E ESPANHÓIS Pesquisa sobre os efeitos da nacionalidade nas relações entre valor percebido, satisfação, confiança e intenção de comportamento de espanhóis e norte-americanos Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García e Fernando J. Garrigos-Simon 101 GESTÃO HUMANA DE ORIENTAÇÃO ANALÍTICA: UM CAMINHO PARA A RESPONSABILIZAÇÃO Enfoque na gestão humana que privilegia espaços de conversação nas organizações, por meio da verbalização que traz como efeitos a simbolização, a socialização e a responsabilização de indivíduos, grupos e organizações Juan David Perez Patino e Isabel Cristina Lopera Arbelaez RESENHA 114 A ARTE DE INFLUENCIAR OS OUTROS Mauro Maia Laruccia INDICAÇÕES BIBLIOGRÁFICAS 116 NEUROCIÊNCIA APLICADA À EDUCAÇÃO Vanessa Clarizia Marchesin 117 PSICOECONOMIA Israel José dos Santos Felipe 118 INFORMAÇÕES EDITORIAIS 2015 122 COLABORADORES SUMÁRIO © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016
  6. 6. ISSN 0034-7590 January/February 2016 CONTENTS EDITORIAL 7 SEVEN YEARS LATER, THE FAREWELL Eduardo Diniz ARTICLES 8 RELATION BETWEEN BACKGROUND VARIABLES, VALUES AND CORPORATE SOCIAL RESPONSIBILITY A contribution to the knowledge about the relationship between basic human values and public perception with regard to corporate social responsibility. María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers and Marcelo da Silva Leite 20 CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE An analysis of the relationship between corporate social responsibility and financial performance, given the debate in literature about the area. Cristina Madorran and Teresa Garcia 29 INFLUENCE OF MANUFACTURER SIGNATURE ON STORE BRANDS’ LOYALTY AND PURCHASE INTENTION A study of the differences between the probabilities of purchasing between store brands with and without identification of the manufacturer and about the moderating role the manufacturer’s signature has on intention to purchase. Cristina Calvo-Porral and Valentín-Alejandro Martínez-Fernández and Oscar Juanatey-Boga 43 DOES THE PERSONALITY OF SMALL AND MEDIUM-SIZED COMPANIES’ DIRECTORS AFFECT EXPORTING RESULTS? A work that deals with the variations in the values of the executives of SMEs that are successful and unsuccessful at exporting, according to the Schwartz scale. Francisco Javier Rondan-Cataluña, Antonio Navarro-García and Jorge Arenas-Gaitan 55 SOCIOECONOMIC STRATIFICATION CRITERIA AND CLASSIFICATION TOOLS IN BRAZIL A conceptual and methodological comparison of five classifiers for stratifying Brazilian society socio-economically and for measuring the classification error trade-offs between them. Wagner Kamakura and José Afonso Mazzon 71 THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZON An investigation into the persistence of gains, based on the assumption of their being a good input for company evaluation models and for long-term marketing and managerial guidance. Renê Coppe Pimentel and Andson Braga de Aguiar 87 COMPARATIVE ANALYSIS OF AMERICAN AND SPANISH CRUISE PASSENGERS’ BEHAVIORAL INTENTIONS Research into the effects of nationality on the relationship between perceived value, satisfaction, trust and the behavior intentions of Spaniards and North Americans. Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García and Fernando J. Garrigos-Simon 101 ANALYTICAL ORIENTATION HUMAN MANAGEMENT: A PATH TO RESPONSIBILIZATION A focus on human management that favors conversation spaces in organizations, by way of the verbalization whose effects result in the symbolization, socialization and accountability of individuals, groups and organizations. Juan Davi Perez Patino and Isabel Cristina Lopera Arbelaez REVIEW 114 THE ART OF INFLUENCING OTHERS Mauro Maia Laruccia BOOK RECOMMENDATION 116 NEUROSCIENCE AS APPLIED TO EDUCATION Vanessa Clarizia Marchesin 117 PSYCHOECONOMICS Israel José dos Santos Felipe 118 EDITORIAL INFORMATION 2015 122 CONTRIBUTORS © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016
  7. 7. ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 SUMARIO EDITORIAL 7 DESPUÉS DE SIETE AÑOS, LA DESPEDIDA Eduardo Diniz ARTÍCULOS 8 RELACIÓN ENTRE LAS VARIABLES CONTEXTUALES, LOS VALORES Y LA RESPONSABILIDAD SOCIAL CORPORATIVA Contribución al conocimiento sobre la relación entre valores humanos básicos y la percepción pública acerca de la responsabilidad social corporativa. María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers y Marcelo da Silva Leite 20 RESPONSABILIDAD SOCIAL CORPORATIVA Y DESEMPEÑO FINANCIERO: EL CASO ESPAÑOL Análisis de la relación entre responsabilidad social corporativa y desempeño financiero de cara al debate presente en la literatura sobre el área. Cristina Madorran y Teresa Garcia 29 INFLUENCIA DE LA FIRMA DEL FABRICANTE SOBRE LA LEALTAD A LAS MARCAS BLANCAS Y LA INTENCIÓN DE COMPRA Estudio sobre las diferencias entre las probabilidades de compra entre marcas de comercio con y sin identificación delfabricanteysobreelpapelmoderadordelafirmadelfabricanteenlaintencióndecompra. Oscar Juanatey Boga, Cristina Calvo-Porral y Valentín Alejandro Martínez Fernández 43 ¿INFLUYE LA PERSONALIDAD DE LOS DIRECTIVOS DE PYMES EN LOS RESULTADOS EXPORTADORES? Trabajo sobre las variaciones entre los valores de ejecutivos de PMEs con y sin éxito de exportación según la escala de Schwartz. Francisco Javier Rondan-Cataluña, Antonio Navarro-Garcia y Jorge Arenas-Gaitan 55 CRITERIOS DE ESTRATIFICACIÓN Y COMPARACIÓN DE CLASIFICADORES SOCIOECONÓMICOS EN BRASIL Comparaciónconceptualymetodológicadecincoclasificadoresparalaestratificaciónsocioeconómica de la sociedad brasileña y medición de los trade-offs de errores de clasificación entre ellos. Wagner Kamakura y José Afonso Mazzon 71 EL ROL DE LA PERSISTENCIA DE LAS GANANCIAS EN LA EXACTITUD DE LA VALORACIÓN Y EL HORIZONTE TEMPORAL Investigación sobre la persistencia de las ganancias bajo la premisa de ser un buen insumo para modelos de evaluación de empresas y para orientación mercadológica y gerencial en el largo plazo. Renê Coppe Pimentel y Andson Braga de Aguiar 87 ANÁLISIS COMPARATIVO DE LAS INTENCIONES DE COMPORTAMIENTO DE PASAJEROS DE CRUCEROS AMERICANOS Y ESPAÑOLES Estudio sobre los efectos de la nacionalidad en las relaciones entre valor percibido, satisfacción, confianza e intención de comportamiento de españoles y norteamericanos. Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez García y Fernando J. Garrigos-Simon 101 GESTIÓN HUMANA DE ORIENTACIÓN ANALÍTICA: UN CAMINO PARA LA RESPONSABILIZACIÓN Enfoque en la gestión humana que privilegia espacios de conversación en las organizaciones, por medio de la verbalización que trae como efectos la simbolización, la socialización y la responsabilización de individuos, grupos y organizaciones. Juan David Perez Patino e Isabel Cristina Lopera Arbelaez RESEÑA 114 EL ARTE DE INFLUENCIAR A LOS DEMÁS Mauro Maia Laruccia RECOMENDACIONES BIBLIOGRÁFICAS 116 NEUROCIENCIA APLICADA A LA EDUCACIÓN Vanessa Clarizia Marchesin 117 PSICOECONOMÍA Israel José dos Santos Felipe 118 INFORMACIÓNES EDITORIALES 2015 122 COLABORADORES Enero/Febrero 2016
  8. 8. ISSN 0034-7590 RAE | Revista de Administração de Empresas | FGV-EAESP EDITORIAL SETE ANOS DEPOIS, A DESPEDIDA N os últimos sete anos, estive como editor chefe da RAE e posso afirmar que foi uma experiência fantástica. Aprendi muito e passei a entender um pouco melhor a dinâmica do mundo daspublicações científicas. Neste meu último editorial, o 37o , gostaria de fazer um balanço dos 36 que publiquei anteriormente neste espaço, com a expectativa de avaliar algumas das ideias que ajudei a veicular, sobre gestão de periódicos, internacionalização da produção científica, indicadores de impacto acadêmico, entre outras. Com base nos dados de acesso medidos nos servidores em que está hospedado o website da RAE, pode-se ter uma avaliação aproximada sobre a repercussão desses editoriais entre os leitores da revista. De todos, o editorial mais acessado foi o da edição de 50 anos (maio/junho de 2011), seguido pelo que comenta a evolução dos indicadores da revista em 2011 (janeiro/fevereiro de 2012), deixando em terceiro lugar o que aborda a relação entre colaboração internacional e qualidade da produção científica (setembro/outubro de 2014). Enquanto os dois primeiros tiveram cerca de 30 mil acessos desde a sua publicação, o terceiro, mais recente, está entre os com mais acessos diários, apontando 45 leituras por dia desde que foi publicado. Se classificados pelo tema abordado, dos 36 editoriais, 14 (quase 40%) trataram de aspectos relacionados à gestão de periódicos científicos, o que identifica claramente um dos assuntos preferidos deste editor. Nessa temática, foram abordados acesso aberto, plagiarismo, sistemas editoriais, modelos de negócio, regras de submissão, entre outros. Um desses editoriais, republicado com o título “Similar ou plágio? Novos desafios para a gestão de periódicos científicos”, manteve-se entre os top ten no blog de Humanas do Scielo em 2015. O segundo tema mais abordado foi o da internacionalização, com oito editoriais que apresentam a evolução da RAE no cenário internacional e a relação entre colaboração internacional e qualidade da produção científica. Quando agrupados por temas, é possível perceber que, apesar de aparecer em um número menor de editoriais, o tema da internacionalização aparentemente atrai mais o interesse dos leitores no website da RAE: enquanto os editoriais sobre gestão de periódicos têm uma média de 16 acessos/dia, aqueles sobre internacionalização registram média de 24 acessos/dia. A partir da segunda edição deste ano, os leitores da RAE contarão, nessa página, com o estilo e as temáticas da professora Maria José Tonelli, próxima editora chefe da revista. Ex-diretora acadêmica da FGV-EAESP, pesquisadora experiente e atuante em boards de periódicos importantes, a professora Tonelli tem tudo para conduzir a RAE para patamares mais altos, consolidando sua posição entre os periódicos mais importantes dos países emergentes. Despeço-me e agradeço a atenção dos leitores, a colaboração prestimosa dos editores científicos e avaliadores, bem como o interesse dos autores que submeteram seus artigos à RAE. Principalmente gostaria de registrar o empenho de toda a equipe de redação, que, com paciência, tenacidade e competência, transformou a RAE numa referência para a área de Administração, no País e também fora dele. Nesta edição da RAE, publicamos dois artigos que apresentam uma perspectiva espanhola sobre responsabilidade social corporativa. Um deles, “Relation between background variables, values and corporatesocialresponsibility”,discutearelaçãoentrevaloreshumanos básicos e a percepção pública acerca de responsabilidade social corporativa a partir de um estudo com estudantes espanhóis. O outro, “Corporate social responsibility and financial performance: The Spanish case”, analisa a relação entre responsabilidade social corporativa e desempenho financeiro em face do debate presente na literatura sobre a área, com base em uma amostra de empresas espanholas. Três outros artigos espanhóis os acompanham. “Influence of manufacturer signature on store brands’ loyalty and purchase intention” investiga as diferenças entre as probabilidades de compra de marcas de loja com e semidentificaçãodofabricanteesobreopapelmoderadordaassinatura do fabricante na intenção de compra. “¿Influye la personalidad de los directivos de pymes en los resultados exportadores?” é um estudo sobre variações entre valores de executivos de PMEs com e sem sucesso de exportação segundo a escala de Schwartz. “Comparative analysis of American and Spanish cruise passengers’ behavioral intentions” pesquisa os efeitos da nacionalidade nas relações entre valor percebido, satisfação, confiança e intenção de comportamento de espanhóis e norte-americanos. Publicamos ainda “Critérios de estratificação e comparação de classificadores socioeconômicos no Brasil”, que aborda a comparação conceitual e metodológica de cinco classificadores para a estratificação socioeconômica da sociedade brasileira e mensuração dos trade-offs de erros de classificação entre eles, e “The role of earnings persistence in valuation accuracy and the time horizon”, que investiga a persistência dos ganhos sob a premissa de ser um bom insumo para modelos de avaliação de empresas e para orientação mercadológica e gerencial no longo prazo. Fecha a edição o artigo colombiano “Gestión humana de orientación analítica: Un camino para la responsabilización”, um estudo sobre a gestão humana que privilegia espaços de conversação nas organizações, por meio da verbalização que traz como efeitos a simbolização, a socialização e a responsabilização a indivíduos, grupos e organizações. Completam esta edição a resenha do livro Elements of influence: The art of getting othersto followyourlead e as indicações bibliográficas sobre neurociência aplicada à educação e psicoeconomia. Tenham todos uma boa leitura! EDUARDO DINIZ | Editor chefe Professor da Fundação Getulio Vargas, Escola de Administração de Empresas de São Paulo São Paulo – SP, Brasil DOI: http://dx.doi.org/10.1590/S0034-759020160101 © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016
  9. 9. 8 ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 MARÍA DEL ROSARIO GONZÁLEZ- RODRÍGUEZ rosaglez@us.es Professor at Universidad de Sevilla, Facultad de Turismo y Finanzas – Sevilla, Spain MARÍA DEL CARMEN DÍAZ- FERNÁNDEZ cardiaz@us.es Professor at Universidad de Sevilla, Facultad de Turismo y Finanzas – Sevilla, Spain VALÉRIA RUEDA ELIAS SPERS vrueda@unimep.br Professor at Universidade Metodista de Piracicaba, Faculdade de Gestão e Negócios – Piracicaba – SP, Brazil MARCELO DA SILVA LEITE masleite@unimep.br Professor at Universidade Metodista de Piracicaba, Faculdade de Ciências Humanas – Piracicaba – SP, Brazil ARTICLES Submitted 02.24.2014. Approved 05.13.2014 Evaluated by double blind review process. Scientific Editor: Percy Marquina Feldman RELATION BETWEEN BACKGROUND VARIABLES, VALUES AND CORPORATE SOCIAL RESPONSIBILITY Relação entre variáveis de base, valores e responsabilidade social corporativa Relación entre las variables contextuales, los valores y la responsabilidad social corporativa ABSTRACT Consumer perception of corporate social responsibility (CSR) can be directly influenced by individual value structures. This research aims to provide new knowledge regarding the relationship between basic human values and the public’s perception of CSR. It focuses on the values of higher educa- tion students and their views regarding a particular corporate social initiative. The study reveals that social, educational, and economic circumstances influence human values. Those values in turn influence why different students perceive CSR differently. These findings are relevant to companies as they provide a more detailed understanding of why certain consumer groups perceive certain CSR initiatives the way that they do. They also suggest that universities should increase their awareness of the importance of integrating human values and CSR in the curricula of future business managers and social leaders. KEYWORDS | Human values, Schwartz’s Theory, corporate social responsibility, perception, higher education. RESUMO A percepção que o consumidortem da responsabilidade social corporativa (RSC) pode ser diretamente influenciada por estruturas de valores individuais. O presente estudo tem como objetivo proporcionar novos conhecimentos sobre a relação entre valores humanos básicos e a percepção que o público tem da RSC. Ele concentra-se nos valores de alunos universitários e seus pontos de vista sobre uma determinada iniciativa social corporativa. O estudo revela que circunstâncias sociais, educacionais e econômicas influenciam os valores humanos. Esses valores, por sua vez, influenciam o motivo de dife- rentes alunos perceberem a RSC de formas diferentes. Os resultados são relevantes para as empresas, na medida em que permitem uma compreensão mais detalhada da razão pela qual certos grupos de consumidores percebem de determinada forma certas iniciativas de RSC. Também sugerem que as universidades sejam mais conscientes da importância da integração dos valores humanos e da RSC nos currículos de futuros gestores de negócios e líderes sociais. PALAVRAS-CHAVE | Valores humanos, Teoria de Schwartz, responsabilidade social corporativa, per- cepção, ensino superior. RESUMEN La percepción del consumidor respecto de la responsabilidad social corporativa (CSR por su sigla en inglés) se puede ver directamente influenciada por las estructuras de valores de la persona. Esta investigación se propone brindar nuevos conocimientos acerca de la relación entre los valores humanos básicos y la percepción pública de la CSR. El mismo se centra en los valores de estudian- tes pertenecientes al nivel superior de educación y sus visiones en relación a una iniciativa social corporativa en particular. El estudio revela que las circunstancias sociales, educativas y económicas ejercen influencia sobre los valores humanos. A su vez estos valores influyen en los motivos por los cuales diferentes estudiantes perciben de manera diferente a la CSR. Estos descubrimientos resultan relevantes para las empresas, ya que brindan una comprensión más detallada de los motivos por los que determinados grupos de consumidores perciben determinadas iniciativas de CSR de una manera particular. Sugieren además que las universidades deben incrementar su conciencia de la importan- cia de la integración de los valores humanos y la CSR a los planes de estudio de los futuros gerentes comerciales y líderes sociales. PALABRAS CLAVE | Valores humanos, Teoría de Schwartz, Responsabilidad social corporativa, percep- ción, educación superior. RAE-Revista de Administração de Empresas | FGV/EAESP DOI: http://dx.doi.org/10.1590/S0034-759020160102
  10. 10. 9 ISSN 0034-7590 AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Spers | Marcelo da Silva Leite © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 INTRODUCTION Although research on the relationship between social demographics and value structures can be found in the literature (Wang & Juslin, 2012), few studies have empirically analyzed the influence of the framework of human values on the perception of corporate social responsibility (CSR) in the context of higher education (Rama, Ravenscroft, Wolcott, & Zlotkowski, 2000; Sobczak, Debucquet, & Havard, 2006; Weber, Weber, Sleeper, & Schneider, 2004; Weber & Glyptis, 2000; Wong, Long, & Elankumaran, 2010). Despite the scarcity of studies, consumer perception of CSR can be an important determinant of the success of CSR practices in any organization. With regard to that importance, Buil, Melero, and Montaner (2012) noted that firms should collaborate with causes linked not only to their main activity but also in tasks consumers feel involved with, particularly altruism-motivated ones. Unfortunately, as Perez- Ruiz and Rodriguez-Del Bosque (2012) manifest, evidence on this issue point to customer perceptions according to which CSR activities are more directly linked to the firm’s pursuit of its own benefit than to philanthropic and ethical considerations. Despite these previous arguments, doubts still exists both in academe and in managerial practice as to whether CSR can influence consumer-related issues such as perceptions or purchasing behavior (Bigne-Alcaniz & Curras-Perez, 2008). In order to address this question, the present study analyses and determines what can actually influence perceptions of a particular CSR activity, and how different perceptions are influenced by different experiences and related values, rather than by the activity itself and its success or failure. Therefore, this paper will show that this relationship is scarcely taken into account, based on a review of the existing literature. To this end, the present study, which is based on a sample of 1,060 Spanish higher education students, aims to analyze the following issues: i) the influence of background variables on human values; ii) and the extent to which perceptions of a social initiative are influenced by these students’ values structure. The main purpose of this study is to reinforce CSR’s social dimensions according to the Triple Bottom Line, since this perspective may be considered strategic not only for company success but also for stakeholders (Arratia Figueroa, 2008). A comprehensive study exploring the relationship between CSR perception and human values in the context of higher education involves an accurate understanding of how CSR curricula can be designed. In this respect, as Frazer and Kornhauser (1988) noted, ethics and social responsibility play an important, transcendental role in educational institutions, society, and firms. The structure of this paper is as follows. Firstly, we provide a review of the concept of human values, including Schwartz´s theory on the subject. The paper then explores the literature on the role of values as drivers of the public perception of CSR. After this, it describes the model formulated to test the hypotheses we present. The research method, sampling details, and statistical tools are then described. Finally, we discuss our findings and assess their significance. We conclude by reflecting on the study’s limitations and suggest a research agenda to address them. HUMAN VALUES AND SCHWARTZ’S VALUE THEORY A universal definition regarding human values is not found in the literature (Lan, Gowing, McManhon, Rieger, & King, 2008). However, over the last decade, Schwartz and his colleagues’ definition has been broadly adopted (Siltaoja, 2006). Schwartz and Bardi (2001) have defined values as desirable, trans- situational goals that vary in importance, serving as guiding principles in people’s lives. Individual motivations are crucial in distinguishing among human values. Furthermore, Schwartz (1994) delimited these motivational goals and established that values are answers to the following constrictions: personal relations, social relations, and survival needs. With regard to this premise, Schwartz (1992, 1994) grouped the 56 original values into ten value categories, which were further clustered into four higher order value orientations: 1) Self-transcendence (universalism and benevolence values), 2) Self-enhancement (power and achievement), 3) Openness to change (self-direction, hedonism, and stimulation), and 4) Conservation (tradition, conformity, and security). This taxonomy of values, which is called the Schwartz’s value system (SVS) (Perrinjaquet, Furrer, Usunier, Cestre, & Valette-Florence, 2007), was commonly represented by Schwartz and his colleagues as a two dimensional, circular structure representing a continuum of values (Figure 1). The position of human values in Figure 1 shows values’ degree of proximity or disconformity between them (Schwartz, 1992, 1994). Therefore, the circle has two opposite dimensions: on one hand, the dimensions of self-enhancement (power, achievement) and self-transcendence (benevolence, universalism); and, on the other hand, the dimensions of conservation (security, conformity, tradition) and openness to change (self-direction, stimulation). Hedonism can be placed either in the self-enhancement dimension or the openness to change dimension.
  11. 11. 10 ISSN 0034-7590 ARTICLES | Relation between background variables, values and corporate social responsibility © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 Figure 1. Theoretical model of relations among ten motivational types of values Opnness to Change Stimulation Exciting life Self direction Creativity, freedom Universalism Social justice, equality Benevolence Helpfulness Security Social order Power Authority, wealth Achievement Success, ambition Pleasure Hedonism Conformity Obedience Tradition Humility devoutness Self-transcedence Self-enhancement Conservation Organized by motivational similarities and dissimilarities Note. Adapted from “Advances in experimental social psychology” by S. H. Schwartz, S. H., 1992. San Diego, CA: Academic Press. The human value framework above (SVS) has been strongly supported with samples from different cultural contexts (Schwartz & Sagiv, 1995; Schwartz, Melech, Lehmann, Burgess, & Harris 2001) and has been tested and found to have predictive validity in several diverse academic areas such as psychology (Wilson, 2005), marketing (Steenkamp, Hofstede, & Wedel, 1999), and international business (Egri & Ralston, 2004). However, this model has also been criticized for the psychometric scale and collinearity issues observed between the values (Olver & Mooradian, 2003; Thøgersen & Ölander, 2002). Other scholars have argued that the empirical findings using the human values framework fail to provide convincing arguments for Schwartz’s SVS structure (Perrinjaquet et al., 2007). Despite these disagreements, the model continues to be used. Koivula (2008) highlights that Schwartz’s value system is well adjusted to the basic human condition. However, the present study holds that value structures may change over time in response to changes in social patterns, technology, and economic and political events. CORPORATE SOCIAL RESPONSIBILITY AND THE TRIPLE BOTTOM LINE The literature lacks a consensus on the notion of CSR (Wang & Juslin, 2012). Wang and Juslin (2012) conducted a revision of CSR concepts in the literature, and the present paper adopts a definition based on the ‘Triple Bottom Line’ term, relating the concept of CSR with three dimensions or perspectives: 1) economic responsibility (firm performance); 2) environmental responsibility (environment sustainability); and 3) social responsibility (individuals’ well-being) (Norman & MacDonald, 2004). The importance of CSR’s social dimension motivated the present study, which focuses on the connection between Schwartz’ theory of values and the perceptions of a particular social initiative conducted by a particular company. To this end, we studied the social initiative (CSR’s social dimension) mainly as it is perceived by higher education students acting as consumers, and used four questions indicating: a) Acceptance, which describes how much an individual likes the initiative; b) Perceived value, representing how good the initiative is in the individual’s perception; c) Support, describing how much the individual supports the initiative; and d) Perceived usefulness, i.e., how useful the initiative is in the individual’s perception. Concerns related to the concept of CSR grow as different dimensions are added to it, leading to a lack of consensus about findings; such concerns occupy an important place in the literature (Baden, Harwood, & Woodward, 2009; Fernando, 2010; Fernando & Sim, 2011; Ibrahim et al., 2006; Perrinjaquet et al., 2007; Pomering & Johnson, 2009). Business leaders have also manifested different views about the concept of CSR (Sprinkle & Mainess, 2010). Furthermore, in this specific entrepreneurial context, i.e., one of economic constrains, implementing social responsibility actions is not an easy task (Fernando & Almeida, 2012). However, CSR accomplishment by firms is increasing, with a view to consumer acceptance, consumer loyalty, and, therefore, firm performance
  12. 12. 11 ISSN 0034-7590 AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Spers | Marcelo da Silva Leite © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 (Gladwell, 2000). More than just a fad (Bowd, Bowd, & Harris, 2006), CSR activities have developed to become programs that companies must undertake (Macalister, 2008; Willman, 2008). Nevertheless, despite all concerns with social responsible activities’ implementation, few studies to date have analyzed in a combined way CSR perception and the value structure of the individuals CSR activities aim to address (Harwood, Humby, & Harwood, 2011). This research gap is even bigger when it comes to higher education (Weber et al., 2004), particularly in business studies (Arlow, 1991). Although a few studies have focused on patterns of managers and business students in relation to CSR (Longenecker, McKinney, & Moore, 1989; Stevens, 1984), to date there is insufficient research and no conclusive knowledge or findings on how human values are constructed, how those values influence perceptions, and how perceptions may vary particularly regarding different CSR activities. VALUES VERSUS CSR: MODEL AND HYPOTHESIS In sociology, values are considered as drivers that can influence human action (Wang & Juslin, 2012). Values are clearly manifested not only by individuals but also by institutions and society (Hofstede, 1980). Likewise, values display an important role on each level of a firm, guiding the setting of goals, resource allocation, and the designing of strategies (Rokeach, 1979). According to Argandoña (2003), values are part of firms’ competences, shaping their long-term success. The relationship among values, attitudes, and behavior is not a straightforward one (Barth, 1993) and the sense and intensity of this relationship is not clearly established. While some authors show a weak relationship (Kristiansen & Hotte, 1996), others manifest strong situational force acting between values and behavior (Feather, 1996). Schwartz (1996) described the process that might connect people’s priorities in terms of values with their attitudes and behavior. Values influence the perception and interpretation of different situations, and, therefore, they can show how social science students acting as consumers in a specific cultural context can perceive a social initiative launched by a company. A consensus seems to exist among the theories found in the literature, according to which, human values can influence human patterns (Wang & Juslin, 2012). In addition, people from different cultural contexts show different value structures (Schwartz, 1994, 1999), which can influence their own perception of reality and guide their attitudes (Siltaoja, 2006). Thus, the evaluation of CSR actions is determined by human values and cultural-societal norms in combination with a number of other considerations that can influence how individuals evaluate such activities (Hemingway & MacLagan, 2004). According to the findings above, this paper will first explore the extent to which Schwartz’s value theory is applicable to a sample of Spanish students from different social science courses in higher education, including tourism, finances, labor relations, psychology, educational science, economics, and business management. Secondly, the degree of influence between these students’ personal values and their CSR perception is analyzed. The findings are more accurate than those obtained by other researchers who focused on a single higher education course (Rama et al., 2000;Sobczaket al., 2006; Wang & Juslin, 2011, 2012), more specifically bachelor of accounting, with findings extended to the whole area of business management. That procedure has been strongly criticized. Therefore, Weber et al. (2004) concluded that very little research on students presents distinctions among study areas, which presupposes homogeneity in the student population. Similar arguments can be found in Coate and Frey’s (2000) work, according to which research on students from bachelor of business management courses are scarce, making it inappropriate to draw conclusions for the population of a whole university. Consequently, additional studies are required. To address what was discussed above, we formulated the hypotheses below according to Schwartz’s (1992, 1994) theoretical framework, included in the proposed model (Figure 2): H₁: Differences in human values regarding gender can be found. H₂: Human values depend on the educational context. H₃: Human values are a function of family economic status. H₄: Self-transcendence values are more developed in students who obtain a public grant or work to fund their studies. Family-supported students are more concerned with self-enhancement values. H₅: Differences can be found in the average perceptions of the social dimensions (acceptance, value, support, and usefulness) of CSR in the target group. H₆: Positive CSR perception (acceptance, value, support, and usefulness) is positively correlated to the higher- order value of self-transcendence (benevolence and universalism). H₇: Positive CSR perception (acceptance, value, support, and usefulness) is positively correlated to the higher-order value of conservation (security, conformity and tradition)
  13. 13. 12 ISSN 0034-7590 ARTICLES | Relation between background variables, values and corporate social responsibility © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 Figure 2. The study’s theoretical model Schwartz’s values Triple bottom line CSR’ perceptionHuman values Higher education students’ backgrounds H1-H4 H5-H7 METHOD Participants in this study were Spanish social sciences students. These students were contacted with help from the registration office over the period the study was conducted. They completed the questionnaire and received instructions to fill out the survey. Initially, 1,200 students took part in the study. Respondents who did not answer all questions or who provided the same answer for all values items in the questionnaire, indicating deliberate misrepresentation (140 students), were excluded from the analysis (Schwartz, 2005a, 2006). The descriptive analysis of the sample (Table 1) reveals a balance between male and female students, with the majority coming from families of middle economic status and high or middle education level. Only a third of the students relied on public grants to support their studies. Table 1. Descriptive statistics for background variables Categories Percentage N=1060 Gender Male 50.4 Female 40.6 Secondary school Public 73 Private 24 Semi-private 2.3 Ways to fund studies Grant 12 Family 52.5 Self-support 12 Family’s economic status High 7.3 Medium 88 Low 12 Family’s educational level High 53.6 Medium 64.1 Low 9.5 Age 18-20 4.3 21-24 41.17 Over 25 14.8 The questionnaire was designed with three well- differentiated types of questions: 1) Questions related to value priorities; 2) Questions related to attitudes towards a social initiative; 3) Background variables. In order to measure individuals’ values, the questionnaire included 21 value items used in the European Social Survey (EES). Most of these EES items are from the portrait values questionnaire (PVQ) scale, and we added a few other items to provide information on Schwartz’s ten values. The PVQ includes short verbal questions to reveal respondents’ goals, aspirations, and wishes reflecting their own human values. Participants completed the 21 value items on a 6-point Likert scale where 1 = “Not like me at all”, and 6 = “Very much like me” (6). The items were combined in ten indexes. Universalism was measured by three items, while the others were measured by two items each. The items were designed to cover different dimensions of a basic human value (Schwartz et al., 2001). The individual scores for the ten values were centered by subtracting the individual’s 21 items average, and the main descriptive statistics are shown in Table 2 (Schwartz, 2005a). A brief description of a corporate social initiative was included in the questionnaire: “Company A starts a three-year social initiative to fight child undernourishment. The program consists of providing assistance to primary school cafeterias in town B. In addition to financial support, the program will include the supplying of food products and voluntary work by the firm’s employees; volunteers will give advice on the menu and help in the cafeterias’ renovation works. The total amount donated to the cafeterias will be approximately $30,000. In brief, the implemented program will have the following features: a. Support will be provided for a period of three years; b. Thesubjectmatterischildandyouthundernourishment; c. Support will be both financial and in kind, as well as in the form of voluntary work.
  14. 14. 13 ISSN 0034-7590 AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Spers | Marcelo da Silva Leite © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 Table 2. Descriptive statistics for human values Mean BE UN SEL STEM HE ACH POW SEC CON TRAD BE 0.68 (0.52) UN 0.54 0.302** (0.55) SELF 0.39 0.001 0.130** (0.31) STEM -0.013 -0.062** -0.101** 0.164** (0.53) HE -0.66 -0,179** -0.239** 0.004 0.033 (0.30) ACH 0.24 -0.172** -0.240** -0.088** 0.118** 0.163** (0.63) POW -0.93 -0.417** -0.509** -0.147** 0.340** 0.046 0.116** (0.56) SEC 0.25 0.11** 0.14** -0.211** -0.121** -0.054 0.219** 0.137** (0.41) CON -0.48 0.112** 0.120** -0.382** -0.395** -0.222** -0.072* 0.100** 0.176** (0.43) TRAD -0.28 0.27** 0.18** -0.283* -0.285** -0.175** -0.180** -0.241** 0.002 0.212** (0.188) Note. SD = Standard deviation; BE = Benevolence; UN = Universalism; SELF = Self-direction; STEM = Stimulation; HE = Hedonism; ACH = Achievement; POW = Power; SEC = Security; CON = Confidence; TRAD = Tradition Correlations ** are significant at 0.01. *significant at0.05 (correlation values lower than 0.06) Moreover, on a 1 to 7 Likert scale, where 1 = ‘I don’t like it at all’, and 7 = ‘I like it’, each student interviewed answered four questions aimed at quantifying the intensity (positive or negative) of their opinions/perceptions of the social initiative in four dimensions: a) How much do you like this initiative?; b) How good is the initiative in your opinion?; c) How much do you support the initiative?; d) How useful is the initiative? Question a) shows the degree of acceptance of the social initiative; question b) evidences its perceived ethic value; question c) shows the degree of support for the initiative; and question d) shows its perceived utility. The following background variables supposed to influence value priorities were included in the questionnaire (Table 1): age (1: 18-20; 2: 21-24; 3: 25 or older), gender (1: male; 2: female), secondary education (1: public; 2: private; 3: semi-private), interviewee’s education funding (1: grants; 2: own work; 3: family), economic level of interviewee’s immediate environment (1: high economic status; 2: medium economic status; 3: low economic status), level of education of interviewee’s immediate environment (1: high education level; 2: medium education level; 3: low education level). Data analysis The ten value priorities were calculated as the mean of the items listed in each value. Due to individual differences in the interpretation of the Likert scale (Schwartz & Bardi, 1997; Smith, 2004), corrections in the responses were necessary to properly measure the human values. What actually matters is the value’s relative importance against its absolute importance. To obtain the relative importance for the ten priority values, the following correction was applied: the individual scores of the ten values were centered by subtracting the 21 items’ average (Schwartz, 2005b, 2006). To explore how background variables relate to value priorities, an independent sample t-test and ANOVA and Bonferroni post hoc tests were conducted. A Friedman and post hoc Wilcoxon test was applied to detect differences on perceptions among the four CSR social dimensions. To examine where the differences actually occur, we conducted the Wilcoxon signed-rank test for comparison between the combinations, Da to Db, Da to Dc, Da to Dd, Db to Dc, and Dc to Dd. Respondents scored higher for certain dimensions compared to the others, which appears to indicate the existence of several factors, including human values and background variables, influencing how the students perceive the four CSR social dimensions. The independent effect of the ten personal values on the perception of social initiatives was studied using linear regression analysis. According to Schwartz’s value theory: “all the values are dynamically related” (Schwartz, 1992, p. 13). Due to co-linearity among value priorities, some of these predictors were excluded in the linear regression. The predictor variables included in the regression analysis were the values with statistical influence on the perception of the social initiative. In order to select background variables as control variables in the regression analysis, we used an independent sample t-test and ANOVA analysis to determine whether any significant differences existed in the students’ perceptions of the social initiative. The gender variable was used as control in the whole
  15. 15. 14 ISSN 0034-7590 ARTICLES | Relation between background variables, values and corporate social responsibility © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 regression analysis, since significant differences in students’ behavior were observed between male and female subjects in the four aspects of the social initiative: acceptance, perceived value, support, and perceived usefulness. No clear differences were observed for the other background variables on the four social initiative dimensions. RESULTS AND DISCUSSION An independent sample t-test showed statistically significant differences between men and women in benevolence (t = 5.08, p <= 0.001), universalism (t = 4.62, p < 0.001), stimulation (t = -2.777, p < 0.01), hedonism (t = -5.662, p < 0.001), power (t = -6.737, p < 0.001), security (t = 4.158, p < 0.001), conformity (t = 2.992, p < 0.01), and tradition (t = 2.234, p < 0.05). No significant gender-related differences were found for self-direction and achievement. Hypothesis 1 was partially confirmed. The results reveal that women valued self-transcendence (benevolence and universalism) and conservation (security, tradition, and conformity) more than men, while men valued power and hedonism more than women. Value differences between males and females could be attributed not only to genetic reasons but also to family environment. In a traditional family culture such as the Spanish, women are expected to develop values related to caring and supporting people in need, while men are allowed to behave in a more aggressive way (Gisber, 2007). This finding corroborates other conclusions regarding gender that have been evidenced in the literature (Betz et al., 1989; Ruegger & King, 1992). Diverse educational environment levels reveal differences in power (F = 3.60, p = 0.05), tradition (F = 3.30, p = 0.05), and stimulation (F = 3.21, p < 0.01). Students from environments of highest education level valued tradition and stimulation more those from environments of lowest education level. Hypothesis 2 was confirmed. The importance of openness to change values such as stimulation increases as the environment education level rises, although this correlation was not observed for self- direction. Students from environments of medium education level gave more importance to power, since they were attending business courses – an integral part of higher education in social sciences – where students are trained in the managerial aspects of running a company, a bank, or other private organizations that emphasize self-enhancement values. Surprisingly, students from environments of high and medium education level valued tradition more than those from environments of low educational level, the opposite of what was expected. However, most of these students come from families who own a family business, and they wish to maintain the customs or ideas of their social environment. In fact, the southernmost region of Spain is characterized by small and medium-sized businesses, which account for 80% of total employment in the region (Gil-Pechuan, Expósito-Langa, & Tomas-Miquel, 2013; Ruivo, Oliveira, & Neto, 2012). The economic level of students’ original environment showed statistically significant differences for benevolence (F = 5.78, p < 0.01), universalism (F = 6.096, p < 0.01), and power (F = 12.43, p < 0.01). High economic level students valued benevolence and universalism less than medium and low level ones. High economic level students valued power more than medium and low- level ones. Hypothesis 3 was confirmed, since self-transcendence values (universalism and benevolence) were more important for students from families of low or medium economic status. These students are more aware of the importance of understanding, appreciation, tolerance, and protection for the welfare of people and nature. As expected, students from environments of high economic status valued power more than the other groups due to their desire for social status, prestige, and control over people and resources. Finally, different ways of funding higher education studies showed statistically significant differences for benevolence (F = 3.12, p = 0.01), universalism (F = 12.76, p < 0.001), achievement (F = 3.12, p < 0.05), and power (F = 6.40, p < 0.001). Students supported by families valued universalism less than those receiving grants or working to pay for their studies; family-supported students also valued benevolence less than self-supported ones. Achievement and power were positively related with family-supported students. Hypothesis 4 was confirmed, since students receiving public grants or working to pay for their studies were more concerned with self- transcendence values. They valued more the external support (grant, jobs) to continue studies. Students fully supported by their families paid more attention to self-enhancement values (achievement, power), since they were not exposed to the same pressure as the individuals relying on other funding sources. In fact, the need for a job or a public grant to continue studies developed more ethical values in the latter than in family- supported students, who were not concerned about the funds to continue studies. To evaluate higher education students’ perception of CSR, particularly concerning the above described initiative to fight child malnutrition, four questions were made about the initiative’s degree of ‘acceptance’ (Da), ‘perceived value’ (Db), degree of ‘support’ (Dc), and perceived ‘usefulness’ (Dd). The four questions – ‘acceptance’, ‘value’, ‘support’, and ‘usefulness’ – were considered as endogenous variables to be explained by human values as independent variables.
  16. 16. 15 ISSN 0034-7590 AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Spers | Marcelo da Silva Leite © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 The nonparametric Friedman test (c2 = 88.32, p < 0.001) revealed differences in the degree of perceptions for the four dimensions of the initiative. In sum, students gave ‘acceptance’ the highest score, and the lowest to ‘perceived usefulness’. The result showed that, despite these students’ awareness of the relevance of the CSR initiative measured by the four items (i.e., acceptance, support, usefulness and value), they displayed skepticism about the final benefit of a short-term initiative (a three-year initiative, in our survey) to children in a developing country. Most students were skeptical about the initiative’s altruistic character, as they considered that companies embrace CSR initiatives in order to improve economic performance or their own image, thus influencing consumer purchases. Linear regression analysis for the four social dimensions (Da-Dd) were conducted to test whether human values and gender could influence how CSR actions are perceived (Table 3). The “degree of acceptance” (Da) towards a corporate social initiative according to values and gender produced an overall significant solution (F = 14.86, p < 0.001) with an R-squared = 0.102. Although no significant coefficients were obtained for stimulation or achievement, both values were significantly and positively correlated with the acceptance of the initiative. Regression analysis revealed that the best predictors for ‘acceptance’ were benevolence, universalism, security, conformity, and gender. These values positively influenced the degree of acceptance of the social initiative. Furthermore, women liked the social initiative more than men did. Table 3. Regression analysis predicting perception of CSR (N=1,060 respondents) Da Db Dc Dd BE 0.08** 0.07** 0.09*** 0.02 UN 5.21*** 0.14*** 0.16*** 0.12*** TRAD -0.02 0.01 -0.02 0.04 SEC 0.07** 0.10*** 0.08** CON 0.09*** 0.08** 1.12*** 0.08** ACH 0.01 0.03 0.07** STEAM 0.36 0.04 SELF 0.003 GENDER -0.09*** -0.09*** -0.062*** -0.10*** Note: BE = Benevolence; UN = Universalism; SELF = Self-direction; STEM = Stimulation; HE = Hedonism; ACH = Achievement; POW = Power; SEC = Security; CON = Confidence; TRAD = Tradition; Da = acceptance dimension; Db = perceived value dimension; Dc = support; Dd = perceived usefulness dimension. * P < 0.05, ** p < 0.01, *** P < 0.001 The “perceived value dimension” (Db) for the social initiative was explained by a regression analysis on values and gender. The regression model produced an F-test, F = 16.12, p < 0.001, and explained 9.7% of the variance of the dependent variable. Beta’s coefficient for achievement and tradition was not significant, although a significant, positive correlation was observed with the perceived dimension value. The best predictors for ‘perceived value’ were benevolence, universalism, security, conformity, and gender. These values influenced positively the degree of acceptance of the social initiative. Furthermore, women also valued the social initiative more than male students did. The regression analysis with an R-squared = 0.095 predicting how much students ‘support’ (Dc) the initiative according to values and gender displayed an overall significant test, F = 13.096, p < 0.001. The support dimension was best predicted by benevolence, universalism, security, and gender. Students who developed these values showed stronger support to the social initiative. Once again, women were more concerned with social initiatives related to the third dimension of the social initiative. Finally, a linear regression model was estimated to explain the fourth dimension, i.e., ‘perceived usefulness’, through values and gender variables. The linear regression had an R-squared = 0.092 and an overall significant test, F = 13.679, p < 0.001. Significant, positive beta coefficients were obtained for universalism, achievement, security, and conformity, influencing positively the perceived usefulness dimension. Gender was also a statistically significant predictor. CONCLUSIONS Corporate social responsibility has gained increasing recognition as a new concept to be added to company performance. Global companies are far more aware of the importance of developing strategies, actions, and a reporting framework for corporate social responsibility mainly regarding environmental, economic, and social responsibilities. Since most students in social sciences will become executives or professionals who participate in companies’ decision-making processes, it is worth noting how the values of today’s students can influence perceptions of a social initiative run by a firm. Schwarz’s theory indicates that people develop certain values more than others and it is logical to expect these differences to influence individual perception of corporate social initiatives. Likewise, the present study has a double aim. Firstly, we sought to explore the influence of different background variables on the individual value structure. Most of these background variables
  17. 17. 16 ISSN 0034-7590 ARTICLES | Relation between background variables, values and corporate social responsibility © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 have not been studied in the literature, and, therefore, this study provides a better understanding of the personal value structure Secondly, we sought to study how students’ personal values can influence their perceptions of a social program dedicated to fighting child malnutrition. It is acknowledged that CSR consists of more than a concern with the ill effects of urban poverty on child malnutrition – e.g. concerns with the environment, corporate governance, etc. However, for the purpose of this article, the main goal was to focus on how the interviewed students perceived one particular CSR-related initiative of the type that is generally better accepted and valued by the general public than economic initiatives (Arratia Figueroa, 2008). We chose higher education students as the subjects of our study based on a double criterion. These students are predicted to be the most complex and influential group of consumers within the next couple of years (Schmeltz, 2012); at the same time, they are most likely to be the future leaders and managers in their society. Their attitudes certainly can provide evidence about their future behavior. The findings obtained from the analysis lead to a better understanding of the value structure of Spanish higher education students and the forces that shape their ethical perceptions. These results can help educators to devise business ethics/CSR education programs, and help managers to develop strategies for the success of a social initiative, since knowing how consumers perceive CSR is a key factor to make sound strategic decisions. People adapt their value structure to their life circumstances, and, in turn, different life circumstances also affect value priorities (Yao, Cheng, & Cheng, 2009). Our results regarding the relationship between values and gender, education, and other background variables in a Spanish higher education institution were mostly in line with previous research on this issue (Wang & Juslin, 2012). The sample revealed, firstly, that women developed self-transcendence values more than men, while men were more concerned with self-enhancement values. Secondly, the education level of students’ environments increases openness to change values and decreases conservation values. Thirdly, the economic level of individuals’ upbringing environment helps shape their value priority structure. Undergraduate students from a favorable economic environment are encouraged to develop values related to openness to change (self-direction, stimulation) and self-enhancement (achievement, power). Finally, the best defining feature of Spanish higher education is financial shortage. Despite a sustained growth in public grants was observed in the 1980’s and 1990’s, thus allowing disadvantaged social groups to reach higher education, in the last few years, Spain has faced an adverse situation in public education funding compared to other EU countries. Furthermore, grants per student in Spain are much lower than those in other EU countries (Calero, 2003), with a high number of students relying on family support to fund their degrees, and an increasing number working to support their studies. The awareness of the importance of funding among self-supported and grant-supported students certainly influences their value priorities. These students are expected to value self-transcendence (benevolence, universalism) more than family-supported students. It is worth stressing that the core of the corporate social initiative in this study is focused on fighting child malnutrition. That initiative is based on the social dimension of CSR related to human rights, which is generally better accepted and valued by the general public than the economic initiatives, which the public perceives as profit-oriented. It can be argued that students manifested a higher acceptance of the social initiative while revealing their disagreement with its usefulness. Our findings highlight the awareness of the need for social initiatives combined with a skepticism about the final benefit to the poor community. This skepticism is often related to both the form and length of the social initiative, and whether it fits the main goal of the company. In fact, Pomering and Johnson (2009) suggest that three CSR variables are critical in trying to inhibit skepticism and enhance credibility: social topic information, long-term CSR commitment, and CSR impact specificity. Although the students recognized the initiative as good practice, they are reluctant to believe that a short-term social action (a three-year social initiative, in our study) can lead to some improvement in the essential human rights of a community in need. Recent research of ethical ideologies has proven that individuals’ ethical values have a significant impact on consumer decision in relation to socially responsible companies (Pelsmacker, Janssens, Sterckx, & Mielants, 2006), and an impact on their perceptions of the importance of CSR (Axinn, Blair, Heorhiadi, & Thach, 2004). The influence of values on the perception of the four aspects of a social initiative (i.e., acceptance, value perceived, support, perceived usefulness) has also been recognized in this study. Social science students with higher ethical values and women have displayed a positive perception of a social initiative as shown in other studies (Forsyth, 1980; Wang & Juslin, 2012). Hence, CSR education should focus not only on providing students with a better understanding of the CSR concept but also on cultivating awareness about responsibility for the environment and society. Accordingly, these educational social agents, together with other entrepreneurial agents, have an important role to play in building a new kind of responsible consumerism, thus ensuring, among others, that both companies and consumers may benefit from a more symbiotic relationship (Smith & Williams, 2011).
  18. 18. 17 ISSN 0034-7590 AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Spers | Marcelo da Silva Leite © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19 LIMITATIONS AND FUTURE RESEARCH The success of CSR relies not only on the legal and political regulations where social practices are implemented and developed but also on the evolution of civil society towards a better comprehension of CSR (Choi & Gray, 2008). This social concept emerges from a business context (Dahlsrud, 2008). In this respect, this study is based on the demand side of CSR by analyzing the attitudes of young generations towards CSR and detecting those factors influencing CSR perceptions. The results obtained reflect ways to improve understanding of the principles underpinning CSR. Further research on how personal values influence students’ perception in different dimensions (economic, social and environmental dimension) would complement this study, which was focused on the social dimension related to human rights and social cooperation. The results will enable academics and managers to challenge misunderstandings about CSR principles and the skepticism observed in a large consumer segment, higher education students. Structural equation modeling was used to detect the influence of the ten basic values on consumer behavior according to the economic, ethical, and environmental dimensions. Since being enrolled on CSR courses will affect students’ attitudes towards a social initiative, future research to determine the influence of that variable on CSR perception is needed. The structural equation model will include enrollment and other interesting background variables as control variables influencing human values, and, therefore, the perception of CSR. 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  21. 21. 20 ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 20-28 CRISTINA MADORRAN madorran@unavarra.es Professor at Universidad Pública de Navarra, Facultad de Ciencias Económicas y Empresariales – Navarra, Spain TERESA GARCIA tegar@unavarra.es Professor at Universidad Pública de Navarra, Facultad de Ciencias Económicas y Empresariales – Navarra, Spain ARTICLES Submitted 05.27.2014. Approved 10.30.2014 Evaluated by double blind review process. Scientific Editor: Teresia Diana Lewe van Aduard de Macedo Soares CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE Responsabilidade social corporativa e desempenho financeiro: O caso espanhol Responsabilidad social corporativa y desempeño financeiro: El caso español ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the busi- ness worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain. KEYWORDS | Corporate social responsibility, panel data, performance, Spanish firms, IBEX 35. RESUMO O enorme interesse gerado pela responsabilidade social corporativa tanto no mundo acadêmico quanto no empresarial forma o pano de fundo para este estudo. Seu objetivo é analisar a relação entre a responsabilidade social corporativa e o desempenho financeiro em vista do debate existente na literatura sobre o tema. O estudo concentra-se em uma amostra de empresas espanholas tomadas do índice IBEX 35, da bolsa de valores de Madri, utilizando a metodologia de dados em painel, que oferece vantagens em comparação com metodologias utilizadas em outros estudos. Analisamos o período que abrange os anos de 2003 a 2010. Nossas conclusões sugerem que não há relação óbvia entre a responsabilidade social corporativa e os resultados financeiros, ao menos no caso da Espanha. PALAVRAS-CHAVE | Responsabilidade social corporativa, dados em painel, desempenho, empresas espanholas, IBEX 35. RESUMEN El enorme interés que despierta la responsabilidad social corporativa tanto en el ámbito empresa- rial como académico da sentido a este trabajo. El objetivo del trabajo es analizar la relación entre la responsabilidad social corporativa y sus resultados financieros, ya que existe debate en la literatura académica sobre esta cuestión. La cuestión de análisis se aplica a una muestra de empresas españo- las que cotizan en el IBEX 35, utilizando una metodología de datos de panel que aporta novedades a otros análisis realizados. El período de análisis abarca desde 2003-2010. Los resultados sugieren que la relación entre responsabilidad social y resultados no es tan obvia, al menos para el caso español. PALABRAS CLAVE | Responsabilidad social corporativa, datos de panel, resultados, empresas españo- las, IBEX 35. RAE-Revista de Administração de Empresas | FGV/EAESP DOI: http://dx.doi.org/10.1590/S0034-759020160103
  22. 22. 21 ISSN 0034-7590 AUTHORS | Cristina Madorran | Teresa Garcia © RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 20-28 INTRODUCTION It is a well-known fact that businesses are currently incorporating corporate social responsibility (henceforth, CSR) criteria into their activities. The demands of a changing environment have led firms to pay ever greater attention to their influence over it, both in economic and social terms and those of the environment. In this context, firms have also been seeking competitive advantages sustainable on a long-term basis in a turbulent, uncertain environment by incorporating CSR policies into their activities, while doing so as a key to value creation. Furthermore, in the international context, policies and measures have been introduced that are aimed at encouraging the growth of CSR. At the same time, changes have occurred in society’s values which have included a growing interest in environmental and social consequences of business activities, as well as in the ethics and transparency of business activities, the latter as a consequence of the most recent global economic crisis with its financial scandals and revelations of abusive practices by some firms. The academic literature has taken account of this phenomenon and, starting from the 1970s until today, numerous studies have sought arguments in favor of CSR. An aspect of the literature worthy of particular note is the controversy regarding whether the integration of CSR into a firm’s activities can improve its performance. The conclusions reached in this regard have been various. Some have found that CSR has a positive effect on profitability while others have found a negative relationship, and still others found no relationship (Margolis & Walsh, 2003; Orlitzky, Schmidt, & Rynes, 2003; Peloza, 2009; Waddock & Graves, 1997; Wu, 2006, among others).The differences found arise from different ways of measuring variables, errors in the models used and the study design, and a failure to deal with the problem of endogeneity. This present study seeks to contribute to this debate by examining the abovementioned relationship in the case of a sample of Spanish firms quoted in the IBEX 35 Stock Exchange Index on a longitudinal basis between 2003 and 2010. The length of the period studied reflects the fact that the impact of CSR might take time to manifest itself. The present study contributes to the literature on CSR in various ways. It does so in the first place by deepening our knowledge of how CSR practices may impact on firm financial performance. This is an issue that has received attention since as early as the 1970s (Bragdon & Marlin, 1972; Moskowitz, 1972), continuing until today. Attention has also been paid to it in Spain, with the works of Reverte (2009, 2011), Prado, Gallego, García, and Rodríguez (2009), García-Castro, Ariño, and Canela, (2010), and Martínez-Campillo, Cabeza-García, and Marbella-Sánchez (2012) being particularly noteworthy. The second aspect of the contribution made by this paper lies in the methodology it employs. The methodology in question is panel data, which includes temporal heterogeneity, thus allowing macro-economic effects to be controlled for, as well as individual heterogeneity, which allows the individual characteristics of firms to be controlled for. This methodology also includes the dynamic performance of firms. In the reviewed literature of the effects of CSR on firm performance, cross-section data has mainly been used. The use of panel data methodology allows more consistent and robust results to be obtained as well as to correct for the problems of endogeneity inherent to the relationship between CSR and firm performance, a problem that has received much attention in the literature (García-Castro et al., 2010; Gómez-García, 2008). The third contribution made by this study has to do with the fact that it focuses on a sample of Spanish firms while the majority of existing studies look into British and American ones. The problems and particularities of the two groups are quite different. The following section presents the theoretical basis for the study and the hypotheses to be tested, the third describes the database, the fourth discusses the methodology and results, and the fifth summarizes the main conclusions. THEORICAL FRAMEWORK The most widely accepted theoretical framework treating the existence and nature of the relationship between CSR and firm performance is to be found in the work of Preston and O’Bannon (1997). They establish six possible relationships between the two variables. This theoretical framework is the one used in the present study; its hypotheses are formed based on the six proposed relationships. The authors firstly present the hypothesis of social impact (higher or lower levels of CSR lead to higher or lower levels of corporate performance). Stakeholder theory supports this positive association (Freeman, 1984) because CSR allows various stakeholders to be satisfied, which in turn leads to an improvement in the external reputation of the firm, and, thus, in its performance. Conducting CSR practices is also seen as occurring in the context of a differentiation strategy on the part of the firm, leading to a positive effect on value creation for the firm and benefits for its clients, and, in due course, to an improvement in its own performance (Baron, 2008; Maignan & Ralston, 2002). Investment in CSR may also produce greater client loyalty, new market opportunities, and the development of new capacities, etc., which may also result in improvements to firm performance (Peloza, 2009).

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