nep-cfn New Economics Papers
on Corporate Finance
Issue of 2007‒05‒04
one paper chosen by
Zelia Serrasqueiro
University of the Beira Interior

  1. Maximizing stakeholders' interests: An empirical analysis of the stakeholder approach to corporate governance By Ayuso, Silvia; Rodriguez, Miguel A.; Garcia, Roberto; Ariño, Miguel A.

  1. By: Ayuso, Silvia (IESE Business School); Rodriguez, Miguel A. (IESE Business School); Garcia, Roberto (IESE Business School); Ariño, Miguel A. (IESE Business School)
    Abstract: The purpose of this paper is to build on the emerging stakeholder model of corporate governance by analyzing the CSR function at board level, board diversity, and stakeholder engagement, and how it relates to financial performance. Based on an empirical study of an international sample of large companies, we find board responsibility for CSR to be a key factor in promoting engagement with primary and secondary stakeholders of the firm. Depending on the legal tradition of the country in which the company is based, we find evidence that board diversity and stakeholder engagement are positively correlated with firm financial performance.
    Keywords: Corporate governance; corporate social responsibility; board diversity; stakeholder engagement; firm performance;
    Date: 2007–01–19

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