TY - JOUR
T1 - Corporate responsibility and financial performance
T2 - The role of intangible resources
AU - Surroca, Jordi
AU - Tribó, Josep A.
AU - Waddock, Sandra
PY - 2010/5
Y1 - 2010/5
N2 - This paper examines the effects of a firm's intangible resources in mediating the relationship between corporate responsibility and financial performance. We hypothesize that previous empirical findings of a positive relationship between social and financial performance may be spurious because the researchers failed to account for the mediating effects of intangible resources. Our results indicate that there is no direct relationship between corporate responsibility and financial performance-merely an indirect relationship that relies on the mediating effect of a firm's intangible resources. We demonstrate our theoretical contention with the use of a database comprising 599 companies from 28 countries.
AB - This paper examines the effects of a firm's intangible resources in mediating the relationship between corporate responsibility and financial performance. We hypothesize that previous empirical findings of a positive relationship between social and financial performance may be spurious because the researchers failed to account for the mediating effects of intangible resources. Our results indicate that there is no direct relationship between corporate responsibility and financial performance-merely an indirect relationship that relies on the mediating effect of a firm's intangible resources. We demonstrate our theoretical contention with the use of a database comprising 599 companies from 28 countries.
KW - Corporate social responsibility
KW - Financial performance
KW - Intangible resources
KW - Stakeholder theory
UR - http://www.scopus.com/inward/record.url?scp=77952165134&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=77952165134&partnerID=8YFLogxK
U2 - 10.1002/smj.820
DO - 10.1002/smj.820
M3 - Article
AN - SCOPUS:77952165134
SN - 0143-2095
VL - 31
SP - 463
EP - 490
JO - Strategic Management Journal
JF - Strategic Management Journal
IS - 5
ER -