Corporate Responsibility and Financial Performance: The Role of Intangible Resources

Strategic Management Journal 31(5), pp. 463-490, 2010

28 Pages Posted: 28 Aug 2014

See all articles by Jordi Surroca

Jordi Surroca

Universidad Carlos III de Madrid - Department of Business Administration

Josep A. Tribo

Stevens Institute of Technology

Sandra Waddock

Boston College - Carroll School of Management

Date Written: August 26, 2010

Abstract

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.

Note: Copyright 2010 John Wiley & Sons.

Keywords: Corporate Social Responsibility, Financial Performance, Intangible Resources

JEL Classification: M21

Suggested Citation

Surroca, Jordi and Tribo Gine, Josep Antonio and Waddock, Sandra, Corporate Responsibility and Financial Performance: The Role of Intangible Resources (August 26, 2010). Strategic Management Journal 31(5), pp. 463-490, 2010, Available at SSRN: https://ssrn.com/abstract=2487570

Jordi Surroca

Universidad Carlos III de Madrid - Department of Business Administration ( email )

Calle Madrid 126
Getafe, Madrid, Madrid 28903
Spain

HOME PAGE: http://www.uc3m.es/uc3m/dpto/EMP/profesor/ijordi.htm

Josep Antonio Tribo Gine (Contact Author)

Stevens Institute of Technology ( email )

Hoboken, NJ 07030
United States
9292708869 (Phone)
07030 (Fax)

Sandra Waddock

Boston College - Carroll School of Management ( email )

140 Commonwealth Avenue
Chestnut Hill, MA 02467
United States

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