Suchergebnisse

PurposeThe purpose of this paper is to evaluate the quality of environmental, social and governance (ESG) reporting of Spanish companies listed in the IBEX‐35 stock index and the main drivers of the differences among reporters.Design/methodology/approachA benchmark tool was built based on GRIv3, and the ESG information issued by Spanish companies listed in the IBEX‐35 index was analyzed.FindingsThe authors conclude that GRI has resulted in some standardization of corporate social and environmental reporting, particularly in terms of format, but their approach to indicators is unlikely to produce high quality information that is relevant, comparable, complete and accessible to all stakeholders. Regulation and reputation seem to be the main drivers for improving the quality of ESG reporting. Global companies operating in industries with higher reputation risks had the highest levels of disclosure. Furthermore, reporting seems to be oriented to satisfying the demands of shareholders and investors rather than those of other stakeholders.Originality/valueThis paper proposes a structured definition of ESG quality reporting. Secondly, it makes an empirical contribution, by developing a reliable and valid instrument of research based on GRIv3.

AbstractThere is an intimate connection between socially responsible investment (SRI) and corporate social responsibility (CSR): faced with the demands of their investors, listed companies have started to adopt CSR strategies to comply with the demands of ethical fund managers and ethical index managers. This paper is an exploratory study of the obstacles to SRI among individual investors in Spain. Individuals and financial consultants were surveyed about their current investment strategies, their preferences as regards criteria and ethical strategies, and the perceived obstacles for the development of SRI. The findings unveil the factors leading to the limited development of the SRI Spanish retail market. The paper offers guidelines that can be used by Spanish financial consultants and foreign fund managers when approaching the Spanish market. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

AbstractThis paper studies whether the failure of corporate social responsibility (CSR) reporting practices to enable effective CSR communication allowing stakeholders to appreciate firms' CSR is due to the reporting model guiding firms in elaborating sustainability reports, the companies' application of the model, or both. Drawing on the communication theory and using interpretive textual analysis, the paper specifically assesses Global Reporting Initiative (GRI) guidelines, the most widespread CSR reporting model worldwide, and its application by a leading sustainability reporter. The findings indicate that GRI guidelines suffer from significant limitations that hamper the production of reports accounting for CSR impacts. This paper contributes to critical research on CSR reporting practices and calls for redirecting current reporting practice towards a more effective approach. Additionally, it also responds to the need to approach CSR reporting research relying on theories different from the one commonly used.