eda Estudios de Administración Estud. adm. (En línea) 0717-0653 0719-0816 Universidad de Chile. Facultad de Economía y Negocios. Departamento de Administración 10.5354/0719-0816.2019.55404 Artículos ¿Influye la responsabilidad social en el desempeño organizacional? Does Social Responsibility Influence Organizational Performance? Ojeda-Hidalgo José Felipe 1 López-Salazar Alejandra 2 Álvarez-Orozco Dolores Guadalupe 1 Universidad Politécnica de Guanajuato Universidad Politécnica de Guanajuato Universidad Politécnica de Guanajuato México jojeda@upgto.edu.mx dalvarez@upgto.edu.mx Universidad de Guanajuato, Campus Celaya-Salvatierra niversidad de Guanajuato niversidad de Guanajuato México alelopez.salazar@yahoo.com Jan-June 2019 26 1 16 34 Este es un artículo publicado en acceso abierto bajo una licencia Creative Commons Resumen:

El presente trabajo de investigación tiene como objetivo analizar el impacto que tiene la Responsabilidad Social Empresarial (RSE) en el desempeño de las empresas, específicamente en la calidad e imagen de productos y servicios, la satisfacción de clientes, la cuota de mercado, la productividad, la rentabilidad y eficiencia, y la satisfacción del personal. Se utilizó una muestra de 671 empresas del estado de Guanajuato, México para analizar los efectos específicos que tiene cada uno de los componentes de la RSE en las variables de desempeño financiero y no financiero. Los resultados muestran que las acciones encaminadas a respetar y cuidar el medio ambiente, y el comportamiento ético con los clientes son variables fundamentales que influyen positivamente en el desempeño general de la empresa. Se describen las implicaciones al sector empresarial y las futuras investigaciones.

 Abstract:

This research analyzes the impact of Corporate Social Responsibility (CSR) on business performance, specifically in the quality and image of products and services, customer satisfaction, market share, productivity, profitability and efficiency, and staff satisfaction. A sample of 671 companies of the State of Guanajuato, Mexico, was used to analyze the specific effects that the components of CSR have on financial and non-financial performance variables. The results show that efforts to respect and care for the environment, and ethical behavior with customers are key variables that positively influence the overall company performance. The implications for the business sector and future research are described.

 Palabras clave: Responsabilidad social empresarial desempeño financiero y no financiero pequeñas y medianas empresas Keywords: Corporate social responsibility financial and no financial performance small and medium enterprises

Full text available only in PDF format.

Texto completo disponible sólo en PDF.

Declaración de conflicto de interés

Los autores del presente manuscrito manifiestan que no existen conflictos de interés con ninguna entidad o institución, ni de carácter personal en esta publicación.

 Referencias bibliográficas Aguilera, R., Rupp, D., Williams, C., Ganapathi, J.(2007). "Putting the back in corporate social responsibility: a multilevel theory of social change in organizations". Academy of Management Review. 32 (3), 836-863. Recuperado de https://doi.org/10.5465/amr.2007.25275678 Aguilera R. Rupp D. Williams C. Ganapathi J. 2007 Putting the back in corporate social responsibility: a multilevel theory of social change in organizations Academy of Management Review 32 3 836 863 https://doi.org/10.5465/amr.2007.25275678" Alonso–Almeida, M., Rodríguez, M., Cortez, K., Anbreu, J.(2012). "La responsabilidad social corporativa y el desempeño financiero: un análisis en empresas mexicanas que cotizan en bols". Contaduría y Administración. 57 (1), 53-77. Recuperado de http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0186-10422012000100004&lng=es&tlng=es Alonso–Almeida M. Rodríguez M. Cortez K. Anbreu J. 2012 La responsabilidad social corporativa y el desempeño financiero: un análisis en empresas mexicanas que cotizan en bols Contaduría y Administración 57 1 53 77 http://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S0186-10422012000100004&lng=es&tlng=es" Alexander, G., Buchholz, R.(1978). "Corporate social responsibility and stock market performance.". The Academy of Management Journal. 21 (3), 479-486. Recuperado de https://doi.org/10.5465/255728 Alexander G. Buchholz R. 1978 Corporate social responsibility and stock market performance. The Academy of Management Journal 21 3 479 486 https://doi.org/10.5465/255728" Aupperle, K., Carroll, A., Hatfield, J.(1985). "An empirical examination of the relationship between corporate social responsibility and profitability". The Academy of Management Journal. 28 (2), 446-463. Recuperado de https://doi.org/10.5465/256210 Aupperle K. Carroll A. Hatfield J. 1985 An empirical examination of the relationship between corporate social responsibility and profitability The Academy of Management Journal 28 2 446 463 https://doi.org/10.5465/256210" Barnett, M., Salomon, R.(2006). "Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance". Strategic Management Journal. 27 (11), 1101-1122. Recuperado de https://doi.org/10.1002/smj.557 Barnett M. Salomon R. 2006 Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance Strategic Management Journal 27 11 1101 1122 https://doi.org/10.1002/smj.557" Barnett, M.(2007). "Stakeholder influence capacity and the variability of financial returns to corporate social responsibility". The Academy of Management Review. 32 (3), 794-816. Recuperado de https://doi.org/10.5465/amr.2007.25275520 Barnett M. 2007 Stakeholder influence capacity and the variability of financial returns to corporate social responsibility The Academy of Management Review 32 3 794 816 https://doi.org/10.5465/amr.2007.25275520" Barney, J., (2002). Gaining and sustaining competitive advantage . New Jersey, USA: Prentice Hall Barney J. 2002 Gaining and sustaining competitive advantage USA Prentice Hall Becchetti, L., Di Giacomo, S., Pinnacchio, D.(2008). "Corporate social responsibility and corporate performance: evidence from panel of US listed companies". Applied Economics. 40 (5), 541-567. Recuperado de https://doi.org/10.1080/00036840500428112 Becchetti L. Di Giacomo S. Pinnacchio D. 2008 Corporate social responsibility and corporate performance: evidence from panel of US listed companies Applied Economics 40 5 541 567 https://doi.org/10.1080/00036840500428112" Berle, A.(1931). "Corporate powers as powers in trust". Harvard Law Review. 44 (7), 1049-1074. Berle A. 1931 Corporate powers as powers in trust Harvard Law Review 44 7 1049 1074 Bolton, L., Mattila, A.(2015). "How does corporate social responsibility affect consumer response to service failure in buyer-seller relationships?". Journal of Retailing. 91 (1), 140-153. Recuperado de https://doi.org/10.1016/j.jretai.2014.10.001 Bolton L. E. Mattila A. S. 2015 How does corporate social responsibility affect consumer response to service failure in buyer-seller relationships? Journal of Retailing 91 1 140 153 https://doi.org/10.1016/j.jretai.2014.10.001" Bowen, H., (1953). Social responsibility of the businessman . New York, USA: Harper & Row Bowen H. 1953 Social responsibility of the businessman USA Harper & Row Bowman, E., Haire, M.(1975). "Strategic posture toward corporate social responsibility". California Management Review. 18 (2), 49-58. Recuperado de https://doi.org/10.2307%2F41164638 Bowman E. Haire M. 1975 Strategic posture toward corporate social responsibility California Management Review 18 2 49 58 https://doi.org/10.2307%2F41164638" Bragdon, J., Martin, J.(1972). "Is pollution profitable?". Risk Management. 18 (2), 9-18. Bragdon J. Martin J. 1972 Is pollution profitable? Risk Management 18 2 9 18 Brammer, S., Brooks, C., Pavelin, S.(2005). "Corporate social performance and stock returns". Financial Management. 35 (3), 97-116. Recuperado de https://doi.org/10.1111/j.1755-053X.2006.tb00149.x Brammer S. Brooks C. Pavelin S. 2005 Corporate social performance and stock returns Financial Management 35 3 97 116 https://doi.org/10.1111/j.1755-053X.2006.tb00149.x" Branco, M., Rodriguez, L.(2008). "Corporate Social Responsibility and Resource-Based Perspectives". Journal of Business Ethics. 69 (2), 21-33. Recuperado de https://doi.org/10.1007/s10551-006-9071-z Branco M. Rodriguez L. 2008 Corporate Social Responsibility and Resource-Based Perspectives Journal of Business Ethics 69 2 21 33 https://doi.org/10.1007/s10551-006-9071-z" Callan, S., Thomas, J.(2009). "Corporate financial performance and corporate social performance: An update and reinvestigation". Corporate social responsibility and environmental management. 16 (2), 61-78. Recuperado de https://doi.org/10.1002/csr.182 Callan S. Thomas J. 2009 Corporate financial performance and corporate social performance: An update and reinvestigation Corporate social responsibility and environmental management 16 2 61 78 https://doi.org/10.1002/csr.182" Carnegie, A.(1889). "The gospel of wealth". North America Review. 148 (397), 653-665. Carnegie A. 1889 The gospel of wealth North America Review 148 397 653 665 Caroll, A.(2004). "Managing ethically with global stakeholders: A present and future challenge". Academy of Management Executive. 18 (2), 114-120. Recuperado de https://doi.org/10.5465/ame.2004.13836269 Caroll A. 2004 Managing ethically with global stakeholders: A present and future challenge Academy of Management Executive 18 2 114 120 https://doi.org/10.5465/ame.2004.13836269" Carroll, A.(1994). "Social issues in management research". Business and Society. 33 (1), 5-25. Recuperado de https://doi.org/10.1177/000765039403300102 Carroll A. 1994 Social issues in management research Business and Society 33 1 5 25 https://doi.org/10.1177/000765039403300102" Chand, A.(2006). "The relationship between corporate social performance and corporate financial performance. Industry type as a boundary condition.". Business Review. 5 (1), 240-246. Chand A. 2006 The relationship between corporate social performance and corporate financial performance. Industry type as a boundary condition. Business Review 5 1 240 246 Chapple, W., Morrison, P., Harris, R.(2005). "Manufacturing and corporate environmental responsibility: cost implications of voluntary waste minimization". Structural Change and Economic Dynamics. 26 (3), 347-373. Recuperado de https://doi.org/10.1016/j.strueco.2004.04.003 Chapple W. Morrison P. Harris R. 2005 Manufacturing and corporate environmental responsibility: cost implications of voluntary waste minimization Structural Change and Economic Dynamics 26 3 347 373 https://doi.org/10.1016/j.strueco.2004.04.003" Clark, J.(1916). "The changing basis of economic responsibility". Journal of Political Economy. 24 (3), 209-229. Recuperado de https://www.journals.uchicago.edu/doi/pdfplus/10.1086/252799 Clark J. 1916 The changing basis of economic responsibility Journal of Political Economy 24 3 209 229 https://www.journals.uchicago.edu/doi/pdfplus/10.1086/252799" Copeland, T., Murrin, J., Koller, T., (1994). Valuation . New York, USA: Wiley Copeland T. Murrin J. Koller T. 1994 Valuation USA Wiley Cruz, J., Rositas, J., García, J. 2013, 2 de octubre. Responsabilidad social empresarial: Investigación empírica-exploratoria sobre los conceptos de RSE y RSU. XVIII Congreso Internacional de Contaduría, Administración e Informática. 18. Cruz J. Rositas J. García J. Responsabilidad social empresarial: Investigación empírica-exploratoria sobre los conceptos de RSE y RSU XVIII Congreso Internacional de Contaduría, Administración e Informática 2013, 2 de octubre 1 21 Curran, M., Moran, D.(2007). "Impact of the FTSE4Good index on firm price: an event study". Journal of Environmental Management. 82 (4), 529-537. Recuperado de https://doi.org/10.1016/j.jenvman.2006.02.010 Curran M. Moran D. 2007 Impact of the FTSE4Good index on firm price: an event study Journal of Environmental Management 82 4 529 537 https://doi.org/10.1016/j.jenvman.2006.02.010" Doh, J., Howton, S., Howton, S., Siegel, D.(2010). "Does the market respond to an endowment of social responsibility? The role for institutions, information and legitimacy". Journal of Management. 36 (6), 1461-1485. Recuperado de https://doi.org/10.1177/0149206309337896 Doh J. Howton S. D. Howton S. W. Siegel D. 2010 Does the market respond to an endowment of social responsibility? The role for institutions, information and legitimacy Journal of Management 36 6 1461 1485 https://doi.org/10.1177/0149206309337896" Donaldson, T., Preston, L.(1995). "The stakeholders theory of the corporation: concepts, evidence and implications". Academy of Management Review. 20 (1), 65-91. Recuperado de https://doi.org/10.5465/amr.1995.9503271992 Donaldson T. Preston L. 1995 The stakeholders theory of the corporation: concepts, evidence and implications Academy of Management Review 20 1 65 91 https://doi.org/10.5465/amr.1995.9503271992" Dowell, G., Hart, S., Yeung, B.(2000). "Do corporate global environmental standards create or destroy market value?". Management Science. 46 (8), 1059-1074. Recuperado de https://doi.org/10.1287/mnsc.46.8.1059.12030 Dowell G. Hart S. Yeung B. 2000 Do corporate global environmental standards create or destroy market value? Management Science 46 8 1059 1074 https://doi.org/10.1287/mnsc.46.8.1059.12030" Drucker, P., (1954). The practice of management . New York, USA: Harper Business Drucker P. 1954 The practice of management USA Harper Business Fiori, G., Donato, F., Izzo, M.(2007). "Corporate social responsibility and firms performance. An analysis on italian listed companies". SSRN. , 1-14. Recuperado de https://ssrn.com/abstract=1032851 Fiori G. Donato F. Izzo M. 2007 Corporate social responsibility and firms performance. An analysis on italian listed companies SSRN 1 14 https://ssrn.com/abstract=1032851 " Fitch, H.(1976). "Achieving corporate social responsibility". Academy of Management Review. 1 (1), 38-46. Recuperado de https://doi.org/10.5465/amr.1976.4408754 Fitch H. 1976 Achieving corporate social responsibility Academy of Management Review 1 1 38 46 https://doi.org/10.5465/amr.1976.4408754" Freedman, M., Stagliano, A.(1991). "Differences is social–cost disclosures: a market test reactions". Accounting, auditing and accountability Journal. 4 (1), 68-83. Recuperado de https://doi.org/10.1108/09513579110142480 Freedman M. Stagliano A. 1991 Differences is social–cost disclosures: a market test reactions Accounting, auditing and accountability Journal 4 1 68 83 https://doi.org/10.1108/09513579110142480" Friedman, M., (1962). Capitalism and freedom . Chicago, USA: University of Chicago Press Friedman M. 1962 Capitalism and freedom USA University of Chicago Press Friedman, M.(1971). "The idea of right as a social and legal concept". Journal of Social Issues. 27 (2), 189-198. Recuperado de https://doi.org/10.1111/j.1540-4560.1971.tb00660.x Friedman M. 1971 The idea of right as a social and legal concept Journal of Social Issues 27 2 189 198 https://doi.org/10.1111/j.1540-4560.1971.tb00660.x" García-Castro, R., Ariño, M., Canela, M.(2010). "Does social performance really lead to financial performance?. accounting for endogeneity". Journal of Business Ethics. 92 (1), 107-126. Recuperado de https://doi.org/10.1007/s10551-009-0143-8 García-Castro R. Ariño M. Canela M. 2010 Does social performance really lead to financial performance?. accounting for endogeneity Journal of Business Ethics 92 1 107 126 https://doi.org/10.1007/s10551-009-0143-8" Global Reporting Initiative sin fecha. Guía para la elaboración de Memorias de Sostenibilidad. 1 - 96. Guía para la elaboración de Memorias de Sostenibilidad. Ámsterdam. Global Reporting Initiative Guía para la elaboración de Memorias de Sostenibilidad Global Reporting Initiative Ámsterdam 1 96 Godfrey, P.(2004). "The relationship between corporate philanthropy and shareholder wealth: a risk management perspective". Academy of Management Review. 30 (4), 777-798. Recuperado de https://doi.org/10.5465/amr.2005.18378878 Godfrey P. 2004 The relationship between corporate philanthropy and shareholder wealth: a risk management perspective Academy of Management Review 30 4 777 798 https://doi.org/10.5465/amr.2005.18378878" González, M., (1985). La pobreza en México . méxico, México: El colegio de México González M. 1985 La pobreza en México México El colegio de México Granderson, G.(1997). "Parametric analysis of cost inefficiency and the decomposition of productivity growth for regulated firms". Journal Applied Economics. 29 (3), 339-348. Recuperado de https://doi.org/10.1080/000368497327119 Granderson G. 1997 Parametric analysis of cost inefficiency and the decomposition of productivity growth for regulated firms Journal Applied Economics 29 3 339 348 https://doi.org/10.1080/000368497327119" Gray, W., Shadbegian, R. (1993). Environmental regulation and manufacturing productivity at the plant level. . 4321. USA. :National Bureau of Economic Research. Recuperado de https://doi.org/10.3386/w4321 Gray W. Shadbegian R. 1993 Environmental regulation and manufacturing productivity at the plant level. USA https://doi.org/10.3386/w4321" Griffin, J., Mahon, J.(1997). "The corporate social performance and corporate financial performance debate: twenty–five years of incomparable research". Business and Society. 36 (2), 5-31. Recuperado de https://doi.org/10.1177/000765039703600102 Griffin J. Mahon J. 1997 The corporate social performance and corporate financial performance debate: twenty–five years of incomparable research Business and Society 36 2 5 31 https://doi.org/10.1177/000765039703600102" Guédez, V., (2006). Ética y práctica de la responsabilidad social empresarial. El aporte de la empresa al capital social . Caracas, Venezuela: El planeta Guédez V. 2006 Ética y práctica de la responsabilidad social empresarial. El aporte de la empresa al capital social Venezuela El planeta Halme, M., Niskanen, J.(2001). "Does corporate environmental protection increase or decrease shareholder value? The case of environmental investments.". Business Strategy and the Environment. 10 (4), 200-214. Recuperado de https://doi.org/10.1002/bse.290 Halme M. Niskanen J. 2001 Does corporate environmental protection increase or decrease shareholder value? The case of environmental investments. Business Strategy and the Environment 10 4 200 214 https://doi.org/10.1002/bse.290" ISO 2010. ISO26000. Guía de responsabilidad social.. ISO. Recuperado de http://www.iso.org/ iso/iso_26000_project_overview-es.pdf ISO ISO26000. Guía de responsabilidad social. http://www.iso.org/ iso/iso_26000_project_overview-es.pdf" ISO Jang, J., Choi, H.(2010). "The relation between corporate social responsibility and financial performance". Korean Journal of Business Administration. 23 (2), 633-648. Jang J. Choi H. 2010 The relation between corporate social responsibility and financial performance Korean Journal of Business Administration 23 2 633 648 Jensen, M., Meckling, W.(1976). "Theory of the firm: Managerial behavior, agency costs and ownership structure". Journal of Financial Economics. 3 (4), 305-360. Recuperado de https://doi.org/10.1016/0304-405X(76)90026-X Jensen M. Meckling W. 1976 Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics 3 4 305 360 https://doi.org/10.1016/0304-405X(76)90026-X" Kreps, T., (1940). Measurement of the social performance of business . Washington, USA: US Printing Office Kreps T. 1940 Measurement of the social performance of business USA US Printing Office Lee, S., Heo, C.(2009). "Corporate social responsibility and customer satisfaction among US publicly traded hotels and restaurants". International Journal Hospitality Management. 28 (4), 635-637. Recuperado de https://doi.org/10.1016/j.ijhm.2009.02.007 Lee S. Heo C. Y. 2009 Corporate social responsibility and customer satisfaction among US publicly traded hotels and restaurants International Journal Hospitality Management 28 4 635 637 https://doi.org/10.1016/j.ijhm.2009.02.007" López, M., García, A., Rodríguez, L.(2007). "Sustainable development and corporate performance: a study base on the Down Jones sustainability index". Journal of Business Ethics. 75 (3), 285-300. Recuperado de https://doi.org/10.1007/s10551-006-9253-8 López M. García A. Rodríguez L. 2007 Sustainable development and corporate performance: a study base on the Down Jones sustainability index Journal of Business Ethics 75 3 285 300 https://doi.org/10.1007/s10551-006-9253-8" López, A., Ojeda, J.(2016). "Factors influencing the social responsibility of a public hospital". International Journal of Business Administration. 7 (6), 42-56. Recuperado de http://dx.doi.org/10.5430/ijba.v7n6p42 López A. Ojeda J. 2016 Factors influencing the social responsibility of a public hospital International Journal of Business Administration 7 6 42 56 http://dx.doi.org/10.5430/ijba.v7n6p42 " López, A., Ojeda, J., Rios, M.(2017). "La responsabilidad social empresarial desde la percepción del capital humano. Un caso de studio". Spanish Accounting Review. 20 (1), 36-46. López A. Ojeda J. Rios M. 2017 La responsabilidad social empresarial desde la percepción del capital humano. Un caso de studio Spanish Accounting Review 20 1 36 46 Luce, R., Barber, A., Hillman, A.(2001). "Good deeds and misdeeds: a mediated model of the effect of corporate social performance on organizational attractiveness". Business and Society. 40 (4), 397-415. Recuperado de https://doi.org/10.1177/000765030104000403 Luce R. Barber A. Hillman A. 2001 Good deeds and misdeeds: a mediated model of the effect of corporate social performance on organizational attractiveness Business and Society 40 4 397 415 https://doi.org/10.1177/000765030104000403" Mackey, A., Mackey, T., Barney, J.(2007). "Corporate social responsibility and firm performance: investor preferences and corporate strategies". Academy of Management Review. 32 (3), 817-835. Recuperado de https://doi.org/10.5465/amr.2007.25275676 Mackey A. Mackey T. Barney J. 2007 Corporate social responsibility and firm performance: investor preferences and corporate strategies Academy of Management Review 32 3 817 835 https://doi.org/10.5465/amr.2007.25275676" Maldonado, G., Pinzón, S., López, G.(2016). "Corporate social responsibility and business performance: the role of mexican Smes". International Journal of Asian Social Science. 6 (10), 568-579. Recuperado de https://doi.org/10.18488/journal.1/2016.6.10/1.10.568.579 Maldonado G. Pinzón S. López G. 2016 Corporate social responsibility and business performance: the role of mexican Smes International Journal of Asian Social Science 6 10 568 579 https://doi.org/10.18488/journal.1/2016.6.10/1.10.568.579" McWilliams, A., Siegel, D.(2001). "Corporate social responsibility: a theory of the firm perspective". The Academic of Management Journal. 26 (1), 117-127. Recuperado de https://doi.org/10.5465/amr.2001.4011987 McWilliams A. Siegel D. 2001 Corporate social responsibility: a theory of the firm perspective The Academic of Management Journal 26 1 117 127 https://doi.org/10.5465/amr.2001.4011987" Mishra, S., Suar, D.(2010). "Does corporate social responsibility influence firm performance of Indian companies?". Journal of Business and Ethics. 95 (1), 1-12. Recuperado de https://doi.org/10.1007/s10551-010-0441-1 Mishra S. Suar D. 2010 Does corporate social responsibility influence firm performance of Indian companies? Journal of Business and Ethics 95 1 1 12 https://doi.org/10.1007/s10551-010-0441-1" Mitchell, R., Agle, B., Wood, D.(1997). "Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts". The Academy of Management Review. 22 (4), 853-886. Recuperado de https://doi.org/10.5465/amr.1997.9711022105 Mitchell R. Agle B. Wood D. 1997 Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts The Academy of Management Review 22 4 853 886 https://doi.org/10.5465/amr.1997.9711022105" Mitofsky, ., (2004). La imagen de marca, un fenómeno social . , España: Paidós Mitofsky 2004 La imagen de marca, un fenómeno social España Paidós Morrison, C., Sigel, D. (2006). Corporate social responsibility and economic performance . 0605. Rensselaer Polytechnic Institute, Department of Economics. Recuperado de https://core.ac.uk/download/pdf/194010663.pdf Morrison C. Sigel D. 2006 Corporate social responsibility and economic performance https://core.ac.uk/download/pdf/194010663.pdf" Moskowitz, M.(1972). "Choosing socially responsible stocks". Business & Society Review. 1 , 71-75. Moskowitz M 1972 Choosing socially responsible stocks Business & Society Review 1 71 75 Muñoz, I.(2006). "Responsabilidad social de los actores ecónomicos". Commenne. , 173-191. Muñoz I. 2006 Responsabilidad social de los actores ecónomicos Commenne 173 191 Oh, W., Park, S.(2015). "The relationship between corporate social responsibility and corporate financial performance in Korea". Emerging Markets Finance & Trade. 51 (1), 85-94. Recuperado de https://doi.org/10.1080/1540496X.2015.1039903 Oh W. Park S. 2015 The relationship between corporate social responsibility and corporate financial performance in Korea Emerging Markets Finance & Trade 51 1 85 94 https://doi.org/10.1080/1540496X.2015.1039903" Orlitzky, M., Schmidt, F., Rynes, S.(2003). "Corporate social and financial performance: a meta–analysis". Organization Studies. 24 (3), 403-411. Recuperado de https://doi.org/10.1177/0170840603024003910 Orlitzky M. Schmidt F. Rynes S. 2003 Corporate social and financial performance: a meta–analysis Organization Studies 24 3 403 411 https://doi.org/10.1177/0170840603024003910" Paine, L., (2002). Value shift . New York, USA: Mc Graw Hill Paine L. 2002 Value shift USA Mc Graw Hill Peloza, J.(2009). "The Challenge of Measuring financial impacts from investments in Corporate Social Performance". Journal of Management. 35 (6), 1518-1541. Recuperado de https://doi.org/10.1177/0149206309335188 Peloza J. 2009 The Challenge of Measuring financial impacts from investments in Corporate Social Performance Journal of Management 35 6 1518 1541 https://doi.org/10.1177/0149206309335188" Pérez, A., Bosque, I.(2015). "Corporate social responsibility and customer loyalty: exploring the role of identification, satisfaction and type of company". Journal of Services Marketing. 29 (1), 15-25. Recuperado de https://doi.org/10.1108/JSM-10-2013-0272 Pérez A. Bosque I. R. 2015 Corporate social responsibility and customer loyalty: exploring the role of identification, satisfaction and type of company Journal of Services Marketing 29 1 15 25 https://doi.org/10.1108/JSM-10-2013-0272" Preston, L., O'Bannon, D.(1997). "The corporate social–financial performance relationship: a typology and analysis". Business and Society. 36 (4), 419-429. Recuperado de https://doi.org/10.1177/000765039703600406 Preston L. O'Bannon D. 1997 The corporate social–financial performance relationship: a typology and analysis Business and Society 36 4 419 429 https://doi.org/10.1177/000765039703600406" Rolf, F., Grosskopf, S., Pasurka, C.(2014). "Potential gains from trading bad outputs: The case of US electric power plants". Resource and Energy Economics. 36 (1), 99-112. Recuperado de https://doi.org/10.1016/j.reseneeco.2013.11.004 Rolf F. Grosskopf S. Pasurka C. 2014 Potential gains from trading bad outputs: The case of US electric power plants Resource and Energy Economics 36 1 99 112 https://doi.org/10.1016/j.reseneeco.2013.11.004" Rowley, T., Berman, S.(2000). "A brand new brand of corporate social performance". Business & Society. 39 (4), 397-418. Recuperado de https://doi.org/10.1177/000765030003900404 Rowley T. Berman S. 2000 A brand new brand of corporate social performance Business & Society 39 4 397 418 https://doi.org/10.1177/000765030003900404" Swanson, D.(1999). "Towards an integrative theory of business and society. A research strategy for corporate social performance". Academy of Management Review. 24 (3), 506-521. Recuperado de https://doi.org/10.5465/amr.1999.2202134 Swanson D. 1999 Towards an integrative theory of business and society. A research strategy for corporate social performance Academy of Management Review 24 3 506 521 https://doi.org/10.5465/amr.1999.2202134" Tkac, P.(2006). "One proxy at a time: Pursuing social change through shareholder proposal". Economic Review. 91 (3), 1-20. Recuperado de https://www.frbatlanta.org/-/media/Documents/research/publications/economic-review/2006/vol91no3_tkac.pdf Tkac P. 2006 One proxy at a time: Pursuing social change through shareholder proposal Economic Review 91 3 1 20 https://www.frbatlanta.org/-/media/Documents/research/publications/economic-review/2006/vol91no3_tkac.pdf" Ullman, A.(1985). "Data in search of a theory: a critical examination of the relationships among social performance, social disclosure, and economic performance of US firms’". Academy of Management Review. 10 (3), 540-557. Recuperado de https://doi.org/10.5465/amr.1985.4278989 Ullman A. 1985 Data in search of a theory: a critical examination of the relationships among social performance, social disclosure, and economic performance of US firms’ Academy of Management Review 10 3 540 557 https://doi.org/10.5465/amr.1985.4278989" Vitalino, D., Stella, G. (2003). The thrift industry and the community reinvestment act: Assessing the cost of social responsibility . 0312. USA. :Rensselaer Polytecnic Institute. Vitalino D. Stella G. 2003 The thrift industry and the community reinvestment act: Assessing the cost of social responsibility USA Waddock, S.(2004). "Parallel universes: companies academics, and the progress of corporate citizenship". Business and Society Review. 109 (1), 5-42. Recuperado de https://doi.org/10.1111/j.0045-3609.2004.00002.x. Waddock S. 2004 Parallel universes: companies academics, and the progress of corporate citizenship Business and Society Review 109 1 5 42 https://doi.org/10.1111/j.0045-3609.2004.00002.x." Waddock, S., Graves, S.(1997). "The corporate social performance financial performance link". Strategic Management Journal. 18 (4), 303-319. Recuperado de https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G Waddock S. Graves S. B. 1997 The corporate social performance financial performance link Strategic Management Journal 18 4 303 319 https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G" Weber, M. 1904. La ética protestante en el espíritu del capitalismo. Recuperado de http://medicinayarte.com/img/weber-max-la-etica-protestante-y-el-espiritudel- capitalismo.pdf Weber M. La ética protestante en el espíritu del capitalismo http://medicinayarte.com/img/weber-max-la-etica-protestante-y-el-espiritudel- capitalismo.pdf" Weber, O., Scholz, R., Michalik, G.(2010). "Incorporating sustainability criteria into credit risk management". Business Strategic and the Environment. 19 (1), 39-50. Recuperado de https://doi.org/10.1002/bse.636 Weber O. Scholz R. Michalik G. 2010 Incorporating sustainability criteria into credit risk management Business Strategic and the Environment 19 1 39 50 https://doi.org/10.1002/bse.636" Whetten, D., Rands, G., Godfrey, P. (2001). What are the responsibilities of business society? . En Pettigrew, A., Thomas, H., Whittington, R (eds.);Handbook of strategy and management. (373-410). London, UK: Sage Publications Whetten D. Rands G. Godfrey P. What are the responsibilities of business society? 2001 Handbook of strategy and management UK Sage Publications 373 410 Windsor, D.(2001). "The future of corporate social responsibility". The International Journal of Organizational Analysis. 9 (3), 225-256. Recuperado de http://www.academia.edu/download/4984963/070920_windsor_2001.pdf Windsor D. 2001 The future of corporate social responsibility The International Journal of Organizational Analysis 9 3 225 256 http://www.academia.edu/download/4984963/070920_windsor_2001.pdf" Wood, D., Jones, R.(1995). "Stakeholders mismatching: A theoretical problem in empirical research on corporate social performance". International Journal of Organizational Analysis. 3 (3), 229-267. Recuperado de https://doi.org/10.1108/eb028831 Wood D. Jones R. 1995 Stakeholders mismatching: A theoretical problem in empirical research on corporate social performance International Journal of Organizational Analysis 3 3 229 267 https://doi.org/10.1108/eb028831"