FGV - RAE Revista de Administração de Empresas, 2016. Volume 56, Número 1

ISSN0034-7590
9770034759007
00561
ARTIGOS
Relation between background variables, values and corporate social responsibility
María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias Spers e Marcelo da Silva Leite
Corporate social responsibility and financial performance: The Spanish case
Cristina Madorran e Teresa Garcia
Influence of manufacturer signature on store brands’ loyalty and purchase intention
Cristina Calvo-Porral, Valentín-Alejandro Martínez-Fernández e Oscar Juanatey-Boga
¿Influye la personalidad de los directivos de PyMEs en los resultados exportadores?
Francisco Javier Rondan-Cataluña, Antonio Navarro-García e Jorge Arenas-Gaitan
Critérios de estratificação e comparação de classificadores socioeconômicos no Brasil
Wagner Kamakura e José Afonso Mazzon
The role of earnings persistence in valuation accuracy and the time horizon
Renê Coppe Pimentel e Andson Braga de Aguiar
Comparative analysis of American and Spanish cruise passengers’ behavioral intentions
Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García e Fernando J. Garrigos-Simon
Gestión humana de orientación analítica: Un camino para la responsabilización
Juan David Perez Patino e Isabel Cristina Lopera Arbelaez
RESENHA
A arte de influenciar os outros
Mauro Maia Laruccia
INDICAÇÕES BIBLIOGRÁFICAS
Neurociência aplicada à educação
Vanessa Clarizia Marchesin
Psicoeconomia
Israel José dos Santos Felipe
R$50,00
PESQUISA E
CONHECIMENTO
V. 56, N. 1,
Janeiro–Fevereiro 2016
www.fgv.br/rae

ISSN 0034-7590
www.fgv.br/rae
REDAÇÃO
Analista de Produção Editorial: Denise Francisco Cândido
Assistente Administrativa: Eduarda Pereira
Copidesque e revisão (Português): Paula Thompson |
Márcia Nunes
Tradução e revisão (Espanhol e Inglês): AraberaTraduções |
Robert Dinham
ADMINISTRAÇÃO
Responsável: Ilda Fontes
Assistente Administrativa: Eldi Francisca Soares
Assistente de Marketing: Andréa Cerqueira Souza
Jovem Aprendiz: Nicolas Brendo Ribeiro Silva
DISTRIBUIÇÃO
Comunidade acadêmico-científica: 600 exemplares
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2015: 97.835 visitantes
ASSINATURA ANUAL: R$ 300,00
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PONTOS DE VENDA: Livrarias da FGV e Livraria Cultura
ARTE/EDITORAÇÃO ELETRÔNICA
Typecomm | Comunicação + Design
Ilustração Pensata: Alex Lutkus
PRODUÇÃO INDUSTRIAL
Impressão e Acabamento: Gráfica Tudo Em Digital
Data de Impressão: 22.01.2016
Tiragem: 600 exemplares
PERIODICIDADE: Bimestral
INDEXADORES
DOAJ - Directory of Open Access Journals
www.doaj.org
Ebsco Publishing: Business Source Complete, Economia
y Negocios, Fonte Acadêmica
www.ebscohost.com
e-Revistas
Plataforma Open Access de Revistas Científicas
Electrónicas Españolas y Latinoamericanas
http://www.erevistas.csic.es
Gale Cengage Learning
www.gale.cengage.com
Google Scholar
scholar.google.com.br
Portal de Periódicos CAPES
www.periodicos.capes.gov.br
ProQuest Information and Learning
www.proquest.com.br
RePEc
www.repec.org
Sistema de Información Científica Redalyc - Red de
Revistas Científicas de América Latina y el Caribe,
España y Portugal
redalyc.uaemex.mx
SciELO - Scientific Electronic Library Online
www.scielo.org
Scopus | Elsevier
www.info.sciverse.com/scopus
SHERPA/RoMEO
http://www.sherpa.ac.uk/romeo
SPELL – Scientific Periodicals Electronic Library
www.spell.org.br
Sumários Brasileiros de Revistas Científicas
www.sumarios.funpeerp.com.br
Thomson Reuters
SSCI, JCR
www.thomsonreuters.com
DIRETÓRIOS
10th
Edition of Cabell’s Directory of Publishing
Opportunities in Management
www.cabells.com
CLASE – Citas Latinoamericans en Sciencias Sociales y
Humanidades
www.dgbiblio.unam.mx/index.php/catalogos
Diadorim
diadorim.ibict.br
IBSS - International Bibliography of the Social Science
www.lse.ac.uk
HAPI-Hispanic American Periodicals Índex
hapi.ucla.edu
Latindex - Sistema Regional de Información en Línea
para Revistas Científicas de América Latina, el Caribe,
España y Portugal
www.latindex.org
Ulrichs Periodical Directory
www.ulrichsweb.com
SAC / ASSINATURAS
AssinaJá
Telefones: + 55 (11) 3512-9442 | + 55 (21) 4063-6989
Horário de atendimento: segunda a sexta das 9 as 18h, exceto feriados.
www.fgv.br/rae
CORPO EDITORIAL CIENTÍFICO
Alexandre de Pádua Carrieri (UFMG - Belo Horizonte - MG, Brasil), Allan Claudius Queiroz Barbosa (UFMG - Belo
Horizonte - MG, Brasil), Ana Maria de Albuquerque Vasconcellos (UNAMA - Belém - PA, Brasil), Ana Paula Paes
de Paula (UFMG - Belo Horizonte - MG, Brasil), Anatalia Saraiva Martins Ramos (UFRN - Natal - RN, Brasil), André
Lucirton Costa (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Andre Luis de Castro Moura Duarte (INSPER - São
Paulo - SP, Brasil), Andre Ofenhejm Mascarenhas (Centro Universitário da FEI - São Paulo - SP, Brasil), Andrea
Lago da Silva (UFSCAR – São Carlos – SP, Brasil), Anielson Barbosa da Silva (UFPB - João Pessoa - PB, Brasil),
Antonio Díaz Andrade (AUT University - Auckland, Nova Zelândia), Antonio Domingos Padula (UFRGS - Porto
Alegre - RS, Brasil), Antonio Lopo Martinez (FUCAPE - Vitoria - ES, Brasil), Antonio Moreira de Carvalho (PUC
Minas - Belo Horizonte - MG, Brasil), Antonio Navarro-García (Universidad de Sevilla - Sevilha, Espanha), Bento
Alves da Costa Filho (Ibmec-DF - Brasília - DF, Brasil), Bill Cooke (University of York - Heslington, Reino Unido),
Carlos Jesús Fernández Rodríguez (Universidad Autónoma de Madrid - Madrid, Espanha), Carlos L. Rodriguez
(UNCW - Wilimigton - NC, Estados Unidos), Cesar Alexandre de Souza (USP-FEA - São Paulo SP, Brasil), Claudio
R. Lucinda (USP/FEA-RP - Ribeirão Preto - SP, Brasil), Dario de Oliveira Lima Filho (UFMS - Campo Grande - MS,
Brasil), Delane Botelho (FGV-EAESP - São Paulo - SP, Brasil), Denise Del Prá Netto Machado (FURB - Blumenau
- SC, Brasil), Diego Rene Gonzales Miranda (Universidad EAFIT - Medellín, Colômbia), Diogo Henrique Helal
(UFPB - Joao Pessoa - PB, Brasil), Domingo Garcia-Perez-de-Lema (UPCT - Cartagena, Espanha), Edgard Barki
(FGV-EAESP - São Paulo - SP, Brasil), Edmilson de Oliveira Lima (UNINOVE - São Paulo - SP, Brasil), Eduardo
Andre Teixeira Ayrosa (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ely Laureano de Paiva (FGV-EAESP - São Paulo
- SP, Brasil), Eric David Cohen (Ibmec-Rio - Rio de Janeiro - RJ, Brasil), Eric van Heck (Erasmus University -
Rotterdam, Holanda), Fábio Frezatti (USP-FEA - São Paulo - SP, Brasil), Fernanda Finotti Perobelli (UFJF - Juiz
de Fora - MG, Brasil), Francisco Javier Rondán Cataluña (Universidad de Sevilla - Sevilla, Espanha), Gláucia
Maria Vasconcellos Vale (PUC-Minas - Belo Horizonte - MG, Brasil), Glicia Vieira (UFES - Vitoria - ES, Brasil),
Graziela Comini (USP-FEA - São Paulo - SP, Brasil), Graziela Dias Alperstedt (UDESC - Florianópolis - SC, Brasil),
Heitor Almeida (College of Business at Illinois - Champaign, Estados Unidos), Henrique Luiz Côrrea (CRUMMER
- Flórida - FL, Estados Unidos), Janete Lara de Oliveira (UFMG - Belo Horizonte - MG, Brasil), João Luiz Becker
(UFRGS - Porto Alegre - RS, Brasil), Jorge Verschoore (São Leopoldo – RS, Brasil), José Antônio Gomes Pinho
(UFBA - Salvador - BA, Brasil), José Henrique de Faria (UFPR - Curitiba - PR, Brasil), José Mauro C. Hernandez
(USP-EACH - São Paulo - SP, Brasil), Luciano Barin Cruz (HEC-Montréal - Québec, Canada), Luiz Artur Ledur Brito
(FGV-EAESP - São Paulo - SP, Brasil), Maria Alexandra Cunha (FGV-EAESP - São Paulo - SP, Brasil), Maria Ceci
Araújo Misoczky (UFRGS - Porto Alegre - RS, Brasil), Mário Aquino Alves (FGV-EAESP - São Paulo - SP, Brasil),
Mario Sacomano Neto (UNIMEP - São Paulo - SP, Brasil), Marlei Pozzebon (HEC-Montréal - Québec, Canada e
FGV-EAESP - São Paulo - SP, Brasil), Mateus Canniatti Ponchio (ESPM - São Paulo - SP, Brasil), Mauricio Reinert
(UEM - Maringá - PR, Brasil), Patricia Mendonça (USP-EACH - São Paulo - SP, Brasil), Paulo Bastos Tigre (UFRJ
- Rio de Janeiro - RJ, Brasil), Paulo Roberto Barbosa Lustosa (UnB - Brasília - DF, Brasil), Rafael Alcadipani (FGV-
EAESP - São Paulo - SP, Brasil), Rafael Goldszmidt (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Ramón Valle Cabrera
(Universidad Pablo de Olavide - Sevilha, Espanha), Rebecca Arkader (UFRJ - Rio de Janeiro - RJ, Brasil), Ricardo
Ratner Rochman (FGV/EESP - São Paulo - SP, Brasil), Roberto Patrus Mundim Pena (PUC-Minas - Belo Horizonte
- MG, Brasil), Rodrigo Bandeira-de-Mello (FGV-EAESP - São Paulo - SP, Brasil), Rodrigo Ladeira (UNIFACS -
Salvador - BA, Brasil), Salomão Alencar de Farias (UFPE - Recife - PE, Brasil), Sérgio Bulgacov (FGV-EAESP - São
Paulo - SP, Brasil), Sérgio Giovanetti Lazzarini (INSPER - São Paulo - SP, Brasil), Silvana Anita Walter (FURB
- Blumenau - SC, Brasil), Sônia Maria Fleury (FGV-EBAPE - Rio de Janeiro - RJ, Brasil), Tales Andreassi (FGV-
EAESP - São Paulo - SP, Brasil), Teresia D. L. van Ad. de Macedo-Soares (PUC-Rio - Rio de Janeiro - RJ, Brasil),
Thomas Brashear Alejandro (University of Massachusetts Amherst - Amherst - MA, Estados Unidos), Vinicius
Brei (UFRGS - Porto Alegre - RS, Brasil), Wilson Toshiro Nakamura (MACKENZIE – São Paulo – SP, Brasil).
COMITÊ DE POLÍTICA EDITORIAL
Carlos Osmar Bertero, Eduardo Diniz, Flávio Carvalho de Vasconcelos, Francisco Aranha, Luiz Artur Ledur Brito,
Maria José Tonelli, Maria Tereza Leme Fleury, Tales Andreassi, Thomaz Wood Jr.
EDITORA-CHEFE
Maria José Tonelli
EDITOR ADJUNTO
Felipe Zambaldi
EDITORA DE LIVROS
Roseli Morena Porto

Publicação bimestral da Fundação Getulio Vargas
Escola de Administração de Empresas de São Paulo
Apoio:
PESQUISA E CONHECIMENTO | V. 56, N. 1, JANEIRO-FEVEREIRO 2016

RAE – Revista de Administração de Empresas / Fundação Getulio Vargas.
Vol. 1, n. 1 (maio/ago. 1961) - . - Rio de Janeiro: Fundação Getulio Vargas, 1961 - v.; 27,5cm.
Quadrimestral: 1961–1962. Trimestral: 1963–1973. Bimestral: 1974–1977.
Trimestral: 1978–1992. Bimestral: 1992–1995. Trimestral: 1996–2010.
Bimestral: 2011–.
Publicada: São Paulo: FGV-EAESP, 1988–
ISSN 0034-7590
1. Administração de empresas – Periódicos. I. Fundação Getulio Vargas. II.
Escola de Administração de Empresas de São Paulo.
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BY) do Creative Commons (https://creativecommons.org/licenses/by/3.0/br) em
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CDD 658
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ISSN 0034-7590
Janeiro/Fevereiro 2016
EDITORIAL
7 SETE ANOS DEPOIS, A DESPEDIDA
Eduardo Diniz
ARTIGOS
8 RELAÇÃO ENTRE VARIÁVEIS DE BASE, VALORES E RESPONSABILIDADE SOCIAL CORPORATIVA
Contribuição ao conhecimento sobre a relação entre valores humanos básicos e a percepção
pública acerca da responsabilidade social corporativa.
María del Rosario González-Rodríguez, María del Carmen Díaz-Fernández, Valéria Rueda Elias
Spers e Marcelo da Silva Leite
20 RESPONSABILIDADE SOCIAL CORPORATIVA E DESEMPENHO FINANCEIRO: O CASO ESPANHOL
Análise da relação entre responsabilidade social corporativa e desempenho financeiro em face do
debate que ocorre na literatura sobre a área.
Cristina Madorran e Teresa Garcia
29 INFLUÊNCIA DA ASSINATURA DO FABRICANTE NA LEALDADE E INTENÇÃO DE COMPRA DE MARCAS
PRÓPRIAS DE VAREJISTA
Estudo sobre as diferenças entre as probabilidades de compra entre marcas de loja com e sem
identificação do fabricante e sobre o papel moderador da assinatura do fabricante na intenção de
compra.
Cristina Calvo-Porral, Valentín-Alejandro Martínez-Fernández e Oscar Juanatey-Boga,
43 A PERSONALIDADE DOS DIRETORES DE PEQUENAS E MÉDIAS EMPRESAS INFLUENCIA OS
RESULTADOS DE EXPORTAÇÃO?
Trabalho sobre as variações entre os valores de executivos de PMEs com e sem sucesso de
exportação segundo a escala de Schwartz
Francisco Javier Rondan-Cataluña, Antonio Navarro-Garcia e Jorge Arenas-Gaitan
55 CRITÉRIOS DE ESTRATIFICAÇÃO E COMPARAÇÃO DE CLASSIFICADORES SOCIOECONÔMICOS NO
BRASIL
Comparaçãoconceitualemetodológicadecincoclassificadoresparaaestratificaçãosocioeconômica
da sociedade brasileira e mensuração dos trade-offs de erros de classificação entre eles
Wagner Kamakura e José Afonso Mazzon
71 O PAPEL DA PERSISTÊNCIA DOS LUCROS NA ACURÁCIA DE AVALIAÇÃO E NO HORIZONTE
TEMPORAL
Investigação sobre a persistência dos ganhos sob a premissa de ser um bom insumo para modelos
de avaliação de empresas e para orientação mercadológica e gerencial no longo prazo
Renê Coppe Pimentel e Andson Braga de Aguiar
87 ANÁLISE COMPARATIVA DAS ATITUDES COMPORTAMENTAIS DE PASSAGEIROS DE CRUZEIRO
NORTE-AMERICANOS E ESPANHÓIS
Pesquisa sobre os efeitos da nacionalidade nas relações entre valor percebido, satisfação,
confiança e intenção de comportamento de espanhóis e norte-americanos
Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García e Fernando J. Garrigos-Simon
101 GESTÃO HUMANA DE ORIENTAÇÃO ANALÍTICA: UM CAMINHO PARA A RESPONSABILIZAÇÃO
Enfoque na gestão humana que privilegia espaços de conversação nas organizações, por meio
da verbalização que traz como efeitos a simbolização, a socialização e a responsabilização de
indivíduos, grupos e organizações
RESENHA
114 A ARTE DE INFLUENCIAR OS OUTROS
Mauro Maia Laruccia
INDICAÇÕES BIBLIOGRÁFICAS
116 NEUROCIÊNCIA APLICADA À EDUCAÇÃO
117 PSICOECONOMIA
118 INFORMAÇÕES EDITORIAIS 2015
122 COLABORADORES
SUMÁRIO
© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016

ISSN 0034-7590
January/February 2016
CONTENTS
EDITORIAL
7 SEVEN YEARS LATER, THE FAREWELL
Eduardo Diniz
ARTICLES
8 RELATION BETWEEN BACKGROUND VARIABLES, VALUES AND CORPORATE SOCIAL RESPONSIBILITY
A contribution to the knowledge about the relationship between basic human values and public
perception with regard to corporate social responsibility.
Spers and Marcelo da Silva Leite
20 CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE
An analysis of the relationship between corporate social responsibility and financial performance,
given the debate in literature about the area.
Cristina Madorran and Teresa Garcia
29 INFLUENCE OF MANUFACTURER SIGNATURE ON STORE BRANDS’ LOYALTY AND PURCHASE INTENTION
A study of the differences between the probabilities of purchasing between store brands with
and without identification of the manufacturer and about the moderating role the manufacturer’s
signature has on intention to purchase.
Cristina Calvo-Porral and Valentín-Alejandro Martínez-Fernández and Oscar Juanatey-Boga
43 DOES THE PERSONALITY OF SMALL AND MEDIUM-SIZED COMPANIES’ DIRECTORS AFFECT
EXPORTING RESULTS?
A work that deals with the variations in the values of the executives of SMEs that are successful and
unsuccessful at exporting, according to the Schwartz scale.
Francisco Javier Rondan-Cataluña, Antonio Navarro-García and Jorge Arenas-Gaitan
55 SOCIOECONOMIC STRATIFICATION CRITERIA AND CLASSIFICATION TOOLS IN BRAZIL
A conceptual and methodological comparison of five classifiers for stratifying Brazilian society
socio-economically and for measuring the classification error trade-offs between them.
Wagner Kamakura and José Afonso Mazzon
71 THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZON
An investigation into the persistence of gains, based on the assumption of their being a good input
for company evaluation models and for long-term marketing and managerial guidance.
Renê Coppe Pimentel and Andson Braga de Aguiar
87 COMPARATIVE ANALYSIS OF AMERICAN AND SPANISH CRUISE PASSENGERS’ BEHAVIORAL INTENTIONS
Research into the effects of nationality on the relationship between perceived value, satisfaction,
trust and the behavior intentions of Spaniards and North Americans.
Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez-García and Fernando J. Garrigos-Simon
101 ANALYTICAL ORIENTATION HUMAN MANAGEMENT: A PATH TO RESPONSIBILIZATION
A focus on human management that favors conversation spaces in organizations, by way of the
verbalization whose effects result in the symbolization, socialization and accountability of
individuals, groups and organizations.
Juan Davi Perez Patino and Isabel Cristina Lopera Arbelaez
REVIEW
114 THE ART OF INFLUENCING OTHERS
Mauro Maia Laruccia
BOOK RECOMMENDATION
116 NEUROSCIENCE AS APPLIED TO EDUCATION
117 PSYCHOECONOMICS
118 EDITORIAL INFORMATION 2015
122 CONTRIBUTORS

ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016
SUMARIO
EDITORIAL
7 DESPUÉS DE SIETE AÑOS, LA DESPEDIDA
Eduardo Diniz
ARTÍCULOS
8 RELACIÓN ENTRE LAS VARIABLES CONTEXTUALES, LOS VALORES Y LA RESPONSABILIDAD SOCIAL
CORPORATIVA
Contribución al conocimiento sobre la relación entre valores humanos básicos y la percepción
pública acerca de la responsabilidad social corporativa.
Spers y Marcelo da Silva Leite
20 RESPONSABILIDAD SOCIAL CORPORATIVA Y DESEMPEÑO FINANCIERO: EL CASO ESPAÑOL
Análisis de la relación entre responsabilidad social corporativa y desempeño financiero de cara al
debate presente en la literatura sobre el área.
Cristina Madorran y Teresa Garcia
29 INFLUENCIA DE LA FIRMA DEL FABRICANTE SOBRE LA LEALTAD A LAS MARCAS BLANCAS Y LA
INTENCIÓN DE COMPRA
Estudio sobre las diferencias entre las probabilidades de compra entre marcas de comercio con y sin
identificación delfabricanteysobreelpapelmoderadordelafirmadelfabricanteenlaintencióndecompra.
Oscar Juanatey Boga, Cristina Calvo-Porral y Valentín Alejandro Martínez Fernández
43 ¿INFLUYE LA PERSONALIDAD DE LOS DIRECTIVOS DE PYMES EN LOS RESULTADOS EXPORTADORES?
Trabajo sobre las variaciones entre los valores de ejecutivos de PMEs con y sin éxito de exportación
según la escala de Schwartz.
Francisco Javier Rondan-Cataluña, Antonio Navarro-Garcia y Jorge Arenas-Gaitan
55 CRITERIOS DE ESTRATIFICACIÓN Y COMPARACIÓN DE CLASIFICADORES SOCIOECONÓMICOS EN BRASIL
Comparaciónconceptualymetodológicadecincoclasificadoresparalaestratificaciónsocioeconómica
de la sociedad brasileña y medición de los trade-offs de errores de clasificación entre ellos.
Wagner Kamakura y José Afonso Mazzon
71 EL ROL DE LA PERSISTENCIA DE LAS GANANCIAS EN LA EXACTITUD DE LA VALORACIÓN Y EL
HORIZONTE TEMPORAL
Investigación sobre la persistencia de las ganancias bajo la premisa de ser un buen insumo para
modelos de evaluación de empresas y para orientación mercadológica y gerencial en el largo plazo.
Renê Coppe Pimentel y Andson Braga de Aguiar
87 ANÁLISIS COMPARATIVO DE LAS INTENCIONES DE COMPORTAMIENTO DE PASAJEROS DE
CRUCEROS AMERICANOS Y ESPAÑOLES
Estudio sobre los efectos de la nacionalidad en las relaciones entre valor percibido, satisfacción,
confianza e intención de comportamiento de españoles y norteamericanos.
Santiago Forgas-Coll, Ramon Palau-Saumell, Javier Sánchez García y Fernando J. Garrigos-Simon
101 GESTIÓN HUMANA DE ORIENTACIÓN ANALÍTICA: UN CAMINO PARA LA RESPONSABILIZACIÓN
Enfoque en la gestión humana que privilegia espacios de conversación en las organizaciones,
por medio de la verbalización que trae como efectos la simbolización, la socialización y la
responsabilización de individuos, grupos y organizaciones.
RESEÑA
114 EL ARTE DE INFLUENCIAR A LOS DEMÁS
Mauro Maia Laruccia
RECOMENDACIONES BIBLIOGRÁFICAS
116 NEUROCIENCIA APLICADA A LA EDUCACIÓN
117 PSICOECONOMÍA
118 INFORMACIÓNES EDITORIALES 2015
122 COLABORADORES
Enero/Febrero 2016

ISSN 0034-7590
RAE | Revista de Administração de Empresas | FGV-EAESP
EDITORIAL
SETE ANOS DEPOIS, A DESPEDIDA
N
os últimos sete anos, estive como editor chefe da RAE e posso
afirmar que foi uma experiência fantástica. Aprendi muito e passei
a entender um pouco melhor a dinâmica do mundo daspublicações
científicas. Neste meu último editorial, o 37o
, gostaria de fazer um balanço
dos 36 que publiquei anteriormente neste espaço, com a expectativa
de avaliar algumas das ideias que ajudei a veicular, sobre gestão de
periódicos, internacionalização da produção científica, indicadores de
impacto acadêmico, entre outras.
Com base nos dados de acesso medidos nos servidores em
que está hospedado o website da RAE, pode-se ter uma avaliação
aproximada sobre a repercussão desses editoriais entre os leitores
da revista. De todos, o editorial mais acessado foi o da edição de 50
anos (maio/junho de 2011), seguido pelo que comenta a evolução
dos indicadores da revista em 2011 (janeiro/fevereiro de 2012),
deixando em terceiro lugar o que aborda a relação entre colaboração
internacional e qualidade da produção científica (setembro/outubro
de 2014). Enquanto os dois primeiros tiveram cerca de 30 mil acessos
desde a sua publicação, o terceiro, mais recente, está entre os com mais
acessos diários, apontando 45 leituras por dia desde que foi publicado.
Se classificados pelo tema abordado, dos 36 editoriais, 14
(quase 40%) trataram de aspectos relacionados à gestão de periódicos
científicos, o que identifica claramente um dos assuntos preferidos deste
editor. Nessa temática, foram abordados acesso aberto, plagiarismo,
sistemas editoriais, modelos de negócio, regras de submissão, entre
outros. Um desses editoriais, republicado com o título “Similar ou plágio?
Novos desafios para a gestão de periódicos científicos”, manteve-se
entre os top ten no blog de Humanas do Scielo em 2015.
O segundo tema mais abordado foi o da internacionalização,
com oito editoriais que apresentam a evolução da RAE no cenário
internacional e a relação entre colaboração internacional e qualidade da
produção científica. Quando agrupados por temas, é possível perceber
que, apesar de aparecer em um número menor de editoriais, o tema da
internacionalização aparentemente atrai mais o interesse dos leitores
no website da RAE: enquanto os editoriais sobre gestão de periódicos
têm uma média de 16 acessos/dia, aqueles sobre internacionalização
registram média de 24 acessos/dia.
A partir da segunda edição deste ano, os leitores da RAE
contarão, nessa página, com o estilo e as temáticas da professora Maria
José Tonelli, próxima editora chefe da revista. Ex-diretora acadêmica da
FGV-EAESP, pesquisadora experiente e atuante em boards de periódicos
importantes, a professora Tonelli tem tudo para conduzir a RAE para
patamares mais altos, consolidando sua posição entre os periódicos
mais importantes dos países emergentes.
Despeço-me e agradeço a atenção dos leitores, a colaboração
prestimosa dos editores científicos e avaliadores, bem como o interesse
dos autores que submeteram seus artigos à RAE. Principalmente
gostaria de registrar o empenho de toda a equipe de redação, que,
com paciência, tenacidade e competência, transformou a RAE numa
referência para a área de Administração, no País e também fora dele.
Nesta edição da RAE, publicamos dois artigos que apresentam
uma perspectiva espanhola sobre responsabilidade social corporativa.
Um deles, “Relation between background variables, values and
corporatesocialresponsibility”,discutearelaçãoentrevaloreshumanos
básicos e a percepção pública acerca de responsabilidade social
corporativa a partir de um estudo com estudantes espanhóis. O outro,
“Corporate social responsibility and financial performance: The Spanish
case”, analisa a relação entre responsabilidade social corporativa
e desempenho financeiro em face do debate presente na literatura
sobre a área, com base em uma amostra de empresas espanholas. Três
outros artigos espanhóis os acompanham. “Influence of manufacturer
signature on store brands’ loyalty and purchase intention” investiga as
diferenças entre as probabilidades de compra de marcas de loja com e
semidentificaçãodofabricanteesobreopapelmoderadordaassinatura
do fabricante na intenção de compra. “¿Influye la personalidad de los
directivos de pymes en los resultados exportadores?” é um estudo
sobre variações entre valores de executivos de PMEs com e sem
sucesso de exportação segundo a escala de Schwartz. “Comparative
analysis of American and Spanish cruise passengers’ behavioral
intentions” pesquisa os efeitos da nacionalidade nas relações entre
valor percebido, satisfação, confiança e intenção de comportamento
de espanhóis e norte-americanos. Publicamos ainda “Critérios de
estratificação e comparação de classificadores socioeconômicos no
Brasil”, que aborda a comparação conceitual e metodológica de cinco
classificadores para a estratificação socioeconômica da sociedade
brasileira e mensuração dos trade-offs de erros de classificação entre
eles, e “The role of earnings persistence in valuation accuracy and the
time horizon”, que investiga a persistência dos ganhos sob a premissa
de ser um bom insumo para modelos de avaliação de empresas e para
orientação mercadológica e gerencial no longo prazo. Fecha a edição
o artigo colombiano “Gestión humana de orientación analítica: Un
camino para la responsabilización”, um estudo sobre a gestão humana
que privilegia espaços de conversação nas organizações, por meio da
verbalização que traz como efeitos a simbolização, a socialização e a
responsabilização a indivíduos, grupos e organizações.
Completam esta edição a resenha do livro Elements of influence:
The art of getting othersto followyourlead e as indicações bibliográficas
sobre neurociência aplicada à educação e psicoeconomia.
Tenham todos uma boa leitura!
EDUARDO DINIZ | Editor chefe
Professor da Fundação Getulio Vargas,
Escola de Administração de Empresas de São Paulo
São Paulo – SP, Brasil
DOI: http://dx.doi.org/10.1590/S0034-759020160101

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ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19
MARÍA DEL ROSARIO GONZÁLEZ-
RODRÍGUEZ
rosaglez@us.es
Professor at Universidad de Sevilla,
Facultad de Turismo y Finanzas –
Sevilla, Spain
MARÍA DEL CARMEN DÍAZ-
FERNÁNDEZ
cardiaz@us.es
Professor at Universidad de Sevilla,
Facultad de Turismo y Finanzas –
Sevilla, Spain
VALÉRIA RUEDA ELIAS SPERS
vrueda@unimep.br
Professor at Universidade Metodista
de Piracicaba, Faculdade de Gestão e
Negócios – Piracicaba – SP, Brazil
MARCELO DA SILVA LEITE
masleite@unimep.br
Professor at Universidade Metodista
de Piracicaba, Faculdade de Ciências
Humanas – Piracicaba – SP, Brazil
ARTICLES
Submitted 02.24.2014. Approved 05.13.2014
Evaluated by double blind review process. Scientific Editor: Percy Marquina Feldman
RELATION BETWEEN BACKGROUND
VARIABLES, VALUES AND CORPORATE
SOCIAL RESPONSIBILITY
Relação entre variáveis de base, valores e responsabilidade social corporativa
Relación entre las variables contextuales, los valores y la responsabilidad
social corporativa
ABSTRACT
Consumer perception of corporate social responsibility (CSR) can be directly influenced by individual
value structures. This research aims to provide new knowledge regarding the relationship between
basic human values and the public’s perception of CSR. It focuses on the values of higher educa-
tion students and their views regarding a particular corporate social initiative. The study reveals
that social, educational, and economic circumstances influence human values. Those values in turn
influence why different students perceive CSR differently. These findings are relevant to companies
as they provide a more detailed understanding of why certain consumer groups perceive certain CSR
initiatives the way that they do. They also suggest that universities should increase their awareness
of the importance of integrating human values and CSR in the curricula of future business managers
and social leaders.
KEYWORDS | Human values, Schwartz’s Theory, corporate social responsibility, perception, higher
education.
RESUMO
A percepção que o consumidortem da responsabilidade social corporativa (RSC) pode ser diretamente
influenciada por estruturas de valores individuais. O presente estudo tem como objetivo proporcionar
novos conhecimentos sobre a relação entre valores humanos básicos e a percepção que o público
tem da RSC. Ele concentra-se nos valores de alunos universitários e seus pontos de vista sobre uma
determinada iniciativa social corporativa. O estudo revela que circunstâncias sociais, educacionais e
econômicas influenciam os valores humanos. Esses valores, por sua vez, influenciam o motivo de dife-
rentes alunos perceberem a RSC de formas diferentes. Os resultados são relevantes para as empresas,
na medida em que permitem uma compreensão mais detalhada da razão pela qual certos grupos de
consumidores percebem de determinada forma certas iniciativas de RSC. Também sugerem que as
universidades sejam mais conscientes da importância da integração dos valores humanos e da RSC
nos currículos de futuros gestores de negócios e líderes sociais.
PALAVRAS-CHAVE | Valores humanos, Teoria de Schwartz, responsabilidade social corporativa, per-
cepção, ensino superior.
RESUMEN
La percepción del consumidor respecto de la responsabilidad social corporativa (CSR por su sigla
en inglés) se puede ver directamente influenciada por las estructuras de valores de la persona. Esta
investigación se propone brindar nuevos conocimientos acerca de la relación entre los valores
humanos básicos y la percepción pública de la CSR. El mismo se centra en los valores de estudian-
tes pertenecientes al nivel superior de educación y sus visiones en relación a una iniciativa social
corporativa en particular. El estudio revela que las circunstancias sociales, educativas y económicas
ejercen influencia sobre los valores humanos. A su vez estos valores influyen en los motivos por los
cuales diferentes estudiantes perciben de manera diferente a la CSR. Estos descubrimientos resultan
relevantes para las empresas, ya que brindan una comprensión más detallada de los motivos por los
que determinados grupos de consumidores perciben determinadas iniciativas de CSR de una manera
particular. Sugieren además que las universidades deben incrementar su conciencia de la importan-
cia de la integración de los valores humanos y la CSR a los planes de estudio de los futuros gerentes
comerciales y líderes sociales.
PALABRAS CLAVE | Valores humanos, Teoría de Schwartz, Responsabilidad social corporativa, percep-
ción, educación superior.
RAE-Revista de Administração de Empresas | FGV/EAESP

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AUTORES | María del Rosario González-Rodríguez | María del Carmen Díaz-Fernández | Valéria Rueda Elias Spers | Marcelo da Silva Leite
© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 8-19
INTRODUCTION
Although research on the relationship between social
demographics and value structures can be found in the literature
(Wang & Juslin, 2012), few studies have empirically analyzed the
influence of the framework of human values on the perception
of corporate social responsibility (CSR) in the context of higher
education (Rama, Ravenscroft, Wolcott, & Zlotkowski, 2000;
Sobczak, Debucquet, & Havard, 2006; Weber, Weber, Sleeper,
& Schneider, 2004; Weber & Glyptis, 2000; Wong, Long, &
Elankumaran, 2010). Despite the scarcity of studies, consumer
perception of CSR can be an important determinant of the
success of CSR practices in any organization. With regard to
that importance, Buil, Melero, and Montaner (2012) noted that
firms should collaborate with causes linked not only to their
main activity but also in tasks consumers feel involved with,
particularly altruism-motivated ones. Unfortunately, as Perez-
Ruiz and Rodriguez-Del Bosque (2012) manifest, evidence on
this issue point to customer perceptions according to which CSR
activities are more directly linked to the firm’s pursuit of its own
benefit than to philanthropic and ethical considerations.
Despite these previous arguments, doubts still exists
both in academe and in managerial practice as to whether CSR
can influence consumer-related issues such as perceptions or
purchasing behavior (Bigne-Alcaniz & Curras-Perez, 2008). In
order to address this question, the present study analyses and
determines what can actually influence perceptions of a particular
CSR activity, and how different perceptions are influenced by
different experiences and related values, rather than by the
activity itself and its success or failure. Therefore, this paper
will show that this relationship is scarcely taken into account,
based on a review of the existing literature.
To this end, the present study, which is based on a sample
of 1,060 Spanish higher education students, aims to analyze
the following issues: i) the influence of background variables on
human values; ii) and the extent to which perceptions of a social
initiative are influenced by these students’ values structure. The
main purpose of this study is to reinforce CSR’s social dimensions
according to the Triple Bottom Line, since this perspective may
be considered strategic not only for company success but also
for stakeholders (Arratia Figueroa, 2008). A comprehensive
study exploring the relationship between CSR perception and
human values in the context of higher education involves an
accurate understanding of how CSR curricula can be designed.
In this respect, as Frazer and Kornhauser (1988) noted, ethics
and social responsibility play an important, transcendental role
in educational institutions, society, and firms.
The structure of this paper is as follows. Firstly, we provide
a review of the concept of human values, including Schwartz´s
theory on the subject. The paper then explores the literature
on the role of values as drivers of the public perception of
CSR. After this, it describes the model formulated to test the
hypotheses we present. The research method, sampling details,
and statistical tools are then described. Finally, we discuss our
findings and assess their significance. We conclude by reflecting
on the study’s limitations and suggest a research agenda to
address them.
HUMAN VALUES AND SCHWARTZ’S
VALUE THEORY
A universal definition regarding human values is not found in
the literature (Lan, Gowing, McManhon, Rieger, & King, 2008).
However, over the last decade, Schwartz and his colleagues’
definition has been broadly adopted (Siltaoja, 2006). Schwartz
and Bardi (2001) have defined values as desirable, trans-
situational goals that vary in importance, serving as guiding
principles in people’s lives. Individual motivations are crucial
in distinguishing among human values. Furthermore, Schwartz
(1994) delimited these motivational goals and established that
values are answers to the following constrictions: personal
relations, social relations, and survival needs.
With regard to this premise, Schwartz (1992, 1994)
grouped the 56 original values into ten value categories, which
were further clustered into four higher order value orientations:
1) Self-transcendence (universalism and benevolence values),
2) Self-enhancement (power and achievement), 3) Openness
to change (self-direction, hedonism, and stimulation), and 4)
Conservation (tradition, conformity, and security). This taxonomy
of values, which is called the Schwartz’s value system (SVS)
(Perrinjaquet, Furrer, Usunier, Cestre, & Valette-Florence, 2007),
was commonly represented by Schwartz and his colleagues as
a two dimensional, circular structure representing a continuum
of values (Figure 1). The position of human values in Figure 1
shows values’ degree of proximity or disconformity between them
(Schwartz, 1992, 1994). Therefore, the circle has two opposite
dimensions: on one hand, the dimensions of self-enhancement
(power, achievement) and self-transcendence (benevolence,
universalism); and, on the other hand, the dimensions of
conservation (security, conformity, tradition) and openness to
change (self-direction, stimulation). Hedonism can be placed
either in the self-enhancement dimension or the openness to
change dimension.

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ARTICLES | Relation between background variables, values and corporate social responsibility
Figure 1. Theoretical model of relations among ten motivational types of values
Opnness to Change
Stimulation
Exciting life
Self direction
Creativity,
freedom
Universalism
Social
justice,
equality
Benevolence
Helpfulness
Security
Social order
Power
Authority,
wealth
Achievement
Success,
ambition
Pleasure
Hedonism Conformity
Obedience
Tradition
Humility
devoutness
Self-transcedence
Self-enhancement
Conservation
Organized by motivational
similarities and dissimilarities
Note. Adapted from “Advances in experimental social psychology” by S. H. Schwartz, S. H., 1992. San Diego, CA: Academic Press.
The human value framework above (SVS) has been strongly
supported with samples from different cultural contexts (Schwartz
& Sagiv, 1995; Schwartz, Melech, Lehmann, Burgess, & Harris
2001) and has been tested and found to have predictive validity
in several diverse academic areas such as psychology (Wilson,
2005), marketing (Steenkamp, Hofstede, & Wedel, 1999), and
international business (Egri & Ralston, 2004). However, this model
has also been criticized for the psychometric scale and collinearity
issues observed between the values (Olver & Mooradian, 2003;
Thøgersen & Ölander, 2002). Other scholars have argued that
the empirical findings using the human values framework fail
to provide convincing arguments for Schwartz’s SVS structure
(Perrinjaquet et al., 2007).
Despite these disagreements, the model continues to be
used. Koivula (2008) highlights that Schwartz’s value system
is well adjusted to the basic human condition. However, the
present study holds that value structures may change over time in
response to changes in social patterns, technology, and economic
and political events.
CORPORATE SOCIAL RESPONSIBILITY
AND THE TRIPLE BOTTOM LINE
The literature lacks a consensus on the notion of CSR (Wang &
Juslin, 2012). Wang and Juslin (2012) conducted a revision of CSR
concepts in the literature, and the present paper adopts a definition
based on the ‘Triple Bottom Line’ term, relating the concept of CSR
with three dimensions or perspectives: 1) economic responsibility
(firm performance); 2) environmental responsibility (environment
sustainability); and 3) social responsibility (individuals’ well-being)
(Norman & MacDonald, 2004).
The importance of CSR’s social dimension motivated
the present study, which focuses on the connection between
Schwartz’ theory of values and the perceptions of a particular
social initiative conducted by a particular company.
To this end, we studied the social initiative (CSR’s social
dimension) mainly as it is perceived by higher education students
acting as consumers, and used four questions indicating: a)
Acceptance, which describes how much an individual likes the
initiative; b) Perceived value, representing how good the initiative
is in the individual’s perception; c) Support, describing how much
the individual supports the initiative; and d) Perceived usefulness,
i.e., how useful the initiative is in the individual’s perception.
Concerns related to the concept of CSR grow as different
dimensions are added to it, leading to a lack of consensus about
findings; such concerns occupy an important place in the literature
(Baden, Harwood, & Woodward, 2009; Fernando, 2010; Fernando &
Sim, 2011; Ibrahim et al., 2006; Perrinjaquet et al., 2007; Pomering
& Johnson, 2009). Business leaders have also manifested different
views about the concept of CSR (Sprinkle & Mainess, 2010).
Furthermore, in this specific entrepreneurial context, i.e., one of
economic constrains, implementing social responsibility actions
is not an easy task (Fernando & Almeida, 2012). However, CSR
accomplishment by firms is increasing, with a view to consumer
acceptance, consumer loyalty, and, therefore, firm performance

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(Gladwell, 2000). More than just a fad (Bowd, Bowd, & Harris, 2006),
CSR activities have developed to become programs that companies
must undertake (Macalister, 2008; Willman, 2008).
Nevertheless, despite all concerns with social responsible
activities’ implementation, few studies to date have analyzed in
a combined way CSR perception and the value structure of the
individuals CSR activities aim to address (Harwood, Humby, &
Harwood, 2011). This research gap is even bigger when it comes
to higher education (Weber et al., 2004), particularly in business
studies (Arlow, 1991). Although a few studies have focused on
patterns of managers and business students in relation to CSR
(Longenecker, McKinney, & Moore, 1989; Stevens, 1984), to date
there is insufficient research and no conclusive knowledge or
findings on how human values are constructed, how those values
influence perceptions, and how perceptions may vary particularly
regarding different CSR activities.
VALUES VERSUS CSR: MODEL AND
HYPOTHESIS
In sociology, values are considered as drivers that can influence
human action (Wang & Juslin, 2012). Values are clearly manifested
not only by individuals but also by institutions and society
(Hofstede, 1980). Likewise, values display an important role
on each level of a firm, guiding the setting of goals, resource
allocation, and the designing of strategies (Rokeach, 1979).
According to Argandoña (2003), values are part of firms’
competences, shaping their long-term success.
The relationship among values, attitudes, and behavior
is not a straightforward one (Barth, 1993) and the sense and
intensity of this relationship is not clearly established. While
some authors show a weak relationship (Kristiansen & Hotte,
1996), others manifest strong situational force acting between
values and behavior (Feather, 1996).
Schwartz (1996) described the process that might connect
people’s priorities in terms of values with their attitudes and
behavior. Values influence the perception and interpretation of
different situations, and, therefore, they can show how social
science students acting as consumers in a specific cultural context
can perceive a social initiative launched by a company.
A consensus seems to exist among the theories found in
the literature, according to which, human values can influence
human patterns (Wang & Juslin, 2012). In addition, people
from different cultural contexts show different value structures
(Schwartz, 1994, 1999), which can influence their own perception
of reality and guide their attitudes (Siltaoja, 2006). Thus, the
evaluation of CSR actions is determined by human values and
cultural-societal norms in combination with a number of other
considerations that can influence how individuals evaluate such
activities (Hemingway & MacLagan, 2004).
According to the findings above, this paper will first explore
the extent to which Schwartz’s value theory is applicable to a
sample of Spanish students from different social science courses
in higher education, including tourism, finances, labor relations,
psychology, educational science, economics, and business
management. Secondly, the degree of influence between these
students’ personal values and their CSR perception is analyzed.
The findings are more accurate than those obtained by other
researchers who focused on a single higher education course (Rama
et al., 2000;Sobczaket al., 2006; Wang & Juslin, 2011, 2012), more
specifically bachelor of accounting, with findings extended to the
whole area of business management. That procedure has been
strongly criticized. Therefore, Weber et al. (2004) concluded that
very little research on students presents distinctions among study
areas, which presupposes homogeneity in the student population.
Similar arguments can be found in Coate and Frey’s (2000) work,
according to which research on students from bachelor of business
management courses are scarce, making it inappropriate to draw
conclusions for the population of a whole university. Consequently,
additional studies are required.
To address what was discussed above, we formulated
the hypotheses below according to Schwartz’s (1992, 1994)
theoretical framework, included in the proposed model (Figure 2):
H₁: Differences in human values regarding gender can be
found.
H₂: Human values depend on the educational context.
H₃: Human values are a function of family economic status.
H₄: Self-transcendence values are more developed in
students who obtain a public grant or work to fund their
studies. Family-supported students are more concerned
with self-enhancement values.
H₅: Differences can be found in the average perceptions of
the social dimensions (acceptance, value, support, and
usefulness) of CSR in the target group.
H₆: Positive CSR perception (acceptance, value, support,
and usefulness) is positively correlated to the higher-
order value of self-transcendence (benevolence and
universalism).
H₇: Positive CSR perception (acceptance, value, support,
and usefulness) is positively correlated to the higher-order
value of conservation (security, conformity and tradition)

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Figure 2. The study’s theoretical model
Schwartz’s values Triple bottom line
CSR’ perceptionHuman values
Higher education students’
backgrounds
H1-H4 H5-H7
METHOD
Participants in this study were Spanish social sciences students.
These students were contacted with help from the registration
office over the period the study was conducted. They completed
the questionnaire and received instructions to fill out the survey.
Initially, 1,200 students took part in the study. Respondents who
did not answer all questions or who provided the same answer
for all values items in the questionnaire, indicating deliberate
misrepresentation (140 students), were excluded from the
analysis (Schwartz, 2005a, 2006).
The descriptive analysis of the sample (Table 1) reveals a
balance between male and female students, with the majority
coming from families of middle economic status and high or
middle education level. Only a third of the students relied on
public grants to support their studies.
Table 1. Descriptive statistics for background variables
Categories
Percentage
N=1060
Gender
Male 50.4
Female 40.6
Secondary school
Public 73
Private 24
Semi-private 2.3
Ways to fund
studies
Grant 12
Family 52.5
Self-support 12
Family’s economic
status
High 7.3
Medium 88
Low 12
Family’s
educational level
High 53.6
Medium 64.1
Low 9.5
Age
18-20 4.3
21-24 41.17
Over 25 14.8
The questionnaire was designed with three well-
differentiated types of questions: 1) Questions related to value
priorities; 2) Questions related to attitudes towards a social
initiative; 3) Background variables.
In order to measure individuals’ values, the questionnaire
included 21 value items used in the European Social Survey
(EES). Most of these EES items are from the portrait values
questionnaire (PVQ) scale, and we added a few other items to
provide information on Schwartz’s ten values. The PVQ includes
short verbal questions to reveal respondents’ goals, aspirations,
and wishes reflecting their own human values.
Participants completed the 21 value items on a 6-point
Likert scale where 1 = “Not like me at all”, and 6 = “Very much like
me” (6). The items were combined in ten indexes. Universalism
was measured by three items, while the others were measured
by two items each. The items were designed to cover different
dimensions of a basic human value (Schwartz et al., 2001). The
individual scores for the ten values were centered by subtracting
the individual’s 21 items average, and the main descriptive
statistics are shown in Table 2 (Schwartz, 2005a).
A brief description of a corporate social initiative was
included in the questionnaire: “Company A starts a three-year
social initiative to fight child undernourishment. The program
consists of providing assistance to primary school cafeterias in
town B. In addition to financial support, the program will include
the supplying of food products and voluntary work by the firm’s
employees; volunteers will give advice on the menu and help in
the cafeterias’ renovation works. The total amount donated to
the cafeterias will be approximately $30,000.
In brief, the implemented program will have the following
features:
a. Support will be provided for a period of three years;
b. Thesubjectmatterischildandyouthundernourishment;
c. Support will be both financial and in kind, as well as
in the form of voluntary work.

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Table 2. Descriptive statistics for human values
Mean BE UN SEL STEM HE ACH POW SEC CON TRAD
BE 0.68 (0.52)
UN 0.54 0.302** (0.55)
SELF 0.39 0.001 0.130** (0.31)
STEM -0.013 -0.062** -0.101** 0.164** (0.53)
HE -0.66 -0,179** -0.239** 0.004 0.033 (0.30)
ACH 0.24 -0.172** -0.240** -0.088** 0.118** 0.163** (0.63)
POW -0.93 -0.417** -0.509** -0.147** 0.340** 0.046 0.116** (0.56)
SEC 0.25 0.11** 0.14** -0.211** -0.121** -0.054 0.219** 0.137** (0.41)
CON -0.48 0.112** 0.120** -0.382** -0.395** -0.222** -0.072* 0.100** 0.176** (0.43)
TRAD -0.28 0.27** 0.18** -0.283* -0.285** -0.175** -0.180** -0.241** 0.002 0.212** (0.188)
Note. SD = Standard deviation; BE = Benevolence; UN = Universalism; SELF = Self-direction; STEM = Stimulation; HE = Hedonism; ACH = Achievement; POW = Power; SEC
= Security; CON = Confidence; TRAD = Tradition
Correlations ** are significant at 0.01. *significant at0.05 (correlation values lower than 0.06)
Moreover, on a 1 to 7 Likert scale, where 1 = ‘I don’t like
it at all’, and 7 = ‘I like it’, each student interviewed answered
four questions aimed at quantifying the intensity (positive or
negative) of their opinions/perceptions of the social initiative
in four dimensions: a) How much do you like this initiative?; b)
How good is the initiative in your opinion?; c) How much do you
support the initiative?; d) How useful is the initiative? Question a)
shows the degree of acceptance of the social initiative; question
b) evidences its perceived ethic value; question c) shows the
degree of support for the initiative; and question d) shows its
perceived utility.
The following background variables supposed to influence
value priorities were included in the questionnaire (Table 1): age
(1: 18-20; 2: 21-24; 3: 25 or older), gender (1: male; 2: female),
secondary education (1: public; 2: private; 3: semi-private),
interviewee’s education funding (1: grants; 2: own work; 3:
family), economic level of interviewee’s immediate environment
(1: high economic status; 2: medium economic status; 3: low
economic status), level of education of interviewee’s immediate
environment (1: high education level; 2: medium education level;
3: low education level).
Data analysis
The ten value priorities were calculated as the mean of the
items listed in each value. Due to individual differences in the
interpretation of the Likert scale (Schwartz & Bardi, 1997; Smith,
2004), corrections in the responses were necessary to properly
measure the human values. What actually matters is the value’s
relative importance against its absolute importance. To obtain
the relative importance for the ten priority values, the following
correction was applied: the individual scores of the ten values
were centered by subtracting the 21 items’ average (Schwartz,
2005b, 2006).
To explore how background variables relate to value
priorities, an independent sample t-test and ANOVA and
Bonferroni post hoc tests were conducted.
A Friedman and post hoc Wilcoxon test was applied to
detect differences on perceptions among the four CSR social
dimensions. To examine where the differences actually occur,
we conducted the Wilcoxon signed-rank test for comparison
between the combinations, Da to Db, Da to Dc, Da to Dd, Db
to Dc, and Dc to Dd. Respondents scored higher for certain
dimensions compared to the others, which appears to indicate
the existence of several factors, including human values and
background variables, influencing how the students perceive
the four CSR social dimensions.
The independent effect of the ten personal values on the
perception of social initiatives was studied using linear regression
analysis. According to Schwartz’s value theory: “all the values are
dynamically related” (Schwartz, 1992, p. 13). Due to co-linearity
among value priorities, some of these predictors were excluded
in the linear regression. The predictor variables included in the
regression analysis were the values with statistical influence on
the perception of the social initiative.
In order to select background variables as control variables
in the regression analysis, we used an independent sample
t-test and ANOVA analysis to determine whether any significant
differences existed in the students’ perceptions of the social
initiative. The gender variable was used as control in the whole

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regression analysis, since significant differences in students’
behavior were observed between male and female subjects in
the four aspects of the social initiative: acceptance, perceived
value, support, and perceived usefulness. No clear differences
were observed for the other background variables on the four
social initiative dimensions.
RESULTS AND DISCUSSION
An independent sample t-test showed statistically significant
differences between men and women in benevolence (t = 5.08,
p <= 0.001), universalism (t = 4.62, p < 0.001), stimulation (t
= -2.777, p < 0.01), hedonism (t = -5.662, p < 0.001), power (t =
-6.737, p < 0.001), security (t = 4.158, p < 0.001), conformity (t =
2.992, p < 0.01), and tradition (t = 2.234, p < 0.05). No significant
gender-related differences were found for self-direction and
achievement. Hypothesis 1 was partially confirmed. The results
reveal that women valued self-transcendence (benevolence
and universalism) and conservation (security, tradition, and
conformity) more than men, while men valued power and
hedonism more than women. Value differences between males
and females could be attributed not only to genetic reasons
but also to family environment. In a traditional family culture
such as the Spanish, women are expected to develop values
related to caring and supporting people in need, while men
are allowed to behave in a more aggressive way (Gisber, 2007).
This finding corroborates other conclusions regarding gender
that have been evidenced in the literature (Betz et al., 1989;
Ruegger & King, 1992).
Diverse educational environment levels reveal differences
in power (F = 3.60, p = 0.05), tradition (F = 3.30, p = 0.05), and
stimulation (F = 3.21, p < 0.01). Students from environments of
highest education level valued tradition and stimulation more
those from environments of lowest education level. Hypothesis
2 was confirmed. The importance of openness to change values
such as stimulation increases as the environment education
level rises, although this correlation was not observed for self-
direction. Students from environments of medium education
level gave more importance to power, since they were attending
business courses – an integral part of higher education in social
sciences – where students are trained in the managerial aspects
of running a company, a bank, or other private organizations
that emphasize self-enhancement values. Surprisingly, students
from environments of high and medium education level valued
tradition more than those from environments of low educational
level, the opposite of what was expected. However, most of these
students come from families who own a family business, and they
wish to maintain the customs or ideas of their social environment.
In fact, the southernmost region of Spain is characterized by
small and medium-sized businesses, which account for 80% of
total employment in the region (Gil-Pechuan, Expósito-Langa, &
Tomas-Miquel, 2013; Ruivo, Oliveira, & Neto, 2012).
The economic level of students’ original environment
showed statistically significant differences for benevolence (F =
5.78, p < 0.01), universalism (F = 6.096, p < 0.01), and power (F =
12.43, p < 0.01). High economic level students valued benevolence
and universalism less than medium and low level ones. High
economic level students valued power more than medium and low-
level ones. Hypothesis 3 was confirmed, since self-transcendence
values (universalism and benevolence) were more important for
students from families of low or medium economic status. These
students are more aware of the importance of understanding,
appreciation, tolerance, and protection for the welfare of people
and nature. As expected, students from environments of high
economic status valued power more than the other groups due
to their desire for social status, prestige, and control over people
and resources.
Finally, different ways of funding higher education
studies showed statistically significant differences for
benevolence (F = 3.12, p = 0.01), universalism (F = 12.76, p <
0.001), achievement (F = 3.12, p < 0.05), and power (F = 6.40, p
< 0.001). Students supported by families valued universalism
less than those receiving grants or working to pay for their
studies; family-supported students also valued benevolence
less than self-supported ones. Achievement and power were
positively related with family-supported students. Hypothesis
4 was confirmed, since students receiving public grants or
working to pay for their studies were more concerned with self-
transcendence values. They valued more the external support
(grant, jobs) to continue studies. Students fully supported by
their families paid more attention to self-enhancement values
(achievement, power), since they were not exposed to the same
pressure as the individuals relying on other funding sources.
In fact, the need for a job or a public grant to continue studies
developed more ethical values in the latter than in family-
supported students, who were not concerned about the funds
to continue studies.
To evaluate higher education students’ perception of
CSR, particularly concerning the above described initiative to
fight child malnutrition, four questions were made about the
initiative’s degree of ‘acceptance’ (Da), ‘perceived value’ (Db),
degree of ‘support’ (Dc), and perceived ‘usefulness’ (Dd). The
four questions – ‘acceptance’, ‘value’, ‘support’, and ‘usefulness’
– were considered as endogenous variables to be explained by
human values as independent variables.

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The nonparametric Friedman test (c2
= 88.32, p < 0.001)
revealed differences in the degree of perceptions for the four
dimensions of the initiative. In sum, students gave ‘acceptance’
the highest score, and the lowest to ‘perceived usefulness’. The
result showed that, despite these students’ awareness of the
relevance of the CSR initiative measured by the four items (i.e.,
acceptance, support, usefulness and value), they displayed
skepticism about the final benefit of a short-term initiative (a
three-year initiative, in our survey) to children in a developing
country. Most students were skeptical about the initiative’s
altruistic character, as they considered that companies embrace
CSR initiatives in order to improve economic performance or their
own image, thus influencing consumer purchases.
Linear regression analysis for the four social dimensions
(Da-Dd) were conducted to test whether human values and gender
could influence how CSR actions are perceived (Table 3). The
“degree of acceptance” (Da) towards a corporate social initiative
according to values and gender produced an overall significant
solution (F = 14.86, p < 0.001) with an R-squared = 0.102. Although
no significant coefficients were obtained for stimulation or
achievement, both values were significantly and positively
correlated with the acceptance of the initiative. Regression
analysis revealed that the best predictors for ‘acceptance’ were
benevolence, universalism, security, conformity, and gender.
These values positively influenced the degree of acceptance of
the social initiative. Furthermore, women liked the social initiative
more than men did.
Table 3. Regression analysis predicting perception of
CSR (N=1,060 respondents)
Da Db Dc Dd
BE 0.08** 0.07** 0.09*** 0.02
UN 5.21*** 0.14*** 0.16*** 0.12***
TRAD -0.02 0.01 -0.02 0.04
SEC 0.07** 0.10*** 0.08**
CON 0.09*** 0.08** 1.12*** 0.08**
ACH 0.01 0.03 0.07**
STEAM 0.36 0.04
SELF 0.003
GENDER -0.09*** -0.09*** -0.062*** -0.10***
Note: BE = Benevolence; UN = Universalism; SELF = Self-direction; STEM =
Stimulation; HE = Hedonism; ACH = Achievement; POW = Power; SEC = Security;
CON = Confidence; TRAD = Tradition; Da = acceptance dimension; Db = perceived
value dimension; Dc = support; Dd = perceived usefulness dimension.
* P < 0.05, ** p < 0.01, *** P < 0.001
The “perceived value dimension” (Db) for the social
initiative was explained by a regression analysis on values and
gender. The regression model produced an F-test, F = 16.12, p
< 0.001, and explained 9.7% of the variance of the dependent
variable. Beta’s coefficient for achievement and tradition was
not significant, although a significant, positive correlation was
observed with the perceived dimension value. The best predictors
for ‘perceived value’ were benevolence, universalism, security,
conformity, and gender. These values influenced positively the
degree of acceptance of the social initiative. Furthermore, women
also valued the social initiative more than male students did.
The regression analysis with an R-squared = 0.095
predicting how much students ‘support’ (Dc) the initiative
according to values and gender displayed an overall significant
test, F = 13.096, p < 0.001. The support dimension was best
predicted by benevolence, universalism, security, and gender.
Students who developed these values showed stronger support
to the social initiative. Once again, women were more concerned
with social initiatives related to the third dimension of the social
initiative.
Finally, a linear regression model was estimated to explain
the fourth dimension, i.e., ‘perceived usefulness’, through
values and gender variables. The linear regression had an
R-squared = 0.092 and an overall significant test, F = 13.679, p
< 0.001. Significant, positive beta coefficients were obtained for
universalism, achievement, security, and conformity, influencing
positively the perceived usefulness dimension. Gender was also
a statistically significant predictor.
CONCLUSIONS
Corporate social responsibility has gained increasing recognition
as a new concept to be added to company performance. Global
companies are far more aware of the importance of developing
strategies, actions, and a reporting framework for corporate social
responsibility mainly regarding environmental, economic, and
social responsibilities. Since most students in social sciences will
become executives or professionals who participate in companies’
decision-making processes, it is worth noting how the values of
today’s students can influence perceptions of a social initiative
run by a firm.
Schwarz’s theory indicates that people develop certain
values more than others and it is logical to expect these differences
to influence individual perception of corporate social initiatives.
Likewise, the present study has a double aim. Firstly, we sought
to explore the influence of different background variables on the
individual value structure. Most of these background variables

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have not been studied in the literature, and, therefore, this study
provides a better understanding of the personal value structure
Secondly, we sought to study how students’ personal values
can influence their perceptions of a social program dedicated to
fighting child malnutrition. It is acknowledged that CSR consists
of more than a concern with the ill effects of urban poverty on
child malnutrition – e.g. concerns with the environment, corporate
governance, etc. However, for the purpose of this article, the main
goal was to focus on how the interviewed students perceived
one particular CSR-related initiative of the type that is generally
better accepted and valued by the general public than economic
initiatives (Arratia Figueroa, 2008).
We chose higher education students as the subjects of our
study based on a double criterion. These students are predicted
to be the most complex and influential group of consumers within
the next couple of years (Schmeltz, 2012); at the same time, they
are most likely to be the future leaders and managers in their
society. Their attitudes certainly can provide evidence about their
future behavior.
The findings obtained from the analysis lead to a better
understanding of the value structure of Spanish higher education
students and the forces that shape their ethical perceptions.
These results can help educators to devise business ethics/CSR
education programs, and help managers to develop strategies for
the success of a social initiative, since knowing how consumers
perceive CSR is a key factor to make sound strategic decisions.
People adapt their value structure to their life
circumstances, and, in turn, different life circumstances also
affect value priorities (Yao, Cheng, & Cheng, 2009). Our results
regarding the relationship between values and gender, education,
and other background variables in a Spanish higher education
institution were mostly in line with previous research on this issue
(Wang & Juslin, 2012). The sample revealed, firstly, that women
developed self-transcendence values more than men, while men
were more concerned with self-enhancement values. Secondly,
the education level of students’ environments increases openness
to change values and decreases conservation values. Thirdly, the
economic level of individuals’ upbringing environment helps
shape their value priority structure. Undergraduate students from
a favorable economic environment are encouraged to develop
values related to openness to change (self-direction, stimulation)
and self-enhancement (achievement, power).
Finally, the best defining feature of Spanish higher
education is financial shortage. Despite a sustained growth
in public grants was observed in the 1980’s and 1990’s, thus
allowing disadvantaged social groups to reach higher education,
in the last few years, Spain has faced an adverse situation in public
education funding compared to other EU countries. Furthermore,
grants per student in Spain are much lower than those in other EU
countries (Calero, 2003), with a high number of students relying
on family support to fund their degrees, and an increasing number
working to support their studies. The awareness of the importance
of funding among self-supported and grant-supported students
certainly influences their value priorities. These students are
expected to value self-transcendence (benevolence, universalism)
more than family-supported students.
It is worth stressing that the core of the corporate social
initiative in this study is focused on fighting child malnutrition.
That initiative is based on the social dimension of CSR related
to human rights, which is generally better accepted and valued
by the general public than the economic initiatives, which the
public perceives as profit-oriented. It can be argued that students
manifested a higher acceptance of the social initiative while
revealing their disagreement with its usefulness. Our findings
highlight the awareness of the need for social initiatives combined
with a skepticism about the final benefit to the poor community.
This skepticism is often related to both the form and length of the
social initiative, and whether it fits the main goal of the company.
In fact, Pomering and Johnson (2009) suggest that three CSR
variables are critical in trying to inhibit skepticism and enhance
credibility: social topic information, long-term CSR commitment,
and CSR impact specificity. Although the students recognized
the initiative as good practice, they are reluctant to believe that
a short-term social action (a three-year social initiative, in our
study) can lead to some improvement in the essential human
rights of a community in need.
Recent research of ethical ideologies has proven that
individuals’ ethical values have a significant impact on consumer
decision in relation to socially responsible companies (Pelsmacker,
Janssens, Sterckx, & Mielants, 2006), and an impact on their
perceptions of the importance of CSR (Axinn, Blair, Heorhiadi,
& Thach, 2004). The influence of values on the perception of
the four aspects of a social initiative (i.e., acceptance, value
perceived, support, perceived usefulness) has also been
recognized in this study. Social science students with higher
ethical values and women have displayed a positive perception
of a social initiative as shown in other studies (Forsyth, 1980;
Wang & Juslin, 2012). Hence, CSR education should focus not
only on providing students with a better understanding of the CSR
concept but also on cultivating awareness about responsibility
for the environment and society. Accordingly, these educational
social agents, together with other entrepreneurial agents, have
an important role to play in building a new kind of responsible
consumerism, thus ensuring, among others, that both companies
and consumers may benefit from a more symbiotic relationship
(Smith & Williams, 2011).

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LIMITATIONS AND FUTURE RESEARCH
The success of CSR relies not only on the legal and
political regulations where social practices are implemented
and developed but also on the evolution of civil society towards
a better comprehension of CSR (Choi & Gray, 2008). This social
concept emerges from a business context (Dahlsrud, 2008). In
this respect, this study is based on the demand side of CSR by
analyzing the attitudes of young generations towards CSR and
detecting those factors influencing CSR perceptions. The results
obtained reflect ways to improve understanding of the principles
underpinning CSR.
Further research on how personal values influence students’
perception in different dimensions (economic, social and
environmental dimension) would complement this study, which
was focused on the social dimension related to human rights
and social cooperation. The results will enable academics and
managers to challenge misunderstandings about CSR principles
and the skepticism observed in a large consumer segment, higher
education students.
Structural equation modeling was used to detect the
influence of the ten basic values on consumer behavior according
to the economic, ethical, and environmental dimensions. Since
being enrolled on CSR courses will affect students’ attitudes
towards a social initiative, future research to determine the
influence of that variable on CSR perception is needed. The
structural equation model will include enrollment and other
interesting background variables as control variables influencing
human values, and, therefore, the perception of CSR.
A study encompassing a longer period of time would
provide a greater understanding about how new generations
will improve their understanding of CSR and its implications
for society through better designed CSR curricula, an accurate
promotion by companies, and the implementation of CSR
practices by universities.
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ISSN 0034-7590© RAE | São Paulo | V. 56 | n. 1 | jan-fev 2016 | 20-28
CRISTINA MADORRAN
madorran@unavarra.es
Professor at Universidad Pública
de Navarra, Facultad de Ciencias
Económicas y Empresariales –
Navarra, Spain
TERESA GARCIA
tegar@unavarra.es
Professor at Universidad Pública
de Navarra, Facultad de Ciencias
Económicas y Empresariales –
Navarra, Spain
ARTICLES
Submitted 05.27.2014. Approved 10.30.2014
Evaluated by double blind review process. Scientific Editor: Teresia Diana Lewe van Aduard de Macedo Soares
CORPORATE SOCIAL RESPONSIBILITY
AND FINANCIAL PERFORMANCE: THE
SPANISH CASE
Responsabilidade social corporativa e desempenho financeiro: O caso espanhol
Responsabilidad social corporativa y desempeño financeiro: El caso español
ABSTRACT
The enormous interest aroused by corporate social responsibility both in the academic and the busi-
ness worlds forms the background for this study. Its objective is to analyze the relationship between
corporate social responsibility and financial performance in view of the debate in the literature on the
subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market
index, using panel data methodology, which offers advantages in comparison to methodologies used
in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no
obvious relationship between corporate social responsibility and financial results, at least in the case
of Spain.
KEYWORDS | Corporate social responsibility, panel data, performance, Spanish firms, IBEX 35.
RESUMO
O enorme interesse gerado pela responsabilidade social corporativa tanto no mundo acadêmico
quanto no empresarial forma o pano de fundo para este estudo. Seu objetivo é analisar a relação
entre a responsabilidade social corporativa e o desempenho financeiro em vista do debate existente
na literatura sobre o tema. O estudo concentra-se em uma amostra de empresas espanholas tomadas
do índice IBEX 35, da bolsa de valores de Madri, utilizando a metodologia de dados em painel, que
oferece vantagens em comparação com metodologias utilizadas em outros estudos. Analisamos o
período que abrange os anos de 2003 a 2010. Nossas conclusões sugerem que não há relação óbvia
entre a responsabilidade social corporativa e os resultados financeiros, ao menos no caso da Espanha.
PALAVRAS-CHAVE | Responsabilidade social corporativa, dados em painel, desempenho, empresas
espanholas, IBEX 35.
RESUMEN
El enorme interés que despierta la responsabilidad social corporativa tanto en el ámbito empresa-
rial como académico da sentido a este trabajo. El objetivo del trabajo es analizar la relación entre la
responsabilidad social corporativa y sus resultados financieros, ya que existe debate en la literatura
académica sobre esta cuestión. La cuestión de análisis se aplica a una muestra de empresas españo-
las que cotizan en el IBEX 35, utilizando una metodología de datos de panel que aporta novedades a
otros análisis realizados. El período de análisis abarca desde 2003-2010. Los resultados sugieren que
la relación entre responsabilidad social y resultados no es tan obvia, al menos para el caso español.
PALABRAS CLAVE | Responsabilidad social corporativa, datos de panel, resultados, empresas españo-
las, IBEX 35.
RAE-Revista de Administração de Empresas | FGV/EAESP

21
ISSN 0034-7590
AUTHORS | Cristina Madorran | Teresa Garcia
INTRODUCTION
It is a well-known fact that businesses are currently incorporating
corporate social responsibility (henceforth, CSR) criteria into
their activities. The demands of a changing environment have
led firms to pay ever greater attention to their influence over it,
both in economic and social terms and those of the environment.
In this context, firms have also been seeking competitive
advantages sustainable on a long-term basis in a turbulent,
uncertain environment by incorporating CSR policies into their
activities, while doing so as a key to value creation.
Furthermore, in the international context, policies and
measures have been introduced that are aimed at encouraging the
growth of CSR. At the same time, changes have occurred in society’s
values which have included a growing interest in environmental and
social consequences of business activities, as well as in the ethics
and transparency of business activities, the latter as a consequence
of the most recent global economic crisis with its financial scandals
and revelations of abusive practices by some firms.
The academic literature has taken account of this
phenomenon and, starting from the 1970s until today, numerous
studies have sought arguments in favor of CSR. An aspect of the
literature worthy of particular note is the controversy regarding
whether the integration of CSR into a firm’s activities can improve
its performance. The conclusions reached in this regard have
been various. Some have found that CSR has a positive effect on
profitability while others have found a negative relationship, and
still others found no relationship (Margolis & Walsh, 2003; Orlitzky,
Schmidt, & Rynes, 2003; Peloza, 2009; Waddock & Graves, 1997;
Wu, 2006, among others).The differences found arise from different
ways of measuring variables, errors in the models used and the
study design, and a failure to deal with the problem of endogeneity.
This present study seeks to contribute to this debate by
examining the abovementioned relationship in the case of a
sample of Spanish firms quoted in the IBEX 35 Stock Exchange
Index on a longitudinal basis between 2003 and 2010. The length
of the period studied reflects the fact that the impact of CSR might
take time to manifest itself.
The present study contributes to the literature on CSR
in various ways. It does so in the first place by deepening our
knowledge of how CSR practices may impact on firm financial
performance. This is an issue that has received attention since
as early as the 1970s (Bragdon & Marlin, 1972; Moskowitz, 1972),
continuing until today. Attention has also been paid to it in Spain,
with the works of Reverte (2009, 2011), Prado, Gallego, García,
and Rodríguez (2009), García-Castro, Ariño, and Canela, (2010),
and Martínez-Campillo, Cabeza-García, and Marbella-Sánchez
(2012) being particularly noteworthy.
The second aspect of the contribution made by this
paper lies in the methodology it employs. The methodology in
question is panel data, which includes temporal heterogeneity,
thus allowing macro-economic effects to be controlled for, as
well as individual heterogeneity, which allows the individual
characteristics of firms to be controlled for. This methodology
also includes the dynamic performance of firms. In the reviewed
literature of the effects of CSR on firm performance, cross-section
data has mainly been used. The use of panel data methodology
allows more consistent and robust results to be obtained as well
as to correct for the problems of endogeneity inherent to the
relationship between CSR and firm performance, a problem that
has received much attention in the literature (García-Castro et
al., 2010; Gómez-García, 2008).
The third contribution made by this study has to do with
the fact that it focuses on a sample of Spanish firms while the
majority of existing studies look into British and American ones.
The problems and particularities of the two groups are quite
different.
The following section presents the theoretical basis for
the study and the hypotheses to be tested, the third describes
the database, the fourth discusses the methodology and results,
and the fifth summarizes the main conclusions.
THEORICAL FRAMEWORK
The most widely accepted theoretical framework treating the
existence and nature of the relationship between CSR and firm
performance is to be found in the work of Preston and O’Bannon
(1997). They establish six possible relationships between the
two variables. This theoretical framework is the one used in
the present study; its hypotheses are formed based on the six
proposed relationships. The authors firstly present the hypothesis
of social impact (higher or lower levels of CSR lead to higher
or lower levels of corporate performance). Stakeholder theory
supports this positive association (Freeman, 1984) because CSR
allows various stakeholders to be satisfied, which in turn leads
to an improvement in the external reputation of the firm, and,
thus, in its performance. Conducting CSR practices is also seen
as occurring in the context of a differentiation strategy on the
part of the firm, leading to a positive effect on value creation
for the firm and benefits for its clients, and, in due course, to
an improvement in its own performance (Baron, 2008; Maignan
& Ralston, 2002). Investment in CSR may also produce greater
client loyalty, new market opportunities, and the development
of new capacities, etc., which may also result in improvements
to firm performance (Peloza, 2009).

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