The influence of corporate governance on corporate sustainability: new evidence using panel data in the Iberian macroeconomic environment

IF 4.3 Q2 MANAGEMENT

International Journal of Accounting and Information Management Pub Date : 2020-08-03 DOI:10.1108/ijaim-05-2020-0068

B. Cancela, M. E. Neves, L. L. Rodrigues, A. Dias

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引用次数: 39

Abstract

Purpose - In the macroeconomic environment of the Iberian Peninsula, this paper aims to examine the influence of corporate governance characteristics on corporate sustainability performance. The purpose of this paper is to address corporate practices while determining which corporate governance characteristics can improve corporate sustainability, considering, for this purpose, three dimensions of sustainability: economic, environmental and social. Design/methodology/approach - This sample comprises 99 non-financial companies of the Iberian Peninsula, during the 2013–2017 period. The authors have used the panel data methodology, specifically the generalized method of moments (GMM) estimation method proposed by Arellano and Bover (1995) and Blundell and Bond (1998) to test the hypotheses formulated. Findings - The results obtained have shown that corporate sustainability performance is affected differently depending on the sustainability dimension that is considered. Specifically, the economic dimension is determined by public debt, the board size, board diversity and the existence of an audit committee. Regarding the environmental dimension, the board size and the presence of the audit committee, as well the corporate social responsibility committee, are the most important determinants. Finally, the social dimension was influenced by the board size, audit committee and the control variable of capital structure, which means that in this dimension, the sources of financing used by the company also help in determining its levels of social concern. Originality/value - To the best of the authors’ knowledge, this is the first time that a study has been carried out in the Iberian Peninsula on the corporate sustainability using GMM-system model for three dimensions of sustainability. Corporate sustainability depends on external and internal factors of companies. Therefore, regulators and managers should realize that they will have to be more effective in their statements.

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公司治理对公司可持续性的影响:在伊比利亚宏观经济环境中使用面板数据的新证据

目的——在伊比利亚半岛的宏观经济环境下，本文旨在研究公司治理特征对公司可持续发展绩效的影响。本文的目的是在确定哪些公司治理特征可以提高公司可持续性的同时，解决公司实践问题，为此，考虑到可持续性的三个维度:经济、环境和社会。设计/方法/方法-本样本包括2013-2017年期间伊比利亚半岛的99家非金融公司。作者使用了面板数据方法，特别是由Arellano和Bover(1995)和Blundell和Bond(1998)提出的广义矩量法(GMM)估计方法来检验所提出的假设。研究结果-获得的结果表明，企业可持续发展绩效受到不同的影响，取决于所考虑的可持续性维度。具体来说，经济层面是由公共债务、董事会规模、董事会多样性和审计委员会的存在决定的。在环境方面，董事会规模和审计委员会以及企业社会责任委员会的存在是最重要的决定因素。最后，社会维度受到董事会规模、审计委员会和资本结构控制变量的影响，这意味着在这个维度中，公司使用的融资来源也有助于决定其社会关注程度。原创性/价值-据作者所知，这是第一次在伊比利亚半岛上使用gmm系统模型进行可持续性三个维度的企业可持续性研究。企业的可持续性取决于企业的外部因素和内部因素。因此，监管者和管理者应该意识到，他们必须在声明中更加有效。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Journal of Accounting and Information Management MANAGEMENT-

CiteScore

7.90

自引率

3.00%

发文量

期刊介绍： The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.