Suchergebnisse

The impact of crises on the long-term sustainability of small and medium-sized enterprises (SMEs) has been attracting growing interest in the literature and from governments due to the significance of such companies with respect to economic growth, innovation, and employment. Although failure prediction models have been proposed based on accounting and other qualitative information, little is known regarding the influence of stakeholders on the failure process of SMEs. From the perspective of long-term sustainability, this article analyzes the role of the financial influence of stakeholders on the likelihood of business failure. An empirical study was carried out on a sample of 2352 Spanish SMEs, examining the differences between failed and non-failed SMEs and using a classification tree methodology to investigate the role played by each type of stakeholder in overcoming crisis events. The study provides empirical evidence regarding the relative importance of stakeholders to SMEs under conditions of financial distress, and proposes their categorization on the basis of their control over firms' financial resources. Specifically, the analysis reveals that the capacity of the firm to generate sustainable wealth over time and to overcome critical situations is dependent on the most critical stakeholders. Workers, customers, and suppliers are the most important in ensuring the long-term sustainability of SMEs during the first stages of a crisis. Following the initial operational problems, other creditors (financial institutions) become relevant. In this sense, the results of this study encourage firms and governments to develop cooperation strategies with stakeholders (co-responsibility) in line with the proposed conceptual models of business sustainability. ; This research was partially funded by the European Regional Development Fund of the European Union, belonging to the research group: Sistemas de información externa e interna de las organizaciones: información corporativa y para la gestión (GISEIO). This research was also partially funded by the Universidad de Castilla-La Mancha, grant number 2019-GRIN-26906

The publication of Directive 2014/95/EU represents an important milestone related to the disclosure of non-financial information. This fact together with the role of the corporate governance guide firms towards achieving of an ethical, transparent, and responsible behavior. To contribute towards the understanding of this issue, this study investigates the relationship between corporate governance mechanisms and corporate social responsibility disclosure, namely, in corruption aspects relating to Directive 2014/95/EU. In so doing, a multiple regression analysis was carried out on a panel data sample of 198 European listed firms that are part of the EuroStoxx 200 index, in a studied period from 2014 to 2017. The findings reveal that outside directors and CEO duality impact positively and significantly on corruption disclosure. Therefore, this paper contributes to the existing research on corporate social responsibility disclosure, specifically, to the corruption disclosure literature by studying the corporate governance mechanisms that enhance these practices. ; This research was funded by the University of Castilla-La Mancha, in the form of a research group which is called "External and Internal Information Systems of Organizations: Corporate and Management Information (GISEIO)" co-financed by the European Union through the European Regional Development Fund.