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IESE Research Papers,
IESE Business School

No D/670: Maximizing stakeholders' interests: An empirical analysis of the stakeholder approach to corporate governance

Silvia Ayuso, Miguel A. Rodriguez, Roberto Garcia and Miguel A. Ariño ()
Additional contact information
Silvia Ayuso: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Miguel A. Rodriguez: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Roberto Garcia: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN
Miguel A. Ariño: IESE Business School, Postal: Research Division, Av Pearson 21, 08034 Barcelona, SPAIN

Abstract: The purpose of this paper is to build on the emerging stakeholder model of corporate governance by analyzing the CSR function at board level, board diversity, and stakeholder engagement, and how it relates to financial performance. Based on an empirical study of an international sample of large companies, we find board responsibility for CSR to be a key factor in promoting engagement with primary and secondary stakeholders of the firm. Depending on the legal tradition of the country in which the company is based, we find evidence that board diversity and stakeholder engagement are positively correlated with firm financial performance.

Keywords: Corporate governance; corporate social responsibility; board diversity; stakeholder engagement; firm performance

24 pages, January 19, 2007

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