{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T05:04:35Z","timestamp":1777439075435,"version":"3.51.4"},"reference-count":84,"publisher":"MDPI AG","issue":"6","license":[{"start":{"date-parts":[[2023,5,25]],"date-time":"2023-05-25T00:00:00Z","timestamp":1684972800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>This paper aims to analyze factors that influence social performance-related information disclosure in European countries. Specifically, the objective is to investigate the Board\u2019s attributes (Diversity, Inclusion, People Development and Controversies). To achieve the goal, an empirical analysis was conducted with 2494 listed companies in Europe as support for the economic year 2021. To measure a possible link between the variables under study, a regression analysis was performed. Our results show that Board Diversity, Inclusion and People Development contribute positively to social performance disclosure, whereas Board Controversies negatively affect the dependent variable. Furthermore, the study results reveal that the country\u2019s legal system is relevant to the company\u2019s transparency. The model variables determine 62% of the social performance reporting variance. Our Results are useful for all non-financial information users, governments and organizations in developing sustainability reporting standards.<\/jats:p>","DOI":"10.3390\/jrfm16060284","type":"journal-article","created":{"date-parts":[[2023,5,25]],"date-time":"2023-05-25T02:00:55Z","timestamp":1684980055000},"page":"284","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":8,"title":["Social Performance Disclosed by European Companies: The Role of the Board Attributes and the Country\u2019s Legal System"],"prefix":"10.3390","volume":"16","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-2146-9807","authenticated-orcid":false,"given":"Albertina Paula","family":"Monteiro","sequence":"first","affiliation":[{"name":"CEOS.PP\/ISCAP\/Polytechnic of Porto, 4465-004 Matosinhos, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3911-0894","authenticated-orcid":false,"given":"Catarina","family":"Cep\u00eada","sequence":"additional","affiliation":[{"name":"ISCAP\/Polytechnic of Porto, 4465-004 Matosinhos, Portugal"},{"name":"UTAD, 5000-801 Vila Real, Portugal"}]},{"given":"Cl\u00e1udia","family":"Pereira","sequence":"additional","affiliation":[{"name":"CEOS.PP\/ISCAP\/Polytechnic of Porto, 4465-004 Matosinhos, Portugal"}]},{"given":"Am\u00e9lia","family":"Silva","sequence":"additional","affiliation":[{"name":"CEOS.PP\/ISCAP\/Polytechnic of Porto, 4465-004 Matosinhos, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2023,5,25]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"37","DOI":"10.1162\/glep_a_00546","article-title":"Capitalism and Earth system governance: An ecological Marxist approach","volume":"20","author":"Albert","year":"2020","journal-title":"Global Environmental Politics"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"63","DOI":"10.18848\/2328-6261\/CGP\/v22i01\/63-83","article-title":"Diversity in the board of directors and the social sustainability pillar of the firm: Evidence from countries with high environmental, social, and governance scores","volume":"22","author":"Amiri","year":"2022","journal-title":"The International Journal of Organizational Diversity"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1002\/bse.672","article-title":"Evidence in development of sustainability reporting: A case of a developing country","volume":"20","author":"Amran","year":"2011","journal-title":"Business Strategy and the Environment"},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"1027","DOI":"10.1007\/s10551-016-3213-8","article-title":"Do ESG controversies matter for firm value? Evidence from international data","volume":"151","author":"Aouadi","year":"2018","journal-title":"Journal of Business Ethics"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"1706","DOI":"10.1002\/csr.2320","article-title":"Board gender diversity, corporate social commitment and sustainability","volume":"29","author":"Arayakarnkul","year":"2022","journal-title":"Corporate Social Responsibility and Environmental Management"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1108\/SAMPJ-05-2018-0136","article-title":"The impact of board composition on the level of ESG disclosures in GCC countries","volume":"11","author":"Arayssi","year":"2020","journal-title":"Sustainability Accounting, Management and Policy Journal"},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"79","DOI":"10.1007\/s10551-016-3139-1","article-title":"Role of country-and firm-level determinants in environmental, social, and governance disclosure","volume":"150","author":"Baldini","year":"2018","journal-title":"Journal of Business Ethics"},{"key":"ref_8","unstructured":"Balluchi, Federica, Furlotti, Katia, and Torelli, Riccardo (2020). Sustainability and Law, Springer International Publishing. General and Specific Aspects."},{"key":"ref_9","doi-asserted-by":"crossref","unstructured":"Baraibar-Diez, Elisa, and Odriozola, Mar\u00eda D. (2019). CSR committees and their effect on ESG performance in UK, France, Germany, and Spain. Sustainability, 11.","DOI":"10.3390\/su11185077"},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"21","DOI":"10.1016\/j.cpa.2017.06.002","article-title":"Accounting and sustainable development: Reflections and propositions","volume":"48","author":"Bebbington","year":"2017","journal-title":"Critical Perspectives on Accounting"},{"key":"ref_11","first-page":"1","article-title":"Locus recommendation using probabilistic matrix factorization techniques. In Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: Case of the Indian energy sector","volume":"17","author":"Behl","year":"2021","journal-title":"Annals of Operations Research"},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"638","DOI":"10.1080\/20430795.2020.1796417","article-title":"The effect of women managers in the board of directors of companies on the integrated reporting: Example of Istanbul Stock Exchange (ISE) Sustainability Index","volume":"12","author":"Bektur","year":"2022","journal-title":"Journal of Sustainable Finance & Investment"},{"key":"ref_13","unstructured":"Berg, Florian, Fabisik, Kornelia, and Sautner, Zacharias (2023, March 03). Is History Repeating Itself? The(un)predictable Past of ESG Ratings. Available online: https:\/\/ssrn.com\/abstract=3722087."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"588","DOI":"10.1016\/j.jfineco.2017.12.009","article-title":"Board diversity, firm risk, and corporate policies","volume":"127","author":"Bernile","year":"2018","journal-title":"Journal of Financial Economics"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"636","DOI":"10.1108\/EDI-02-2012-0010","article-title":"Diversity perspectives and minority nonprofit board member inclusion","volume":"32","author":"Bernstein","year":"2013","journal-title":"Equality, Diversity and Inclusion: An International Journal"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"171","DOI":"10.1057\/dbm.2011.25","article-title":"Accounting scandals in the context of corporate social reporting","volume":"18","author":"Bhutta","year":"2011","journal-title":"Journal of Database Marketing & Customer Strategy Management"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"302","DOI":"10.1108\/10309611011092619","article-title":"On the Responsible Investment Disclosure Practices of the World\u2019s Largest Pension Funds","volume":"23","author":"Bianchi","year":"2010","journal-title":"Accounting Research Journal"},{"key":"ref_18","doi-asserted-by":"crossref","unstructured":"Birindelli, Giuliana, Dell\u2019Atti, Stefano, Iannuzzi, Antonia Patrizia, and Savioli, Marco (2018). Composition and activity of the board of directors: Impact on ESG performance in the banking system. Sustainability, 10.","DOI":"10.3390\/su10124699"},{"key":"ref_19","doi-asserted-by":"crossref","unstructured":"Bose, Satyajit (2020). Values at Work: Sustainable Investing and ESG Reporting, Palgrave Macmillan. [1st ed.].","DOI":"10.1007\/978-3-030-55613-6"},{"key":"ref_20","doi-asserted-by":"crossref","unstructured":"Budsaratragoon, Pornanong, and Jitmaneeroj, Boonlert (2021). Corporate Sustainability and Stock Value in Asian\u2013Pacific Emerging Markets: Synergies or Tradeoffs among ESG Factors?. Sustainability, 13.","DOI":"10.3390\/su13116458"},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"179","DOI":"10.1007\/s10551-014-2352-z","article-title":"The influence of board diversity, board diversity policies and practices, and board inclusion behaviors on nonprofit governance practices","volume":"133","author":"Buse","year":"2016","journal-title":"Journal of Business Ethics"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"946","DOI":"10.5465\/amr.2007.25275684","article-title":"Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility","volume":"32","author":"Campbell","year":"2007","journal-title":"Academy of Management Review"},{"key":"ref_23","doi-asserted-by":"crossref","unstructured":"Castillo-Merino, David, and Gonzalo, Rodr\u00edguez-P\u00e9rez (2021). The effects of legal origin and corporate governance on financial firms\u2019 sustainability performance. Sustainability, 13.","DOI":"10.3390\/su13158233"},{"key":"ref_24","unstructured":"Cep\u00eada, Catarina, Caria, Ana, and Oliveira, L\u00eddia (, January June). Why Reporting Sustainability: Pressures for Non-Financial Reporting. Paper presented at 7th International Conference on CSR, Sustainability, Ethics & Governance, Lisbon, Portugal."},{"key":"ref_25","unstructured":"Chatzinikolaou, Parthena, and Manos, Basil (2023, April 01). Review of Existing Methodologies and Tools for Measuring Sustainability in Rural Areas. Available online: http:\/\/www.feem-project.net\/belpasso_2012\/files\/studpapers\/Paper_Chatzinikolaou.pdf."},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"2485","DOI":"10.1108\/JKM-09-2021-0718","article-title":"Rethinking companies\u2019 culture through knowledge management lens during Industry 5.0 transition","volume":"26","author":"Cillo","year":"2022","journal-title":"Journal of Knowledge Management"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1016\/j.jbankfin.2016.04.024","article-title":"Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis","volume":"70","author":"Cornett","year":"2016","journal-title":"Journal of Banking & Finance"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"102487","DOI":"10.1016\/j.frl.2021.102487","article-title":"Financial performance shortfall, ESG controversies, and ESG performance: Evidence from firms around the world","volume":"46","author":"DasGupta","year":"2022","journal-title":"Finance Research Letters"},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"126","DOI":"10.1111\/j.1467-8608.2010.01586.x","article-title":"Corporate social responsibility in small-and medium-size enterprises: Investigating employee engagement in fair trade companies","volume":"19","author":"Davies","year":"2010","journal-title":"Business Ethics: A European Review"},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"343","DOI":"10.1016\/j.aos.2005.04.001","article-title":"Stakeholder influence on corporate reporting: An exploration of the interaction between WWF-Australia and the Australian minerals industry","volume":"31","author":"Deegan","year":"2006","journal-title":"Accounting, Organizations and Society"},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"393","DOI":"10.1057\/s41260-020-00178-x","article-title":"ESG controversies and controversial ESG: About silent saints and small sinners","volume":"21","author":"Dorfleitner","year":"2020","journal-title":"Journal of Asset Management"},{"key":"ref_32","doi-asserted-by":"crossref","unstructured":"Ehlers, Torsten, Elsenhuber, Ulrike, Jegarasasingam, Anandakumar, and Jondeau, Eric (2023, March 10). Deconstructing ESG Scores: How to Invest with your Own Criteria. Available online: https:\/\/ssrn.com\/abstract=4058612.","DOI":"10.2139\/ssrn.4055418"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"271","DOI":"10.1108\/IJAIM-05-2014-0038","article-title":"National institutional factors and IFRS Implementation in Europe: The case of investment property companies","volume":"23","author":"Fearnley","year":"2015","journal-title":"International Journal of Accounting and Information Management"},{"key":"ref_34","doi-asserted-by":"crossref","unstructured":"Fernandes, Val\u00e9rie, Kuzey, Cemil, Uyar, Ali, and Karaman, Abdullah S. (2022). Board structure policy, board diversity and social sustainability in the logistics and transportation sector. International Journal of Physical Distribution & Logistics Management, ahead-of-print.","DOI":"10.1108\/IJPDLM-09-2021-0415"},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"585","DOI":"10.1016\/j.jfineco.2015.12.003","article-title":"Socially responsible firms","volume":"122","author":"Ferrell","year":"2016","journal-title":"Journal of Financial Economics"},{"key":"ref_36","unstructured":"Forest Stewardship Council, and Bostr\u00f6m, Magnus (2023, May 15). SCORE, 1\u201369. Available online: http:\/\/www.score.su.se\/polopoly_fs\/1.26403.1320939791!\/FSCsocialsustainability.pdf."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"210","DOI":"10.1080\/20430795.2015.1118917","article-title":"ESG and financial performance: Aggregated evidence from more than 2000 empirical studies","volume":"5","author":"Friede","year":"2015","journal-title":"Journal of Sustainable Finance & Investment"},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"747","DOI":"10.1017\/mor.2015.52","article-title":"Do employees support corporate philanthropy? Evidence from Chinese listed companies","volume":"12","author":"Gao","year":"2016","journal-title":"Management and Organization Review"},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1186\/s40100-016-0059-4","article-title":"The social pillar of sustainability: A quantitative approach at the farm level","volume":"4","author":"Gaviglio","year":"2016","journal-title":"Agricultural and Food Economics"},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"269","DOI":"10.1007\/s11205-013-0274-2","article-title":"Composite indicator of social inclusion for European countries","volume":"116","author":"Giambona","year":"2014","journal-title":"Social Indicators Research"},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"47","DOI":"10.1016\/j.aos.2009.04.006","article-title":"Is accounting for sustainability actually accounting for sustainability and how would we know? An exploration of narratives of organisations and the planet","volume":"35","author":"Gray","year":"2010","journal-title":"Accounting, Organizations and Society"},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"47","DOI":"10.1108\/09513579510146996","article-title":"Corporate social and environmental reporting: A review of the literature and alongitudinal study of UK disclosure","volume":"8","author":"Gray","year":"1995","journal-title":"Accounting, Auditing & Accountability Journal"},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"211","DOI":"10.1108\/SRJ-08-2020-0308","article-title":"Women board members\u2019 impact on ESG disclosure with environment and social dimensions: Evidence from the European banking sector","volume":"19","author":"Gurol","year":"2023","journal-title":"Social Responsibility Journal"},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"391","DOI":"10.1016\/j.jaccpubpol.2005.06.001","article-title":"The impact of culture and governance on corporate social reporting","volume":"24","author":"Haniffa","year":"2005","journal-title":"Journal of Accounting and Public Policy"},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"31","DOI":"10.5430\/ijfr.v10n3p31","article-title":"Board diversity and corporate sustainability practices: Evidence on environmental, social and governance (ESG) reporting","volume":"10","author":"Ismail","year":"2019","journal-title":"International Journal of Financial Research"},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"101483","DOI":"10.1016\/j.frl.2020.101483","article-title":"Corporate social responsibility, financial instability and corporate financial performance: Linear, non-linear and spillover effects\u2013The case of the CAC 40 companies","volume":"34","author":"Jahmane","year":"2020","journal-title":"Finance Research Letters"},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"1497","DOI":"10.1108\/MD-11-2015-0505","article-title":"Reform priorities for corporate sustainability: Environmental, social, governance, or economic performance?","volume":"54","author":"Jitmaneeroj","year":"2016","journal-title":"Management Decision"},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"383","DOI":"10.5465\/amj.2011.0848","article-title":"Why are job seekers attracted by corporate social performance? Experimental and field tests of three signal-based mechanisms","volume":"57","author":"Jones","year":"2014","journal-title":"Academy of Management Journal"},{"key":"ref_49","first-page":"157","article-title":"The reporting of non-financial information and the rationale for its standardisation","volume":"2","author":"Lament","year":"2016","journal-title":"Business Administration and Management"},{"key":"ref_50","unstructured":"La Porta, Rafael, and Lopez-de-Silanes, Florencio (1998). Beyond the Washington Consensus: Institutions Matter, Harvard University."},{"key":"ref_51","first-page":"1","article-title":"Environmental, social and governance (ESG) practices and performance in Shariah firms: Agency or stakeholder theory?","volume":"16","author":"Lee","year":"2020","journal-title":"Asian Academy of Management Journal of Accounting & Finance"},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"199","DOI":"10.1016\/j.ecolecon.2004.03.019","article-title":"The environmental-social interface of sustainable development: Capabilities, social capital, institutions","volume":"49","author":"Lehtonen","year":"2004","journal-title":"Ecological Economics"},{"key":"ref_53","doi-asserted-by":"crossref","unstructured":"Lindquist, W. Brent, Rachev, Svetlozar T., Hu, Yuan, and Shirvani, Abootaleb (2022). Advanced REIT Portfolio Optimization: Innovative Tools for Risk Management, Springer International Publishing.","DOI":"10.1007\/978-3-031-15286-3"},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"65","DOI":"10.1504\/IJSD.2005.007375","article-title":"Social sustainability: A catchword between political pragmatism and social theory","volume":"8","author":"Littig","year":"2005","journal-title":"International Journal of Sustainable Development"},{"key":"ref_55","unstructured":"Marsat, Sylvain, and Williams, Benjamim (2023, January 10). Does the Market Value Social Pillar?. Available online: https:\/\/ssrn.com\/abstract=2419387."},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"147","DOI":"10.1108\/S1571-038620200000027011","article-title":"The effect of environmental, social, governance, and controversies on firms\u2019 value: Evidence from Asia","volume":"27","author":"Melinda","year":"2020","journal-title":"Advanced Issues in the Economics of Emerging Markets"},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"174","DOI":"10.5539\/ijef.v3n6p174","article-title":"Corporate Social Disclosure during the Global Financial Crisis","volume":"3","author":"Mia","year":"2011","journal-title":"International Journal of Economics and Finance"},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"335","DOI":"10.35912\/ijfam.v4i3.1179","article-title":"EU Non-Financial Reporting Research","volume":"4","author":"Monteiro","year":"2022a","journal-title":"International Journal of Financial, Accounting, and Management"},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"523","DOI":"10.1007\/s10551-021-04913-1","article-title":"Labour Practice, Decent Work and Human Rights Performance and Reporting: The Impact of Women Managers","volume":"180","author":"Monteiro","year":"2022b","journal-title":"Journal of Business Ethics"},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"117727","DOI":"10.1016\/j.jclepro.2019.117727","article-title":"Corporate governance and board of directors: The effect of a board composition on firm sustainability performance","volume":"237","author":"Naciti","year":"2019","journal-title":"Journal of Cleaner Production"},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"3061","DOI":"10.1080\/09585192.2019.1629989","article-title":"ESG performance and market value: The moderating role of employee board representation","volume":"32","author":"Nekhili","year":"2021","journal-title":"The International Journal of Human Resource Management"},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"102987","DOI":"10.1016\/j.frl.2022.102987","article-title":"Exploring the black box: Board gender diversity and corporate social performance","volume":"48","author":"Nerantzidis","year":"2022","journal-title":"Finance Research Letters"},{"key":"ref_63","unstructured":"Nobes, Christopher, and Parker, Robert (2010). Comparative International Accounting, Pearson Education. [11th ed.]."},{"key":"ref_64","unstructured":"Noja, Gratiela Georgiana, Cristea, Mirela, Banaduc, Ioana, Preda, Gheorghe, and Ponea, Constantin Stefan (2021). Decision-Making in Management: Methods and Behavioral Tools, Springer International Publishing."},{"key":"ref_65","unstructured":"Omodero, Cordelia (2023, March 03). Genesis of Accountability and Its Impact on Accounting. Omodero, Cordelia, Genesis of Accountability and Its Impact on Accounting. Available online: https:\/\/ssrn.com\/abstract=2626967."},{"key":"ref_66","doi-asserted-by":"crossref","unstructured":"Passas, Ioannis, Ragazou, Konstantina, Zafeiriou, Eleni, Garefalakis, Alexandros, and Zopounidis, Constantin (2022). ESG Controversies: A Quantitative and Qualitative Analysis for the Sociopolitical Determinants in EU Firms. Sustainability, 14.","DOI":"10.3390\/su141912879"},{"key":"ref_67","first-page":"479","article-title":"Interplay between environmental, social and governance coordinates and the financial performance of agricultural companies","volume":"67","author":"Pirtea","year":"2021","journal-title":"Agricultural Economics"},{"key":"ref_68","doi-asserted-by":"crossref","unstructured":"Raucci, Domenico, and Tarquinio, Lara (2020). Sustainability performance indicators and non-financial information reporting. Evidence from the Italian case. Administrative Sciences, 10.","DOI":"10.3390\/admsci10010013"},{"key":"ref_69","unstructured":"Refinitiv (2023, January 10). Refinitiv Announces the 2020 D&I Index Top 100 Most Diverse & Inclusive Organizations Globally. Available online: https:\/\/www.refinitiv.com\/en\/media-center\/press-releases\/2020\/september\/refinitiv-announces-the-2020-d-and-i-index-top-100-most-diverse-and-inclusive-organizations-globally."},{"key":"ref_70","unstructured":"Refinitiv (2023, January 05). Refinitiv Global Diversity and Inclusion Index\u2013Index Methodology. Available online: https:\/\/www.refinitiv.com\/content\/dam\/marketing\/en_us\/documents\/fact-sheets\/diversity-and-inclusionindex-fact-sheet.pdf."},{"key":"ref_71","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1002\/bse.2251","article-title":"Sustainability reporting and stakeholder engagement in Spain: Different instruments, different quality","volume":"28","author":"Romero","year":"2019","journal-title":"Business Strategy and the Environment"},{"key":"ref_72","doi-asserted-by":"crossref","first-page":"535","DOI":"10.1007\/s10551-009-0213-y","article-title":"Toward dynamic corporate stakeholder responsibility","volume":"85","author":"Sachs","year":"2009","journal-title":"Journal of Business Ethics"},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"1782","DOI":"10.1002\/csr.2326","article-title":"Environmental, Social, Governance scores and the Missing pillar\u2014Why does missing information matter?","volume":"29","author":"Sahin","year":"2022","journal-title":"Corporate Social Responsibility and Environmental Management"},{"key":"ref_74","first-page":"209","article-title":"The benefit of green building for cost efficiency","volume":"1","author":"Samosir","year":"2020","journal-title":"International Journal of Financial, Accounting, and Management"},{"key":"ref_75","doi-asserted-by":"crossref","first-page":"569","DOI":"10.1007\/s10551-014-2460-9","article-title":"Board attributes, corporate social responsibility strategy, and corporate environmental and social performance","volume":"135","author":"Shaukat","year":"2016","journal-title":"Journal of Business Ethics"},{"key":"ref_76","doi-asserted-by":"crossref","first-page":"1262","DOI":"10.1177\/0149206310385943","article-title":"Inclusion and diversity in work groups: A review and model for future research","volume":"37","author":"Shore","year":"2011","journal-title":"Journal of Management"},{"key":"ref_77","doi-asserted-by":"crossref","first-page":"123","DOI":"10.1016\/j.jaccpubpol.2004.12.007","article-title":"Exploring Differences in Social Disclosures Internationally: A Stakeholder Perspective","volume":"24","author":"Smith","year":"2005","journal-title":"Journal of Accounting and Public Policy"},{"key":"ref_78","doi-asserted-by":"crossref","first-page":"1660","DOI":"10.1108\/MD-01-2017-0018","article-title":"Transparency among S&P 500 companies: An analysis of ESG disclosure scores","volume":"55","author":"Tamimi","year":"2017","journal-title":"Management Decision"},{"key":"ref_79","doi-asserted-by":"crossref","first-page":"299","DOI":"10.1007\/s10551-007-9398-0","article-title":"Corporate social and financial performance: An extended stakeholder theory, and empirical test with accounting measures","volume":"79","author":"Ees","year":"2008","journal-title":"Journal of Business Ethics"},{"key":"ref_80","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1108\/JGR-01-2016-0001","article-title":"Women on management board and ESG performance","volume":"7","author":"Velte","year":"2016","journal-title":"Journal of Global Responsibility"},{"key":"ref_81","doi-asserted-by":"crossref","first-page":"169","DOI":"10.1108\/JGR-11-2016-0029","article-title":"Does ESG performance have an impact on financial performance? Evidence from Germany","volume":"8","author":"Velte","year":"2017","journal-title":"Journal of Global Responsibility"},{"key":"ref_82","doi-asserted-by":"crossref","unstructured":"Venturelli, Andrea, Caputo, Fabio, Cosma, Simona, Leopizzi, Rossella, and Pizz, Simone (2017). Directive 2014\/95\/EU: Are Italian companies already compliant?. Sustainability, 9.","DOI":"10.3390\/su9081385"},{"key":"ref_83","doi-asserted-by":"crossref","first-page":"297","DOI":"10.1111\/basr.12035","article-title":"Rethinking the corporate financial\u2013social performance relationship: Examining the complex, multistakeholder notion of corporate social performance","volume":"119","author":"Weber","year":"2014","journal-title":"Business and Society Review"},{"key":"ref_84","doi-asserted-by":"crossref","first-page":"229","DOI":"10.1108\/eb028831","article-title":"Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance","volume":"3","author":"Wood","year":"1995","journal-title":"The International Journal of Organizational Analysis"}],"container-title":["Journal of Risk and Financial Management"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/1911-8074\/16\/6\/284\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T19:41:32Z","timestamp":1760125292000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/1911-8074\/16\/6\/284"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,5,25]]},"references-count":84,"journal-issue":{"issue":"6","published-online":{"date-parts":[[2023,6]]}},"alternative-id":["jrfm16060284"],"URL":"https:\/\/doi.org\/10.3390\/jrfm16060284","relation":{},"ISSN":["1911-8074"],"issn-type":[{"value":"1911-8074","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,5,25]]}}}