Abstracts
Abstract
The aim of this paper is to identify, through the discourse, the managerial sustainable behaviors that lead to both financial and extra-financial performance. Under the prism of alignment and instrumental theories on corporate social responsibility (CSR), we investigate the moderating role of CEOs by examining the interrelation between CEOs’ introductory discourses in sustainability reports and financial and extra-financial performance. Through the use of a logit model and textual analysis, we conduct a longitudinal analysis on firms listed on the S&P500 between 2014 and 2019 in three sectors. We find that CEOs’ discourse is interrelated with financial and extra financial performance. Their discourse is a key factor in understanding whether CEOs’ CSR strategies meet the main sectorial strategic issues.
Keywords:
- Discourse analysis,
- CSR,
- financial performance,
- sustainability report,
- CEO
Résumé
À travers le discours, nous examinons les comportements managériaux responsables qui conduisent à la performance financière et extra-financière. Sous le prisme de la théorie de l’alignement et de la théorie instrumentale de la RSE, nous étudions, le rôle modérateur des PDG en analysant les liens de causalité entre leurs discours introductifs dans les rapports de responsabilité et la performance financière et extra-financière. Au moyen d’un modèle Logit et d’une analyse textuelle, nous menons une approche longitudinale des entreprises cotées au S&P500 entre 2014 et 2019, sur trois secteurs. Nous montrons que les discours des PDG sont reliés à la performance financière et extra-financière. Ces discours sont déterminants pour comprendre si les stratégies RSE des PDG répondent aux enjeux stratégiques sectoriels.
Mots-clés :
- Analyse du discours,
- RSE,
- performance financière,
- rapport de responsabilité,
- PDG
Resumen
El objetivo de este estudio consiste en identificar, a través del discurso, los comportamientos responsables de los directivos que conducen a los resultados financieros y extra financieros. Por medio de la lente de la teoría de la alineación y la teoría instrumental de la RSE, estudiamos el efecto de moderación de los directores generales analizando la interdependencia entre los discursos introductorios de los directores generales en los reportes de responsabilidad y los resultados financieros y extra financieros. Utilizando un modelo Logit y un análisis textual con el software Alceste, realizamos un enfoque longitudinal sobre las empresas que figuran en el S&P500 entre 2014 y 2019, a lo largo de tres sectores. Nuestros resultados revelan que el discurso del director general está relacionado con los resultados financieros y no financieros. Este discurso es un factor clave para entender si la estrategia de RSE del director general aborda cuestiones estratégicas sectoriales clave. Así, el discurso del director general sobre la RSE podría ser una herramienta interesante para mejorar la selección de activos, ya que modera indirectamente la relación entre los resultados financieros y no financieros.
Palabras clave:
- Análisis del discurso,
- RSE,
- resultados financieros,
- informes de responsabilidad
Appendices
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