Résumés
Résumé
L’objet de cet article est d’analyser l’effet de médiation sérielle du capital humain sur les achats responsables, et la performance financière. L’étude empirique a été réalisée sur la période 2016-2020, à partir d’un échantillon de 240 entreprises européennes cotées, évaluées sociétalement par l’agence de notation extra-financière Vigeo-Eiris. Une médiation sérielle est validée en retenant comme variable de performance financière la capitalisation boursière sur capitaux propres (MTB). Elle n’est toutefois pas confirmée en ce qui concerne la rentabilité sur actifs (ROA). Ces résultats attestent ainsi de l’importance des perceptions des investisseurs quant aux effets attendus, à long terme, de telles politiques.
Mots-clés :
- capital humain,
- achats responsables,
- performance financière,
- médiation sérielle
Abstract
The purpose of this paper is to analyse the serial mediation effect of human capital on sustainable procurement, and financial performance. The empirical study was conducted over the period 2016-2020, using a sample of 240 listed European companies, socially assessed by the extra-financial rating agency Vigeo-Eiris. A serial mediation is validated by using market to book (MTB) as the financial performance variable. However, it is not confirmed with regard to return on assets (ROA). These results thus attest to the importance of investors’ perceptions of the expected long-term effects of such policies.
Keywords:
- human capital,
- sustainable procurement,
- financial performance,
- serial mediation
Resumen
El objetivo de este trabajo es analizar el efecto de mediación en serie del capital humano sobre las compras sostenibles y los rendimientos financieros. El estudio empírico se realizó durante el periodo 2016-2020, utilizando una muestra de 240 empresas europeas cotizadas, evaluadas socialmente por la agencia de calificación extrafinanciera Vigeo-Eiris. Se valida una mediación en serie utilizando el market to book (MTB) como variable de rendimiento financiero. Sin embargo, no se confirma con el retorno sobre los activos totales (ROA). Estos resultados demuestran la importancia de la percepción de los inversores sobre los efectos previstos a largo plazo de dichas políticas.
Palabras clave:
- capital humano,
- compras sostenibles,
- rendimiento financiero,
- mediación en serie
Parties annexes
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