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B Corps and listed companies: empirical analysis on corporate social responsibility and innovation activity

Patrizia Gazzola (Department of Economics, University of Insubria, Varese, Italy)
Daniele Grechi (Department of Economics, University of Insubria, Varese, Italy) (Department of Mathematics for Economic, Financial and Actuarial Sciences, Catholic University of the Sacred Heart, Milan, Italy)
Matteo Ferioli (Department of Economics, University of Insubria, Varese, Italy)
David Slavata (Department of Public Economy, VSB–Technical University of Ostrava, Ostrava, Czech Republic)

Kybernetes

ISSN: 0368-492X

Article publication date: 15 August 2022

Issue publication date: 28 November 2023

339

Abstract

Purpose

The purpose of this article is to investigate whether the corporate social responsibility (CSR) and innovation activity of Certified B Corps® is comparable to listed companies in the Italian fashion industry.

Design/methodology/approach

The study includes a systematic literature review performed on Scopus® and combining keywords related to CSR and the fashion industry. Moreover, the literature review involves empirical analyses performed using a mixed-methods approach. First, a text-based content analysis was carried out on the companies' sustainability reports using the keyword scoring approach. The innovation index was then calculated, and multiple ordinary least squares (OLS) linear regressions were performed.

Findings

Based on the data available, it has emerged that Certified B Corps® who pursue a more significant number of SDGs are more likely to implement circular economy principles. Moreover, Certified B Corps® that have higher transparency standards and assume social responsibility practices also have higher innovation activity; in contrast, companies who used CSR only as a marketing tool have lower activity.

Research limitations/implications

The analyses were influenced by the coronavirus disease 2019 (COVID-19) pandemic, revealing weaker relationships between the variables, as the analyses involved 2020 data. Furthermore, although the analysis considers the entire population of Certified B Corps® and listed companies in the Italian fashion industry, the size of the sample analyzed influenced the results and insights. Therefore, the analysis does not allow for generalizability. Finally, the study was conducted on a single country whose economic and social contexts have influenced some variables.

Practical implications

The paper highlights some managerial implications. Managers should consider CSR to be an investment and an opportunity to survive the post-COVID-19 pandemic by applying the triple bottom line (TBL) approach in formulating strategies and increasing investments to develop sustainable innovations.

Originality/value

The article explores B Corps, which has received minimal attention in the literature, to propose a deeper understanding of the topic.

Keywords

Citation

Gazzola, P., Grechi, D., Ferioli, M. and Slavata, D. (2023), "B Corps and listed companies: empirical analysis on corporate social responsibility and innovation activity", Kybernetes, Vol. 52 No. 12, pp. 5928-5949. https://doi.org/10.1108/K-04-2022-0549

Publisher

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Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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