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The ambiguous effect of sustainable business practices on business financial performance is explained empirically as the result of the disparity of the practices analyzed, the inadequate relation proposed and the misspecification of the moderating variables. The purpose of the present study is to determine the effect that each of these factors can have as justification for the divergence of outcomes in previous studies.

Several dependence models have been estimated in order to observe the type of effect of greenhouse gas emissions (GHGE) practices on FP, attempting to establish whether this relationship is linear, positive or negative, or a curve. Additionally, the authors interacted these GHGE practices with the level of firms' innovation in relation to their competitors.

The results show that greenhouse gas emission controls have an inverse‐linear effect on firm performance, independently of their level of innovation. This relationship is justified in that in contrast to previous articles, the authors have evidence of a null relationship between particular corporate social responsibility (CSR) practices and research and development expenses.

It is shown that it is the type of CSR practice observed and the business motives underlying it that is the determining factor of these divergences.

The purpose of this study is to analyse whether CSR practices performed by European companies (both those CSR practices related to marketing‐based strategies and those that are not) create value. That value creation will be gauged through two variables: reputation and shareholder value creation.

To carry out this research, the 120 biggest European companies whose CSR practices have been analysed by Deloitte and Kinchhoff in The Good Company Ranking were taken. European firms have adopted an active stance on CSR and their organisational aspects and responsibilities related to sustainability are better‐founded compared with other companies. Financial data and reputation were obtained from the Forbes and Fortune websites, respectively.

The findings obtained show that all CSR practices, especially those linked to enhancing a company's image, have a positive effect on shareholder value creation, given that investors are able to detect the level of corporate commitment to sustainable development. On the other hand, none of the typologies of CSR practices undertaken have a relevant influence on corporate reputation.

The results of this study advise managers to design their CSR strategies with an orientation to increasing corporate reputation through large investments in CSR which prevent them from being imitated by direct rivals.

The purpose of this study is to analyse different factors behind the disclosure of corporate information on issues related to greenhouse gas emissions and climate change world‐wide.

The empirical analysis carried out was performed in two stages: analysis of the data obtained through content analysis and analysis of the factors that influence the disclosure of greenhouse gas emissions and climate change using a dependency model, a multiple linear regression. Several variables were introduced to represent the size of the companies, leverage, return on assets (ROA), return on equity (ROE) and Market‐to‐Book ratio. Also, other dummy variables have been incorporated: Kyoto Protocol, activity sector in which the company operates and inclusion in the Dow Jones Sustainability Index.

The results obtained show a direct relationship between corporate size, its market capitalization and the disclosure of information in addition to proposed Global Reporting Initiative (GRI) indicators on greenhouse gas emissions. Conversely, an inverse relationship between ROE and disclosure is detected.

The findings emphasize that the main quoted companies operating in industries related to greenhouse gas emissions typically reveal information on almost all the GRI core indicators as well as the additional items specifically proposed for this issue. Moreover, the results suggest a trend for companies to utilize information on greenhouse gas emissions as a mechanism that enables them to legitimise themselves with those groups that can be of benefit to them.

The paper has analysed the disclosure of greenhouse gas emissions and other information of importance to climate change in companies from different countries, some of which have ratified, approved, adhered to or accepted the Kyoto Protocol, and some of which have still not accepted it.

The purpose of this paper is to analyze the bidirectional relationship between corporate social responsibility (CSR) practices and innovation according to the resource‐based theory.

Based on a sample formed by companies with investments in R&D for the 2003‐2007 period worldwide, a bidirectional model is defined, one model in which the innovation realized by companies is a function of CSR practices, activity sector, firm size and risk, and another model in which CSR practices are a function of innovation, activity sector, firm size and risk.

The results of both models show that the bidirectional relationship between the two strategic decisions is negative. However, the effect of the sustainable practices undertaken by those companies listed on the Dow Jones Sustainability Index on innovative efforts is statistically less significant. It was also found that this type of investment takes three years to show its value added in CSR practices and that the relationship between innovation and corporate social responsibility practices is not the same in different sectors.

The empirical evidence suggests that, in general, companies do not implement innovations linked to topics of sustainability; at the same time, an incompatibility exists between investment in R&D and the encouragement of corporate sustainable behavior.

Previous studies have focused more on analyzing the influence of CSR practices on innovation and in this paper the influence of innovation on CSR practices is also analyzed.

The purpose of this study is to analyse CSR practices implemented by Spanish companies and the relationship between such practices and corporate financial performance.

The empirical analysis carried out was performed in two phases or stages: analysis of the data obtained through content analysis; and analysis of the motivations behind CSR practices using a dependency model, multiple linear regression, enabling their effect on corporate performance to be explained. Several control variables were introduced to represent the size of the companies, expressed in terms of total assets, and the industry in which the firm operates.

The paper underpins the fact that in Spain there has been a significant increase in practices favouring the reduction of environmental impact, as well as the creation of comfortable workplaces, especially promoting workers' rights. Several of these corporate practices associated with social responsibility in Spanish firms show a positive and significant impact on the rate of sales growth but there is a lack of impact on productivity or market value. Moreover, other responsible practices are not related to short‐run improvements in companies' performance.

The findings allow the authors to conclude that CSR practices in Spanish firms are geared towards social welfare, and that they are mainly associated with differentiation with regard to competitors and improving the company image, which lead to performance‐linked economic advantages (such as sales increases).

The paper has analysed corporate practices in a specific country separately (Spain) and has determined the relationship between CSR and firm performance.

The purpose of this study is to empirically examine whether two major stakeholder groups – customers and employees – consider third party-reviewed corporate social responsibility (CSR) reports and assurance on the quality of internal controls as value determinant in their decisions, and how their decisions influence financial performance through the halo effect of these reports.

Using Compustat North America and Global Reporting Initiative data, the authors used first-order autoregressive models over the period from 2006 to 2012.

The results indicate that the impacts of customers and employees on financial performance are influenced by third party-reviewed CSR reports and effective internal control. Moreover, it is found that the third party-reviewed CSR reports and effective internal control enable the persistence of financial performance.

The findings have implications for stakeholders in terms of third party-reviewed CSR reports and effective internal control. The findings are important due to the influence that these stakeholders (customers and employees) have on the financial performance of firms and the impact that CSR actions can have on society as a whole.

To the authors' knowledge, this is the first study that contributes to the literature by demonstrating that information about third party-reviewed CSR reports and internal control reviews may influence the perceptions of firms by two primary stakeholders – customers and employees.