Silvia Ayuso

Using Stakeholder Dialogue as a Source for New Ideas - A Dynamic Capability Underlying Sustainable Innovation

This paper attempts to gain a deeper understanding of the firms ability to integrate stakeholder insights into the process of organisational innovation within the context of sustainable development. Given the early stage of empirical research on the topic, we used an exploratory case study of two Spanish companies that have successfully learned from stakeholder dialogue and have generated innovations that are beneficial both to the company and to sustainable development in general. The evidence from the two case studies suggests that there are two simple capabilities - stakeholder dialogue and stakeholder knowledge integration for generating innovations in accordance with stakeholder needs. Whereas stakeholder dialogue leverages organisational resources that promote two-way communication, transparency and appropriate feedback to stakeholders, stakeholder knowledge integration relies on non-hierarchical structures, flexibility and openness to change. The paper sheds some light on the under-researched issue of linking stakeholder dialogue and sustainable innovation, and contributes to opening the black box of dynamic capabilities and advancing in the understanding of this fundamental organisational concept.

Comparing Voluntary Policy Instruments for Sustainable Tourism: The Experience of the Spanish Hotel Sector

This paper presents a comprehensive analysis of the voluntary policy instruments most commonly applied by the hotel sector: codes of conduct, best environmental practices, ecolabels, environmental management systems (EMSs) and environmental performance indicators. Based on a qualitative study of Spanish hotel companies that have applied one or more of these voluntary tools, each instrument is reviewed and analysed with regard to incentives and obstacles experienced during its practical implementation. In the comparative assessment of all the tools studied, formal certification systems such as ecolabels and EMSs appear to be the most effective instruments. At a conceptual level, ecolabels and EMSs are the tools with the broadest scope and the only ones that guarantee an improvement of the company’s environmental (and sustainable) performance. At the practical level, the present research shows that, although both of these instruments involve higher costs and complexity than the other tools studied, they offer a wider range of tangible and intangible benefits.

Responsible Corporate Governance: Towards a Stakeholder Board of Directors?

The central question posed in this paper will be how to organize board composition in order to ensure responsible corporate governance both from a CSR and a good governance perspective. Adopting a stakeholder approach to corporate governance, we analyze the arguments given by different theoretical approaches for linking specific board composition with financial performance and CSR, and discuss the empirical research conducted. Despite the inconclusive findings of empirical research, it can be argued that diverse stakeholders on the board will promote CSR activities of the firm, but at the same time will increase board capital (which ultimately may lead to a better financial performance). Finally, we propose a model for selecting board members based both on ethical and pragmatic arguments.

Maximizing Stakeholders' Interests: An Empirical Analysis of the Stakeholder Approach to Corporate Governance

The purpose of this paper is to build on the emerging stakeholder model of corporate governance by analyzing the CSR function at board level, board diversity, and stakeholder engagement, and how it relates to financial performance. Based on an empirical study of an international sample of large companies, we find board responsibility for CSR to be a key factor in promoting engagement with primary and secondary stakeholders of the firm. Depending on the legal tradition of the country in which the company is based, we find evidence that board diversity and stakeholder engagement are positively correlated with firm financial performance.

Maximizing Stakeholders’ Interests

This article makes two related contributions to stakeholder theory and corporate governance theory. First, the authors seek to advance firm-level characterization of the emerging stakeholder model of corporate governance by analyzing two relevant dimensions of this model: the corporate social responsibility (CSR) function at the board level and stakeholder engagement. Second, the authors intend to examine the relationship between conformance to the stakeholder model of corporate governance and firm financial performance, taking into account the differences between countries, by using an international sample of large companies. The findings suggest that the traditional distinction between shareholder-centered and stakeholder-centered corporate governance systems also has importance for the CSR strategy.

A Cross-National Study of Corporate Governance and Employment Contracts

Corporate governance (CG) can be seen to operate through a double agency relationship: one between the shareholders and corporate management, and another between the corporate management and the firms employees. The CG and labour management of firms are closely related. A particularly productive way to study how CG affects and is affected by the employment relationship has been to compare CG across countries. The contributions of this paper to that literature are threefold. (1) An integration of aspects of the labour management literature in the CG debate. (2) Based on a sample of about 1000 firms from 31 countries, we find evidence of complementarities between the CG and the labour management of firms. Extreme cases, in general, outperform mixed cases. (3) Firm differences within countries are more important than scholars have assumed so far. We present the results of the study and implications for future research and for practice.