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Sustainability, Corporate Governance and Organizational Performance: Five Essays 2020 128 Eugenio Zubeltzu Jaka Sustainability, corporate governance and organizational performance: five essays. Departamento Contabilidad y Finanzas Director/es Ortas Fredes, Eduardo Álvarez Etxeberria, Igor Reconocimiento – NoComercial – SinObraDerivada (by-nc-nd): No se © Universidad de Zaragoza permite un uso comercial de la obra Servicio de Publicaciones original ni la generación de obras derivadas. ISSN 2254-7606 Tesis Doctoral SUSTAINABILITY, CORPORATE GOVERNANCE AND ORGANIZATIONAL PERFORMANCE: FIVE ESSAYS. Autor Eugenio Zubeltzu Jaka Director/es Ortas Fredes, Eduardo Álvarez Etxeberria, Igor UNIVERSIDAD DE ZARAGOZA Contabilidad y Finanzas 2020 Repositorio de la Universidad de Zaragoza – Zaguan http://zaguan.unizar.es THESIS. UNIVERSITY OF ZARAGOZA 2020 Eugenio Zubeltzu Jaka Sustainability, corporate governance and organizational performance: five essays. Department Accounting and Finance Supervisors Eduardo Ortas Fredes Igor Álvarez Etxeberria PhD dissertation Doctoral Sustainability, corporate governance and organizational performance: five essays Author Eugenio Zubeltzu Jaka Supervisors Eduardo Ortas Fredes Igor Álvarez Etxeberria UNIVERSITY OF ZARAGOZA Accounting and Finance Department Zaragoza, 2019 Repositorio de la Universidad de Zaragoza- Zaguan http://zaguan.unizar.es Publication list This Doctoral Thesis consists of a compendium of 5 research papers published in international scientific journals, 4 of which are published in journals whose impact index is included in the Journal Citation Reports (JCR). The list of published articles is as follows: I. Zubeltzu‐Jaka, E., Andicoechea‐Arondo, L., & Alvarez Etxeberria, I. (2018). Corporate social responsibility and corporate governance and corporate financial performance: Bridging concepts for a more ethical business model. Business Strategy and Development 1(3), 214-222. https://doi.org/10.1002/bsd2.29 II. Ortas, E., Álvarez, I., & Zubeltzu-Jaka, E. (2017). Firms’ board independence and corporate social performance: A Meta-Analysis. Sustainability, 9(6), 1006. https://doi.org/10.3390/su9061006. III. Zubeltzu-Jaka, E., Álvarez, I., & Ortas, E. (2020) The effect of the size of the board of directors on corporate social performance: A meta-analytic approach Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.1889 IV. Zubeltzu‐Jaka, E., Erauskin‐Tolosa, A., & Heras‐Saizarbitoria., I. (2018). Shedding light on the determinants of eco‐innovation: A meta‐analytic study. Business Strategy and the Environment, 27(9), 1093-1103. https://doi.org/10.1002/bse.2054. V. Erauskin‐Tolosa, A., Zubeltzu‐Jaka, E., Heras‐Saizarbitoria, I., & Boiral, O. ISO 14001 EMAS and environmental performance: a meta-analysis. Business Strategy and the Environment. https://doi.org/10.1002/bse.2422 I Eugenio Zubeltzu Jaka, con D.N.I. 72.44.94.86S expone: Siendo el primer autor del artículo titulado: “Corporate social responsibility and corporate governance and corporate financial performance: Bridging concepts for a more ethical business model”, afirmo haber contribuido en todo el proceso de elaboración de este trabajo de investigación, incluyendo el análisis cuantitativo y cualitativo, la interpretación de los datos, así como la redacción y corrección del manuscrito. Además, siendo el único autor de este artículo no poseedor del título de Doctor, este trabajo de investigación no formará parte de ninguna otra tesis en modalidad de compendio de publicaciones. En Tolosa a 2 de Diciembre de 2019 Fdo. Eugenio Zubeltzu Jaka. II Eugenio Zubeltzu Jaka, con D.N.I. 72.44.94.86S expone: Siendo el tercer autor del artículo titulado: “Firms’ board independence and corporate social performance: A Meta-Analysis”, afirmo haber contribuido en todo el proceso de elaboración de este trabajo de investigación, incluyendo el análisis cuantitativo y cualitativo, la interpretación de los datos, así como la redacción y corrección del manuscrito. Además, siendo el único autor de este artículo no poseedor del título de Doctor, este trabajo de investigación no formará parte de ninguna otra tesis en modalidad de compendio de publicaciones. En Tolosa a 2 de Diciembre de 2019 Fdo. Eugenio Zubeltzu Jaka III Eugenio Zubeltzu Jaka, con D.N.I. 72.44.94.86S expone: Siendo el segundo autor del artículo titulado: “The effect of the size of the board of directors on corporate social performance: A meta-analytic approach”, afirmo haber contribuido en todo el proceso de elaboración de este trabajo de investigación, incluyendo el análisis cuantitativo y cualitativo, la interpretación de los datos, así como la redacción y corrección del manuscrito. Además, siendo el único autor de este artículo no poseedor del título de Doctor, este trabajo de investigación no formará parte de ninguna otra tesis en modalidad de compendio de publicaciones. En Tolosa a 2 de Diciembre de 2019 Fdo. Eugenio Zubeltzu Jaka IV Eugenio Zubeltzu Jaka, con D.N.I. 72.44.94.86S expone: Siendo el primer autor del artículo titulado: “Shedding light on the determinants of eco‐ innovation: A meta‐analytic study”, afirmo haber contribuido en todo el proceso de elaboración de este trabajo de investigación, incluyendo el análisis cuantitativo y cualitativo, la interpretación de los datos, así como la redacción y corrección del manuscrito. Además, siendo el único autor de este artículo no poseedor del título de Doctor, este trabajo de investigación no formará parte de ninguna otra tesis en modalidad de compendio de publicaciones. En Tolosa a 2 de Diciembre de 2019 Fdo. Eugenio Zubeltzu Jaka V Eugenio Zubeltzu Jaka, con D.N.I. 72.44.94.86S expone: Siendo el segundo autor del artículo titulado: “ISO 14001 EMAS and environmental performance: a meta-analysis”, afirmo haber contribuido en todo el proceso de elaboración de este trabajo de investigación, incluyendo el análisis cuantitativo y cualitativo, la interpretación de los datos, así como la redacción y corrección del manuscrito. Además, siendo el único autor de este artículo no poseedor del título de Doctor, este trabajo de investigación no formará parte de ninguna otra tesis en modalidad de compendio de publicaciones. En Tolosa a 2 de Diciembre de 2019 Fdo. Eugenio Zubeltzu Jaka VI Acknowledgements With these few lines, I wish to show my most sincere thanks to all the people that have made it possible for me to write this PhD dissertation. To my PhD managers, Igor Álvarez and Eduardo Ortas, with whom I share a very close personal, as well as professional relationship, for their constant dedication, help and support, without which is would not have been possible to this work to reach a satisfactory conclusion. I would also like to thank Artitzar Erauskin and Iñaki Heras, for their tireless personal and professional support to carry out these work, with ideas, projects, solutions, .... without their help I would not have been able to carry it out. And, lastly, and especially to my family and friends – for being there, for trusting, for the help and support we have felt. “hori ba,,, milla esker bide luze hontan lagundu gaiztuzuen guztioi ”. “De eso se trata, de coincidir con gente que te haga ver cosas que tu no ves. Que te enseñen a mirar con otros ojos.” Mario Benedetti Zuri Politta eta zuei nere txikiak... INDEX Abstract…………………………………………………………………………………………………………………………………...3 Resumen …………………………………………………………………………………………………………………………….... .5 Part I………………………………………………………………………………………………………………………………………..7 1. Introduction………………………………………………………………………………………………………………………….9 2. Justification for the study……………………………………………………………………………………………………19 3. Research objectives…………………………………………………………………………………………………………… 23 4. Research method. ……………………………………………………………………………………………………………..25 Part II………………………………………………………………………………………………………………………………….. ..31 5. Contribution of the studies…………………………………………………………………………………………………33 5.1. Corporate social responsibility and corporate governance and corporate financial performance: bridging concepts for a more ethical business model……………………….……………..35 5.2. Firms' board independence and corporate social performance: a meta-analysis…………….47 5.3. The effect of the size of the board of directors on corporate social performance: A meta analytic approach………………………………………………………………………………………………………………… 75 5.4. Shedding light on the determinants of eco-innovation: a meta-analytic study……………….91 5.5. ISO 14001, EMAS and environmental performance: a meta-analysis…………………………… 105 Part III………………………………………………………………………………………………………………………………….123 6. Conclusions……………………………………………………………………………………………………………………..125 7. Conclusiones…………………………………………………………………………………………………………………...127 References of Parts I and III …………………………………………………………………………………………….. 129 1 Abstract This PhD dissertation aims to contribute to three knowledge fields that are closely linked: i) corporate governance; ii) business sustainability; and, iii) organizational performance. This thesis comprises five research studies, so that the dissertation is constructed under the publications compendium model. The dissertation analyze, from an international perspective, the influence of different corporate governance mechanisms on companies’ sustainability performance. Furthermore, it provides two studies that go deeper in that relationship by addressing the determinants of Eco- innovation and voluntary environmental certifications effect over Environmental performance. This will bring some help to companies’ managers at the time of adopting strategic decisions to achieve enhanced social and environmental performance. In this way, the main objective
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