CSR, Sustainable Value Creation and Shareholder Relations

Abstract

The establishment of integrated corporate social responsibility principles, the growing complexity and importance of business/stakeholder relationships, and the elimination of space and time barriers to the circulation of information and capital change the corporate governance approach of listed companies. This situation attenuates the business approach, which has characterised firms with wide ownership dispersion (outsider systems) and those with concentrated ownership or control (insider systems) for a long time. This discussion article aims to be a theoretical contribution, which investigates the relationship between integrated CSR and investors according to a management model able to create sustainable value and optimise meeting the interests of shareholders and other stakeholders. Corporate social responsibility and an orientation towards sustainability facilitate the reduction of business risk and the creation of value in the medium-to long-term, regardless of the ownership structure of companies and the characteristics of risk capital markets.