Effect of the Disclosure of Corporate Social Responsibility on Business Profitability. A Dimensional Analysis in the Spanish Stock Market

In recent decades, the novel fact of considering corporate social responsibility (CSR) as part of the corporate strategy of companies has resulted in interest groups demanding the disclosure of such information. Likewise, considering their importance of transparency and governance today, it is necessary to make an approximation on the study of the divulgation of CSR information on companies listed on the Spanish stock market. The aim of this work is to determine whether the disclosure of the measures taken by the companies on CSR influences business profitability. Applying PLS-SEM on the information extracted from the sustainability reports of 103 companies listed on the Spanish continuous market, it is found that the disclosure of CSR measures improves business profitability in its social and economic dimensions, with no effect being found between the disclosure CSR in its environmental dimension on business profitability.