The Sustainable Development Goals and Large Spanish Companiesan analysis of their commitment based on their Non-Financial Reporting

Referencias bibliográficas

• Adams, C. A., & Abhayawansa, S. (2021). Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting, 82, 102309. https://doi.org/10.1016/j. cpa.2021.102309
• Adams, C. A., Druckman, P. B., & Picot, R. C. (2020). Sustainable de- velopment goal disclosure (SDGD) recommendations. ACCA: London, UK. Available at https://www.ifac.org/knowledge-gateway/ contributing-globaleconomy/publications/sustainable-development-goalsdisclosure-sdgdrecommendations
• Ali, W., Frynas, J.G., & Mahmood, Z. (2017). Determinants of corporate so- cial responsibility (CSR) disclosure in developed and developing countries: a literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294. https://doi.org/10.1002/csr.1410
• Ballesteros, B. C., Rubio, R. G., & Ferrero, J. M. (2015). Efecto de la composición del consejo de administración en las prácticas de responsabilidad social corporativa. Revista de contabilidad, 18(1), 20- 31. https://doi.org/10.1016/j.rcsar.2014.02.003
• Bebbington, J., & Unerman, J. (2018). Achieving the united nations sustainable development goals: an enabling role for accounting research. Accounting, Auditing and Accountability Journal, 31(1), 2-24. https://doi.org/10.1108/AAAJ-05-2017-2929
• Bebbington, J., & Unerman, J. (2020). Advancing research into accounting and the UN Sustainable Development Goals. Accounting, Auditing & Accountability Journal, 33(7), 1657-1670. https://doi. org/10.1108/AAAJ-05-2020-4556
• Bebbington, J., Schneider, T., Stevenson, L., &Fox, A. (2020). Fossil fuel reserves and resources reporting and unburnable carbon: Investigating conflicting accounts. Critical Perspectives on Accounting, 66, 102083. https://doi.org/10.1016/j.cpa.2019.04.004
• Bollas-Araya, H.M., Polo-Garrido, F. & Seguí-Mas, E. (2019). Determinants of CSR reporting and assurance: an analysis of top cooperative and mutual organisations. Australian Accounting Review, 29(4), 692-707. https://doi.org/10.1111/auar.12244
• Botchway, G. O., & Bradley, O.J. (2023). The diffusion of the sustainable development goals (SDGs): an examination of preparer perceptions. Sustainability Accounting, Management and Policy Journal, 14(2), 289-312. https://doi.org/10.1108/SAMPJ-01-2022-0012
• Brammer, S. & Pavelin, S. (2008). Factor influencing the quality of Corporate environmental disclosure. Business Strategy and the Environment, 17(2), 120-136. https://doi.org/10.1002/bse.506
• Brown, W. O., Helland, E., & Smith, J. K. (2006). Corporate philanthropic practices. Journal of corporate finance, 12(5), 855-877. https://doi. org/10.1016/j.jcorpfin.2006.02.001
• Carnegie, G., Parker, L., & Tsahuridu, E. (2021). It’s 2020: what is accounting today? Australian Accounting Review, 31(1), 65-73. https:// doi.org/10.1111/auar.12325
• Castelo, M. & Lima, L. (2008). Factors influencing social responsibility disclosure by Portuguese companies. Journal of Business Ethics, 83, 685-701. https://doi.org/10.1007/s10551-007-9658-z
• Castiñeira, À., Curtó, F., González, A. M., Ortega, E., Rovira, A., Nadal, I., & Jané-Llopis, E. (2020). El potencial transformador de los ODS. ESADE, Ramon Llull University
• Cho, C.H., Michelon, G., Patten, D.M., & Roberts, R.W. (2015). CSR disclosure: the more things change? Accounting, Auditing & Accountability Journal, 28(1), 14-35. https://doi.org/10.1108/AAAJ12-2013-1549
• Cinquini, L., & De Luca, F. (2022). Non-financial Disclosure and Integrated Reporting. Springer International Publishing.
• Coombs, W.T., & Holladay, S. J. (2012). Managing corporate social responsibility: A communication approach. Malden, MA: Wiley Blackwell.
• Cormier, D., & Gordon, I.M. (2001). An examination of social and environmental reporting strategies. Accounting, Auditing & Accountability Journal, 14(5), 587-617. https://doi.org/10.1108/ EUM0000000006264
• Cormier, D., Magnan, M. & Van Velthoven, B. (2005). Environmental Disclosure Quality in Large German Companies: Economic Incentives, Public Pressures or Institutional Conditions? European Accounting Review, 14(1), 3-39. https://doi.org/10.1080/0963818042000339617
• Cucari, N.,  Esposito de Falco, S., &  Orlando, B. (2018).  Diversity of board of directors and environmental social governance: Evidence from Italian listed companies.  Corporate Social Responsibility and Environmental Management,  25,  250-266.  https://doi.org/10.1002/ csr.1452
• Da Silva Monteiro, S.M. & Aibar-Guzmán, B. (2010). Determinants of environmental disclosure in the annual reports of large companies operating in Portugal. Corporate Social Responsibility and Environmental Management, 17(4), 185-204. https://doi.org/10.1002/ csr.197
• Daily, C. M., Dalton, D. R., & Cannella Jr, A. A. (2003). Corporate governance: Decades of dialogue and data.  Academy of management review, 28(3), 371-382. https://doi.org/10.5465/amr.2003.10196703
• Deegan, C. (2002). Introduction: the legitimising effect of social and environmental disclosures – a theoretical foundation. Accounting, Auditing and Accountability Journal, 15(3), 282-311. https://doi. org/10.1108/09513570210435852
• De Klerk, M., & de Villiers, C. (2012). The value relevance of corporate responsibility reporting: South African evidence. Meditari Accountancy Research, 20(1), 21-38. https://doi. org/10.1108/10222521211234200
• De Klerk, M., de Villiers, C., & van Staden, C. (2015). The influence of corporate social responsibility disclosure on share prices: Evidence from the United Kingdom. Pacific Accounting Review, 27(2), 208- 228. https://doi.org/10.1108/PAR-05-2013-0047
• De Villiers, C., & Van Staden, C.J. (2011). Where firms choose to disclose voluntary environmental information. Journal of Accounting and Public Policy, 30(6), 504-525. https://doi.org/10.1016/j.jaccpubpol.2011.03.005
• Directiva 2014/95/UE del parlamento europeo y del consejo de 22 de octubre de 2014 por la que se modifica la Directiva 2013/34/UE en lo que respecta a la divulgación de información no financiera e información sobre diversidad por parte de determinadas grandes empresas y determinados grupos.
• Directiva (UE) 2022/2464 del parlamento europeo y del consejo de 14  de  diciembre de 2022 por la que se modifican el Reglamento (UE) n.º 537/2014, la Directiva 2004/109/CE, la Directiva 2006/43/ CE y la Directiva 2013/34/UE, por lo que respecta a la presentación de información sobre sostenibilidad por parte de las empresas.
• Dumay, J., & Guthrie, J. (2017). Involuntary disclosure of intellectual capital: is it relevant? Journal of Intellectual Capital, 18(1), 29-44. https://doi.org/10.1108/JIC-10-2016-0102
• Durán, M. P., & Gil, M. T. N. (2020). Compromiso de las empresas españolas del Dow Jones Sustainability World Index 2018 con la divulgación de información responsable. Revista Española de Documentación Científica, 43(1), e255. https://doi.org/10.3989/ redc.2020.1.1658
• Erin, O.A., Bamigboye, O.A., & Oyewo, B. (2022). Sustainable development goals (SDG) reporting: an analysis of disclosure. Journal of Accounting in Emerging Economies, 12(5), 761-789. https://doi. org/10.1108/JAEE-02-2020-0037
• Esteban-Arrea, R., & Garcia-Torea, N. (2022). Strategic responses to sustainability reporting regulation and multiple stakehold- er demands: an analysis of the Spanish EU non-financial reporting directive transposition. Sustainability Accounting, Management and Policy Journal, 13(3), 600-625. https://doi.org/10.1108/ SAMPJ-07-2021-0292
• Farooq, M.B., & de Villiers, C. (2019). Understanding how managers institutionalise sustainability reporting: Evidence from Australia and New Zealand. Accounting, Auditing & Accountability Journal, 32(5), 1240-1269. https://doi.org/10.1108/AAAJ-06-2017-2958
• Fernandez, W.D., Burnett, M.F. & Gomez, C.B. (2019). Women in the boardroom and corporate social performance: negotiating the double bind.  Management Decision, 57(9), 2201-2222. https://doi. org/10.1108/MD-08-2017-0738
• Fernandez-Feijoo, B., Romero, S., & Ruiz, S. (2012). Does board gender composition affect corporate social responsibility reporting? International Journal of Business and Social Science, 3(1), 31-39.
• Fernandez-Feijoo, B.,  Romero, S., &  Ruiz-Blanco, S. (2014).  Women on boards: Do they affect sustainability reporting?  Corporate Social Responsibility and Environmental Management,  21(6),  351- 364. https://doi.org/10.1002/csr.1329
• Fernandez-Feijoo, B., Romero, S., & Ruiz, S. (2015). Multilevel approach to sustainability report assurance decisions. Australian Accounting Review, 25(4), 346-358. https://doi.org/10.1111/auar.12104
• Fonseca, L. and Carvalho, F. (2019). The reporting of SDGs by quality, environmental, and occupational health and safety-certified organizations. Sustainability, 11(20), 5797. https://doi.org/10.3390/ su11205797
• Freeman, R.E. (1984). The politics of stakeholder theory: some future directions. Business Ethics Quarterly, 4(4), 409-421.
• Gamerschlag, R., Möller, K. & Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: empirical evidence from Germany. Review of Managerial Science, 5, 233-262. https://doi.org/10.1007/ s11846-010-0052-3
• García-Benau, M. A., Gambetta, N., & Sierra-García, L. (2021). Financial Risk Management and Sustainability.  Sustainability,  13(15), 8300. https://doi.org/10.3390/su13158300
• García-Benau, M. A., Bollas-Araya, H. M., & Sierra-García, L. (2022). Non-financial reporting in Spain. The effects of the adoption of the 2014 EU Directive. Revista de Contabilidad-Spanish Accounting Review, 25(1), 3-15. https://doi.org/10.6018/rcsar.392631
• García‐Sánchez, I. M., Hussain, N., Martínez‐Ferrero, J., & Ruiz‐Barbadillo, E. (2019). Impact of disclosure and assurance quality of corporate sustainability reports on access to finance. Corporate Social Responsibility and Environmental Management, 26(4), 832-848. https://doi.org/10.1002/csr.1724
• Garcia-Torea, N., Larrinaga, C. and Luque-Vílchez, M. (2020). Academic engagement in policy-making and social and environmental reporting. Sustainability Accounting, Management and Policy Journal, 11(2), 281-290. https://doi.org/10.1108/SAMPJ-03-2019-0123
• GRI and UNGC (2018a). Business reporting on the SDGs. An Analysis of the Goals and Targets. Available at www.globalreporting.org/information/SDGs/Pages/Reporting-onthe-SDGs.aspx.
• GRI and UNGC (2018b). Business reporting on the SDGs. Integrating the SDGs into corporate reporting: A Practical Guide. Available at www.globalreporting.org/information/SDGs/Pages/Reporting-onthe-SDGs.aspx.
• Grueso-Gala, M., & Zornoza, C. C. (2022). A bibliometric analysis of the literature on nonfinancial information reporting: Review of the research and network visualization. Management Letters/Cuadernos de Gestión, 22(1), 175-192. http://hdl.handle.net/10810/55446
• Gugler, P. (2015). Book review world investment report 2014: Investing in the SDGs: An action plan, UNCTAD, United Nations, Geneva (2014). International Business Review, 24, 541-542.
• Hodge, K., Subramaniam, N. & Stewart, J. (2009). Assurance of Sustainability Reports: Impact on Report Users’ Confidence and Perceptions of Information Credibility. Australian Accounting Review, 19(3), 178-94. https://doi.org/10.1111/j.1835-2561.2009.00056.x
• Higgins, C., Stubbs, W., & Milne, M. (2018). Is Sustainability Reporting Becoming Institutionalised? The Role of an Issues-Based Field. Journal of Business Ethics, 147, 309-326. https://doi.org/10.1007/ s10551-015-2931-7
• Hummel, K., & Szekely, M. (2022). Disclosure on the Sustainable Development Goals – Evidence from Europe. Accounting in Europe, 19(1), 152-189. https://doi.org/10.1080/17449480.2021.1894347
• Izzo, M.F., Ciaburri, M., & Tiscini, R. (2020). The challenge of sustainable development goal reporting: the first evidence from Italian listed companies. Sustainability, 12(8), 3494. https://doi.org/10.3390/ su12083494
• Jizi, M. (2017). The influence of board composition on sustainable development disclosure. Business Strategy and the Environment, 26(5), 640-655. https://doi.org/10.1002/bse.1943
• Kolk, A., & Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: An international investigation.  Business strategy and the environment, 19(3), 182-198. https://doi. org/10.1002/bse.643
• KPMG (2020). The KPMG survey of corporate responsibility reporting 2020. KPMG, London, UK.
• Krasodomska, J., Michalak, J., & Świetla, K. (2020). Directive 2014/95/ EU: Accountants’ understanding and attitude towards mandatory non-financial disclosures in corporate reporting. Meditari Accountancy Research, 28(5), 751-779. https://doi.org/10.1108/MEDAR-06-2019-0504
• La Torre, M., Sabelfeld, S., Blomkvist M., Tarquinio L., & Dumay, J. (2018). Harmonising non-financial reporting regulation in Europe: practical forces and projections for future research. Meditari Accountancy Resources, 26(4), 598-621. https://doi.org/10.1108/MEDAR-02-2018-0290
• La Torre, M., Sabelfeld, S., Blomkvist, M., & Dumay, J. (2020). Rebuilding trust: sustainability and non-financial reporting and the European Union regulation, Meditari Accountancy Research. 28(5), 701- 725. https://doi.org/10.1108/MEDAR-06-2020-0914
• Larrinaga, C., Luque-Vilchez M., & Fernández, R. (2018). Sustainability accounting regulation in Spanish public sector organizations. Public Money & Management, 38(5), 345-354. https://doi.org/10.1080/095 40962.2018.1477669
• Li, S., Sun, L., & Ettredge, M. (2010). Financial executive qualifications, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics, 50, 93-110. https://doi.org/10.1016/j. jacceco.2010.01.003
• Luque-Vílchez, M., & Larrinaga, C. (2016). Reporting Models do not Translate Well: Failing to Regulate CSR Reporting in Spain. Social and Environmental Accountability Journal, 36(1), 56-75. https://doi. org/10.1080/0969160X.2016.1149301
• Mäkelä, H., & Laine, M. (2011). A CEO with many messages: Comparing the ideological representations provided by different corporate reports. Accounting Forum, 35(4), 217-231. https://doi. org/10.1016/j.accfor.2011.06.008
• Martínez-Ferrero, J., & García-Sánchez, M.I. (2017). Coercive, Normative and Mimetic Isomorphism as Determinants of the Voluntary Assurance of Sustainability Reports. International Business Review, 26, 102-118. https://doi.org/10.1016/j.ibusrev.2016.05.009
• Martínez-Ferrero, J. & García-Meca, E. (2020). Internal corporate governance strength as a mechanism for achieving sustainable development goals. Sustainable Development, 28(5), 1189-1198. https://doi. org/10.1002/sd.2068
• Mintzberg, H. (1993) Structure in Fives: Designing Effective Organizations. Prentice-Hall, Englewood Cliffs, NJ.
• Miras-Rodríguez, M. D. M., Martínez-Martínez, D., & Escobar-Pérez, B. (2018). Which corporate governance mechanisms drive CSR disclosure practices in emerging countries? Sustainability, 11(1), 61. https://doi.org/10.3390/su11010061
• Morhardt, J.E. (2010), Corporate social responsibility and sustainability reporting on the Internet. Business Strategy and the Environment, 19(7), 436-452. https://doi.org/10.1002/bse.657
• Neuendorf, K.A. (2002), The Content Analysis Guidebook, Sage, Thousand Oaks, CA.
• Nichita, E. M., Nechita, E., Manea, C.L., Manea, D., & Irimescu, A. M. (2020). Reporting on Sustainable Development Goals. A scorebased approach with company-level evidence from Central-Eastern Europe economies. Accounting and Management Information Systems, 19(3), 502-542. https://doi.org/10.24818/jamis.2020.03004
• Nicolò, G., Zampone, G., Sannino, G., & De Iorio, S. (2021). Sustainable corporate governance and non-financial disclosure in Europe: does the gender diversity matter?. Journal of Applied Accounting Research, 23(1), 227-249. https://doi.org/10.1108/JAAR-04-2021- 0100
• Niemann, L., & Hoppe, T. (2018). Sustainability reporting by local governments: a magic tool? Lessons on use and usefulness from European pioneers. Public Management Review, 20(1), 201-223. https:// doi.org/10.1080/14719037.2017.1293149
• Nunes, M.F., & Park, C.L. (2017). Self-claimed sustainability: building social and environmental reputations with words. Sustainable Production and Consumption, 11, 46-57. https://doi.org/10.1016/j. spc.2016.04.002
• O’Dwyer, B., & Owen, D. (2005). Assurance Statement Practice in Environmental, Social and Sustainability Reporting: A Critical Evaluation. The British Accounting Review, 37(2), 205-229. https://doi. org/10.1016/j.bar.2005.01.005
• Oteo, O. V. (2015). Factores que influyen en la calidad y cantidad de Responsabilidad Social en las empresas españolas. Estudio de caso de las empresas del Ibex 35. CIRIEC-España, revista de economía pública, social y cooperativa, 85.
• Owen, D. (2008). Chronicles of wasted time? A personal reflection on the current state of, and future prospects for social and environmental accounting research. Accounting Auditing and Accountability Journal, 21(2), 240-267. https://doi.org/10.1108/09513570810854428
• Palmer, I., King, A.W., & Kelleher, D. (2004). Listening to Jack: GE’s change conversations with shareholders. Journal of Organizational Change Management, 17(6), 593-614. https://doi. org/10.1108/09534810410564578
• Pearce, J. A., & Zahra, S. A. (1992). Board composition from a strategic contingency perspective. Journal of management studies, 29(4), 411- 438. https://doi.org/10.1111/j.1467-6486.1992.tb00672.x
• Polo-Garrido, F., Bollas-Araya, H.M., & Bravo-Sellés, M. (2022). SDGs and cooperatives entities: a study of the biggest financial cooperatives. In 33º Congreso Internacional del CIRIEC.
• Powell, L., & McGuigan, N. (2022). Responding to crises: rewilding accounting education for the Anthropocene. Meditari Accountancy Research, 31(1, 101-120. https://doi.org/10.1108/MEDAR-06-2021-1333
• PwC (2018). From Promise to Reality: Does Business Really Care about the SDGs? And What Needs to Happen to Turn Words into Action; PwC: London, UK, available online at https://www.pwc.com/gx/en/ sustainability/SDG/sdg-reporting-2018.pdf accessed June 2020
• PwC (2019). Creating a strategy for a better world How the Sustainable Development Goals can provide the framework for business to deliver progress on our global challenges, available online at https://www.pwc. com/gx/en/sustainability/SDG/sdg-2019.pdf, accessed June 2020
• Qureshi, M.A., Kirkerud, S., Theresa, K. & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199-1214. https://doi.org/10.1002/bse.2427
• Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351-366. https://doi.org/10.1006/bare.1997.0060
• Reverte, C. (2015). The new Spanish corporate social responsibility strategy 2014–2020: a crucial step forward with new challenges ahead. Journal of Cleaner Production, 91, 327-336. https://doi. org/10.1016/j.jclepro.2014.12.041
• Romero, S., Ruiz, S., & Fernández-Feijoo, B. (2010). Assurance statement for sustainability reports: the case of Spain. Proceedings of the Northeast Business and Economics Association, 105-112.
• Rosati, F., & Faria, L.G.D. (2019a). Business contribution to the sustaina- ble development agenda: organizational factors related to early adoption of SDG reporting. Corporate Social Responsibility and Environmental Management, 26(3), 588-597. https://doi.org/10.1002/csr.1705
• Rosati, F., & Faria, L.G.D. (2019b). Addressing the SDGs in sustainability reports: the relationship with institutional factors. Journal of Cleaner Production, 215, 1312-1326. https://doi.org/10.1016/j.jclepro.2018.12.107
• Sachs, J. D., Schmidt-Traub, G., Mazzucato, M., Messner, D., Nakicenovic, N., & Rockström, J. (2019). Six transformations to achieve the sustainable development goals. Nature sustainability, 2(9), 805-814. https://doi.org/10.1038/s41893-019-0352-9
• Schaltegger, S., & Wagner, M. (2011). Sustainable entrepreneurship and sustainability innovation: categories and interactions. Business Strategy and the Environment, 20(4), 222-237.
• SDG Impact (2021a). About the SDG Impact Standards. Available at https://sdgimpact.undp.org/practice-standards.html.
• SDG Impact (2021b). SDG IMPACT STANDARDS. Enterprises. Available at https://sdgimpact.undp.org/practice-standards.html.
• Sierra García, L., Bollas-Araya, H.M., & García Benau, M.A. (2022). Sustainable development goals and assurance of non-financial information reporting in Spain. Sustainability Accounting, Management and Policy Journal, 13(4), 878-898. https://doi.org/10.1108/ SAMPJ-04-2021-0131
• Simnett, R., Vanstraelen, A., & Chua, W.F. (2009), “Assurance on Sustainability Reports: An International Comparison”, Accounting Review, 84 (3): 937-67
• Srinidhi, B., Gul, F. A., & Tsui, J. (2011). Female directors and earnings quality. Contemporary Accounting Research, 28(5), 1610-1644. https://doi.org/10.1111/j.1911-3846.2011.01071.x
• Sweeney, L., & Coughlan, J. (2008). Do Different Industries Re- port Corporate Social Responsibility Differently? An Investigation Through the Lens of Stakeholder Theory. Journal of Marketing Communications, 14(2), 113-24. https://doi. org/10.1080/13527260701856657
• Tagesson, T., Blank, V., Broberg, P. & Collin, S.-O. (2009). What explains the extent and content of social and environmental disclosures on corporate websites: a study of social and environmental reporting in Swedish listed corporations. Corporate Social Responsibility and Environmental Management, 16(6), 352-364. https://doi.org/10.1002/ csr.194
• Tsalis, T.A., Malamateniou, K.E., Koulouriotis, D., & Nikolaou, I.E. (2020). New challenges for corporate sustainability reporting: United Nations’ 2030 agenda for sustainable development and the sustainable development goals. Corporate Social Responsibility and Environmental Management, 27(4), 1617-1629. https://doi. org/10.1002/csr.1910
• Tyson, T., & Adams, C.A. (2020). Increasing the scope of assurance research: new lines of inquiry and novel theoretical perspectives. Sustainability Accounting, Management and Policy Journal, 11(2), 291-316. https://doi.org/10.1108/SAMPJ-03-2018-0067
• United Nations (2022). The Sustainable Development Goals Report 2022. United Nations Publications, New York, United States of America.
• Van der Waal, J.W., & Thijssens, T. (2020). Corporate involvement in sustainable development goals: exploring the territory. Journal of Cleaner Production, 252, 119625. https://doi.org/10.1016/j.jclepro.2019.119625
• Velte, P., & Stawinoga,W. (2017). Empirical Research on Corporate Social Responsibility Assurance (CSRA): A Literature Review. Journal of Business Economics, 87, 1017-1066. https://doi.org/10.1007/ s11573-016-0844-2.
• Vinnari, E., & Laine, M. (2013). Just a passing fad? The diffusion and decline of environmental reporting in the Finnish water sector. Accounting, Auditing & Accountability Journal, 26(7), 1107-1134. https://doi.org/10.1108/AAAJ-04-2012-01002
• Young, S. & Marais, M. (2012). CSR and Governance. Corporate Governance: An International Review, 20(5), 432-450. https://doi. org/10.1111/j.1467-8683.2012.00926.x
• Zorio, A., García-Benau, M.A., & Sierra, L. (2013). Sustainability Development and the Quality of Assurance Reports: Empirical Evidence. Business Strategy and the Environment, 22(7), 484–500. https://doi. org/10.1002/bse.1764