Title: CSR and human capital as levers for enhancing shareholder value creation. An early investigation of the largest European companies

Authors: Cecilia Casalegno; Michela Pellicelli; Chiara Civera

Addresses: Department of Management, University of Turin, Corso Unione Sovietica, 218 bis – 10100, Torino, Italy ' Department of Management and Economics, University of Pavia, Via San Felice, 5 – 27100 Pavia, Italy ' Department of Management, University of Turin, Corso Unione Sovietica, 218 bis – 10100 Torino, Italy

Abstract: This study examines how to strengthen human capital by using CSR practices and how this can affect the shareholder value creation, considering the human factor as part of the intellectual capital filled from the rising of the knowledge. The research will show a positive link between the strengthened CSR practices and the results concerning human capital productivity. A qualitative methodological approach based on the case analysis of a few largest European companies' CSR practices towards human capital and a quantitative analysis of their human capital principal indexes and the link with shareholder value creation are proposed. Results will highlight a strong link between CSR and human capital results, underlining for managers the need to invest in those practices. Whilst, being the largest companies analysed part of peculiar industrial sectors, results concerning shareholder value creation will appear to be dependent and vary on some other contingency variables, such as the reputation connected to the industry effect.

Keywords: corporate social responsibility; CSR; human capital; shareholder value creation; largest European countries.

DOI: 10.1504/GBER.2017.085030

Global Business and Economics Review, 2017 Vol.19 No.4, pp.448 - 467

Accepted: 16 May 2016
Published online: 13 Jun 2017 *

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