Competitive Success in Responsible Regional Ecosystems: An Empirical Approach in Spain Focused on the Firms’ Relationship with Stakeholders

M. Isabel Sánchez-Hernández, Tomás M. Bañegil-Palacios and Ramón Sanguino-Galván
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M. Isabel Sánchez-Hernández: Business Administration and Sociology Department, School of Economics, University of Extremadura, Ave. Elvas s/n, Badajoz 06006, Spain
Tomás M. Bañegil-Palacios: Business Administration and Sociology Department, School of Economics, University of Extremadura, Ave. Elvas s/n, Badajoz 06006, Spain
Ramón Sanguino-Galván: Business Administration and Sociology Department, School of Economics, University of Extremadura, Ave. Elvas s/n, Badajoz 06006, Spain

Sustainability, 2017, vol. 9, issue 3, 1-18

Abstract: Nowadays, any business manager is concerned about sustainability issues and is wondering how to implement social and environmental practices creating economic and social value at the same time. The implementation of social responsibility programs is justified by the benefits that result from a good relationship of the firm with key stakeholders. The present research investigates the links among firms’ relationship with stakeholders, firms’ champion behavior, stakeholders’ satisfaction and firms’ competitive success in regional contexts where social responsibility is promoted. Using the resource-based theory and the concept of shared value, a conceptual model is proposed in which a strong firm relationship with stakeholders will cause the stakeholder’ satisfaction and will help the firm to become a champion in the market, contributing to improved competitiveness. This empirical analysis was based on survey data through partial least squares structural equation modeling (PLS-SEM) from 130 Spanish firms in the Region of Extremadura. Participants were firm managers in regional clusters involved in the social responsibility journey promoted by the local government. The results suggest that a good relationship of the frim with stakeholders directly and positively influences firm competitive success, and also, it is enhanced by improvements in stakeholders’ satisfaction and firm champion behavior.

Keywords: champion behavior; competitive success; regional contexts; satisfaction; shared value; stakeholders; social responsibility; sustainability (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2017
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