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InternationalJournalofAsianSocialScience,2016,6(10):568-579568CorrespondingauthorDOI:10.
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CORPORATESOCIALRESPONSIBILITYANDBUSINESSPERFORMANCE:THEROLEOFMEXICANSMESGonzaloMaldonado-Guzman1---SandraYeseniaPinzon-Castro2---GabrielaCitlalliLopez-Torres31,2UniversidadAutónomadeAguascalientes,MéxicoMarketingDepartment3UniversidadAutónomadeAguascalientes,MéxicoHumanResourcesDepartmentABSTRACTThenewmillenniumbringsanewuncertainenvironmentinbusiness,besidesastrongpressureincompaniestoimproveandestablishnewcompanystrategiesthatallow,notonlytoincreaseitsmarketparticipationandtoobtainamajorlevelofcompanyperformance,buttosurviveinamarketeverytimemoreglobalizedandcompetitive.
Therefore,inthecurrentliteraturevariousresearchersandacademicsconsiderCorporateSocialResponsibility(CSR)asoneofthecurrentcompanystrategies,overallforSmallandMediumEnterprises(SMEs)thatadoptthistypeofactivities,toobtaingreaterperformance.
Therefore,thecentralobjectiveofthisempiricalstudyistoanalyseanddiscustheexistingrelationshipbetweenCSRandbusinessperformance,usingforthatasampleof397SMEs.
TheresultsobtainedshowntheexistenceofapositiveandsignificantrelationshipbetweenCSRandbusinessperformance.
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Keywords:Corporatesocialresponsibility,Performance,SMEs.
Contribution/OriginalityThispapermaincontributionisanadvancedunderstandingoftherelationshipbetweencorporatesocialresponsibilityandbusinessperformanceinthecontextofsmallandmediumenterprises.
Asevidencesuggeststhatresearchfocusedoninvestigatingtherelationshipbetweencorporatesocialresponsibilityandbusinessperformanceislimited.
1.
INTRODUCTIONTheCorporateSocialResponsibility(CSR)isatopicthatgeneratesalotcontroversy,morewhenitisanalysedanddiscussedinrelationtoSmallandMediumEnterprises(SMEs),whichhasgeneratedinthecurrentliteratureandinterestandattentionfromresearchersandacademics(Lech,2013).
Therefore,itcanbeconsideredthatCSRfollowsanumberofvoluntaryobligationsbothfordirectorsandworkers,aswellasconsumers,suppliersandsocietywherecompaniesarelocated,suchasvarioussocial,economicalandenvironmentalactivities(Witkowska,2008).
Thus,theadoptionandimplementationofCSRsuggestastrongcompromiseinSMEsthroughthedevelopmentofsocialactivities,likerespecthumanrightsandsupporttoeducationandcultureactivities,also,economicalactivities,forinstance,toimprovestandardlifeofworkers;andenvironmental,suchas,reductionofemissionsandmaterialsrecycling(Balabanisetal.
,1998).
Inthissense,theCSRhasgeneratedawidedebatebetweenresearchersandacademicsinthecurrentliteratureinenterprisesciencesandmanagement,focusingsuchdebatebasicallyontheimportanceofCSRincompaniesfromInternationalJournalofAsianSocialScienceISSN(e):2224-4441/ISSN(p):2226-5139URL:www.
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developedcountries,eventhoughalsosomeresearchesandacademicshaveanalysedCSRinSMEsfromcountriesofemergenteconomiesandthoseunderdevelopment(TaiwoandAdeniran,2014).
Consequently,duringthelastthreedecadestherehavebeenpublishedanumeroustheoreticalandempiricalresearchthatanalyseanddiscusstheexistingrelationshipbetweenCSRandcompanyperformance(GriffinandMahon,1997;WaddockandGraves,1997;Romanetal.
,1999;Olitzkyetal.
,2003;DemetriadesandAuret,2014;TaiwoandAdeniran,2014;OhandPark,2015).
Additionally,thereareincreasinglymoremanagers,researchersandacademicsthatareinterestedinidentifyingbothmainbenefitssuchascostsgeneratedbytheadoptionandimplementationofCSRactivities(TaiwoandAdeniran,2014)ascurrentlyinvariousdevelopedcountriesandinsomecountriesofemergenteconomyandunderdevelopment,suchasMexico,thereisanincreaseofgovernmentregulationsinrelationtoenvironmentalandsocialareas(TaiwoandAdeniran,2014).
Similarly,Gustafson(2002)considerthatvariousgovernmentsfromseveralcountriesintheworldareraisingthelevelofregulationsinrelationtobusinessoperations,andprivatecompaniesarethosewithmorepressuretosignificantlyimproveitssocial,economicalandenvironmentalactivities,thatistosayitsCSRactivities.
Forthatreason,manyresearchersandacademicsconsiderthatitisquiteimportanttoincreasetheoreticalandempiricalresearchinordertoanalyseanddiscusstheexistingrelationshipbetweenCSRandbusinessperformance,mainlyofSMEs(Fagenson,1993;TealandCarroll,1999;Brenkert,2002;SolymossyandMasters,2002;Fassin,2005)becauseahighlevelofpercentageinstudiespublishedinthecurrentliteraturearefocusedontheexistingrelationshipbetweenCSRandbigcompaniesperformance,butonlyfewstudieshaveorientateditsanalysistoSMEs'CSRanditseffectsonbusinessperformance(Fagenson,1993;GoffeeandScase,1995;TealandCarroll,1999;Brenkert,2002;SolymossyandMasters,2002;MooreandSpence,2006;Perrini,2006;KuskyandLozano,2007;MishraandModi,2013).
Therefore,followingrecommendationsoftheseauthors,themaincontributionofthisempiricalresearchistheanalysisanddiscussionofCSRinSMEsanditspossiblerelationshipwithbusinessperformance.
2.
LITERATUREREVIEWCorporateSocialResponsibility(RSE)hasbeenrecognizedinthecurrentliteratureofbusinessandmanagementsciences,asoneofthemainconstructsthatinacoherentmannersupportsandstrengthenstheexistingrelationshipbetweencompanyandsociety(OhandPark,2015).
AsaproveofthatisthattheOrganizationforEconomicCo-operationandDevelopment(OECD)doesnotonlyestablishedsincemidseventiesasaguidelineaboutCSRformultinationalcompanies(OECD,1976)butalsocarriedoutaglobalconventionagainstbribery,bymidnineties(OECD,1997).
Besides,OECDcreatedanexpertsgrouptoanalysethebehaviourofcompanies'responsibility,from2011to2014,howeverresultsfromthisarepending.
However,CSRhasbeenanalysedanddiscussedsincehalfcenturyago,beginningwiththeresearchofBowen(1953)whocametotheconclusionthatresponsibilityofentrepreneursisactuallytheestablishmentofpoliciesanddecisionmakingthatimproveconditionsofworkerslife.
Later,McGuire(1963)consideredthatsocialresponsibilityincludesnotonlysomelegalandeconomicobligationsforworkers,butsocialresponsibilityincludethecommunitywherethecompanyislocated.
Moreover,Friedman(1970)arguethatsocialresponsibilityisnotonlytheappropriateuseofresourcesbuttheacquisitionofagreatermarginofprofitsbutitincludesthatthecompanyfollowsthecurrentgovernmentregulationsandsocialrules.
Ontheotherhand,Moskowitz(1972)wasthefirsttoaffirmthatthesocialresponsibilitythatsomecompanieshavecanprovidethesewithbetterresultsinbusinessperformancethanthoseobtainedfromconventionalcompanies.
Atthesametime,Fitch(1976)concludedthatcompaniescouldachievebettersocialresponsibilityiftheyidentifyandresolvetheirmainsocialissuescloselyrelatedtothecompany,andifmanagerscanmakeprofitsgainingasanincentiveforworkers.
Moreover,Carroll(1979)constructedatheoreticalframeworkaboutsocialresponsibilitythatInternationalJournalofAsianSocialScience,2016,6(10):568-5795702016AESSPublications.
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shouldbeconsideredbycompaniesoperations,suchas,economical,legal,ethicalanddiscretionalresponsibility,inordertoachieveCSRattributes.
Similarly,GrossmanandSharpe(1986)analysedtherelationshipbetweensocialresponsibilityandfinancialperformanceusingforthatseveralportfoliosofitsmarginalresultsinstockexchangeinNewYorkforaspecificperiod.
Also,Diltz(1995)cametotheconclusionthatethicalresponsibilityofbusinessesallowtoobtainabetterlevelofbusinessperformance,forwhichinvestorsshouldimprovetheseaspectsinordertoobtainbettersocialresponsibility.
Further,Teohetal.
(1999)analysedtheeffectsofboycottincompaniesoperatinginSouthAfricaandconcludedthatsanctionsmadebycompanieshaveseriousimplicationsandsocialandmoralresponsibility.
Equally,AndersonandCavanagh(2000)showedtheimportancethatcompanieshavetothecurrentsociety,andconsideredthatthosehavegreatsocialresponsibilityandthatitisnecessarytoimplementitwithoutexternalpressuresintheorganization.
PorterandKramer(2006)definethatsocialresponsibilityincompaniescanbeconsideredasanexcellentopportunitytoachievebetterresultsincompanies;thereforecompanieshavetoadoptandimplementallthoseactivitiesthatallowthesetoimproveitssocialresponsibility.
Moreover,Bernstein(2010)definedthatcompaniesneedtoalignitsinterestsonsocialresponsibility,whichwillallowthemtoconstructlong-termrelationshipswithitsclientstoaddamoresocialaspectinitsproducts.
Ontheotherhand,intheliteratureofenterprisesciencesandmanagementitispossibletofindtwodifferentperspectivesintheexistingrelationshipbetweenCSRandbusinessperformance(Vance,1975;CochranandWood,1984;Aupperleetal.
,1985;WaddockandGraves,1997;WrightandFerris,1997;WelchandWazzan,1999;McWilliamsandSiegel,2001).
OneofthefirstperspectivesistheresearchthatanalysedtheimpactonfinancialperformancewhencompaniescarriedoutCSRactivitiesinaresponsibleandirresponsiblemanner.
Forinstance,WrightandFerris(1997)identifiedanegativerelationshipbetweenbothconstructs,butWelchandWazzan(1999)obtainednosignificantresultsbetweenthesetwoconstructs,andMcWilliamsandSiegel(2001)didnotfindsignificantresultsbetweenCSRandfinancialperformanceintheshortterm.
ThesecondperspectiveisabouttheresultspresentingananalysisoftherelationshipbetweenCSRandvariousmeasurementsofbusinessperformanceinthelongterm.
Thus,researchthatexploredsuchrelationshipbetweenCSRandbusinessperformancemeasureditthroughsomeaccountsandrecognizeddifferentresults,suchasVance(1975)identifiedapositiverelationshipbetweenCSRandbusinessperformance.
AlexanderandBuchrolz(1978)analysedCSRandmarketperformancebutwithoutsignificantresults;CochranandWood(1984)foundpositiveandsignificantresultsbetweenCSRandaccountingperformance;butAupperleetal.
(1985)didnotfoundasignificantrelationshipbetweenCSRandreturnofinvestment;whereasWaddockandGraves(1997)foundapositiveandsignificantrelationshipbetweenCSRandbusinessperformancemeasuredthroughthereturnofinvestmentbutFreemanetal.
(1999)examinedarelationshipnotsignificantbetweenconstructs.
Inthissense,inthecurrentliteraturetherearethreetypesofresultsderivedfromtheexistingrelationshipbetweenCSRandbusinessperformance:a)negatives,b)insignificantandc)positive.
ResearchersandacademicsthatfoundanegativerelationshipbetweenCSRandbusinessperformance,havearguedthatimplementationcostsofCSRaretoohighcomparedwiththeresultsobtained(OhandPark,2015).
AmongtheseinvestigationsthatfoundthistypeofresultswerethosefromVance(1975);Balabanisetal.
(1998);Moore(2001);Brammeretal.
(2005)andLopezetal.
(2007).
Atthesametime,theauthorsthatfoundnonsignificantresultsarguedthatthereisnorelationshipamongCSRandbusinessperformance,themoreillustrativeresultswerefromthestudiesofAupperleetal.
(1985);GriffinandMahon(1997);McWilliamsandSiegel(2000);HalmeandNiskanen(2001);CurranandMoran(2007)andGarcia-Castroetal.
(2010)whoconcludedthatitisnoclearifthereisanexistingrelationshipbetweenCSRandbusinessperformance.
Onthecontrary,thereisahigherpercentageofpublishedresearchintheliterature,whereresearchersandacademicsdefinethattheadoptionofCSRactivitiescarriedoutbycompaniesallowthesetoincreaseitslevelofperformance.
SomeofthemostrepresentativeinvestigationswiththisperspectivearethosefromCochranandWoodInternationalJournalofAsianSocialScience,2016,6(10):568-5795712016AESSPublications.
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(1984);WaddockandGraves(1997);HartandAhuja(1996);Frooman(1997);WaddockandGraves(1997);Romanetal.
(1999);GreeningandTurban(2000);HillmanandKeim(2001);KingandLenox(2001);Rufetal.
(2001);KonarandCohen(2001);Olitzkyetal.
(2003);MargolisandWalsh(2003);Annandaleetal.
(2004);Clarksonetal.
(2004);FilbeckandGorman(2004);Peterson(2004);Salama(2005);SchnietzandEpstein(2005);Chand(2006);BrancoandRodríguez(2008);Brammeretal.
(2007);Hilletal.
(2007);CallanandThomas(2009);JangandChoi(2010);Weberetal.
(2010);MishraandSuar(2010);andDohetal.
(2010).
However,ahighpercentageofstudies,whichhavefoundasignificantandpositiverelationshipbetweenCSRandbusinessperformance,havebeenorientatedtolargefirmsandonlyareducednumberofstudieshavebeenfocusedontheanalysisanddiscussionofthesetwoconstructsinSMEscontexts(ThompsonandSmith,1991;Vyakarnametal.
,1997;Spence,1999;Spenceetal.
,2000;SpenceandLozano,2000;Tilley,2000;SpenceandRutherfoord,2003;SpenceandSchmidpeter,2003;Spenceetal.
,2003;Grayson,2004)anditisevenmorereducedthepercentageofpublishedworkinthecurrentliteraturethathaveanalysedCSRandbusinessperformanceinSMEsincountriesofemergenteconomy,suchasMexico(RaynardandForstater,2002;Sustainability,2002;CentreforSocialMarkets,2003;LukenandStares,2005).
Moreover,thereistheoreticalandempiricalevidenceintheliteratureonmanagementandenterprisessciencesthatshowtheexistenceofasignificantandpositiverelationshipbetweenCSRandbusinessperformanceinSMEs(Romanetal.
,1999;Perrini,2006;HullandRothenberg,2008;MargolisandElfenbein,2008;Dohetal.
,2010;PelozaandShang,2011;MishraandModi,2013)butitisnotenoughtoassuretheexistenceofarelationshipbetweenCSRandbusinessperformance,thereforeitisnecessarytoincreasetheresearchmadeaboutthesevariablesinSMEs.
Inconsequence,consideringthepreviousinformationitispossibletoformulatethefollowinghypothesis:H1:ThegreaterlevelofCSR,thegreaterlevelofbusinessperformance3.
METHODOLOGYThetheoreticalframework,usedinthisempiricalresearchtogiveananswertothishypothesis,wasbasedonthedirectoryofenterprisesinformationsystem,whichregistered7,662companiesinJune2009.
Onlycompanieswitharangefrom5to250employeeswereselectedfromthedirectoryhavingatotalof1,342SMEs.
However,400SMEswasthesamplesizeanditwasobtainedthroughrandomsamplingwith95%confidenceleveland±4.
5%leveloferror.
SurveyswereappliedtomanagersinthoseSMEsthroughapersonalinterview,duringthemonthsofAprilandJune2010,havingasaresult397validatedsurveysandaresponserateof99%.
Atthesametime,CSRwasmeasuredwiththreefactors:thesocialfactorwasmeasuredwith15items,theenvironmentalfactorthrough7itemsandtheeconomicalfactorwith9items,thesewereadaptedfromtheEuropeanUnion(2001);BloomandGundlach(2001);Bignéetal.
(2005)andAlvaradoandSchlesinger(2008).
Instead,businessperformancewasmeasurewiththescaledcreatedbyQuinnandRohrbaugh(1983)measuredwith12items.
Additionally,allitemsfromthefourscalesusedweremeasuredwitha5itemsLikertscale,where1=totallydisagreeand5=totallyagree,aslimits.
ConfirmatoryCompositeReliabilityIndex(CFI)definedbyBagozziandYi(1988).
Bothvaluesofthescalessatisfiedtheminimumvalueof0.
7foralphaCronbachandCFIastheyprovidesufficientevidenceofreliabilityandjustifyinternalvalidityofthetwoscales(NunnallyandBernstein,1994;Hairetal.
,1995).
Atthesametime,aConfirmatoryFactorAnalysis(CFA)wasappliedusingthesoftwareEQS6.
1inordertoverifythevalidityofthefourscales(Bentler,2005;Brown,2006;Byrne,2006)usingCronbachalphaandtheCompositeReliabilityIndex(CRI)tomeasureitsreliability(BagozziandYi,1988)andtheExtractedVarianceIndex(EVI)tomeasureitsvalidity.
Table1showswithgreaterdetailtheadjustmentindexes(S-BX2=263.
723;df=101;p=0.
000;NFI=0.
830;NNFI=0.
836;CFI=0.
862;RMSEA=0.
074),aswellasthestandardizedvaluefromallfactors,whicharehigherthan0.
6assuggested(BagozziandYi,1988).
Also,theCronbachalphaandCFAvalues,InternationalJournalofAsianSocialScience,2016,6(10):568-5795722016AESSPublications.
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whicharehigherthan0.
7assuggestedbyFornellandLarcker(1981)showingwiththatanexistenceofreliabilityandvalidityinthescalesused(NunnallyandBernstein,1994;Hairetal.
,1995).
Table-1.
InternalconsistencyandconvergentvalidityfromtheCSRtheoreticalmodelVariableIndicatorFactorLoadingRobustt-valueCronbach'sAlphaCRIEVISocialResponsibilityRSS110.
679***1.
000a0.
8900.
8930.
628RSS120.
754***13.
927RSS130.
820***11.
920RSS140.
889***12.
932RSS150.
804***10.
407EnvironmentalResponsibilityRSA30.
700***1.
000a0.
8860.
8900.
620RSA40.
753***10.
114RSA50.
819***11.
061RSA60.
861***11.
284RSA70.
795***11.
520EconomicResponsibilityRSE60.
672***1.
000a0.
8320.
8360.
563RSE70.
686***7.
175RSE80.
780***11.
236RSE90.
848***9.
238PerformanceREN10.
737***1.
000a0.
9120.
9160.
521REN20.
737***11.
669REN30.
699***12.
978REN40.
706***11.
772REN50.
719***9.
691REN60.
730***9.
483RSE70.
769***11.
294RSE80.
700***9.
145RSE80.
719***11.
089RSE100.
700***10.
360S-BX2(df=246)=665.
245;p<0.
000;NFI=0.
782;NNFI=0.
831;CFI=0.
894;RMSEA=0.
066a=Parametersfixedtothisvalueintheidentificationprocess***=p<0.
01Likewise,twotestswerecarriedouttomeasurediscriminantvalidity.
Thefirstwasthetestoftheconfidenceinterval(AndersonandGerbing,1988)whichisrepresentedinthevaluesbelowthediagonal,seetable2.
Thesecondistestofextractedvariance(FornellandLarcker,1981)thatispresentedabovethediagonalinthesametable.
Theresultsfrombothtestsallowconcludingthatthereissufficientempiricalevidenceshowingdiscriminantvalidityinthefourscalespresentedinthisinvestigation.
Table-2.
DiscriminantvalidityoftheCSRtheoreticalmodelVariablesSocialEnvironmentalEconomicPerformanceSocial0.
6280.
1020.
0900.
036Environmental0.
259–0.
3790.
6200.
0390.
027Economic0.
240–0.
3600.
146–0.
2500.
5630.
055Performance0.
156–0.
2240.
131–0.
1990.
192–0.
2760.
521ThediagonalrepresentstheExtractedVarianceIndex(EVI)whileabovediagonalthevariancepartisshown.
Belowdiagonalisthecorrelationestimationoffactorswithaconfidenceintervalof95%.
InternationalJournalofAsianSocialScience,2016,6(10):568-5795732016AESSPublications.
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4.
RESULTSAstructuralequationsmodelwasusedinordertorespondtheformulatedhypothesisinthisempiricalstudy,mainlyusingthesoftwareEQS6.
1(Bentler,2005;Brown,2006;Byrne,2006)obtainingadequateadjustmentindexesandanstandardizedcoefficientof0.
491,whichindicatestheacceptanceofthisformulatedhypothesis.
Therefore,itispossibletoeffectivelyconcludethattheadoptionofCSRactivitiescangenerateagreaterlevelofbusinessperformanceinSMEs.
Table3demonstrateswithgreaterdetailtheseresultsobtained.
Table-3.
ResultsfromthestructuralequationsmodelHypothesisStructuralRelationshipStandardizedCoefficientRobustt-valueH1:ThegreaterlevelofCSR,thegreaterlevelofbusinessperformanceCSR→Performance0.
491***13.
944S-BX2(df=245)=626.
480;p<0.
000;NFI=0.
795;NNFI=0.
845;CFI=0.
863;RMSEA=0.
063***=P<0.
015.
CONCLUSIONSANDDISCUSSIONAccordingtotheresultsobtainedinthisempiricalinvestigation,itispossibletoconcludetwomainaspects.
First,itispossibletoconcludethatthesocial,environmentalandeconomicdimensionsaregoodpredictorsofsocialresponsibilityinenterprises,forthatreasoniforganizationswanttoadoptandimplementactivitiesofsocialresponsibility,thennotonlyshouldactonbenefitofitsworkers,employees,clients,suppliersandsocietyingeneral,butalsoonthoseactivitiesthattakecareoftheenvironmentsurroundingSMEsanditslocation.
Additionally,theseshoulddevelopeconomicalinitiativestoallowqualityimprovementsintermsofworkerslifeandpopulationinwhichtheseSMEsaresituated.
Second,itisalsopossibletoconcludefromthisinvestigationthatagreaterlevelofCSRadoptionandimplementationallowhigherlevelsofbusinessperformance.
Therefore,becausethemaingoal,ofahighpercentageofbusinesses,istoobtainprofitmarginsfrominvestments,thenifenterprises,especiallySMEs,wantachievethisgoalandbasicobjective,theseshouldimplementallactivitiesthatallowhigherlevelsofsocialresponsibility;mainlybecauseitissocialresponsibilitywhichsignificantlyandpositivelyimpactsbusinessperformance.
Moreover,theseresultshaveanumberofimplicationsforbothmanagersandSMEsitself.
Thus,ifSMEsmanagerswanttosignificantlyimproveitsbusinessperformance,thenitwillbenecessarytoincorporateCSRnotonlyasanelementalstrategyintheirorganizations,butaspartofitsdailyactivitiesofthecompany,becausethistypeofactivitiesallowbothproductsandservicestoacquireabetterimage.
Correspondingly,SMEswillhaveabetterimagetoclientsandsuppliers,aswellastoitscurrentandpotentialconsumers,andingeneraltoitscommunityinwhichthesearelocated.
Inthissense,SMEsmanagerswillhavetoperformaseriesofsocialactivitiestosupportthesocietyfromthetownsinwhichthesearesettled,throughthesupportofculturalandreligiousactivities,directlybeinginvolvedinsuchactivitiesanddonatingproductsandservicesinkind.
AllthesesocialactivitiesallowSMEstorespondtosocietyinwhichtheseareimmersed;thiscanberecognizedbythesocietypreferenceofitsproductsand/orservicesabovecompetitors.
Thisgeneratesasignificantincrementofproductssalesandservices,whichwillsignificantlyallowimprovingthelevelofbusinessperformanceinSMEs.
Atthesametime,managersshouldimplementanumberofactivitiesaimedatimprovingtheenvironmentofthetownorcommunityinwhichitislocated,sincethistypeofactivitiesarewidelyvaluedbysocietyasawhole.
Therefore,managerswillneedtooptimizetheuseofrawmaterialsthatrequireforitsproductionprocess,toacquirethoserawmaterialsthataremoreenvironmentallyfriendly,torecyclebothindustrialwasteandsewagegeneratedtoInternationalJournalofAsianSocialScience,2016,6(10):568-5795742016AESSPublications.
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theextentoftheireconomicpossibilities,andtosupportactivitiesthatsocietymaketocareenvironment,sincethiscouldleadtogeneratenotonlytherecognitionofasociallyresponsiblebusinessbuttohavegreaterlevelofeconomicalperformance.
Finally,SMEsmanagersalsohavetoadoptandimplementalltheeconomicactivitiesthatallowimprovingthestandardlivingoftheirworkers,employeesandthesocietyingeneral,andtosupport,totheextentofitseconomicandfinancialpotential,culturalandsocialactivitiescarriedoutinthecommunityinwhichSMEsarelocated.
Mainlymanagerswillhavetoperformanumberofphilanthropicactivitiesthatimpactsocietyasawhole,sinceitwillallowthemtosubstantiallyimprovecorporateimage,itsproductsandservices,reachingabroadsocialrecognitionasaresponsiblecompanybythecommunity,whichwillgeneratewithoutadoubthigherlevelsofbusinessperformance.
Additionally,thisinvestigationhasanumberoflimitations.
First,thesamplesize,sinceitincludesonlySMEshavingbetween5and250workersatthetimethesurveywasapplied,whichinfuturethiscanbesolvedbyincorporatingSMEswithlessthan5workers.
Asecondlimitationisthedatacollectionprocess,becausethreedimensions(social,environment,economic)wereonlyconsideredforCSR,forfutureresearchitwillbeconvenienttoincorporateotherdimensionsoranewscaletocorroboratethisinvestigationresults.
AthirdlimitationisthatonlySMEsmanagersoperatinginAguascalientesstate,Mexico,wereinterviewed,anditwasassumedthattheyhavegoodknowledgeofCSRandbusinessperformanceoftheirorganization.
Thus,infutureresearchitwouldbeinterestingtoreplicatethisinvestigationwithadifferentsamplethatincludesuppliers,clientsandcostumersinordertotesttheiracknowledgmentofCSRinSMEs.
AfourthlimitationcanbethatahighpercentageofSMEsmanagersconsiderthattheinformationrequestedwasconfidential,thentheresultsobtainedwillnotnecessarilyrepresentrealityfromSMEsintermsofitsCSRandbusinessperformance.
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