**2. Theoretical background**

In order to analyze the social commitment of companies, we consider these aspects developed in the academic literature: identity values and CSR values, and the strategy of companies to create shared value to the stakeholders and benefit the society. Finally, the communication strategy of the impacts generated as a result of their actions. These points are analyzed in the following sections.

#### **2.1. CSR and sustainability**

In the beginning of the twenty-first century, there was a debate about the relationship between the companies and its stakeholders [2, 3] and the role of companies in society [4]. In this context and based on sustainability values, companies integrated corporate social responsibility (CSR) [5] in their corporate identity [6, 7] to improve the relationship with its stakeholders. From this perspective, companies have the responsibility and the opportunity to contribute directly to reduce negative impacts and benefit the society if they include environmental and social issues in their business strategy [8]. This means that companies, considering the stakeholders´ expectations, tend to be profitable, legal, and ethical so that they are in a better position to improve the society and create shared value to the stakeholders [9]. In addition, different motivations explain why companies include CSR activities [10] from a multilevel CSR perspective: institutional, organizational, and individual levels [11]. As a result, if companies include sustainable values, they increase the competitiveness, differentiation, and reputation.

Companies use international standards to measure their CSR activities, both in developed and in emerging markets [12]. In addition, global initiatives are taken over by companies in their commitment to sustainability, for example, the Sustainable Development Goals of United Nations [1]. Finally, to evaluate the real contribution to the society, companies assume different commitments and thus measure and communicate their results through different channels.

#### **2.2. CSR communication**

communicating its activities using platforms and different channels. Its objective is to increase their credibility through the commitments with the stakeholders when companies communicate these values in an effective way. As a consequence, companies benefit the society through

This analysis is based on case studies with data collected through the corporate webs of MNCs (reports and corporate documents). Companies use different platforms and channels, i.e., social media, to create a dialogue with stakeholders based on sustainable activities analyzed

Our proposal is based on the idea that companies create value if (i) they have a clear and measurable sustainable strategy and if (ii) they communicate their impacts and results to involve their stakeholders. As a result, sustainable companies create value to the stakeholders

In order to analyze the social commitment of companies, we consider these aspects developed in the academic literature: identity values and CSR values, and the strategy of companies to create shared value to the stakeholders and benefit the society. Finally, the communication strategy of the impacts generated as a result of their actions. These points are analyzed

In the beginning of the twenty-first century, there was a debate about the relationship between the companies and its stakeholders [2, 3] and the role of companies in society [4]. In this context and based on sustainability values, companies integrated corporate social responsibility (CSR) [5] in their corporate identity [6, 7] to improve the relationship with its stakeholders. From this perspective, companies have the responsibility and the opportunity to contribute directly to reduce negative impacts and benefit the society if they include environmental and social issues in their business strategy [8]. This means that companies, considering the stakeholders´ expectations, tend to be profitable, legal, and ethical so that they are in a better position to improve the society and create shared value to the stakeholders [9]. In addition, different motivations explain why companies include CSR activities [10] from a multilevel CSR perspective: institutional, organizational, and individual levels [11]. As a result, if companies include sustainable values, they increase the competitiveness, differentiation, and reputation. Companies use international standards to measure their CSR activities, both in developed and in emerging markets [12]. In addition, global initiatives are taken over by companies in their commitment to sustainability, for example, the Sustainable Development Goals of United Nations [1]. Finally, to evaluate the real contribution to the society, companies assume different commitments and thus measure and communicate their results through dif-

its sustainable activities.

in the chapter through content analysis.

120 Corporate Governance and Strategic Decision Making

**2. Theoretical background**

in the following sections.

ferent channels.

**2.1. CSR and sustainability**

and contribute to social change through its activity.

Communication represents the need of companies to communicate with stakeholders and create a dialogue using different channels. Thus, it is the opportunity to promote the differentiation from other companies [13]. As a consequence, communication is crucial in the company strategy and a bridge between business and stakeholders [14]. The companies that involve stakeholders through collaboration can increase their credibility and reputation [15, 16]. Communication based on different commitments and activities is the manner to integrate the company values [16, 17]. As a result of this, corporate communication messages contribute to increase the differentiation of the firms. In addition, when companies define and create clear messages using a variety of channels and platforms to explain sustainable activities, companies are perceived as responsible and ethical [18]. From the perspective of communication strategies, some companies have evolved from reactive strategies to proactive strategies of communication [19]. The results may vary depending on the communication process used and the values that companies communicate [20, 21].

To achieve these objectives, companies use the conventional media and, above all, the social media. This provides firms with the opportunity, through bidirectional messages, to communicate by generating content of interest to stakeholders and society [22] in a more transparent space [16]. Therefore, communication acquires a new dimension whose purpose is to overcome the mistrust generated by corporate messages exclusively associated with reinforcing image and that, as a result, are perceived negatively by the stakeholders [14].

### **3. Sample**

To perform the study, we first selected the companies that RobecoSAM identifies as industry group leaders within the Dow Jones Sustainability Index World (24 industry groups). The DJSI World tracks responsible companies based on RobecoSAM Corporate Sustainability Assessment. This consists of an annual evaluation of responsible business practices in companies and considers 80–120 industry-specific questions asked over 3400 listed companies. The questions focus on economic, environmental, and social factors [23]. The companies included in the Dow Jones Sustainability Indexes have been widely used as a framework to analyze CSR and its effects in several fields such as financial performance, reputation, or communication strategies [24–29]. Finally, we eliminated those companies which, as industry leaders within the DJSI World, did not appear on the 2016 Global Reptrak 100, an annual study conducted by Reputation Institute that measures the reputation of the world's most well-regarded and recognized companies from 15 countries. The Reptrak analyzes stakeholder perceptions through seven business dimensions: performance, products/services, innovation, workplace, citizenship, and leadership [30]. The Reptrak has been shown to be a good measure for brand reputation [31], and the companies listed are often used to run a vast range of studies [32–34]. After the selection of these companies, our final sample consists of seven companies from the following industry groups and countries:


All these companies have integrated a sustainable strategy that takes into account an Environmental, Social, and Governance (ESG) approach and lead business reputation across multiple markets.
