Een beperking van dit onderzoek kan worden gevonden in het feit dat er sprake is van afhankelijkheid van de juistheid van de scores afkomstig van Asset4, die weergeven in hoeverre een onderneming goed presteert op het gebied van sociaal-maatschappelijke verantwoordelijkheid. De organisaties die de sociaal-maatschappelijke verantwoordelijkheid van ondernemingen beoordelen kunnen dit namelijk maar tot op een zekere hoogte doen (Chatterji&Levine, 2008; Chatterji et al., 2010). De resultaten van onderzoek waar gebruik gemaakt wordt van dit soort gegevens van bijvoorbeeld Asset4, zijn dan ook afhankelijk van de correctheid van de beoordeling van de sociaal-maatschappelijk verantwoordelijkheid van de verschillende ondernemingen (Wu&Shen, 2013).
Verder is er in dit onderzoek gekeken naar associaties tussen verschillende variabelen. De causaliteit tussen verschillende variabelen is dus nog niet aangetoond. In toekomstig onderzoek kan er gekeken worden of er causaliteit is tussen bepaalde variabelen. Een goed voorbeeld hiervan is het verband tussen de vaste beloning van de CEO en de prestaties van ondernemingen met betrekking tot sociaal-maatschappelijke verantwoordelijkheid. In dit onderzoek is er een associatie tussen deze twee variabelen aangetoond, maar het is nog niet bekend of een vaste beloning van de CEO leidt tot betere prestaties van de onderneming op sociaal-maatschappelijk gebied of vice versa.
Ook is er een vrij strak onderscheid gemaakt tussen landen waar de ‘stakeholder-oriented view’ of de ‘shareholder-oriented view’ overheerst. Binnen deze twee categorieën is er ruimte waarbinnen landen onderling kunnen verschillen in de mate waarin er aandacht wordt besteed aan het belang van andere groepen dan economische belanghebbenden. Verder onderzoek kan zich dan ook richten op het analyseren van een bestaand verschil binnen deze categorieën in de mate waarin ondernemingen aandacht besteden aan het belang van andere groepen dan aandeelhouders van de onderneming. Aan de hand van de resultaten is het dan mogelijk om beter te analyseren in hoeverre verschillen in de mate waarin er aandacht is voor andere groepen belanghebbenden dan aandeelhouders, de sociaal-maatschappelijke verantwoordelijkheid van ondernemingen beïnvloedt.
Ten slotte is er in dit onderzoek alleen gebruik gemaakt van gegevens van ondernemingen die opgenomen zijn in de Asset4-database van Thomson Reuters. Ioannou en Serafeim (2012) stellen dat onderzoeksresultaten met betrekking tot de sociaal-maatschappelijke verantwoordelijkheid van ondernemingen dan ook niet van overeenkomstige toepassing hoeven te zijn op ondernemingen waarvan deze gegevens niet openbaar verkrijgbaar zijn. Dit kan betekenen dat de betekenis van de resultaten van dit onderzoek niet van toepassing zijn op bijvoorbeeld niet-beursgenoteerde ondernemingen. Er is dan ook een goede
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beloningselementen van de manager en institutionele kenmerken op de prestaties van ondernemingen op het gebied van sociaal-maatschappelijke verantwoordelijkheid.
40
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