De samenleving waarin de ondernemingen zich tegenwoordig bevinden, wordt gevormd door groepen belanghebbenden zoals klanten, werknemers, aandeelhouders, leveranciers en de maatschappij als geheel. Deze belanghebbenden koesteren verwachtingen over het gedrag van de onderneming. Zo verwachten werknemers een redelijk loon en uitdagend werk. Klanten verwachten van de onderneming ontwikkeling van kwaliteitsproducten en een goede service. Aandeelhouders verwachten een hoog rendement op hun geïnvesteerd vermogen en de maatschappij als geheel verwacht een bijdrage aan economische ontwikkeling en een reductie van milieuverontreiniging.
Verwachtingen van verschillende belangengroepen kunnen echter met elkaar in conflict zijn. Zo lijkt een loonstijging voor werknemers onverenigbaar met een maximaal rendement voor aandeelhouders. De managers van een onderneming zullen deze uitdaging aan moeten gaan om te voldoen aan de verwachtingen van de verschillende stakeholders en om de nieuwe kansen te benutten, zullen bedrijven steeds moeten toegeven aan (meer) maatschappelijk verantwoord ondernemen.
Immers, bedrijven die niet beantwoorden aan de verwachtingen van de verschillende publieksgroepen, lopen het risico als maatschappelijk onverantwoord te worden beoordeeld25. De cruciale vraag is of de belanghebbenden die druk op bedrijven uitoefenen bereid zijn bedrijven te belonen voor het nakomen aan de verwachtingen die gesteld worden.
De doelstelling van dit onderzoek was om te onderzoeken of het publiceren van duurzaamheidrapportages conform het Global Reporting Initiative raamwerk voor Nederlandse bedrijven tot financieel voordeel zou kunnen strekken. Met financieel voordeel wordt bedoeld; een significante stijging van indicatoren als Return on Assets (ROA), Return on Sales (ROS), Return on Equity (ROE) van deze bedrijven.
Hoewel er soms reden is om kritisch te zijn over de publiek verkondigde duurzaamheidambities van sommige ondernemingen, zijn er steeds meer organisaties die werkelijk investeren in het bijdragen aan een duurzamere wereld. Voor deze bedrijven is duurzaamheid of MVO geen corporate liefdadigheid, maar een economische realiteit.
Gezien de uitslagen van het gevoerde onderzoek kan gesteld worden dat ondernemingen die tot publicatie van duurzaamheidsrapportages conform het Global Reprting Initiative raamwerk rapporteren geen financiele voordelen lijken te behalen. In het geval van ROA zijn de effecten zelfs negatief. De nul hypothese kan bij geen enkel hypothese verworpen worden. Verslaggeving conform GRI duurzaamheidsrapportages lijkt niet tot betere financiële prestaties van bedrijven te leiden. Anders geformuleerd: Bedrijven lijken niet beloond te worden voor hun MVO inzet en transparantie over de gevoerde beleid.
Hierbij dient opgemerkt te worden dat de verklarende kracht van de gehanteerde modellen zeer laag is. Verder onderzoek is benodigd, waarbij meer verklarende variabelen van financiële ratio’s worden toegevoegd aan de gehanteerde modellen. Daarnaast is de gehanteerde periode een zeer turbulente periode geweest (gezien de kredietcrisis vanaf 2008), waarbij al dan niet aanwezige verbanden mogelijk niet of foutief gemeten worden. Helaas is er voor dit onderzoek naar niet-financiële bedrijven nog onvoldoende data beschikbaar om deze turbulente periode buiten beschouwing te laten. In de toekomst is onderzoek op basis van minder turbulente data aan te raden.
25 Jeurissen, e.a (2006) pagina 216
7. Beperkingen:
De beperking van het onderzoek zijn in te delen in drie categorieën namelijk: het model, de vergelijking binnen de sectoren, het beperken van het onderzoek naar enkel Nederlandse, maar ook beursgenoteerde bedrijven en het verwaarlozen van het effect van crisis.
Zoals in paragraaf 5.2.2 uiteengezet is de relatie tussen de financiële ratio’s van een bedrijf en het uitbrengen van GRI verslaggeving gemeten middels een vereenvoudiging van de werkelijkheid die terug is te zien in het model.
De verklarende kracht van de modellen is niet hoog aangezien er variabelen ontbreken in het model. Er zouden andere factoren toegevoegd moeten worden aan het model om het model krachtiger te maken voor het onderzoek.
Tevens is niet gekeken naar de verschillen binnen de verschillende sectoren. Alle bedrijven zijn als geheel onderzocht zonder te focussen of er verschillen binnen sectoren voordoen. Ook zou verder onderzoek moeten uitwijzen of er andere uitkomsten waarneembaar zijn voor niet beursgenoteerde bedrijven of beursgenoteerde bedrijven van andere Regio’s.
Tenslotte is het effect van de financiële crisis in deze onderzoek niet meegenomen. Ook hier is verder onderzoek nodig om tot betere inzichten te komen.
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Publicaties en onderzoeken
• Knoops, C.D.; (2010) Transparantie ten aanzien van maatschappelijk verantwoord ondernemen is geen wondermiddel. Maandblad voor Accountancy en
Bedrijfseconomie, 84E JAARGANG NOVEMBER (530-533)
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