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The objective of this theoretical-empirical study is to investigate the bidirectional relationship between Corporate Social Responsibility and Financial Performance in Spanish listed companies. A complete theoretical framework - based on agency, stewardship, dependency resources, and stakeholder theories - provides the basis for the conceptual model. An important contribution is the use of a social behavioral index formed by four components: Global Reporting Initiative participation, Dow Jones Sustainability Index firm inclusion, Good Corporate Governance Recommendations compliance, and Global Compact signee. The conclusions drawn from the empirical study performed on the companies registered on the Madrid Stock Exchange demonstrate positive relationships in both directions, namely that the social is profitable and that the profitable is social, thereby originating a positive feedback virtuous circle. The results of this analysis have practical applications in the boardroom; they are proof that all social policies increment financial resources, and vice versa, that increased financial performances lead to greater social benefits. As a consequence, this paper encourages all board members to seriously weigh investing financial resources in developing policies that boost the levels of social behavior components in order to contribute globally to the improvement of society. [ABSTRACT FROM AUTHOR]

Although there is a general recognition in the literature that training improves a firm's performance, empirical research does not always provide evidence to support this effect. One possible explanation is that training does not have a direct effect on performance but an indirect effect by improving other organizational outcomes. This paper suggests that organizational learning is one of those variables and that it mediates the relationship between training and performance and that the adoption of a learning-oriented training enhances performances through its positive effect on organizational learning. Using a sample of Spanish firms we obtain empirical evidence, which supports the view that this mediating effect is present. [ABSTRACT FROM AUTHOR]