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In this paper, we identify heterogeneous CSR approaches by segregating the promised and realised social performance of firms to better understand how corporate social performance affects financial performance. Empirical CSR literature provides predominantly mixed findings on the social performance to financial performance relation because it often implicitly assumes that social performance is homogenous. We move beyond this homogeneity by observing that 50%, 24%, and 26% of the firms respectively approach strategic CSR, CSR-as-insurance, and corporate greenwashing. Where empirical CSR literature primarily analyses social performance in general, we show that it is precisely the heterogeneity in CSR approaches that shapes the social and financial performance of firms. Specifically, strategic CSR firms outperform CSR-as-insurance and especially corporate greenwashing firms in both realised social performance and financial performance.

The purpose of this report is to investigate and discuss the “reality of materiality” and materiality assessment, as it relates to ESG in current guidance and practice. It builds on WBCSD´s ESG Disclosure Handbook that helps companies improve their ESG reporting strategy and focus on what really matters. The intended audience for this report is companies who wish to understand the different approaches to materiality and how to further develop their internal processes and external disclosure practices.

Traditional financial reporting is not sufficient anymore for the renewed need for information of stakeholders. In result, governments have created different policies to stimulate or to have seen a strong rise in this kind of reporting during the last decades. Stakeholders, including governments, have high expectations about the potential of the reporting process to lead to improved transparency and accountability as well as to internal change and performance improvement. In this article we have developed a theory of change, describing the logic of the path from reporting to performance improvement. Based on a literature study we have collected data that support or argue against this logic line. We conclude that there is limited evidence that we can expect that reporting automatically leads to improved performance. There is a clear need for more research into the impact of non-financial reporting on performance.

Crowdfunding is viewed as a promising source of finance for sustainable enterprises. We apply collective action theory to crowdfunding to better understand its expected potential for financing sustainable enterprises. By carrying out a rule classification analysis, we find three main mechanisms through which crowdfunding seems to facilitate collective action in funding, namely through (1) use of social networks (2) heterogeneity of contributions and payoffs and (3) aggregation within thresholds. Our findings improve the conceptual understanding of sustainable entrepreneurial finance and provide guidance for social enterprises looking to obtain funds as well as for sustainable crowdfunding platforms as intermediaries.

In de afgelopen jaren is crowdfunding gegroeid van een middel voor stichtingen en kunstenaars om via donaties financiering op te halen, tot een alternatief voor bancaire financiering voor MKB bedrijven en de financiering van vastgoed en duurzame energie projecten. Wie zijn de financiers van deze projecten? Zijn dit investeerders die alleen op zoek zijn naar financieel rendement, of hebben zij ook andere verwachtingen? En op welke manier beslissen zij om te investeren of deel te nemen aan een project? Om dit structureel in kaart te brengen zijn we in 2013 gestart met de eerste editievan het Nationaal Crowdfunding Onderzoek. De oorspronkelijke initiatiefnemers (Peter van den Akker, Ronald Kleverlaan, Gijsbert Koren en Koen van Vliet) haddende ambitie om op basis van een uitgebreide survey onder eindgebruikers de motivatie van crowdfunders in kaart te brengen. Het onderzoek en de beschikbare data die andere onderzoekers kunnen gebruiken (Creative Commons) hebben bijgedragen aan meer inzicht in deze sector.