How do financial institutions enable social impact? We examined this question in the context of values-based financial institutions, which are amongst the most experienced institutions around the world in addressing the very real banking needs of enterprises and individuals within their communities. There is, indeed, an urgency today to have the banking industry consider its social impact in a holistic way. This paper expands our understanding of how these financial institutions, all members of the Global Alliance for Banking on Values, define, design, implement, monitor and scale-up social impact. We used a multiple-case studies design to investigate their approach and inductive analysis to derive a model. From a theoretical perspective, we found that a social impact virtuous circular model best reflects how values-based financial institutions approach and practise social impact. Each step of the circular model clearly shows the way in which these institutions address and achieve social impact. Our findings have important implications for academic research focussed on understanding how finance can generate social impact. The findings of this article can, especially, also have practical implications for all types of financial institutions willing to improve the way in which they address social challenges and, ultimately, increase their social impact. At a time when more resources are needed to meet the Sustainable Development Goals, this is urgent.

Purpose: Sustainability and ESG criteria are gaining more and more relevance, and the insurance industry is playing a relevant role in the sustainability transition. Therefore, this study aims to review existing academic literature on ESG criteria in the insurance industry. Specifically, it addresses the determinants in three objectives: First, analysing the focus on sustainability considering the three dimensions of the ESG framework: environment, social and governance; the second one, focusing on the relevant topics in the insurance industry involving the ESG criteria. And finally, identifying the main gaps and point out new research lines.Design/methodology: The research was conducted through a systematic literature review considering published articles of Web of Science and Scopus.Originality/value: Although the insurance industry has a very relevant weight into the economy and the society, and it plays a key role in promoting the transition to a low-carbon economy, we noticed that there are not many scientific articles on this subject.Findings: Findings contribute to the body of literature on sustainable finance, providing a new and complete overview about how ESG criteria implementation has been approached in the insurance industry: mapping research streams, analysing the ESG approach, and identifying research gaps in this domain.Practical implications: This article wants to provide a broader and a more structured knowledge about ESG criteria implementation, and to help managers and insurance companies to move forward with sustainability strategies, and to identify the future lines of research.Social Implications: Business sustainability aims to combine market logic with social welfare logic, but we have found little activity on how insurance companies develop the social dimension within the ESG perspective, as a way to influence the community by promoting equal practices, access to education, etc.

Many attempts have been conducted during the last decades to define a quality measurement scale in the health sector; however, there is not yet a complete agreement on which dimensions impact satisfaction. Besides, a quality scale encompassing all patient concerns related to his/her hospitalisation is still lacking. In this context, the purpose of this study is three aimed: (i) defining a scale (HospQual) to assess patients’ perceived quality of hospital service; (ii) analysing the impact of perceived quality on patient satisfaction; and (iii) analysing the mediation role of fulfilment of patients’ expectations between quality and satisfaction. To capture data regarding Catalan patients’ perceived quality of hospital service, two surveys were launched: the first collected 200 questionnaires in June 2016, and the second collected 601 questionnaires in December 2016. An array of exploratory factor analyses was carried out with the first sample to establish the HospQual scale dimensions, which showed appropriate psychometric characteristics. The second sample was used for confirmatory purposes and also to analyse the research model analysis addressed to determine the mediating role of fulfilment of expectations. Findings confirmed HospQual dimensions impact satisfaction. Additionally, fulfilment of expectations is proved to be a mediator between quality and satisfaction.

Purpose: Establishing alliances between social economy enterprises (SEEs) is considered to be a solution to the problem of providing enough resources and knowledge to compete in the global market and, at the same time, to maintain identity and ownership. Nevertheless, an important number of alliances breaks up after several years. Therefore, the purpose of this paper is to study the key factors that affect alliances’ development and outcome. In this study, the success factors that have been extensively tested in investor-owned companies are assessed in SEEs, which present important differences in organizational issues and corporate principles and values. Design/methodology/approach: This study defines a scale that includes the most important factors that might be controlled by SEE managers to develop successful alliances. These factors are grouped into three categories: relational capital, relationship governance and the partner selection process. The study also assesses the impact of these factors on alliance performance. Findings: Statistical analysis through structural equation modelling shows that relationship governance and the partner selection process have a significant impact on performance. Therefore, they can be considered success factors in alliances among SEEs. Originality/value: Taking into account the relevant contribution of the SEEs to the European economy, and having noted the scarce number of studies about alliances success factors in the social economy sector, this study offers a significant contribution to this research field. Moreover, findings will be also interesting for SEE managers and social economy authorities when designing programmes to empower and support alliances.

ResumenLa aplicación de la NIC32 en las cooperativas ha generado una importante controversia en los últimos años. Hasta el momento se han realizado diversos trabajos que intentan prever los posibles efectos de su aplicación. Este trabajo pretende analizar el impacto en el capital social de las cooperativas de la primera aplicación de las normas sobre los aspectos contables de la cooperativas adaptadas al PGC 2007 (Orden EHA/3360/2010). Para realizar este análisis, se ha seleccionado una muestra de cooperativas y se ha realizado un análisis comparativo de su información financiera presentada antes y después de la aplicación de estas normas, para determinar las diferencias existentes. También hemos comparado el impacto relativo de la aplicación entre las cooperativas que han adaptado su capital a la norma contable, y el resto de cooperativas. Los resultados obtenidos confirman que la aplicación de estas normas provoca diferencias significativas en las partidas de financiación del balance de situación y en la mayoría de los ratios analizados. Las diferencias se concretan en una reducción del nivel de capitalización y un aumento del endeudamiento de las cooperativas, así como un empeoramiento general de los ratios económicos. También existen diferencias significativas en el impacto relativo sobre el capital social y el ratio de capitalización entre las cooperativas que han adaptado su capital a la norma contable, y el resto de cooperativas. Este impacto ha sido superior en las cooperativas que han adaptado su capital social.AbstractThe application of IAS 32 in cooperatives has led to significant controversy in recent years. Until now, several studies have tried to predict the possible effects of its application. This paper attempts to analyse the impact on the cooperative share capital of the first application of the accounting standards for cooperatives adapted to the PGC 2007 (Orden EHA/3360/2010). To perform this analysis, a sample of cooperatives has been selected; and a comparative analysis has been performed on their financial information presented before and after the application of these accounting standards in order to determine any differences. A comparison has been made of the relative impact of their application between the cooperatives that have adapted their capital to the accounting standards, and the others. The results obtained confirm that the application of these accounting standards caused significant differences in the financial components of the balance sheet and in the majority of the ratios analysed. The differences are shown in a reduction in the level of capitalization and an increase in the indebtedness of the cooperatives, as well as a general worsening of economic ratios. Moreover, there are significant differences in the relative impact of the share capital and the equity ratio between cooperatives that have adapted their share capital to the accounting standards and the rest of the cooperatives. This impact has been more important in the cooperatives that have adapted their share capital