...Elena Mellado-Garcia; J. Alberto Aragon-Correa; Natalia Ortiz-de-Mandojana Purpose Despite growing attention to sustainability, ambiguity remains regarding whether maintaining such initiatives during corporate financial crises may strain resources needed for recovery. Drawing on legitimacy theory...

...) prioritize CSR when making investment decisions. CSR is measured through environmental, social and governance ( ESG ) activities, as defined by Bloomberg’s and Dow Jones’ social behavioral indexes and viewed through the lens of legitimacy theory. The ESG prioritization was conducted using the choice...

...” corporate governance model, with low agency costs, and suffering from financial distress due to a deep sovereign debt crisis – results support explanations of RRD to a combination of agency theory, legitimacy theory, resources-based perspectives and institutional theory. Not only corporate governance...