Design of a protocol model for the integration of social value in strategic management through social accounting
ISSN: 1747-1117
Article publication date: 6 June 2023
Issue publication date: 4 January 2024
Abstract
Purpose
This study aims to structure a model for integrating social value into strategic management based on identifying the critical success factors (CSF) for such integration in the investigated companies.
Design/methodology/approach
This research was based on the actor–network theory. Through a rigorous approach to the case study methodology in a two-stage process lasting 21 months, we carried out this study.
Findings
Companies that use the polyhedral social accounting model in their strategic management processes do so without a reference model. We identified CSF for integrating social value, which was incorporated into a protocol model based on stakeholder theory and the use of social accounting.
Practical implications
Practitioners can use the proposed model to maintain the alignment of strategic performance and purpose. Using social accounting based on indicators and financial proxies allows managers to incorporate social value into strategic management in terms of financial value.
Social implications
The institutional demand for social information is based on the growing sensitivity of companies. Aligning social values with business strategies contributes to social sustainability.
Originality/value
This study focuses on an unresearched emerging phenomenon. Since the first approach to stakeholder theory, the development of a stakeholder-oriented strategy has faced the lack of a stakeholder accounting system. The polyhedral model of social accounting could help overcome this problem as it provides information that allows a novel and innovative method to make a stakeholder-oriented strategy effective.
Keywords
Acknowledgements
The authors want to thank editor and the reviewers of the journal for the great suggestions and comments. Also, thanks for funds of ECRI Research Group (GIU), FESIDE (BOPV20) and UES22/15 (UPV/EHU).
Declaration of interest: The authors declare that they have no conflicts of interest.
Citation
Echanove-Franco, A., San-Jose, L. and Retolaza, J.L. (2024), "Design of a protocol model for the integration of social value in strategic management through social accounting", Social Responsibility Journal, Vol. 20 No. 1, pp. 108-127. https://doi.org/10.1108/SRJ-12-2022-0551
Publisher
:Emerald Publishing Limited
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