Societal wellbeing: the contribution of Science and Technology Parks in terms of Social Value

Blazquez, Victor and Aguado, Ricardo and Retolaza, José Luis (2020) Societal wellbeing: the contribution of Science and Technology Parks in terms of Social Value. In: The 32nd Annual EAEPE Conference 2020, 2-4 settembre 2020, Virtual. (Unpublished)

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Abstract

The paper is focused on social value developed by corporations located in Science and Technology Parks (STPs) and its contribution to regional wellbeing. The main contribution of the paper is the measurement (monetization) of the social value created by corporations placed inside STPs. At the same time, authors want to carry out a comparative analysis about the performance between corporations located inside and outside STPs. To perform this study we consider two cases. In order to find new insights using the results obtained, we are developing analyses on the correlations between variables and on the efficiency frontiers. At the same time, we want to carry out a comparative analysis on performance with respect to the rest of corporations based on the region. The correlations with the type of governance and management system adopted in STPs are also important to explain the origin of these value creation performances. Governance issues will be studied in order to fulfil this aim. The key hypotheses underlying this research work, on one hand, state that the social value created by STPs for their stakeholders can be measured and monetized calculating the value generated by the community of companies established in the same STP. On the other hand, a second hypothesis state that the community of corporations inside STPs contribute to the development of regional wellbeing. This research is based on Freeman's stakeholder theory (1984, 2004), with a methodological addition based on the polyhedral model of social value analysis (Retolaza et al., 2016). More precisely, for the monetization of social value, the added value generated by organizations inside STPs will be considered. The methodological support for the value-added analysis is the one established by the AECA (Association of Accounting and Management in Spain) (Gonzalez & Pérez, 2017). At the same time, the analysis of the value induced by suppliers will follow the guidelines proposed by the non-for-profit accounting organization GEAccounting (Retolaza & San Jose, 2018). In practical terms, the financial data of the enterprises located in STPs, and in the region as well, are used to calculate the value generated by each STP and by the region as a whole. To implement this analysis, we use data about individual companies available on the ORBIS Platform (Companies Financial Database – Bureu Van Dijk – A Moody’s Analytics Company). The entire study is conducted according to social sustainability and humanistic management approaches (Aguado & Eizaguirre, 2020). Stakeholder theory, the humanistic management approach and social value analysis form the theoretical background that we are using in analysing the phenomenon under study. The results obtained will be investigated following those three approaches. Specifically, and according to the United Nations Development Programme´s Sustainable Development Goals, humanistic management considers human dignity and social well-being as central issues that should be developed by corporations while they are performing businesses. With this research, our objective is to measure in monetary terms and to the development of social and ethically responsible management of STPs and raise awareness of the important role that STPs have in regional development and in creating value for the entire society. In order to facilitate this process of value creation for society from the STP, we will explain the possibility of building a governance multi-stakeholder system in STPs. According to some authors (Freeman & Ginena, 2015), this kind of governance takes into account the interests of all stakeholders and tries to align them with social wellbeing. On the other hand, multi-stakeholder governance allows the introduction of different objectives, being one of them social and ethically responsible management (Garriga & Melé, 2004). In fact, we will continue studying the importance of multi-stakeholder management of STPs in the process of social value creation and regional wellbeing development. In our view, this multi-stakeholder approach may contribute to improve management efficiency, and therefore competitiveness, innovation and social wellbeing. The originality of this study is twofold. On one hand, it is based on the social accounting principles used to quantify and monetize the social value created in STPs. On the other hand, it considers the principles of stakeholder theory, human dignity and social wellbeing as part of the final objectives of economic activity.

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