David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 118 (1):117-126 (2013)
This study investigates how ownership concentration in European multinational firms is associated with these firms’ corporate social responsibility (CSR). We employ factor analysis on responsibility data from EIRiS and use a regression analysis. Using firm-level data for almost 700 European firms, we find that shareholder concentration is significantly related to such policies. That is, more concentrated ownership goes hand in hand with poorer CSR policies. In our analysis, we control for size, leverage, profitability, industry, and country of origin. We use several indicators for ownership concentration. We also find that with more concentrated ownership, CSR of the firm gets worse. We suggest that especially with large shareholders, CSR would need to be included in their performance assessment
|Keywords||Blockholders Concentrated ownership Corporate social responsibility Europe Multinational enterprises|
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References found in this work BETA
Amir Barnea & Amir Rubin (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of Business Ethics 97 (1):71 - 86.
Hoje Jo & Maretno A. Harjoto (2012). The Causal Effect of Corporate Governance on Corporate Social Responsibility. Journal of Business Ethics 106 (1):53-72.
Hoje Jo & Maretno A. Harjoto (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. [REVIEW] Journal of Business Ethics 103 (3):351-383.
Stephen Brammer & Andrew Millington (2005). Corporate Reputation and Philanthropy: An Empirical Analysis. [REVIEW] Journal of Business Ethics 61 (1):29 - 44.
Maretno A. Harjoto & Hoje Jo (2011). Corporate Governance and CSR Nexus. Journal of Business Ethics 100 (1):45 - 67.
Citations of this work BETA
Wenjing Li & Xiaoyan Lu (forthcoming). Institutional Interest, Ownership Type, and Environmental Capital Expenditures: Evidence From the Most Polluting Chinese Listed Firms. Journal of Business Ethics.
Jennifer Martínez-Ferrero, Shantanu Banerjee & Isabel María García-Sánchez (2016). Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices. Journal of Business Ethics 133 (2):305-324.
Maretno Harjoto, Hoje Jo & Yongtae Kim (forthcoming). Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility. Journal of Business Ethics.
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