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
Corporate Social Responsibility as a Conflict Between Shareholders.Amir Barnea & Amir Rubin - 2010 - Journal of Business Ethics 97 (1):71 - 86.
The Causal Effect of Corporate Governance on Corporate Social Responsibility.Hoje Jo & Maretno A. Harjoto - 2012 - Journal of Business Ethics 106 (1):53-72.
Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. [REVIEW]Hoje Jo & Maretno A. Harjoto - 2011 - Journal of Business Ethics 103 (3):351-383.
Corporate Governance and CSR Nexus.Maretno A. Harjoto & Hoje Jo - 2011 - Journal of Business Ethics 100 (1):45 - 67.
Governance and Corporate Philanthropy Restraining Robin Hood?Barbara R. Bartkus, Sara A. Morris & Bruce Seifert - 2002 - Business and Society 41 (3):319-344.
Citations of this work BETA
Is Institutional Ownership Related to Corporate Social Responsibility? The Nonlinear Relation and Its Implication for Stock Return Volatility.Maretno Harjoto, Hoje Jo & Yongtae Kim - forthcoming - Journal of Business Ethics.
Institutional Interest, Ownership Type, and Environmental Capital Expenditures: Evidence From the Most Polluting Chinese Listed Firms.Wenjing Li & Xiaoyan Lu - forthcoming - Journal of Business Ethics.
Corporate Social Responsibility as a Strategic Shield Against Costs of Earnings Management Practices.Jennifer Martínez-Ferrero, Shantanu Banerjee & Isabel María García-Sánchez - 2016 - Journal of Business Ethics 133 (2):305-324.
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