Value Creating Corporate Social Responsibility Strategies of Family and Non-Family Firms: An Interventionist Perspective
Metadatos
Mostrar el registro completo del ítemAutor
García-Sánchez, Isabel María; Rodríguez Ariza, Lazaro; Aibar-Guzmán, Cristina; Khan, Huda; Zahoor, Nadia; Tarba, ShlomoEditorial
Springer Nature
Materia
Corporate social responsibility Independent directors Market value
Fecha
2025-03-04Referencia bibliográfica
García-Sánchez, IM., Rodríguez-Ariza, L., Aibar-Guzmán, C. et al. Value Creating Corporate Social Responsibility Strategies of Family and Non-Family Firms: An Interventionist Perspective. J Bus Ethics (2025). [https://doi.org/10.1007/s10551-025-05949-3]
Resumen
This paper presents a study on how corporate social responsibility (CSR) strategies create value amongst family and nonfamily
firms. Additionally, in our study, we considered the moderating effect of independent directors on the relationship
between CSR and firm value. Based on data drawn from companies operating in 61 countries over an 11-year period (i.e. from
2010 to 2020), our findings demonstrate that non-family firms derive market benefits from the governance improvements
made by independent directors concerning CSR strategies. In contrast, the CSR strategies promoted within family firms are
associated with lower firm value. However, this negative association is neutralised by the role played by independent directors,
especially when the company is controlled by succeeding generations and not just by the founding one. These directors play
a dissuasive role that leads family members to reassess their external socio-emotional preferences (reputation, image, etc.) in
order to uphold the internal priorities of day-to-day decision-making. Our study has important implications for research and
practice.