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  1. Does Equity Ownership Matter for Corporate Social Responsibility? A Literature Review of Theories and Recent Empirical Findings.Christian M. Faller & Dodo zu Knyphausen-Aufseß - 2018 - Journal of Business Ethics 150 (1):15-40.
    Based on the concept of shareholder primacy, many scholars have argued that it is more important for businesses to earn profits for their shareholders than to provide benefits to society at large. Corporate social responsibility is often regarded as an investment that comes at the expense of shareholders. In contrast, research analyzing the connections between the equity ownership structure of a company and its level of CSR engagement suggests that CSR offers benefits to shareholders that go beyond direct financial returns (...)
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  • Does Ownership Structure Matter? The Effects of Insider and Institutional Ownership on Corporate Social Responsibility.Won-Yong Oh, Jongseok Cha & Young Kyun Chang - 2017 - Journal of Business Ethics 146 (1):111-124.
    The extant literature has examined the effects of ownership structures on corporate social responsibility, yet it has overlooked the non-linear and interactive effects among major shareholder groups. In this study, we examine the non-linear effects of insider and institutional ownerships on CSR. We also examine whether it is necessary to have both incentive alignment and monitoring mechanisms or it is sufficient to have either mechanism to promote CSR. Using a sample of the U.S. Fortune 1000 firms, our results suggest that (...)
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  • Conflicting Shareholder Interests.Chamu Sundaramurthy & Paula L. Rechner - 1997 - Business and Society 36 (1):73-87.
    This study of 258 corporations provides an assessment of the impact of institu-tional investor stockholding on fair price adoption decisions. In addition, the influence of board composition, board leadership, and the interaction between these two governance attributes on such decisions is examined. The results of analyses suggest that only institutional stockholding plays a significant role.
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  • Ethical aspects of investor behavior.Pietra Rivoli - 1995 - Journal of Business Ethics 14 (4):265 - 277.
    The neoclassical paradigm assumes that shareholders'' utility is solely a function of their wealth, and prescribes that management should act in a manner consistent with share price maximization. The stakeholder view also assumes that shareholders'' utility derives from wealth, but prescribes that managers must balance the shareholder wealth maximization objective against the rights of other constituencies. Thus, while neoclassicists and stakeholder theorists have different prescriptives for management behavior, their definitions of the shareholders'' interest are consistent — shareholders are self-interested economic (...)
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  • An empirical examination of institutional investor preferences for corporate social performance.Paul Cox, Stephen Brammer & Andrew Millington - 2004 - Journal of Business Ethics 52 (1):27-43.
    This study investigates the pattern of institutional shareholding in the U.K. and its relationship with socially responsible behavior by companies within a sample of over 500 UK companies. We estimate a set of ownership models that distinguish between long- and short-term investors and their largest components and which incorporate both aggregated and disaggregated measures of corporate social performance (CSP). The results suggest that long-term institutional investment is positively related to CSP providing further support for earlier studies by Johnson and Greening (...)
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  • Corporate Governance and Executive Compensation for Corporate Social Responsibility.Bryan Hong, Zhichuan Li & Dylan Minor - 2016 - Journal of Business Ethics 136 (1):199-213.
    We link the corporate governance literature in financial economics to the agency cost perspective of corporate social responsibility to derive theoretical predictions about the relationship between corporate governance and the existence of executive compensation incentives for CSR. We test our predictions using novel executive compensation contract data, and find that firms with more shareholder-friendly corporate governance are more likely to provide compensation to executives linked to firm social performance outcomes. Also, providing executives with direct incentives for CSR is an effective (...)
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  • Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity.Roberto Garcia-Castro, Miguel A. Ariño & Miguel A. Canela - 2010 - Journal of Business Ethics 92 (1):107-126.
    The empirical relationship between a firm’s social performance and its financial performance is still not well established in the literature. Despite more than 30 years of research and more than 100 empirical studies on the issue, the results are still mixed. We argue that the heterogeneous results found in previous studies are not due exclusively to problems related with the measurement instruments or the samples used. Instead, we posit that a more fundamental problem related with the endogeneity of social strategic (...)
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  • How Does the Stock Market Value Female Directors? International Evidence.Hendrik Rupertus & Thomas R. Loy - 2022 - Business and Society 61 (1):117-154.
    We analyze investors’ perception and long-term effects of board gender diversity on firms’ stock market performance in an international setting. Our results, controlling for the endogenous nature of board compositions, indicate that female board representation neither improves nor reduces firms’ long-term stock performance. Hence, we argue that it is imperative to go beyond the conventional thinking in terms of the business case for gender diversity and broaden the perspective also to incorporate societal and ethical aspects in the strive to board (...)
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  • Exploring the Curvature of the Relationship Between HRM–CSR and Corporate Financial Performance.Olivier Meier, Philippe Naccache & Guillaume Schier - 2019 - Journal of Business Ethics 170 (4):857-873.
    This article contributes to the general literature on the relationship between corporate social performance and corporate financial performance, as well as to the emerging HRM–CSR literature, by exploring the curvature of the relationship between HRM–CSP and CFP. We advance conceptual arguments in favor of an inverted U-shaped relationship. Our results demonstrate a significant quadratic relationship between HRM–CSP and CFP. We provide evidence that this relationship is not linear or S-shaped but rather inverted U-shaped.
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  • Exploringthe Relationship Between Corporate Social Performance and Employer Attractiveness.Kristin B. Backhaus, Brett A. Stone & Karl Heiner - 2002 - Business and Society 41 (3):292-318.
    Building on existing studies suggesting that corporate social performance (CSP) is important in the job choice process, the authors investigate job seekers’perceptions of importance of CSP and explore effects of CSP dimensions on organizational attractiveness. Job seekers consider CSP important to assessment of firms and rate five specific CSP dimensions (environment, community relations, employee relations, diversity, and product issues) as more important than six other CSP dimensions. Using signaling theory and social identity theory, the authors hypothesize differences in effects of (...)
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  • Does Female Representation on Boards of Directors Associate With Fortune's “100 Best Companies to Work For” List?Richard A. Bernardi, Susan M. Bosco & Katie M. Vassill - 2006 - Business and Society 45 (2):235-248.
    This study examines the influence of women in business using a sample of firms on Fortune's “100 Best Companies to Work For” list and is an extension of Bernardi et al.'s work. We use the data from Bernardi et al. to determine whether a higher representation of women on a board signals an increased commitment of a firm to a quality environment and employment characteristics necessary to establish the firm on Fortune's “100 Best Companies to Work For” list. Our findings (...)
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  • Boardroom Diversity and its Effect on Social Performance: Conceptualization and Empirical Evidence. [REVIEW]Taïeb Hafsi & Gokhan Turgut - 2013 - Journal of Business Ethics 112 (3):463-479.
    In this paper, we seek to answer two questions: (1) what does boardroom diversity stand for in the strategic management literature? And, (2) is there a significant relationship between boardroom diversity and corporate social performance. We first clarify the boardroom diversity concept, distinguishing between a structural diversity of boards and a demographic diversity in boards, and then we investigate its possible linkage to social performance in a sample of S&P500 firms. We find a significant relationship between diversity in boards and (...)
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  • The association between corporate social-responsibility and financial performance: The paradox of social cost. [REVIEW]Moses L. Pava & Joshua Krausz - 1996 - Journal of Business Ethics 15 (3):321 - 357.
    It is generally assumed that common stock investors are exclusively interested in earning the highest level of future cash-flow for a given amount of risk. This view suggests that investors select a well-diversified portfolio of securities to achieve this goal. Accordingly, it is often assumed that investors are unwilling to pay a premium for corporate behavior which can be described as socially-responsible.Recently, this view has been under increasing attack. According to the Social Investment Forum, at least 538 institutional investors now (...)
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  • Monitoring Intensity and Stakeholders' Orientation: How Does Governance Affect Social and Environmental Disclosure? [REVIEW]Christine Mallin, Giovanna Michelon & Davide Raggi - 2013 - Journal of Business Ethics 114 (1):29-43.
    The aim of the paper is to investigate the effects of the corporate governance model on social and environmental disclosure (SED). We analyze the disclosures of the 100 U.S. Best Corporate Citizens in the period 2005–2007, and we posit a series of simultaneous relationships between different attributes of the governance system and a multidimensional construct of corporate social performance (CSP). We consider both the extent and the quality of SED, with the purpose of identifying increasing levels of corporate commitment to (...)
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  • Social Norms and CSR Performance.Steven F. Cahan, Chen Chen & Li Chen - 2017 - Journal of Business Ethics 145 (3):493-508.
    Some institutional investors are exposed to social norms and public scrutiny. Prior research indicates that these norm-constrained institutions engage in negative screening and invest less in firms operating in ‘sin’ industries. We examine whether social norms also motivate these institutions to engage in positive screening—where they invest more in firms with better corporate social responsibility performance—and CSR-related activism—where they promote improvements in the CSR of existing investees. We find that firms with superior CSR performance have greater ownership by norm-constrained institutions, (...)
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  • Quality of Management and Quality of Stakeholder Relations.Sandra A. Waddock & Samuel B. Graves - 1997 - Business and Society 36 (3):250-279.
    This article presents an integrative conceptual framework for linking corporate social performance, stakeholders, and quality of management, then tests this framework empirically. Results provide strong support for the hypothesis that perceived quality of management can be explained by the quality of performance with respect to specific primary stakeholders: owners, employees, customers, and (marginally) communities, but treatment of ecological environmental considera- tions is not a significant factor.
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  • Pension Funds and Corporate Social Performance.Paul Cox, Stephen Brammer & Andrew Millington - 2008 - Business and Society 47 (2):213-241.
    This study examines the relationship between pension fund ownership of companies and corporate social performance using a unique database of more than 500 publicly listed U.K. companies. The empirical analysis emphasizes the heterogeneous character of pension fund holdings and the multidimensional nature of corporate social performance. The results highlight that the characteristics of pension fund management are significant drivers of preferences for social performance and that employee-related aspects of social performance are preferred by pension funds.
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  • Ownership Concentration and CSR Policy of European Multinational Enterprises.Lammertjan Dam & Bert Scholtens - 2013 - Journal of Business Ethics 118 (1):117-126.
    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 (...)
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  • Communicating corporate responsibility to investors: The changing role of the investor relations function. [REVIEW]Kai Hockerts & Lance Moir - 2004 - Journal of Business Ethics 52 (1):85-98.
    Based on an inductive study we analyse the role of the investor relations (IR) function in the light of rising investor concern about corporate social responsibility (CSR). The study draws on interviews with IR professionals in twenty firms. It highlights their awareness of CSR issues as well as their assessment of concern among mainstream investors and socially responsible investors (SRIs). From these findings we develop suggestions on how the IR function is moving from a mere “broadcasting” mode regarding CSR issues (...)
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  • Not Good, Not Bad: The Effect of Family Control on Environmental Performance Disclosure by Business Group Firms.Ann Terlaak, Seonghoon Kim & Taewoo Roh - 2018 - Journal of Business Ethics 153 (4):977-996.
    We combine research on business groups with the socioemotional wealth approach from family firm research to examine how family control of business group firms affects voluntary disclosure of environmental performance information. Theorizing that disclosing environmental performance information weakens the owning family’s control over its business group firm, but also generates reputational benefits, we expect family ownership and disclosure propensities to relate in a U-shaped way and, further, that this U-shape is accentuated for business group firms with a family CEO. Analysis (...)
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  • (1 other version)The social responsibility performance of ethical and solidarity funds: an approach to the case of Spain.María Jesús Muñoz-Torres, María Ángeles Fernández-Izquierdo & María Rosario Balaguer-Franch - 2004 - Business Ethics 13 (2-3):200-218.
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  • Board diversity and managerial control as predictors of corporate social performance.Betty S. Coffee & Jia Wang - 1998 - Journal of Business Ethics 17 (14):1595-1603.
    While it is widely assumed that greater diversity in corporate governance will enhance a firm’s corporate social performance, this study considers an alternative thesis which relates managerial control to corporate philanthropy. The study empirically evaluates both board diversity and managerial control of the board as possible predictors of corporate philanthropy. The demonstration of a positive relationship between managerial control and corporate philanthropy contributes to our understanding that corporate social performance results from a complex set of economic and social motives. Possible (...)
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  • Taking Aim at Business.Jamie R. Hendry - 2006 - Business and Society 45 (1):47-86.
    Although business and society scholars have sought to demonstrate that corporate social performance (CSP) leads to corporate financial performance (CFP), a complete model of the pathway from CSP to CFP has not been substantiated. One suggestion is that certain indicators of CSP are noticed by stakeholders, who then act in ways that ultimately affect the firm's CFP. The present study focused on the first step in this path: identifying the factors that initially lead a stakeholder group to target a particular (...)
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  • Corporate social investments: Do they pay? [REVIEW]G. Steven McMillan - 1996 - Journal of Business Ethics 15 (3):309-314.
    The stock market reaction to two very different corporate social investments is explored. A market model event study methodology is employed using daily stock returns. The results are that the stock market appears to have ignored the 1977 announcement, but rewarded the 1990 event. Future research and possible managerial implications are discussed.
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  • A study of the link between a corporation's financial performance and its commitment to ethics.Curtis C. Verschoor - 1998 - Journal of Business Ethics 17 (13):1509-1516.
    A number of studies have tested the relationship between a corporation's social and ethical performance and its financial performance. In contrast, this is the first study to demonstrate a link between overall financial performance and an emphasis on ethics as an aspect of corporate governance. It identifies the 26.8 percent of the 500 largest U.S. public corporations that, in their annual report to shareholders, commit to ethical behavior toward their stakeholders or emphasize compliance with their code of conduct. The financial (...)
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  • Geographic Concentration of Institutional Blockholders and Workplace Safety Violations.Xin Cheng, Orhun Guldiken & Wei Shi - 2023 - Journal of Business Ethics 186 (3):593-613.
    This study uses insights from the political perspective on corporate governance to investigate the influence of geographic concentration of institutional blockholders on workplace safety violations. When institutional investors who have a blockholding stake (i.e., institutional blockholders) are geographically concentrated, corporate managers are more likely to pursue efficiency at the expense of employee interests because these blockholders may find it easier to coordinate their actions, strengthening their power over corporate managers and ultimately giving rise to more workplace safety violations. We also (...)
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  • Ethical Commitment, Financial Performance, and Valuation: An Empirical Investigation of Korean Companies.Tae Hee Choi & Jinchul Jung - 2008 - Journal of Business Ethics 81 (2):447-463.
    A variety of stakeholders including investors, corporate managers, customers, suppliers, employees, researchers, and government policy makers have long been interested in the relationship between the financial performance of a corporation and its commitment to business ethics. As a subject of research, the relations between business ethics and corporate valuation has yet to be thoroughly quantified and investigated. This article is an effort to amend this inadequacy by demonstrating a statistically significant association between ethical commitment and corporate valuation measures. Consistent with (...)
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  • Socially Responsible Investment in the Spanish financial market.Josep M. Lozano, Laura Albareda & M. Rosario Balaguer - 2006 - Journal of Business Ethics 69 (3):305-316.
    This paper reviews the development of socially responsible investment (SRI) in the Spanish financial market. The year, 1997 saw the appearance in Spain of the first SRI mutual fund, but it was not until late 1999, that major Spanish fund managers offered SRI mutual funds on the retail market. The development of SRI in the Spanish financial market has not experienced the high levels of development seen in other European countries, such as France or Italy, where interest in SRI began (...)
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  • (1 other version)The social responsibility performance of ethical and solidarity funds: an approach to the case of Spain.María Jesús Muñoz-Torres, María Ángeles Fernández-Izquierdo & María Rosario Balaguer-Franch - 2004 - Business Ethics, the Environment and Responsibility 13 (2-3):200-218.
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  • Institutional Interest in Corporate Responsibility: Portfolio Evidence and Ethical Explanation. [REVIEW]Paul Cox & Patricia Gaya Wicks - 2011 - Journal of Business Ethics 103 (1):143-165.
    This study examines the extent to which corporate responsibility influences the demand for shares by institutions. The study follows Bushee (Account Rev 73(3):305–333, 1998 ) in categorising institutions as dedicated or transient. The demand for shares is organised according to three factors: a long-term factor, corporate responsibility; a short-term factor, market liquidity; and a time-independent factor, portfolio theory. The rank and importance of the factors for the different types of institutional investor are analysed. For one of two types of dedicated (...)
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  • The Relationship between Social and Financial Performance.Ronald M. Roman, Sefa Hayibor & Bradley R. Agle - 1999 - Business and Society 38 (1):109-125.
    A primary issue in the field of business and society over the past 25 years has been the relationship between corporate social performance and corporate financial performance. Recently, Griffin and Mahon (1997) presented a table categorizing studies that have investigated this relationship. Motivated by concerns with this table, as well as a desire to account for progress in research in this area, the authors reconstructed it. The authors present a portrait of this relationship that is (a) substantially different from that (...)
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