Corporate social responsibility and stakeholder governance around the world

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• 作者：Hoje Jo^b ; Moon H. Song^a ; ^{song1@mail.sdsu.edu" class="auth_mail" title="E-mail the corresponding author} ; Albert Tsang^c
• 关键词：Corporate social responsibility ; Stakeholder governance ; Board governance ; Conflict resolution ; Management perquisite
• 刊名：Global Finance Journal
• 出版年：2016
• 出版时间：February 2016
• 年：2016
• 卷：29
• 期：Complete
• 页码：42-69
• 全文大小：358 K

文摘

This paper examines the impact of stakeholder governance on corporate social responsibility (CSR) to determine whether CSR is employed as a mechanism to mitigate conflicts of interest between managers and diverse stakeholders, or used as managerial perquisites. To examine this relation properly, we not only employ an extensive sample of international firms, but also mitigate endogeneity by using various econometric methods. We find that stakeholder governance positively influences firms' CSR engagement with a greater magnitude than board governance after controlling for confounding factors. Stakeholders' influence in CSR engagement is more pronounced when investor protections and board governance are relatively weak.