TY - JOUR
T1 - Value Creating Corporate Social Responsibility Strategies of Family and Non-Family Firms
T2 - An Interventionist Perspective
AU - García Sánchez, Isabel María
AU - Rodríguez-Ariza, Lázaro
AU - Aibar-Guzmán, Cristina
AU - Khan, Huda
AU - Zahoor, Nadia
AU - Tarbac, Shlomo Y.
N1 - For the purpose of open access, the author has applied a Creative Commons Attribution (CC BY) licence to any Author Accepted Manuscript version arising from this submission.
PY - 2025/3/4
Y1 - 2025/3/4
N2 - This paper presents a study on how corporate social responsibility (CSR) strategies create value among family and non-family 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 neutralized 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.
AB - This paper presents a study on how corporate social responsibility (CSR) strategies create value among family and non-family 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 neutralized 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.
KW - corporate social responsibility
KW - independent directors
KW - market value
KW - family firms
KW - non-family firms
U2 - 10.1007/s10551-025-05949-3
DO - 10.1007/s10551-025-05949-3
M3 - Article
SN - 0167-4544
JO - Journal of Business Ethics
JF - Journal of Business Ethics
ER -
