CSR performance of dual-class firms in different life cycle stages

Haomin Zhang, Haibo Ye, Longxu Dong and Junjie Wang

Applied Economics, 2025, vol. 57, issue 22, 2839-2852

Abstract: This paper investigates the relationship between corporate social responsibility (CSR) performance and different phases within a firm’s life cycle. Drawing on a sample of U.S. public firms spanning the period from 1991 to 2018, our empirical findings reveal distinct patterns: Younger firms with dual-class equity structures tend to allocate fewer resources to CSR initiatives compared to their single-class counterparts. However, as firms progress into the mature phase of their life cycle, dual-class firms exhibit superior CSR performance compared to single-class firms. Furthermore, we also observe that CEO compensation in dual-class firms tends to be higher during the mature phase. Those findings make a substantial contribution to the fields of agency theory, corporate governance, and business ethics.

Date: 2025
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DOI: 10.1080/00036846.2024.2331426

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