Family Firms’ Corporate Social Performance: A Calculated Quest for Socioemotional Wealth

Réal Labelle (), Taïeb Hafsi (), Claude Francoeur () and Walid Ben Amar ()
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Réal Labelle: HEC Montréal
Taïeb Hafsi: HEC Montréal
Claude Francoeur: HEC Montréal
Walid Ben Amar: University of Ottawa

Journal of Business Ethics, 2018, vol. 148, issue 3, No 3, 525 pages

Abstract: Abstract This study investigates the engagement of family firms in corporate social responsibility. We first compare their corporate social performance (CSP) to non-family firms. Then, following recent evidence on the heterogeneity of family firms, we examine two factors that may influence CSP within family firms: the level of family control and the governance orientation of the country in which they operate. This research is based on a theoretical framework which considers both agency and socioemotional wealth (SEW) influences on family firms CSR engagements. Overall, we find that family firms exhibit lower CSP than non-family firms. But when focusing on family firms, our analyses show a curvilinear relationship between family control and CSP. At lower levels of control, family owners invest more in social initiatives to protect their SEW. Beyond a threshold level of control that we estimate at 36 % in our sample, economic considerations prevail over SEW and social performance starts decreasing. We also find that family firms operating in stakeholder-oriented countries are more attentive to social concerns than those operating in more shareholder-oriented countries.

Keywords: Family firms; Corporate social responsibility; Stakeholder management; Socioemotional wealth; Agency conflicts (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (29)

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DOI: 10.1007/s10551-015-2982-9

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