Common Ownership and Corporate Social Responsibility

Connected stocks

Xin Dai and Yue Qiu

The Review of Corporate Finance Studies, 2021, vol. 10, issue 3, 551-577

Abstract: This paper studies the effect of common ownership on corporate social responsibility (CSR). We find that common ownership is positively associated with a firm’s CSR score. The effect is stronger for firms in more competitive industries. We propose a two-stage duopoly game in which CSR serves as a commitment device to expand output aggressively to understand the empirical results. (JEL G30, D21, D22, L13, L21, L22)Received December 10, 2019; editorial decision September 9, 2020 by Editor: Gregor Matvos. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:oup:rcorpf:v:10:y:2021:i:3:p:551-577.

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