Excess Control and Corporate Social Responsibility

Exceso de control y responsabilidad social de las empresas

Sabri Boubaker, Mohamed Firas Thraya (firas.thraya@yahoo.fr) and Mohamed Zouaoui (mohamed.zouaoui@u-bourgogne.fr)
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Mohamed Firas Thraya: IDRAC Business school Lyon - Institut pour le Développement et la Recherche d'Action Commerciale - Université de Lyon
Mohamed Zouaoui: CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]

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Abstract: Corporate social responsibility strategies depend on the ownership structure of the firm. This article examines the effect of the discrepancy between cash-flow rights and control rights (excess control) on corporate social responsibility (CSR). The analyses of a sample of French listed firms show that firms with excess control achieve significantly lower CSR performance than those without excess control. Family ownership increases the negative effect of excess control on CSR performance, while the presence of other major shareholders neutralizes this effect. Our results are robust to the use of multiple measures of excess control, CSR performance, and control for potential endogeneity issues.

Keywords: Excess control; Controlled firms; Concentrated ownership; Ultimate shareholder; CSR performance; Exceso de control; Empresas controladas; Propiedad concentrada; Accionista final; Resultados de RSE; Excès de contrôle; Entreprises contrôlées; Propriété concentrée; Actionnaire ultime; Performance RSE (search for similar items in EconPapers)
Date: 2023
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Published in Management international = International management = Gestión internacional, 2023, 27 (1), pp.54. ⟨10.7202/1098922ar⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04474719

DOI: 10.7202/1098922ar

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