Institutional Cross-Ownership and Corporate Social Responsibility: Does Product Market Competition Matter?

Propriété commune des investisseurs institutionnels et responsabilité sociétale des entreprises: la concurrence sur les marchés de produits est-elle importante ?

Hamza Nizar () and Taher Hamza ()
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Hamza Nizar: IHEC - Institut des hautes études commerciales (Carthage, Tunisie) - UCAR - Université de Carthage (Tunisie)
Taher Hamza: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School

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Abstract: This paper investigates the relationship between institutional cross-ownership and corporate social responsibility and whether product market competition moderates this relationship. Based on a sample of French firms over 2001-2015, we found that institutional cross-ownership positively affects corporate social responsibility. Our finding suggests that the monitoring experience gained by institutional cross-owners leads them to increase corporate social responsibility by fostering industry coordination between cross-owned firms. This positive effect is less likely in highly competitive product markets which advocates that competitive pressure may make industry coordination more difficult. Cross-owned firms may then prioritize maintaining a profitable margin over pursuing corporate social responsibility activities.

Keywords: Institutional cross-owners; Corporate social responsibility; Product market competition; Inversores institucionales de amplia participación; Responsabilidad social corporativa; Competencia en el mercado de productos; Investisseurs institutionnels à participation multiple; Responsabilité sociétale des entreprises; Concurrence sur les marchés de produits (search for similar items in EconPapers)
Date: 2024-11-13
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Published in Management international = International management = Gestión internacional, 2024, 28 (5), pp.37 - 54. ⟨10.59876/a-fyz8-05gk⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04980804

DOI: 10.59876/a-fyz8-05gk

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