Articlegreen2020

CSR permanency, family ownership, and firm value: Evidence from emerging economies

Sana Noor · Abubakr Saeed · Muhammad Saad Baloch · Muhammad Awais

49 citations0/0 files storedCorporate Social Responsibility and Environmental Management

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Corporate Social Responsibility Reporting Corporate Identity and Reputation Corporate Governance and Financial Management

Abstract

Abstract Prior research suggests that undertaking corporate social responsibility (CSR) activities affect firm value. We extend this line of research by considering CSR activities over a longer period (a consistent CSR behavior) and examine the impact of CSR permanency on firm value. Using a cross‐country sample of 600 top‐listed firms from four leading emerging economies, Brazil, Russia, India, and China (BRIC) over the period 2010–2018, we find that CSR permanency positively impacts firm value after controlling for various firm and country characteristics. This effect is observed more pronounced for family‐owned firms. Additional analysis reveals that permanent CSR activities in both social and environmental dimensions positively influence firm value, however, CSR permanent activities in the social dimension exert a larger impact on firm value. Our results make important contributions to theory and practice.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 1995A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance 2003Corporate Social and Financial Performance: A Meta-Analysis 2001Corporate Social Responsibility: A Theory of the Firm Perspective 2007Strategy and society: the link between competitive advantage and corporate social responsibility 1997THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications

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2021Corporate Responsibility Disclosure, Information Environment and Analysts’ Recommendations: Evidence from Malaysia 2021Corporate social responsibility and dividend payments in the Malaysian capital market: the interacting effect of family-controlled companies

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