Relatively little research has examined the effects of ownership on the firms' corporate social responsibility (CSR). In addition, prior research suggests that ownership structure is associated to corporate social responsibility (CSR) in developed countries. The purpose of this paper is to...

We analyze the influence of firm ownership structure on corporate social responsibility (CSR) as measured by the Dow Jones Sustainability STOXX Index and the Ethibel Excellence Index. Using data from 1,248 firms from five major European Union countries (United Kingdom, Germany, France, Italy,...

Motivated by agency theory, we investigate the effect of managerial ownership on CSR engagement. Exploiting Lewbel's (2012) heteroskedastic identification and using a large U.S. sample of over 14,000 observations across 18 years, we find that higher managerial ownership diminishes CSR engagement...

Recent literature suggests that some socially responsible corporate actions benefit shareholders while others do not. We study differences in policy toward corporate social responsibility (CSR) between family and non-family firms, using environmental performance as the proxy for CSR. We show...

This study shows that firms regard stock price fragility - exposure to non-fundamental demand shocks stemming from the composition of equity ownership - as a salient corporate risk. We model ex-ante corporate responses to higher potential for future stock market misvaluation and then empirically...

Analyzing data from approximately 1.5 million employees across 1,108 established public and private US companies, we find that employee beliefs about their firm's purpose is weaker in public companies. This difference is most pronounced within the salaried middle and hourly ranks, rather than...

The rise of a small group of investment (asset) managers with an enormous potential to influence corporate decision-making has reinforced attention to shareholder stewardship as one of the pillars of corporate governance. But weak incentives to invest in shareholder oversight and limited...

Tax is one of the most significant business costs incurred by firms, and it has a direct impact on profitability and shareholder value. Consequently, firms have financial incentives to be tax aggressive. However, tax aggressive behavior may adversely impact a firm’s reputation, an invaluable...

How does a board of directors decide what is right? The contest over this question is frequently framed as a debate between shareholder value and stakeholder rights, between a utilitarian view of the ethics of corporate governance and a deontological one. This paper uses a case study with...