Corporate social responsibility and stakeholder governance around the world |
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| Institution: | 1. Santa Clara University, Santa Clara, CA, USA;2. Department of Finance, College of Business Administration, San Diego State University, San Diego, CA, USA;3. Chinese University of Hong Kong, Hong Kong;1. St. John''s University, Queens, NY, United States;2. Marshall Management Services, Long Island, NY, United States;1. Craig School of Business, California State University, Fresno, CA 93740, USA;2. Technological University of Zhejiang, Hangzhou, Zhejiang Province 310006, China;3. College of Business, Florida International University, Miami, FL 33199, USA;4. Huizenga College of Business & Entrepreneurship, Nova Southeastern University, Fort Lauderdale, FL 33314, USA;5. The City College and the Graduate Center of the City University of New York, New York, NY 10016, USA;1. LeBow College of Business, Drexel University, Philadelphia, PA 19104, United States;2. West Chester University, West Chester, PA 19383, United States |
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| Abstract: | In this paper, we examine the impact of stakeholder governance on corporate social responsibility (CSR) around the world to determine whether CSR is employed as a mechanism to mitigate conflicts of interest between managers and diverse stakeholders, or used as managerial perquisites. To examine this relation properly, we not only employ a large and extensive sample of international firms, but also control for endogeneity by using dynamic panel generalized method of moments (GMM), propensity score matching, and difference-in-difference approach. Our results suggest that stakeholder governance positively influences firms’ CSR engagement with a greater magnitude than board governance after controlling for endogeneity and other confounding factors of traditional corporate governance mechanisms, firm characteristics and national factors. Stakeholders’ influence in CSR engagement is more prevalent when investor protections and board governance are relatively weak. |
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