Is venture capital socially responsible? Exploring the imprinting effect of VC funding on CSR practices |
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| Institution: | 1. University of Tennessee, Knoxville, Haslam College of Business, 916 Volunteer Boulevard, Knoxville, TN 37996, United States of America;2. Miami University, Farmer School of Business, 2074 Farmer School of Business, Oxford, OH 45056, United States of America;3. The University of Queensland, Room 513, Joyce Ackroyd Building, St. Lucia Campus, Australia;1. Technical University of Munich, TUM School of Management, Arcisstr. 21, 80333 München, Germany;2. Université Libre de Bruxelles, Solvay Brussels School Economics and Management, Avenue FD Roosevelt 50, 1050 Brussels, Belgium;3. University of Oklahoma, Price College of Business, 307 W. Brooks St., Norman, OK 73069, United States;4. Mendoza College of Business, University of Notre Dame, Notre Dame, IN 46556, United States |
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| Abstract: | We study how corporate social responsibility (CSR) is guided by ownership history, specifically whether a company receives venture capital (VC) funding or not. We argue that companies that receive VC funding are less likely to adopt CSR practices due to unique VC imprinting and that temporal and investment orientation moderate this relationship. We find that VC-backed companies have poorer CSR records, which do improve over time, but at a comparatively slower rate than non-VC-backed companies. However, when VC-backed companies receive funding from VC firms that have a responsible investment orientation and a broader stakeholder view, their CSR records are significantly better. This study contributes to our understanding of imprinting boundaries and related repercussions in stakeholder management strategies. |
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