Family Firms’ Corporate Social Performance: A Calculated Quest for Socioemotional Wealth |
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Authors: | Réal Labelle Taïeb Hafsi Claude Francoeur Walid Ben Amar |
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Institution: | 1.HEC Montréal,Montréal,Canada;2.Walter-J.-Somers Chair in International Strategic Management,Montréal,Canada;3.Stephen A. Jarislowsky Chair in Governance,Montréal,Canada;4.Telfer School of Management,University of Ottawa,Ottawa,Canada |
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Abstract: | This study investigates the engagement of family firms in corporate social responsibility. We first compare their corporate social performance (CSP) to non-family firms. Then, following recent evidence on the heterogeneity of family firms, we examine two factors that may influence CSP within family firms: the level of family control and the governance orientation of the country in which they operate. This research is based on a theoretical framework which considers both agency and socioemotional wealth (SEW) influences on family firms CSR engagements. Overall, we find that family firms exhibit lower CSP than non-family firms. But when focusing on family firms, our analyses show a curvilinear relationship between family control and CSP. At lower levels of control, family owners invest more in social initiatives to protect their SEW. Beyond a threshold level of control that we estimate at 36 % in our sample, economic considerations prevail over SEW and social performance starts decreasing. We also find that family firms operating in stakeholder-oriented countries are more attentive to social concerns than those operating in more shareholder-oriented countries. |
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