Managerial Entrenchment and Corporate Social Performance
AbstractWe examine empirically the relationships amongst managerial entrenchment practices, social performance, and financial performance. We hypothesize that entrenched managers may collude with non-shareholder stakeholders in order to reinforce their entrenchment strategy; this is particularly so in firms that have efficient internal control mechanisms. Moreover, we prove that the combination of entrenchment strategies and the implementation of socially responsible actions have particularly negative effects on financial performance. We test these contentions with a sample of 358 companies, from 22 different countries, for the period 2002-2005. Copyright (c) 2008 The Authors Journal compilation (c) 2008 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.
Volume (Year): 35 (2008-06)
Issue (Month): 5-6 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X
Other versions of this item:
- Surroca, Jordi & Tribó, Josep A., 2008. "Managerial Entrenchment and Corporate Social Performance," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/7426, Universidad Carlos III de Madrid.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cespa, Giovanni & Cestone, Giacinta, 2004.
"Corporate Social Responsibility and Managerial Entrenchment,"
CEPR Discussion Papers
4648, C.E.P.R. Discussion Papers.
- Giovanni Cespa & Giacinta Cestone, 2007. "Corporate Social Responsibility and Managerial Entrenchment," CSEF Working Papers 173, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Chung, Huimin & Lin, Jane Raung & Yang, Ying Sui, 2012. "How do entrenched managers handle stakeholders interests?," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 263-277.
- Torres, Anna & Tribó, Josep A., 2011.
"Customer satisfaction and brand equity,"
Open Access publications from Universidad Carlos III de Madrid
info:hdl:10016/14290, Universidad Carlos III de Madrid.
- Jordi Surroca & Josep A. Tribó, 2009. "Is managerial entrenchment always bad? A CSR approach," Business Economics Working Papers id-09-01, Universidad Carlos III, Instituto sobre Desarrollo Empresarial "Carmen Vidal Ballester".
- Maretno Harjoto & Hoje Jo, 2011. "Corporate Governance and CSR Nexus," Journal of Business Ethics, Springer, vol. 100(1), pages 45-67, April.
- McGuire, Jean & Dow, Sandra & Ibrahim, Bakr, 2012. "All in the family? Social performance and corporate governance in the family firm," Journal of Business Research, Elsevier, vol. 65(11), pages 1643-1650.
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