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.
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Bibliographic InfoPaper provided by Universidad Carlos III de Madrid in its series Open Access publications from Universidad Carlos III de Madrid with number info:hdl:10016/7426.
Length: 762 p.
Date of creation: 2008
Date of revision:
Publication status: Published in Journal of Business Finance and Accounting (2008) v.v. 35, p.748-760
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Web page: http://www.uc3m.es
Corporate governance; Corporate social performance; Earnings management; Stakeholder activism;
Other versions of this item:
- Jordi Surroca & Josep A. Tribó, 2008. "Managerial Entrenchment and Corporate Social Performance," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(5-6), pages 748-789.
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.:
- 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.
- Cespa, Giovanni & Cestone, Giacinta, 2004. "Corporate Social Responsibility and Managerial Entrenchment," CEPR Discussion Papers 4648, C.E.P.R. Discussion Papers.
- 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".
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"Customer satisfaction and brand equity,"
Journal of Business Research,
Elsevier, vol. 64(10), pages 1089-1096, October.
- 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.
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- 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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