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Corporate social responsibility and stakeholder governance around the world

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  • Jo, Hoje
  • Song, Moon H.
  • Tsang, Albert

Abstract

This paper examines the impact of stakeholder governance on corporate social responsibility (CSR) 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 an extensive sample of international firms, but also mitigate endogeneity by using various econometric methods. We find that stakeholder governance positively influences firms' CSR engagement with a greater magnitude than board governance after controlling for confounding factors. Stakeholders' influence in CSR engagement is more pronounced when investor protections and board governance are relatively weak.

Suggested Citation

  • Jo, Hoje & Song, Moon H. & Tsang, Albert, 2016. "Corporate social responsibility and stakeholder governance around the world," Global Finance Journal, Elsevier, vol. 29(C), pages 42-69.
    • Handle: RePEc:eee:glofin:v:29:y:2016:i:c:p:42-69
    DOI: 10.1016/j.gfj.2015.04.003
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    More about this item

    Keywords

    Corporate social responsibility; Stakeholder governance; Board governance; Conflict resolution; Management perquisite;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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