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Common Ownership and Corporate Social Responsibility
[Connected stocks]

Author

Listed:
  • Xin Dai
  • Yue Qiu

Abstract

This paper studies the effect of common ownership on corporate social responsibility (CSR). We find that common ownership is positively associated with a firm’s CSR score. The effect is stronger for firms in more competitive industries. We propose a two-stage duopoly game in which CSR serves as a commitment device to expand output aggressively to understand the empirical results. (JEL G30, D21, D22, L13, L21, L22)Received December 10, 2019; editorial decision September 9, 2020 by Editor: Gregor Matvos. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.

Suggested Citation

  • Xin Dai & Yue Qiu, 2021. "Common Ownership and Corporate Social Responsibility [Connected stocks]," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 10(3), pages 551-577.
    • Handle: RePEc:oup:rcorpf:v:10:y:2021:i:3:p:551-577.
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    File URL: http://hdl.handle.net/10.1093/rcfs/cfaa021
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    More about this item

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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