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Corporate social responsibility disclosure and market value: Family versus nonfamily firms

Author

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  • Mehdi Nekhili

    (GAINS - ARGUMANS - Atelier De Recherche En Gestion De L'université Du Mans - GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Le Mans Université, ICD International Business School Paris)

  • Haithem Nagati

    (ICD International Business School Paris)

  • Tawhid Chtioui

    (EM - EMLyon Business School)

  • Claudia Rebolledo

    (HEC Montréal - HEC Montréal)

Abstract

We investigate the moderating role of family involvement in the relationship between corporate social responsibility (CSR) reporting and firm market value using a longitudinal archival data set in the French context. Our empirical results show that family firms report less information on their CSR duties than do nonfamily firms. However, market-based financial performance, as measured by Tobin's q, is positively related to CSR disclosure for family firms and negatively related to CSR disclosure for nonfamily firms. Family firms would benefit greatly from communicating commitment to CSR; specifically, they could obtain shareholders' endorsement more easily than nonfamily firms could.

Suggested Citation

  • Mehdi Nekhili & Haithem Nagati & Tawhid Chtioui & Claudia Rebolledo, 2017. "Corporate social responsibility disclosure and market value: Family versus nonfamily firms," Post-Print hal-02380522, HAL.
    • Handle: RePEc:hal:journl:hal-02380522
    DOI: 10.1016/j.jbusres.2017.04.001
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