Propiedad familiar, control y efecto generación y RSC

  1. Cabeza García, Laura 1
  2. Sacristán Navarro, María 2
  3. Gómez Ansón, Silvia 3
  1. 1 Departamento de Dirección y Economía de Empresa, Universidad de León (León)
  2. 2 Departamento de Economía de la Empresa (Administración, Dirección y Organización), Universidad Rey Juan Carlos (Madrid)
  3. 3 Departamento de Administración de Empresas, Universidad de Oviedo (Oviedo)
Erakutsi afiliazioak +
Aldizkaria:
Revista de Empresa Familiar

ISSN: 2174-2529

Argitalpen urtea: 2014

Alea: 4

Zenbakia: 1

Orrialdeak: 9-20

Mota: Artikulua

DOI: 10.24310/EJFBEJFB.V4I1.5036 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Beste argitalpen batzuk: Revista de Empresa Familiar

Laburpena

This paper aims to analyse the effect of family ownership on firms’ Corporate Social Responsibility (CSR) actions measured through several CSR disclosure variables. Using a sample of non-financial Spanish listed firms over the period 2004-2010 and after identifying the ultimate owner of the firms, the results show that family firms are less committed with CSR disclosure policies although the presence of the families’ founders does not affect the firms’ CSR disclosure. The results also seem to reveal a negative effect of family control on the decision to disclose CSR practices, but not on the amplitude of the information disclosed.

Erreferentzia bibliografikoak

  • Agle, B.R., Mitchell, R.K., y Sonnenfeld, J.A. (1999). Who matters to CEOs? An investigation of stakeholder attributes and salience, corporate performance, and CEO values. Academy of Management Journal, 42(5), 507-525.
  • Aguinis, H., y Glavas, A. (2012). What we know and don’t know about corporate social responsibility: A review and research agenda. Journal of Management, 38, 932-968.
  • Anderson, R.C., Mansi, S.A., y Reeb, D.M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68, 263-285.
  • Anderson, R.C., y Reeb, D.M. (2003). Founding- family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
  • Archel, P. (2003). La divulgación de la información social y medioambiental de la gran empresa española en el período 1994–1998: Situación actual y perspectivas. Revista Española de Financiación y Contabilidad, 117, 571-601.
  • Arora, P., y Dharwadkar, R., 2011. Corporate governance and corporate social responsibility (CSR): The moderating roles of attainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136-152.
  • Bachiller, P., Giorgino, M.C., y Paternostro, S. (2013). Analysis of social performance and board of directors in family firms: Evidence from quoted Italian companies. En Smyrnios, K., Panikkos, P., y Goel, S. (Eds.), “2nd. Handbook of Research on family firms”, capítulo 8, (pp. 82-102). UK: Edward Elgar Publishers.
  • Barnea, A., y Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
  • Bear, S., Rhaman, N., y Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207-221.
  • Berrone, P., Cruz, C., Gómez-Mejía, L.R., y Larraza- Kintana, M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less?” Administrative Science Quarterly, 55, 82-113.
  • Blair, M. (1995). Ownership and control: Rethinking governance for the twenty-first century. Washington DC: The Brooking Institution.
  • Brammer, S., y Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17, 120-136.
  • Bushee, B.J. (1998). The influence of institutional investors on myopic R&D investment behavior. Accounting Review, 73(3), 305-333.
  • Campbell, S.K. (1974). Flaws and fallacies in statistical thinking. New Jersey: Prentice-Hall.
  • Carroll, A.B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34, 39- 48.
  • Claessens, S., Djankov, S., y Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81-112.
  • Claessens, S., Djankov, S., y Lang, L. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The Journal of Finance, 57, 2741- 2772.
  • Comisión Europea (2002). Green Book: Promoting a European framework for corporate social responsibility. http://europa.eu.int/comm./employment_social/soc- dial/csr/greenpaper.htm.
  • Consolandi, C., Nascenzi, P., y Jaiswal-Dale A. (2008). Ownership concentration and corporate social performance: An empirical evidence for European firms. Corporate Responsibility Research Conference 2008, Belfast.
  • Crane, A., McWilliams, A., Matten, D., Moon, J., y Siegel, D.S. (2008). The corporate social responsibility agenda. En: A. Crane, A. McWilliams, D. Matten, J. Moon y D.S. Siegel (Eds.), The Oxford Handbook of CSR. Oxford: Oxford University Press.
  • Cuervo, A. (2004). El gobierno de la empresa. Un problema de conflicto de intereses. En E. Bueno Campos (ed.), El gobierno de la empresa. En busca de la transparencia y la confianza (pp. 115-138). Madrid: Pirámide.
  • Dam, L., y Scholtens, B. (2012). Does ownership matter for corporate social responsibility? Corporate Governance: An International Review, 20(3), 233-252.
  • Deegan, C., y Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), pp. 187-199.
  • Déniz, M.C., y Cabrera, M.K. (2005). Corporate social responsibility and family business in Spain. Journal of Business Ethics, 56(1), 27-41.
  • Dikolli, S.S., Kulp, S.L., y Sedatole, K.L. (2009). Transient institutional ownership and CEO contracting. Accounting Review, 84(3), 737-770.
  • Faccio, M., y Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65, 365-395.
  • Fernández-Sánchez, J.L., Luna, L., y Baraibar, E. (2011). The relationship between corporate governance and corporate social behavior: A structural equation model analysis. Corporate Social Responsibility and Environmental Management, 18, 91-101.
  • Freeman, R.E. (1984). Strategic management: A stakeholder approach. Boston: Pitman Publishing Inc.
  • Freund, J., y Simon, G. (1994). Estadística elemental. México: Prentice-Hall Hispanoamericana.
  • Ghazali, N. (2007). Ownership structure and corporate social responsibility disclosure: Some Malaysian evidence. Corporate Governance, 7(3), 251-266.
  • Godos-Díez, J.L., Fernández-Gago, R., y Cabeza- García, L. (2012). Propiedad y control en la puesta en práctica de la RSC. Cuadernos de Economía y Dirección de la Empresa, 15(1), 1-11.
  • Gómez-Mejía, L.R., Takács Haynes, K., Núñez- Nickel, M., Jacobson, KJL., y Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family- controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52, 106-137.
  • Graafland, J.J. (2002). Corporate social responsibility and family business. Paper presented at the Research Forum of the Family Business Network 13th Annual Conference. Helsinki, Finland.
  • Graves, S.B., y Waddock, S.A. (1994). Institutional owners and corporate social performance. Academy of Management Journal, 37(4), 1034-1046.
  • Griffin, J.J., y Mahon, J.F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society, 36, 5-31.
  • Habbershon, T., Williams, M., y Macmillan, IC. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18, 451-465.
  • Haniffa, R.M., y Cooke, T.E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24, 391-430.
  • Harjoto, M.A., y Jo, H. (2011). Corporate governance and CSR nexus. Journal of Business Ethics, 100(1), 45- 67.
  • Hoopes, D.G., y Miller, D. (2006). Ownership preferences, competitive heterogeneity, and family- controlled businesses. Family Business Review, 19(2), 89-101.
  • Johnson, RA., y Greening, D.W. (1999). The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal, 42(5), 564-576.
  • Johnson, S., La Porta, R., López de Silanes, F., y Shleifer, A. (2000).Tunneling. American Economic Review, 90(2), 22-27.
  • Jo, H., y Harjoto, M.A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103, 351-383.
  • Kuo, L., Y eh, CH., y Y u, H. (2012). Disclosure of corporate social responsibility and environmental management: Evidence from China. Corporate Social Responsibility and Environmental Management, 19, 273- 287.
  • La Porta, R., Lopez-de-Silanes, F., y Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54, 471-517.
  • Lindgreen, A., Swaen, V., y Johnston, W. (2009). Corporate social responsibility: An empirical investigation of U.S. organizations. Journal of Business Ethics, 85(2), 303-323.
  • López-Iturriaga, F., y López-de-Foronda, O. (2011). Corporate social responsibility and reference shareholders: An analysis of European multinational firms. Transnational Corporations Review, 3(3), 1-11.
  • Mahapatra, S. (1984). Investor reaction to a corporate social accounting. Journal of Business Finance and Accounting, 11, 29-40.
  • McGuire, J., Dow, S., y Ibrahim, B. (2012). All in the family? Social performance and corporate governance in the family firm. Journal of Business Research, 65, 1643- 1650.
  • Mcvey, H., y Draho, J. (2005). U.S. family-run companies - They may be better than you think. Journal of Applied Corporate Finance, 17(4), 134-143.
  • Miller, D., y Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19, 73-87.
  • Mitchell, R.K., Agle, B.R., y Wood, D.J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of whom and what really counts. Academy of Management Review, 22, 853-886.
  • Monks, R., y Minow, N. (1995). Corporate governance. Cambridge, MA: Blackwell.
  • Moneva, J.M., y Llena, F. (2000). Environmental disclosures in the annual reports of large companies in Spain. European Accounting Review, 9(1), 7-29.
  • Moore, G. (2001). Corporate social and financial performance: An investigation in the U.K. supermarket industry. Journal of Business Ethics, 34, 299-315.
  • Ndemanga, DA., y Koffi, ET. (2009). Ownership structure, industry sector and corporate social responsibility (CSR) practices: - The case of Swedish listed companies. Master of Science in Accounting, Master Degree Project No. 2009:31.
  • Orlitzky, M., Schmidt, F.L., y Rynes, S.L. (2003). Corporate social and financial performance: A meta- analysis. Organization Studies, 24, 403-441.
  • Corporate social and financial performance: A meta- analysis. Organization Studies, 24, 403-441.
  • Ortiz de Mandojana, N., Aragón, A., y Delgado, J. (2011). La relación entre la propiedad institucional y de los directivos y el desempeño medioambiental. Cuadernos de Economía y Dirección de Empresa, 14, 222-230.
  • Peloza, J. (2009). The challenge of measuring financial impacts from investments in corporate social performance. Journal of Management, 35, 1518-1541.
  • Porter, M.E. (1992). Capital choices: Changing the way America Invests in Industry. Journal of Applied Corporate Finance, 5(2), 4-16.
  • Prado-Lorenzo, J.M., Gallego-Álvarez, I., y García- Sánchez, I.M. (2009). “Stakeholder engagement and corporate social responsibility reporting: The ownership structure effect”. Corporate Social Responsibility and Environmental Management, 16(2), 94-107.
  • Sharma, P. (2008). Commentary, familiness: Capital stocks and flows between family and business. Entrepreneurship: Theory and Practice, 32, 971-977.
  • Sharma, P., Chrisman, J.J., y Chua, J.H. (1997). Strategic management of the family business: Past research and future challenges. Family Business Review, 10, 1-35.
  • Sharma, P., Chrisman, J.J., y Gersick, K.E. (2012). 25 years of Family Business Review: Reflections on the past and perspectives for the future. Family Business Review, 25(5), 5-15.
  • Simpson, W.G., y Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of Business Ethics, 35, 97-109.
  • Schulze, W.S., Lubatkin, M.H., y Dino, R.N. (2003). Toward a theory of agency and altruism in family firms. Journal of Business V enturing, 8, 473-450.
  • Testera, A., y Cabeza, L. (2013). Análisis de los factores determinantes de la transparencia en RSC en las empresas españolas cotizadas. Intangible Capital, 9(1), 225-261.
  • Yong, W., Kyun, Y., y Martynov, A. (2011). The effect of ownership structure on corporate social responsibility: Empirical evidence from Korea. Journal of Business Ethics, 104, 283-297.
  • Wallace, R., Naser, K., y Mora, A. (1994). The relationship between the comprehensiveness of corporate annual reports and firm characteristics in Spain. Accounting and Business Research, 25(97), 41-53.
  • Walls, J., Berrone, P., y Phan, P. (2012). Corporate governance and environmental performance: Is there really a link? Strategic Management Journal, 33, 885-913.
Datuen iturria: Dialnet