دانلود رایگان مقاله افشای مسئولیت اجتماعی شرکت و ارزش بازار: شرکت های خانوادگی در مقابل شرکت های غیر خانوادگی

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.

6. Conclusion

This paper explored the impact of CSR disclosure on firm market value. CSR is a strategic investment for the firm, which aims to benefit not only from its involvement in social responsibility activities but also from its communication regarding this involvement to external stakeholders. Many studies have suggested that future research should investigate factors that minimize skepticism among the main audiences of CSR disclosure (Du et al., 2010). Based on a sample of 91 French firms listed on the SBF 120 index from 2001 to 2010, this study demonstrates that the presence of family involvement plays an important moderating role in the relationship between CSR reporting and firms' market value as measured by Tobin's q. Characterized by proactive stakeholder engagement, family firms would benefit greatly from communicating commitment to CSR; specifically, they could obtain shareholders' endorsement more easily than nonfamily firms could.