A study on Taiwanese corporate social responsibility and ownership structures

This study develops several models to examine the relationship between the corporate social responsibility (CSR) and the ownership structure of Taiwanese firms. Our results suggest that firms which are controlled by professional managers, government-owned, or collectively-owned would like to undertake serious efforts to integrate the CSR into various aspects of their companies. Due to Asia firm’s culture, family firms might be more reluctant to put efforts on CSR activities. We also report that there is a positive relationship between (a) the CSR and financial performance and (b) the CSR and earnings quality. This study suggests that the ownership structures are found to have effects on the CSR and the CSR could also decrease the information asymmetry between managers and investors.

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DETERMINAN CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE (CSRD) PADA PERUSAHAAN PERTAMBANGAN PERIODE 2014-2018

JURNAL AKUNTANSI ◽

10.37932/ja.v10i1.274 ◽

2021 ◽

Vol 10 (1) ◽

pp. 116-131

Author(s):

Maria Suryaningsih ◽

Mulia Ningsih

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Ownership Structure ◽

Stock Exchange ◽

Institutional Ownership ◽

Significant Positive Effect ◽

Ownership Structures ◽

Mining Companies ◽

Corporate Social ◽

Positive Effect

This research has a problem where the company implements corporate social responsibility with the existence of a law, not from awareness. Companies are also not yet aware of the benefits of implementing corporate social responsibility and there are still different previous researchers.This study aims to examine the effect of profitability, leverage, and ownership structure on corporate social responsibility. This study uses data from 15 mining companies listed on the Stock Exchange Index (IDX) during the period 2014 to 2018 using SPSS 24 software. The results showed that profitability had no effect on corporate social responsibility . Leverage has no effect on corporate social responsibility . Ownership Structure has a significant positive effect on corporate social responsibility . That is, high institutional ownership can increase the existence of corporate social responsibility actions and Simultaneously Profitability, Leverage and ownership structures simultaneously have a significant positive effect on corporate social responsibility .

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Corporate social responsibility and dividend policy: a strategic choice in family firms

Journal of Family Business Management ◽

10.1108/jfbm-10-2020-0096 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Muhammad Fayyaz Sheikh ◽

Aamir Inam Bhutta ◽

Bareera Rehman ◽

Muhammad Bazil ◽

Ali Hassan

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Dividend Policy ◽

Family Firms ◽

Family Members ◽

Dividend Payout ◽

Content Type ◽

Corporate Social ◽

Propensity To Pay ◽

The Relationship

PurposeThe purpose of this study is to examine whether corporate social responsibility (CSR) affects dividend policy (the propensity to pay dividends as well as the dividend payout ratio) and what role family ownership plays in this regard in an emerging market.Design/methodology/approachThe study uses a sample of 1,480 observations from Pakistan for the period 2010–2016 and accounts for Hackman self-selection bias and endogeneity issues using a robust regression analysis. CSR activity is measured by CSR score developed through a content analysis of firms' annual reports.FindingsThe study finds that the greater number of CSR activities increases the propensity to pay dividends, but reduces the dividend payout in dividend-paying firms. On the other hand, in family firms, the greater number CSR activities decreases the propensity to pay dividends, but increases the dividend payout in dividend-paying firms. The findings hold for a series of robustness and sensitivity checks, for example, alternative measures, specifications and estimators.Practical implicationsA trade-off between firms' CSR activities and dividend policy needs to be the point of concern for investors, minority shareholders and policy makers. The role of the non-executive and independent directors becomes more important, especially in the family firms where family members sitting on the boards may drive CSR activities in their own interests opportunistically. The potential opportunistic behaviour of family members warrants the need for policy reform initiatives to strengthen the protection of other stakeholders' interests.Originality/valueThe study highlights that family owners' efforts to preserve their socio-emotional wealth in family firms affect the relationship between CSR activities and dividend policy. Further, the relationship between CSR and dividend policy in emerging markets is different from developed markets. This study simultaneously focuses on both the propensity to pay dividends and the amount of dividend payment and documents that the implications of CSR are different for them.

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CSR reporting and ownership structure: Evidence from Italian listed companies

Corporate Ownership and Control ◽

10.22495/cocv17i3art11 ◽

2020 ◽

Vol 17 (3) ◽

pp. 146-157 ◽

Cited By ~ 2

Author(s):

Fabio Fortuna ◽

Mirella Ciaburri ◽

Silvia Testarmata ◽

Riccardo Tiscini

Keyword(s):

Ownership Structure ◽

Family Firms ◽

Listed Firms ◽

Ownership Structures ◽

Csr Reporting ◽

Concentrated Ownership ◽

Csr Disclosure ◽

Corporate Social ◽

The Relationship ◽

Dispersed Ownership

The paper empirically explores how firms’ Corporate Social Responsibility (CSR) disclosure varies according to their ownership structure. Three different kinds of ownership structures are considered: family firms (FFs), state-owned firms (SOFs) and firms with dispersed ownership (DOFs). It is the first study examining the relationship between CSR disclosure and ownership structure, which includes in the analysis also FFs and SOFs. The analysis is provided on a sample of 192 listed firms with reference to Italy, a suitable setting for the purpose of the study due to the considerable presence of both FFs and SOFs. Firstly, a content analysis on the CSR documents disclosed by the 192 firms is provided and then data are empirically analysed to test whether the ownership structure influences a firm’s CSR disclosure. Results show that FFs and SOFs disclose less CSR information and the explanation can be found in the lower level of agency problems they have to face. The paper contributes to the stream of literature about CSR disclosure, because it argues that the contents of CSR disclosure vary according to firm’s ownership structure and also to those about FFs and SOFs because it shows that the presence of a concentrated ownership lowers the level of CSR information disclosed.

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The Influence of Governance and Ownership on CSR Practices in Romania

European Journal of Sustainable Development ◽

10.14207/ejsd.2019.v8n3p313 ◽

2019 ◽

Vol 8 (3) ◽

pp. 313 ◽

Cited By ~ 2

Author(s):

Cosmina Lelia Voinea ◽

Cosmin Fratostiteanu ◽

Bas Romein

Keyword(s):

Corporate Governance ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Economic Efficiency ◽

Emerging Economies ◽

Ownership Structure ◽

Public Ownership ◽

The Public ◽

Corporate Social ◽

The Relationship

Ownership structure represents the distribution of equity with regard to votes and capital but also by the identity of the equity owners. These structures are of major importance in corporate governance because they determine the incentives of managers and thereby the economic efficiency of the corporations they manage. This papers analyzes the relationship between governance, ownership structure and CSR practices among companies in Romania. The results of this study allows corporates and the public to formulate a well substantiated opinion on the way particular organizations carry out their businesses in Romania regarding CSR where CSR practices reflect culture and are partially county and ownership specific. The CSR practices implemented in Romania may not always reflect the societal views but rather the public ownership / government views, on what is thought to be important. Keywords: governance, ownership, emerging economies, Romania, corporate social responsibility, CSR practices

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The Determinant of Earning Quality Using State Ownership as Moderating Variable on Companies in Malaysia

Jurnal Economia ◽

10.21831/economia.v17i1.33147 ◽

2021 ◽

Vol 17 (1) ◽

pp. 34-48

Author(s):

Retnoningrum Hidayah ◽

Ahwan Sholih ◽

Linda Agustina ◽

Rita Rahayu

Keyword(s):

Regression Analysis ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Dividend Policy ◽

Stock Exchange ◽

Earnings Quality ◽

State Ownership ◽

Earning Quality ◽

Corporate Social ◽

The Relationship

Abstract: The study aims to determine the effect of disclosure of corporate social responsibility (CSRD), dividend policy, and audit committee financial expertise (ACFE) on earnings quality. It uses state ownership as a moderating variable. The population consists of government-linked companies (GLCs) and transportation and logistics sector companies listed on the Malaysia Stock Exchange for the period 2016-2019 by employing a purposive sampling method. The research analysis applies Moderate Regression Analysis (MRA) with the SPSS program. The results showed that CSRD has a positive effect on earnings quality. Meanwhile, dividend policy has a negative effect on earnings quality. Further, state ownership strengthens the relationship between dividend policy and earnings quality. However, ACFE does not affect earnings quality. At last, the moderating effect of government ownership variables is not significant to the relationship between CSRD and earnings quality.Keywords: CSR disclosure, dividend policy, ACFE, earnings quality, state ownership Faktor Penentu Kualitas Laba Dengan Kepemilikan Negara Sebagai Variabel Moderating Pada Perusahaan di MalaysiaAbstrak: Penelitian bertujuan untuk mengetahui pengaruh pengungkapan corporate social responsibility (CSRD), kebijakan deviden (dividend policy), dan keahlian keuangan komite audit (ACFE) terhadap kualitas laba (earning quality). Lebih lanjut, penelitian ini menggunakan kepemilikan pemerintah (state ownership) sebagai variabel moderating. Populasi penelitian terdiri dari government-linked companies (GLCs) dan perusahaan sektor transportasi serta logistik yang terdaftar di Malaysia Stock Exchange periode 2016-2019. Pemilihan sampel menerapkan metode purposive sampling. Analisis penelitian menggunakan Moderate Regression Analysis (MRA) dengan program SPSS. Hasil penelitian menunjukkan CSRD berpengaruh secara positif terhadap kualitas laba. Kebijakan deviden memiliki pengaruh secara negatif terhadap kualitas laba. Selanjutnya, state ownership memperkuat hubungan kebijakan deviden dan kualitas laba. Namun, ACFE tidak mampu memberikan pengaruh terhadap kualitas laba. Selanjutnya, pengaruh moderasi variabel kepemilikan pemerintah tidak signikan terhadap hubungan antara CSRD terhadap kualitas laba.Kata kunci: pengungkapan CSR, kebijakan deviden, ACFE, kualitas laba, kepemilikan negara

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Can multiple large shareholders promote corporate social responsibility?

Chinese Management Studies ◽

10.1108/cms-08-2019-0304 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Xiao-xia Wang ◽

Hai-ying Pan ◽

Kun-kun Xue

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Ownership Structure ◽

Listed Companies ◽

Situational Factors ◽

Content Type ◽

Information Transparency ◽

Large Shareholders ◽

Corporate Social ◽

The Relationship

Purpose This study aims to examine the relationship between an ownership structure with multiple large shareholders and corporate social responsibility (CSR) with regard to Chinese-listed companies. Design/methodology/approach Multiple regression analysis was used on 4,940 samples of 884 listed companies in China for the period 2009–2017, to empirically test the influence of an ownership structure on enterprises’ fulfillment of social responsibility. Moreover, the propensity score matching–difference in differences and Heckman two-stage approaches were used for the robustness of the regression results. Findings The results show that ownership structures with multiple large shareholders can promote social responsibility. The check-and-balance ability of non-controlling large shareholders, corporate information transparency and corporate system environment moderate the relationship between multiple large shareholders and CSR engagement. Originality/value This paper complements prior studies on the ownership structure of multiple large shareholders. The findings enrich the literature on corporate governance and CSR. The results also reveal information about the situational factors, helping identify the mechanism through which the ownership structure of multiple large shareholders affects CSR.

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Corporate Social Responsibility, Ownership Structure, and Firm Value: Evidence from Korea

Sustainability ◽

10.3390/su10072497 ◽

2018 ◽

Vol 10 (7) ◽

pp. 2497 ◽

Cited By ~ 10

Author(s):

Woo Kim ◽

Kunsu Park ◽

Sang Lee

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Empirical Evidence ◽

Ownership Structure ◽

Firm Value ◽

Stock Exchange ◽

Foreign Ownership ◽

Large Shareholder ◽

Corporate Social ◽

The Relationship

This study examines the relationship between corporate social responsibility (CSR) and firm value in the context of ownership structure. Specifically, our study explores whether large shareholder and foreign shareholder ownership play an important role in the CSR–firm value relationship. Using a sample of 48 firms listed on the Korea Stock Exchange (KSE) between 2010 and 2014, we find that CSR is positively associated with firm value. We further find that the relationship between CSR and firm value is weaker in firms with high large shareholder ownership than in firms with low large shareholder ownership. However, we find no evidence of the effect of foreign ownership on the relationship between CSR and firm value. This study sheds light on the importance of ownership structure in the relationship between CSR and firm value, suggesting significant implications for academics, practitioners, and policymakers. We contribute to the existing literature by providing empirical evidence on the effect of ownership structure on the CSR–firm value relationship. Policymakers may consider these results in implementing their policies that can enhance CSR activities.

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The impact of ownership structure on corporate social responsibility: the moderating role of financial performance

Society and Business Review ◽

10.1108/sbr-01-2021-0013 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Anissa Dakhli

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Financial Performance ◽

Ownership Structure ◽

Managerial Ownership ◽

Content Type ◽

Corporate Social ◽

The Impact ◽

The Relationship ◽

Csr Engagement

Purpose The purpose of this paper is to investigate the relationship between ownership structure and corporate social responsibility (CSR). Specifically, this paper examines the impact of financial performance on the relationship between ownership structure and CSR. Design/methodology/approach This study uses panel data set of 200 French firms listed during 2007–2018 period. The direct and moderating effects were tested by using multiple regression technique. Findings The results indicate that investors have different attitudes toward CSR engagement. While institutional ownership affects positively CSR engagement, managerial ownership shows a negative effect. Findings also show that financial performance accentuates these effects. Research limitations/implications The findings have practical implications that may be useful to regulators and managers interested in enhancing CSR. For regulators, the results advise policymakers to restrict managerial ownership and promote institutional investments to improve CSR. For managers, the results suggest developing more sophisticated intervention mechanisms to deal with conflicting voices that could result from different owners’ attitudes toward CSR. As an extension to this research, further study can examine the impact of audit quality on CSR. Originality/value This study proposes the establishment of dynamic links between ownership structure and CSR around firm financial performance. In addition, it investigates not only the overall CSR ratings but also each of CSR pillars, namely, environmental, social and governance.

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STRUKTUR KEPEMILIKAN PADA PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP KINERJA

Jurnal Analisis Bisnis Ekonomi ◽

10.31603/bisnisekonomi.v16i2.2614 ◽

2018 ◽

Vol 16 (2) ◽

pp. 49-74

Author(s):

I Dewa Made Endiana

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Financial Performance ◽

Ownership Structure ◽

Stock Exchange ◽

Sample Technique ◽

Corporate Social ◽

Relationship Of ◽

The Relationship ◽

Positive Effect

The performance achieved by the company is very important to assess because itrelates to the prospects and sustainability of the company in the future. Achievingmaximum performance is strongly influenced by several factors, one of which isCorporate Social Responsibility (CSR). This study aims to determine the effect ofownership structure on corporate social responsibility on financial performance of miningcompanies in the Indonesia Stock Exchange for the period 2013-2017. Population is amining company on the Indonesia Stock Exchange. The sample technique was selectedusing purposive sampling, namely the method of determining the sample with certaincriteria so that the number of samples obtained was 11 companies, so the number ofobservations with a study period of 5 years was 55 observations. The results obtained inthis study that corporate social responsibility have a positive effect on performance whilethe ownership structure is not able to strengthen or weaken the relationship of corporatesocial responsibility to the financial performance (ROA) of mining companies listed onthe Indonesia Stock Exchange.

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Hubungan Corporate Social Responsibility dengan Earnings Quality pada Perusahaan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2016-2019

Akuntansi dan Teknologi Informasi ◽

10.24123/jati.v13i2.3988 ◽

2021 ◽

Vol 13 (2) ◽

pp. 1

Author(s):

Priscillia Puspita Lestari ◽

Yie Ke Feliana

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Earnings Management ◽

Stock Exchange ◽

Earnings Quality ◽

Discretionary Accruals ◽

Bottom Line ◽

Corporate Social ◽

The Relationship

Abstract Earnings is one of some important things that company stakeholders pay attention to in making decisions related to the company. Therefore, the quality of earnings reported by companies need to be ensured that it accurately reflects tha real conditions of the company. Besides earnings, stakeholders also pay attention to corporate social responsibility activities that has been done by company as the implementation of triple bottom line concept. This study aims to investigate the relationship between corporate social responsibility (CSR) and earnings quality reported by firms. CSR is measured by using the CSRD Index based on 91 GRI criteria, while earnings quality is proxied by accrual earnings management and measured by calculating the discretionary accruals. The research object in this study is all entities listed on the Indonesia Stock Exchange (IDX) in the period of 2016-2019. After selecting companies based on predetermined sample criteria, the totals of sample numbers in this study is 191 companies in 2016-2019. The result of this study prove that there is no significant relationship between CSR and earnings quality. Keywords: corporate social responsibility, earnings quality, earnings management

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