Can multiple large shareholders promote corporate social responsibility?

Wang, Xiaoxia; Haiying, Pan; Xue, Kunkun

doi:10.1108/cms-08-2019-0304

Cited by 10 publications

(6 citation statements)

References 63 publications

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“…Specifically, our study contributes to the growing discussion on the effect of the organization's individual level on CSR [10,11]. In contrast to previous studies pertaining to CSR in employee characteristics [60,61], our study mainly focused on the impact of employee incentives from ESOPs on CSR. We found that compared to firms without ESOPs, firms with ESOPs have higher CSR; this finding is consistent with the results of extant empirical studies [45,52,62], suggesting that through the binding of employee income and corporate interests, ESOPs promote the role of employees as owners and make employees pay more attention to activities related to long-term firm value.…”

Section: Discussionmentioning

confidence: 99%

Do Employee Stock Ownership Plans Affect Corporate Social Responsibility? Evidence from China

Zhou

Wei

2022

IJERPH

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Few studies have discussed the relationship between employee stock ownership plans (ESOPs) and corporate social responsibility (CSR). Using a sample of 895 A-share public firms in China, this research examines the effects of ESOPs on CSR, and the moderating effects of wedge structure and firm size on this relationship. This research mainly used the OLS model to test the research hypotheses, and all regressions were performed in Stata15. The results show that the ESOPs of Chinese public firms provide external economic incentives and internal psychological incentives for employees, increase their motivation to engage in CSR activities, and ultimately contribute to CSR. At the same time, this research finds that this relationship is stronger for firms without wedge structure and small firms. This research provides insights for understanding the relationship between ESOPs and CSR and has important managerial implications for firms to pay attention to the interests of employees to achieve sustainable development.

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Section: Discussionmentioning

confidence: 99%

Do Employee Stock Ownership Plans Affect Corporate Social Responsibility? Evidence from China

Zhou

Wei

2022

IJERPH

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“…Referring to Khan and Sukhotu (2020) , this article defines media exposure as the number of times observations appear in both print and electric media. Since few people have studied the media exposure on TMTs, this article refers to the definition of CEO media exposure in Godos-Díez et al (2020) and Wang et al (2020) combined with the actual situation of China and the availability of data, TMTs are defined as the number of times TMTs appear on the print and internet media. The natural logarithm of “1++total TMT internet media coverage+total TMT press media coverage” is used to measure the overall media exposure of the TMTs (Media_total), while the natural logarithm of “1+total TMT internet media coverage” is used to measure the exposure of the TMTs in emerging online media (Media_net).…”

Section: Methodsmentioning

confidence: 99%

“…Secondly, internal governance structure affects the participation of CSR. Wang et al (2020) found that the ownership structure of multiple major shareholders is an effective internal governance mechanism. Specifically, the ownership structure of multiple large shareholders could restrict the controlling shareholders from infringing the interests of minority shareholders, thus promoting social responsibility.…”

Section: Literature Review and Hypothesesmentioning

confidence: 99%

Does Top Management Team Media Exposure Affect Corporate Social Responsibility?

2022

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This study examines the impact of top management team (TMT) media exposure on corporate social responsibility (CSR) and the moderating effect of TMT characteristics based on the upper echelons theory and stakeholder theory. Based on the observations of 5,352 firms between 2010 and 2019, multiple regression analysis is conducted to empirically test whether TMT media exposure can promote CSR. TMT media exposure is further divided into paper media and online media to reveal the impact of different types of TMT media exposure on CSR. Some robustness tests are also conducted to strengthen the regression results. The results found that a high level of TMT media exposure promotes social responsibility. In addition, the TMT power and political connections negatively moderate the relationship between TMT media exposure and CSR. The main contribution of this study is to develop a TMT media exposure model to assess the impact of TMT media exposure on CSR, providing a theoretical contribution to the existing literature and enriching the research in the CSR context from the perspective of the TMT characteristic moderating role.

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“…CSR includes public donation responsibility, environmental governance responsibility, responsibility for employees, consumers, shareholders, education and cultural responsibility. Therefore, fulfilling CSR meets the needs of corporate stakeholders, attracts investment funds for development and ensures the daily operation of enterprises and also promotes the improvement of product quality and value and the development of an environmentally-friendly society (Wang et al , 2020). In addition, CSR can help improve corporate reputation, establish a good brand image and improve consumer satisfaction and loyalty to products.…”

Section: Literature Reviewmentioning

confidence: 99%

Research on executive equity incentives and corporate innovation performance: the role of corporate social responsibility

Yang

Han

Wang

et al. 2022

CMS

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Purpose Based on the principal–agent and stakeholder theories, this study aims to put forward an intermediary model to verify the intermediary role of corporate social responsibility (CSR) in executive equity incentives and corporate innovation performance to improve corporate innovation performance. Design/methodology/approach The 2012–2018 A-share listed companies’ disclosure of executive equity incentives data was used as the research sample. This study used CSR as an intermediary to explore the relationship between executive equity incentives and corporate innovation performance. A verification analysis was carried out. Findings The research results show that: a positive correlation exists between executive equity incentives and corporate innovation performance, and executives’ reasonable equity incentives can promote the growth of corporate innovation performance. A positive correlation exists between executive equity incentives and CSR. Implementing equity incentives for executives can stimulate their motivation to assume CSR. A positive correlation exists between CSR and corporate innovation performance. The more a company fulfills its social responsibility, the more it can promote the improvement of corporate innovation performance. CSR plays a mediating role between executive equity incentives and corporate innovation performance. CSR promotes executive equity incentives’ impact on corporate innovation performance and exerts a “complete mediating effect” between the two. Research limitations/implications The number of samples and the time span of samples can be expanded in the future. This research has tested the mediating effect of CSR, but other mediating variables may play a role in the process of executive equity incentives in promoting corporate innovation performance. Further research should be conducted to explore the mediating effect of financing constraints and media attention on corporate innovation performance. This study only verifies the influence of equity incentives on CSR and innovation performance of senior executives. In the future, other incentive methods should be explored, such as salary incentives. Practical implications Foreign research on equity incentives has matured, but the experience of foreign countries cannot necessarily produce the expected effect in China. More than ten years have passed since the China A-share market began implementing equity incentives on December 31, 2005. As of December 31, 2017, about one-third of enterprises in the high-tech industry that had introduced equity incentives had stopped implementing the policy. Data from 2012 to 2018 were selected to analyze the relationship between executive equity incentives, CSR and corporate innovation performance to explore the influence mechanism of equity incentives. This study provides a comprehensive theoretical framework to examine the interaction among executive equity incentives, CSR and corporate innovation performance. Because most previous studies have focused on the relationship between executive equity incentives, CSR and corporate innovation performance, they are rarely been used as an intermediary variable to explore the impact of executive equity incentives on corporate innovation performance. This study explores the impact of executive equity incentives on corporate innovation performance under the influence of CSR. Moreover, this study explores the mediating role of CSR in corporate governance, which provides a new perspective for CSR research and verifies relevant literature on the mediating effect model. Social implications Research countermeasures and suggestions: the research results are significant for enterprises implementing executive equity incentives, fulfilling CSR, enhancing corporate reputation, improving corporate innovation performance and ultimately obtaining market competitiveness. Therefore, the following suggestions are proposed: establish and improve the executive equity incentive mechanism and strengthen the promotion effect of executive equity incentives in CSR and corporate innovation performance. Strengthen the awareness of enterprises to actively fulfill CSR and give full play to the role of CSR in promoting corporate innovation performance. Improve the profitability of enterprises and focus on the promotion effect of enterprise profitability on corporate innovation performance. Originality/value This study focuses on executive equity incentives and introduces CSR as an intermediary variable to explore the influence path of executive equity incentives on corporate innovation performance. Based on the research results, this study takes targeted measures to improve corporate innovation performance and maintain its healthy growth of corporate innovation performance. This is significant in enhancing enterprises’ core competitiveness and promoting the enterprise economy’s sustainable development. Meanwhile, the enterprise has significant reference value in actively fulfilling its CSR and realizing its stable and healthy development.

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Can multiple large shareholders promote corporate social responsibility?

Cited by 10 publications

References 63 publications

Do Employee Stock Ownership Plans Affect Corporate Social Responsibility? Evidence from China

Do Employee Stock Ownership Plans Affect Corporate Social Responsibility? Evidence from China

Does Top Management Team Media Exposure Affect Corporate Social Responsibility?

Research on executive equity incentives and corporate innovation performance: the role of corporate social responsibility

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