“…Similarly, the founder-owned Fosun International in China oversees publicly listed firms Fosun Pharma, Hainan Mining United, and Sichuan Tuopai Shede. These ultimate controlling owners exert significant power over their firms' strategic actions by setting strategic objectives, allocating critical corporate resources, and appointing top executives to these firms (Cuervo-Cazurra & Colpan, 2023;Faccio & Lang, 2002). As a result, to comprehend the impact of owners on their firms' CSR performance, it is essential to focus on the overlooked motives and influence of ultimate controlling owners.…”