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 Investigating factors influence firms’ engagement in value-destroying CSR investment. A multi-theoretical approach
Tác giả hoặc Nhóm tác giả: Le Thi Bich Ngoc
Nơi đăng: The 10th International Conference on Management and Business (COMB-2023); Số: 10;Từ->đến trang: 310;Năm: 2023
Lĩnh vực: Kinh tế; Loại: Báo cáo; Thể loại: Quốc tế
TÓM TẮT
A company that practices and embraces corporate social responsibility (CSR) takes responsibility for its actions and aims to benefit itself, its stakeholders, and the public. Previous research has predominantly focused on the positive aspects of CSR and its impact on a company's performance. However, there is empirical evidence that compels us to also consider the negative side of CSR, which can diminish a company's value (as exemplified by the General Electronics case). This study examines the concept of value-destroying CSR, where CSR efforts, as measured by CSR indexes, have a detrimental effect on a company's Tobin's Q (a financial metric). Multiple theoretical perspectives, including agency theory, the BAT (behavior agency theory) framework, the RBV (resource-based view), and stakeholder theory, are employed to analyze this phenomenon. By investigating the influence of firm size on the pursuit of value-destroying CSR, we highlight the significant role that firm size plays in a company's strategic activities, an aspect that has been overlooked in existing research. Our findings reveal that larger firms are more likely to engage in value-destroying CSR. Furthermore, we examine the influence of specific contingent factors, namely CEO decision horizon, board size, and their configuration, to validate the awareness and behavior of decision-makers regarding value-destroying CSR. The results indicate that CEOs with longer decision horizons tend to mitigate the intensity of engagement in value-destroying CSR among larger firms, while board size has the opposite effect. These findings communicate important messages to stakeholders and the wider public regarding a company's motivations for engaging in value-destroying CSR.
ABSTRACT
A company that practices and embraces corporate social responsibility (CSR) takes responsibility for its actions and aims to benefit itself, its stakeholders, and the public. Previous research has predominantly focused on the positive aspects of CSR and its impact on a company's performance. However, there is empirical evidence that compels us to also consider the negative side of CSR, which can diminish a company's value (as exemplified by the General Electronics case). This study examines the concept of value-destroying CSR, where CSR efforts, as measured by CSR indexes, have a detrimental effect on a company's Tobin's Q (a financial metric). Multiple theoretical perspectives, including agency theory, the BAT (behavior agency theory) framework, the RBV (resource-based view), and stakeholder theory, are employed to analyze this phenomenon. By investigating the influence of firm size on the pursuit of value-destroying CSR, we highlight the significant role that firm size plays in a company's strategic activities, an aspect that has been overlooked in existing research. Our findings reveal that larger firms are more likely to engage in value-destroying CSR. Furthermore, we examine the influence of specific contingent factors, namely CEO decision horizon, board size, and their configuration, to validate the awareness and behavior of decision-makers regarding value-destroying CSR. The results indicate that CEOs with longer decision horizons tend to mitigate the intensity of engagement in value-destroying CSR among larger firms, while board size has the opposite effect. These findings communicate important messages to stakeholders and the wider public regarding a company's motivations for engaging in value-destroying CSR.
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