The Review of Corporate Finance Studies Vol. 10 No. 3 2021
Common Ownership and Corporate Social Responsibility
Abstract
This paper studies the effect of common ownership on corporate social responsibility (CSR). We find that common ownership is positively associated with a firm’s CSR score. The effect is stronger for firms in more competitive industries. We propose a two-stage duopoly game in which CSR serves as a commitment device to expand output aggressively to understand the empirical results. (JEL G30, D21, D22, L13, L21, L22) Received December 10, 2019; editorial decision September 9, 2020 by Editor: Gregor Matvos.
- DOI
- 10.1093/rcfs/cfaa021
- Volume
- 10
- Issue
- 3
- Pages
- 551-577
- Language
- en
- Sources
- openalex bibtex:phds-export.bib crossref