RT Journal Article
T1 Value Creating Corporate Social Responsibility Strategies of Family and Non-Family Firms: An Interventionist Perspective
A1 García Sánchez, Isabel María
A1 Rodríguez Ariza, Lázaro
A1 Aibar Guzmán, Cristina
A1 Khan, Huda
A1 Zahoor, Nadia
A1 Tarba, Shlomo Y.
K1 Corporate social responsibility
K1 Independent directors
K1 Market value
K1 Family firms
K1 Non-family firms
AB This paper presents a study on how corporate social responsibility (CSR) strategies create value amongst family and non-family firms. Additionally, in our study, we considered the moderating effect of independent directors on the relationship between CSR and firm value. Based on data drawn from companies operating in 61 countries over an 11-year period (i.e. from 2010 to 2020), our findings demonstrate that non-family firms derive market benefits from the governance improvements made by independent directors concerning CSR strategies. In contrast, the CSR strategies promoted within family firms are associated with lower firm value. However, this negative association is neutralised by the role played by independent directors, especially when the company is controlled by succeeding generations and not just by the founding one. These directors play a dissuasive role that leads family members to reassess their external socio-emotional preferences (reputation, image, etc.) in order to uphold the internal priorities of day-to-day decision-making. Our study has important implications for research and practice.
PB Springer
SN 0167-4544
YR 2025
FD 2025
LK https://hdl.handle.net/10347/43109
UL https://hdl.handle.net/10347/43109
LA eng
NO García-Sánchez, IM., Rodríguez-Ariza, L., Aibar-Guzmán, C. et al. Value Creating Corporate Social Responsibility Strategies of Family and Non-Family Firms: An Interventionist Perspective. J Bus Ethics (2025). https://doi.org/10.1007/s10551-025-05949-3
DS Minerva
RD 22 abr 2026