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Journal of Management and Business Research, 2021
38( 4 ):445-476
DOI: 10.6504/JMBR.202112_38(4).0002
Family Firms and CSR Specialization: Evidence from Taiwanese Listed Firms
Family firms differ from non-family firms in several aspects; these include loss aversion, the need to preserve family reputation, and the desire to maintain family control. While an increasing number of studies are examining the relationship between family firms and corporate social responsibility (CSR), the extant research provides conflicting results. We propose that while family firms have the incentive to engage in CSR, they tend to focus on particular aspects of CSR activities. The relationship between family firms and CSR becomes weaker when firms appoint directors representing foreign institutional investors as well as when they publish CSR reports. To test our arguments, we use a sample of Taiwanese listed firms from 2010 to 2017 and employ CSR data from the Thomson Reuters ASSET4 database, whereby we find support for our proposed relationships. Our research makes notable contributions to the relevant literature on family business, CSR, and nonmarket strategy.
Key Words
corporate social responsibility, family firms, nonmarket strategy
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