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Corporate social responsibility and investment efficiency: The roles of national stakeholder orientation and legal origins
Beedie School of Business, Simon Fraser University, Burnaby, British Columbia, Canada.
Faculty of Economics and Management, Urmia University, Urmia, Iran.ORCID iD: 0000-0002-3076-0241
Fogelman College of Business and Economics, University of Memphis, Memphis, TN, USA.
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.ORCID iD: 0000-0002-2536-0446
2024 (English)In: International Review of Economics and Finance, ISSN 1059-0560, E-ISSN 1873-8036, Vol. 93, p. 889-911Article in journal (Refereed) Published
Abstract [en]

Utilizing an international setting consisting of 21,039 observations from 43 countries during the years from 2010 to 2019, spanning the period between the global financial and health crises, we first reveal that the two broad legal traditions of the country shape the positive connection between CSR performance and investment efficiency. We find a stronger positive linkage for companies operating under a civil law regime. Our findings also imply that U.S. firms buck the trend among English common law firms and have probably shifted their orientation to a more balanced consideration of stakeholders. Plus, we discover that legal origins are a stronger predictor of CSR perception by showing that stakeholders of the Scandinavian civil law system are more responsive to CSR activities than those in the German, French, and socialist civil law countries. Results are robust to a battery of sensitivity tests.

Place, publisher, year, edition, pages
Elsevier , 2024. Vol. 93, p. 889-911
Keywords [en]
Civil law; Common law; Corporate social responsibility performance; Investment efficiency; Legal origins; Stakeholder orientation
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:hig:diva-43998DOI: 10.1016/j.iref.2024.03.030ISI: 001223888400001Scopus ID: 2-s2.0-85189525021OAI: oai:DiVA.org:hig-43998DiVA, id: diva2:1849281
Available from: 2024-04-05 Created: 2024-04-05 Last updated: 2024-05-24Bibliographically approved

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Homayoun, Saeid

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CiteExportLink to record
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Citation style
  • apa
  • harvard-cite-them-right
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  • modern-language-association-8th-edition
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  • Other style
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Language
  • sv-SE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • de-DE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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