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Does institutional quality complement the relationship between ownership structure and corporate social
Shuaib Ali1, Rongwu Zhang1, Muhammad Talha2
1School of Management, Guangzhou University, Guangzhou, PR China.
Heliyon
|June 17, 2024
Summary
Institutional quality enhances corporate social responsibility (CSR) in Pakistan. Stronger institutional and foreign ownership positively impacts CSR, while CEO duality and family ownership negatively affect it, especially in weaker corporate settings.
Area of Science:
- Corporate Finance
- Corporate Governance
- Sustainability Studies
Background:
- Legitimacy and agency theories guide the examination of ownership structure's impact on Corporate Social Responsibility (CSR).
- Understanding the interplay between ownership structure, institutional quality, and CSR is crucial for developing economies like Pakistan.
- Prior research has not fully explored the complementary role of institutional quality in the CSR-performance relationship.
Purpose of the Study:
- To investigate how institutional quality moderates the relationship between ownership structure and Corporate Social Responsibility (CSR) disclosure and performance.
- To analyze the influence of different ownership structures (institutional, foreign, CEO duality, family) on CSR.
- To assess the complementary role of institutional quality in Pakistan's corporate environment.
Main Methods:
- Utilized data from 112 top-performing listed firms on the Pakistan Stock Exchange (2010-2019).
- Measured institutional quality using World Governance Indicators, developed via Principal Component Analysis.
- Employed an instrumental variable approach and content analysis for the CSR Disclosure Index; adopted a resource complementary phenomenon.
- Applied the Generalized Method of Moment (GMM) for robustness checks.
Main Results:
- Institutional and foreign ownership significantly positively impact CSR.
- CEO duality and family ownership show a significant negative influence on CSR.
- Institutional quality demonstrates a significant positive moderating effect on the ownership structure-CSR relationship.
Conclusions:
- Well-governed firms tend to be more socially responsible.
- Institutional quality acts as a complementary factor, strengthening the CSR engagement of firms within Pakistan's corporate landscape.
- Findings highlight the importance of institutional quality in promoting CSR disclosure and performance.
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