Strategic motivations for corporate social responsibility: profitability or legitimacy?

被引：0
作者：
Callery P.J. [1 ]
机构：
[1] University of Vermont, Grossman School of Business, 55 Colchester Ave, Burlington, 05405, VT
来源：
Journal of Business Economics | 2024年 / 94卷 / 6期
关键词：
Behavioral strategy; C36; Corporate social responsibility; D21; D22; Instrumental variables; M14; M21; Peer effects; Performance feedback;
D O I：
10.1007/s11573-024-01193-9
中图分类号：
学科分类号：
摘要：
Management research has broadly categorized strategic motivations for corporate social responsibility (CSR) as profit-seeking or legitimacy, which are at times conflicting and complementary. The nature of firm motivations has significant implications for firm-level and societal outcomes yet is not directly observable. In this study I theorize that strategic motivations may be inferred based on observed performance relative to context-specific groups of relevant peer firms. I integrate economics and strategic management traditions to develop both a theoretical framework and an empirical model of peer effects and their underlying strategic motivations, and employ a novel instrumental variables estimation that exploits unique aspects of a recent innovation in dynamic industry classification. Results indicate that firms select referent peers based on strategic context and shed new light on the multi-dimensional nature of CSR strategies, revealing subtleties of firm behavior often masked by traditional empirical approaches. Contributions to theory and opportunities for future research are highlighted. © The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2024.
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页码：947 / 974
页数：27
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