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.
引用
收藏
页码：947 / 974
页数：27
相关论文
共 83 条
  • [1] Aragon-Correa J.A., Sharma S., A contingent resource-based view of proactive corporate´ environmental strategy, Acad Manag Rev, 28, 1, pp. 71-88, (2003)
  • [2] Bansal P., Roth K., Why companies go green: a model of ecological responsiveness, Acad Manag J, 43, 4, pp. 717-736, (2000)
  • [3] Barnett M.L., The business case for corporate social responsibility: a critique and an indirect path forward, Bus Soc, 58, 1, pp. 167-190, (2019)
  • [4] Baron D.P., Private politics, corporate social responsibility, and integrated strategy, J Econ Manag Strategy, 10, 1, pp. 7-45, (2001)
  • [5] Baron D.P., A positive theory of moral management, social pressure, and corporate social performance, J Econ Manag Strategy, 18, 1, pp. 7-43, (2009)
  • [6] Berchicci L., King A., Postcards from the edge: a review of the business and environment literature, Acad Manag Ann, 1, 1, pp. 513-547, (2007)
  • [7] Berg F., Koelbel J.F., Rigobon R., Aggregate confusion: The divergence of ESG ratings, Rev Finance, 26, 6, pp. 1315-1344, (2022)
  • [8] Bertels S., Peloza J., Running just to stand still? Managing csr reputation in an era of ratcheting expectations, Corp Reput Rev, 11, 1, pp. 56-72, (2008)
  • [9] Blettner D.P., He Z.L., Hu S., Bettis R.A., Adaptive aspirations and performance heterogeneity: attention allocation among multiple reference points, Strateg Manag J, 36, 7, pp. 987-1005, (2015)
  • [10] Bondy K., Moon J., Matten D., An institution of corporate social responsibility (CSR) in multi-national corporations (MNCs): form and implications, J Bus Ethics, 111, pp. 281-299, (2012)
123456789