Abstract
This study examines the influence of investor attention and Chief Executive Officers (CEOs) power on Corporate Social Responsibility (CSR) within Vietnamese family businesses. Unlike most of the past literature, this study further investigates the potential moderating effects of CEOs’ power on the relationship between investor attention and CSR. Utilizing the dynamic system Generalized Method of Moments (GMM), this study analyzes a dataset comprising 116 Vietnamese family businesses from 2005 to 2020. The findings reveal an inverted U-shape between CEO power and CSR within family businesses; meanwhile, investor attention demonstrates a negative impact on CSR. Moreover, the results report that CEO power is a moderating factor in the relationship between investor attention and CSR. These results are consistent with various theoretical frameworks, including agency theory, overinvestment, career concern, career horizon, and conflict-resolution hypotheses. Finally, our study offers management implications to foster the sustainable development of CSR within family businesses, particularly within emerging markets.
Publisher
Public Library of Science (PLoS)
Reference46 articles.
1. Financial development and standardized reporting: A comparison among developed, emerging, and frontier markets;J Pineiro-Chousa;Journal of Business Research,2019
2. CEO overpower and stock price crash risk: Evidence from family businesses in Vietnam;OTK Tran;Journal of Eastern European and Central Asian Research (JEECAR),2023
3. CEO tenure and corporate social responsibility performance;WT Chen;Journal of Business Research,2019
4. The effects of CEO characteristics and incentives on corporate social responsibility;W-Y Oh;Corporate responsibility: Social action, institutions and governance,2016