Corporate social responsibility disclosure and market value: Family versus nonfamily firms

Mehdi Nekhili (1, 2) , Haithem Nagati (2) , Tawhid Chtioui (3) , Claudia Rebolledo (4)

1 GAINS - ARGUMANS - Atelier De Recherche En Gestion De L'université Du Mans
2 ICD International Business School Paris
3 EM - EMLyon Business School
4 HEC Montréal - HEC Montréal

We investigate the moderating role of family involvement in the relationship between corporate social responsibility (CSR) reporting and firm market value using a longitudinal archival data set in the French context. Our empirical results show that family firms report less information on their CSR duties than do nonfamily firms. However, market-based financial performance, as measured by Tobin's q, is positively related to CSR disclosure for family firms and negatively related to CSR disclosure for nonfamily firms. Family firms would benefit greatly from communicating commitment to CSR; specifically, they could obtain shareholders' endorsement more easily than nonfamily firms could.

Mots clés: Corporate social responsibility; CSR reporting; Market value; Family firms; Corporate social responsibility

Domaines: Gestion et management

Mehdi Nekhili, Haithem Nagati, Tawhid Chtioui, Claudia Rebolledo. Corporate social responsibility disclosure and market value: Family versus nonfamily firms. Journal of Business Research, 2017, 77, pp.41-52. ⟨10.1016/j.jbusres.2017.04.001⟩. ⟨hal-02380522⟩