Résumés
Abstract
This paper investigates the relationship between institutional cross-ownership and corporate social responsibility and whether product market competition moderates this relationship. Based on a sample of French firms over 2001–2015, we found that institutional cross‑ownership positively affects corporate social responsibility. Our finding suggests that the monitoring experience gained by institutional cross-owners leads them to increase corporate social responsibility by fostering industry coordination between cross-owned firms. This positive effect is less likely in highly competitive product markets which advocates that competitive pressure may make industry coordination more difficult. Cross-owned firms may then prioritize maintaining a profitable margin over pursuing corporate social responsibility activities.
Keywords:
- Institutional cross-owners,
- Corporate social responsibility,
- Product market competition
Résumé
Cet article étudie l’effet des investisseurs institutionnels à propriété commune sur la responsabilité sociétale des entreprises (RSE) et l’influence de la concurrence sur les marchés de produits. Sur la base d’un échantillon d’entreprises françaises entre 2001 et 2015, nos résultats empiriques montrent que ces investisseurs ont un impact positif sur l’engagement RSE de l’entreprise. L’expérience de contrôle et de monitoring acquises les amènent à favoriser la coordination industrielle entre entreprises à participations communes, accentuant ainsi les initiatives de RSE. Cependant, cet effet est moins prononcé dans les secteurs d’activité très concurrentiels, où la pression rend la coordination industrielle plus difficile. Dans ces conditions, les entreprises à propriété commune sont enclines à privilégier la profitabilité au détriment des initiatives de RSE.
Mots-clés :
- Investisseurs institutionnels à participation multiple,
- Responsabilité sociétale des entreprises,
- Concurrence sur les marchés de produits
Resumen
Este artículo analiza el efecto de los inversores institucionales de amplia participación sobre la responsabilidad corporativa y si la competencia en el mercado modera esta relación. Basado en una muestra de empresas francesas entre 2001 y 2015, se descubrió que estos inversores tienen un impacto positivo en la responsabilidad social corporativa. Los resultados sugieren que la experiencia de monitoreo adquirida por estos inversores fomenta la coordinación industrial entre empresas de propiedad común, aumentando la responsabilidad social. Sin embargo, este efecto positivo es menos probable en mercados altamente competitivos, donde la presión dificulta la coordinación. En estos casos, las empresas de amplia participación pueden priorizar mantener un margen de beneficio antes que enfocarse en actividades de responsabilidad social.
Palabras clave:
- Inversores institucionales de amplia participación,
- Responsabilidad social corporativa,
- Competencia en el mercado de productos
Parties annexes
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