Abstract We study how corporate social responsibility (CSR) is guided by ownership history, specifically whether a company receives venture capital (VC) funding or not. We argue that companies that receive VC funding are less likely to adopt CSR practices due to unique VC imprinting and that temporal and investment orientation moderate this relationship. We find that VC-backed companies have poorer CSR records, which do improve over time, but at a comparatively slower rate than non-VC-backed companies. However, when VC-backed companies receive funding from VC firms that have a responsible investment orientation and a broader stakeholder view, their CSR records are significantly better. This study contributes to our understanding of imprinting boundaries and related repercussions in stakeholder management strategies.

中文翻译：

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风险投资有社会责任吗？探索风险投资资金对企业社会责任实践的印记效应

摘要 我们研究了企业社会责任 (CSR) 如何以所有权历史为导向，特别是公司是否获得风险投资 (VC) 资金。我们认为，由于独特的 VC 印记，获得 VC 资金的公司不太可能采用 CSR 实践，并且时间和投资取向缓和了这种关系。我们发现 VC 支持的公司的 CSR 记录较差，随着时间的推移确实有所改善，但与非 VC 支持的公司相比，其速度相对较慢。然而，当风险投资支持的公司从具有负责任投资取向和更广泛利益相关者观点的风险投资公司那里获得资金时，他们的企业社会责任记录明显更好。本研究有助于我们理解利益相关者管理策略中的印记边界和相关影响。