Purpose Throughout years of corporate social responsibility (CSR) debates, most studies have focused on whether or not a firm should engage in CSR activities, while giving little attention to the firm’s engagement strategy. The purpose of this paper is to demonstrate the optimal way of engaging in CSR activities to maximize firm value while acting in a socially responsible manner. Design/methodology/approach The sample includes US-listed firms and was initially split into three categories (slow-paced, steady-paced and fast-paced firms) based on how fast the firm increased/decreased the pace of its CSR involvement. The sample was later split into firms that have interlocked directors and those that do not, to highlight the important role played by interlocked directors in moderating the relationship between CSR pace and firm performance. Findings Results suggest that firms engaging in CSR activities at a slow or steady pace experience superior financial returns than firms engaging in CSR activities at a fast pace. Further analysis indicates that rapid CSR involvement is counterproductive for firms with no interlocked directors. On the other hand, firms with interlocked directors benefit from their directors’ social network, and experience positive returns when engaging in CSR activities at a fast pace. Practical implications This study is of particular importance for firms establishing their CSR engagement strategies. The results highlight the optimal way a firm can engage in CSR activities while still maximizing shareholder wealth. Originality/value This paper is the first to study the pace determinants of a firm’s CSR engagement strategy. The absence/presence of interlocked directors is identified as a key moderating variable for the CSR–firm performance relationship. The study pinpoints the absence of interlocked directors as a constraint for firms that rapidly engage in CSR activities.

中文翻译：

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董事联动企业社会责任活动与战略步伐

目的在企业社会责任（CSR）辩论的整个年度中，大多数研究都集中在公司是否应参与CSR活动上，而很少关注公司的参与战略。本文的目的是展示参与企业社会责任活动的最佳方法，以在以对社会负责的方式行事的同时最大化公司价值。设计/方法/方法该样本包括在美国上市的公司，根据公司提高/降低其企业社会责任参与速度的速度，最初分为三类（慢节奏，稳定节奏和快节奏的公司）。样本后来被分为具有相互联系的董事和没有相互联系的公司，以突出相互联系的董事在调节企业社会责任速度与公司绩效之间的关系中所起的重要作用。研究结果表明，与以快节奏进行企业社会责任活动的公司相比，以慢速或稳定节奏进行企业社会责任活动的公司的财务收益更高。进一步的分析表明，快速的企业社会责任介入对于没有相互联系的董事的公司起反作用。另一方面，与董事相互关联的公司将从其董事的社交网络中受益，并且在快速参与企业社会责任活动时会获得积极的回报。实际意义这项研究对于建立企业社会责任参与策略的公司尤为重要。结果突出了公司从事企业社会责任活动的最佳方式，同时仍可最大限度地提高股东财富。独创性/价值本文是第一个研究企业CSR参与策略的速度决定因素的论文。联锁董事的存在与否被确定为企业社会责任与企业绩效关系的关键调节变量。该研究指出，缺乏相互联系的董事是迅速从事企业社会责任活动的公司的制约因素。