Purpose

The preference of firm corporate social responsibility (CSR) spending is shaped by different groups of owners and the institutional environment in which the firm operates. This paper aims to study the heterogeneity among the controlling groups and firms’ internationalization in influencing the CSR decision in emerging economy firms.

Design Methodology Approach

This paper draws understanding from institutional theory to inspect the propensities of various ownership groups such as lending institutions (LI), domestic mutual funds (MF) and foreign institutional investors (FIIs). The empirical analysis was conducted from a sample of 1,594 unique Bombay stock exchange (BSE)-listed non-financial Indian firms during the 2014–2019 period using Tobit panel regression analysis.

Findings

The findings reveal that firms’ CSR activities are impacted differently by ownership share of different types of institutional investors after controlling for firm-level resources and capabilities. Lending institutions, FIIs and MF are supportive of CSR investments by firms along with international investments by the firm. Further, the results show that the CSR spend is positively influenced by the business group affiliation of the firm compared to the unaffiliated group of firms.

Practical Implications

The analysis has implications for both institutional investors and multinational firms. In the merging market context, managers and owners who target long term strategies such as CSR will benefit from increasing shareholdings of creditors (lending institutions). They can also take steps to improve their transparency and corporate governance structure so as to attract foreign institutional investments, thus, in turn, helping the internationalization process of the firm.

Originality Value

This paper considers the role of the diverseness of the ownership institutional investors along with the moderating effect of business group affiliation of the firm and international investments in impacting the CSR spend. This disparity has not been previously studied with the latest data in an emerging economy context.

中文翻译：

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机构所有权和国际化是否会影响新兴经济企业的企业社会责任？来自印度的经验证据

目的

公司的企业社会责任（CSR）支出的偏好取决于所有者的不同群体和公司运营所在的机构环境。本文旨在研究控制集团与企业国际化之间的异质性对新兴经济企业企业社会责任决策的影响。

设计方法论方法

本文从制度理论上获得了理解，以考察各种所有权集团的倾向，例如借贷机构（LI），国内共同基金（MF）和外国机构投资者（FII）。使用Tobit面板回归分析对2014-2019年期间在孟买证券交易所（BSE）上市的1,594家独特的非金融印度公司进行了抽样分析。

发现

研究结果表明，在控制了企业级的资源和能力之后，不同类型的机构投资者的所有权份额对企业的CSR活动产生了不同的影响。贷款机构，FII和MF支持企业的CSR投资以及企业的国际投资。此外，结果表明，与不隶属的企业集团相比，企业的CSR支出受到企业的企业集团隶属关系的正面影响。

实际影响

该分析对机构投资者和跨国公司都有影响。在市场融合的背景下，针对长期战略（例如企业社会责任）的管理者和所有者将受益于债权人（贷款机构）不断增加的股权。他们还可以采取措施提高透明度和公司治理结构，以吸引外国机构投资，从而帮助公司进行国际化。

创意价值

本文考虑了所有权机构投资者的多样性的作用，以及企业的业务集团从属关系和国际投资在影响企业社会责任支出方面的调节作用。以前尚未在新兴经济背景下使用最新数据研究过这种差距。