ABSTRACT

This study investigates the association between family ownership and the level of CSR disclosure, and to what extent country-level institutional differences and level of industry risk differences influence this association. Using a sample of firms domiciled across 14 European countries for the period from 2010 to 2017, the empirical results show that there is a negative association between family ownership and CSR disclosure. The study also indicates that both institutional environments and the industry risk have influence on the association between family ownership and CSR disclosure. In particular, family-owned firms domiciled in coordinated market economies demonstrate a higher degree of CSR disclosure in comparison to their counterparts operating in liberal market economies. Further, the results show various levels of associations between family ownership and CSR disclosure, as well as social and environmental disclosures, for family-owned firms domiciled in the sub-categories of CMEs. In terms of industry risk, family-owned firms operating in high-risk industries have higher scores of CSR compared to firms in low-risk industries. Moreover, family-owned firms that operate in high-risk industries have higher scores of environmental disclosure, compared to social disclosure, in order to increase their legitimacy on environmental issues.

摘要

本研究调查了家族所有权与企业社会责任披露水平之间的关联，以及国家层面的制度差异和行业风险差异水平对这种关联的影响程度。使用 2010 年至 2017 年期间在 14 个欧洲国家注册的公司样本，实证结果表明，家族所有权与企业社会责任披露之间存在负相关。该研究还表明，制度环境和行业风险都对家族所有权与企业社会责任披露之间的关联产生了影响。特别是，与在自由市场经济中经营的家族企业相比，在协调市场经济中注册的家族企业表现出更高程度的企业社会责任信息披露。更远，结果显示，对于注册在 CME 子类别中的家族企业而言，家族所有权与企业社会责任披露以及社会和环境披露之间存在不同程度的关联。在行业风险方面，与低风险行业的公司相比，在高风险行业经营的家族企业的 CSR 得分更高。此外，与社会披露相比，在高风险行业经营的家族企业的环境披露得分更高，以提高其在环境问题上的合法性。