Purpose

The purpose of this study is to investigate the moderating role of family involvement on the corporate social responsibility (CSR)-firm performance (FP) relationship in the US hospitality industry. Building on agency theory, this study examines how family ownership, management and board control influence the relationship between CSR and FP.

Design/methodology/approach

To examine the moderating effect of family ownership, family management and family board control, this study adopts the two-way fixed-effects model and performs a panel regression analysis with robust standard errors. The sample period spans 1994–2018 and 565 firm-year observations are included.

Findings

This study finds that the impact of CSR on FP is positively moderated by the extent of a firm’s family member involvement. In specific, all three aspects of corporate governance (i.e. ownership, management and board control) positively moderate the relationship between CSR and FP.

Research limitations/implications

Findings of this study yield several recommendations for hospitality managers, including shaping strategic decisions for implementing CSR, by providing a unique perspective that the involvement of founding family members can be helpful in enhancing firm value through CSR activities.

Originality/value

This study sheds light on the further understanding of the CSR-FP link in the hospitality literature. In addition, this study provides practical guidelines for hospitality firms in the context of CSR by revealing possible advantages of strengthened founding family involvement.

中文翻译：

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家人重要吗？家族参与对企业社会责任与企业绩效关系的调节作用

目的

本研究的目的是调查家庭参与对美国酒店业中企业社会责任 (CSR)-公司绩效 (FP) 关系的调节作用。本研究以代理理论为基础，考察了家族所有权、管理层和董事会控制如何影响企业社会责任和 FP 之间的关系。

设计/方法/方法

为了检验家族所有权、家族管理和家族董事会控制的调节作用，本研究采用双向固定效应模型，并进行具有稳健标准误的面板回归分析。样本期跨越 1994-2018 年，包括 565 个公司年观察结果。

发现

本研究发现企业社会责任对 FP 的影响受到企业家族成员参与程度的正向调节。具体而言，公司治理的所有三个方面（即所有权、管理层和董事会控制）都正向调节 CSR 与 FP 之间的关系。

研究限制/影响

本研究的结果为酒店管理人员提供了几项建议，包括制定实施 CSR 的战略决策，提供了一个独特的视角，即创始家族成员的参与有助于通过 CSR 活动提高公司价值。

原创性/价值

本研究阐明了对酒店文献中 CSR-FP 链接的进一步理解。此外，本研究通过揭示加强创始家族参与的可能优势，为酒店企业在 CSR 背景下提供实用指南。