[Journal:] International Journal of Financial Studies [ISSN:] 2227-7072 [Volume:] 2 [Year:] 2014 [Issue:] 3 [Pages:] 240-265
This study analyzes the links between listed family businesses and social responsibility. On the theoretical level, it establishes a relationship between socioemotional wealth, proactive stakeholder engagement, and the social responsibility of family businesses. On a practical level, our results (obtained from a sample of 363 companies) show that family businesses do not differ from non-family businesses in many dimensions of social responsibility. Moreover, family businesses have statistically significant lower ratings for four sub-dimensions of "corporate governance", namely "balance of power and effectiveness of the Board", "audit and control mechanisms", "engagement with shareholders and shareholder structure", and "executive compensation".
family business corporate governance human resources social responsibility stakeholders