Strategies and determinants of corporate support to the arts: Insights from the Italian context

Drawing on the agency theory and the stakeholder theory, this study assesses strategies for corporate support to the arts and analyzes their organizational and contextual determinants. Based on an original dataset of Italian companies benefitting from a tax incentive program, we observe the following findings: smaller companies are more likely to contribute to the maintenance of the artistic heritage of the local area where they are located, with the aim of sustaining the cultural capital of their community (local legacy strategy); larger companies are more likely to support arts and culture as part of their social responsibility strategy (rich patronage strategy); medium-sized service companies are more likely to contribute a small amount of money to cultural and artistic events with a national appeal, with the aim of enhancing their reputation (Market-oriented strategy). Our research provides useful insights to artistic and cultural organizations for designing their fundraising activities and to policymakers interested in stimulating private donations for the preservation of a country's cultural heritage.     

The role of human and social board capital in driving CSR reporting

The objective of this paper is to analyze the effect of the professional, technical and relational background (human and social capital) of outside directors on promoting firm CSR disclosure. Following the Hillman et al. (2000) taxonomy of board members, we classify outside directors as business experts, support specialists and community influential, and examine whether business and technical expertise or political ties in the boardroom affect CSR disclosure.This study confirms that not all outside directors are equally effective in improving CSR disclosure and that only certain kinds of outside directors, those classified as support specialists, help promote it. On the other hand, our findings also show that directors with previous experience as politicians affect CSR disclosure negatively, probably due to their interests in safeguarding their reputation within the company, in avoiding public scrutiny and in protecting their political connections. In addition, our set of analysis with interaction effects reveals that powerful CEOs have the incentive to promote CSR-related strategies and to convince business experts and support specialist directors to enhance profitable sustainability strategies and transparency in CSR disclosure. Nevertheless, the powerful CEO effect is not enough to compensate the negative role of political directors on CSR reporting. Therefore, this paper supports the theories in favor of analyzing the multiple configurations of corporate governance mechanisms by adopting a holistic approach, and the need to combine these configurations in order to analyze their impact on CSR behavior.     

企业社会责任与企业价值:营销竞争力与顾客意识的作用机理

虽然企业社会责任与企业价值相关性的研究已有数十年,但至今仍未取得一致结论,更缺乏对影响两者关系的权变因素和中间变量的探讨。为了深入分析企业社会责任与企业价值的内在联系,研究以2013-2015年501家A股上市公司为样本,从企业竞争力视角出发,选择营销这一与企业价值密切相关的经营活动,首次将营销竞争力作为中介变量展开分析,同时检验了企业提高顾客意识对两者关系的调节作用,通过构建企业社会责任对企业价值作用机理的概念模型,并使用固定效应与随机效应模型来进行实证分析,研究结果证实:企业社会责任与企业价值正向相关,而营销竞争力在两者关系中发挥部分中介作用;顾客意识正向调节了CSR对企业价值的影响,但这种效应仅在广告强度代理顾客意识时体现。研究结论有助于企业积极履行社会责任,以实现顾客忠诚度与营销竞争力的提升,经济与社会共享价值的创造。     

Ownership and corporate social responsibility: "The power of the female touch"

Using a sample of 26,029 firm-year observations over the period 2002–2017 from 4,479 firms and 44 countries, we examine the relationship between ownership concentration and corporate social responsibility by focusing on the mediating role of board gender diversity and the moderating role of family shareholding. We find that ownership concentration negatively affects corporate social responsibility, and the board gender diversity partially mediates this negative effect. Our results indicate that the mediating effect of board gender diversity leads to a 10.65 percent decrease in the impact of ownership concentration on corporate social responsibility. Furthermore, moderated path analysis indicates that family shareholding weakens the direct effect of ownership concentration on board gender diversity and its indirect effect on corporate social responsibility. In post hoc analysis, we also document that the effect of gender diversity on the board is more prevalent in high gender-egalitarian societies where women are more involved in decision-making. Our study addresses the strategic role of female board members in increasing firms’ respect for corporate social responsibility, especially in family-controlled firms. Thus, our results may provide insights to regulators and policymakers to enhance firms’ corporate social practices by encouraging women’s participation on corporate boards.     

The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms

This study addresses the controversial issue of how non-financial performance affects the cost of debt capital and access to it. The relationship between corporate social performance and two measures of debt cost (accounting-based and market-based) and the measure of debt access are analysed by means of a multi-theoretical framework combining economics with social theories. By observing a sample of listed European non-financial firms over an 8-year period from 2005 to 2012, we find a negative relationship between corporate social performance and interest rate. Consistent with this result, we find a positive relationship between corporate social performance and debt rating. Thus, corporate social performance has a positive role in reducing the cost of debt capital. Moreover, firms with better corporate social performance are more attractive to lenders in terms of leverage allowance. Overall, our findings provide deeper insight into the reasons why companies should improve their corporate social performance.     

Organisational leadership and/for sustainability: Future directions from John Dewey and social movements

In this paper, we suggest that organisational leadership that is based (generally) on a neoliberal paradigm has contributed to an ‘intolerable situation’ that was recognised at the United Nations (2015a) Paris Agreement on Climate Change. We, therefore, attempt to re-frame organisational leadership based on a sustainability paradigm. In doing so, we draw on John Dewey’s thinking on publics: due to the need for greater stakeholder involvement in identifying how sustainability could be achieved and increasing pressure from governments, campaigning groups and public opinion for organisations to expand their boundaries further to interact with, and take seriously, the needs of the communities that they affect. Then―and for the implementation of this re-frame and cognizant of the community requirement―we will offer that guidance may be drawn from the emerging social movements literature, specifically the importance of narration, mobilisation and organisation. Finally, we present a revised framework for organisational leadership that is based on this sustainability paradigm.     

社会责任的信号作用——基于中国市场的研究

承担社会责任能否提升未来公司绩效一直是国内外学者关注的焦点,大部分研究认为履行社会责任有助于提升公司未来绩效,将社会责任视为一种价值投资。在控制了当期绩效因素对企业承担社会责任的影响后,本文发现：（1）承担社会责任不能提升公司未来财务绩效,仅能对企业未来股票回报产生正向影响;（2）当期经济绩效较好的企业,社会责任会对未来财务绩效产生正向影响,而当期经济绩效较差的企业,社会责任会对未来财务绩效产生负向影响。文章结果表明：当期绩效较差公司承担社会责任存在更大成本,当期绩效较好公司可以通过履行社会责任向市场传达信号使其与当期绩效较差公司区分,但此信号行为本身不对公司绩效存在影响。早期研究发现社会责任与未来公司财务绩效的正向关系很可能是因未考虑当期公司绩效同时正向影响当期公司社会责任履行程度和未来财务绩效而产生的伪相关关系。本文实证结果一定程度上对现有社会责任促进公司绩效的理论分析框架构成了挑战。     

Effect of product and geographic diversification on company performance: Evidence during an economic crisis

Based on a novel sample of Spanish listed companies from nonfinancial sectors, we explore the effect of product and geographic diversification on company performance during an economic downturn. The study develops comprehensive models to understand the interaction effect of both strategies on company performance. We find a U-shaped geographic diversification–performance relationship and no evidence of a positive effect from product diversification, unless combined with high levels of geographic diversification. The results show that companies improved their performance by combining these strategies. The results are robust after controlling for the endogeneity of both types of diversification. Our findings highlight that geographic diversification is an effective and valuable strategy in economic downturns. Furthermore, this study confirms the importance of the interaction between product and geographic diversification to determine the total effect of product or geographic diversification on company performance.     

Intergenerational succession and internationalisation strategy of family SMEs: Evidence from China

Internationalisation is a key dimension of a firm's strategy process. Yet, research on why and how family firms internationalise is underdeveloped. As one of the most critical issues family firms face, how intergenerational succession can influence their internationalisation remains an important question. Given the extraordinary succession and internationalisation circumstances pertaining to China, we conducted a qualitative case study analysis of eleven newly internationalised Chinese small- and medium-sized family firms that had recently undergone a succession from the first to the second generation. Three distinct intergenerational succession patterns among our case firms were identified, revealing three underlying types of incumbent-successor relationships. Based on our findings, we put forth propositions on how these patterns influence the next-generation's level of attitudinal commitment toward and resources available for internationalisation, and link these to the firm's overall internationalisation capabilities and international involvement. Our findings suggest that the connection between intergenerational succession and internationalisation strategy of family firms is significantly influenced by the nature of the underlying incumbent-successor relationship and therefore much more complex than previously considered.     

上市公司治理:理论与现实的距离——基于1250份上市公司“自查报告和整改计划”的分析

本文根据1250家上市公司所公布的"自查报告和整改计划",重点从大股东、董事会/监事会、经理层以及投资者法律保护等四个方面对"自查报告和整改计划"的调查问题进行全面归纳、整理、分解和剖析,通过统计分析和理论文献对比,综合反映出目前我国上市公司治理现状和问题.调查分析结果表明,虽然我国目前已基本上建立了一整套与上市公司治理相关的法律法规,上市公司在大股东、董事会、经理层和投资者保护等方面的行为得到了一定的规范约束.但是,我国上市公司治理仍然处在不断完善过程中,如何强化大股东的信托义务和法律责任,从根本上解决大股东侵占中小股东利益的问题、保证董事会制度的独立性和有效性、培育经理人市场,积极推进股权激励机制、落实投资者法律保护制度等成为今后完善我国上市公司治理的重要任务.     

Mitigating the environmental and social footprint of brownfields: The case for a peripheral CSR approach

Industrial plant closures create a largely unexplored challenge for corporate social responsibility (CSR) strategy. Such plant closures lead to brownfield sites: economic assets and large pieces of land that often cannot be redeployed for alternative purposes, except by incurring significant costs. The direct effects of plant closures typically include a rise in unemployment and value chain disturbance (or dismantling), but brownfields are usually also associated with additional social effects and environmental pollution. Here, a proactive CSR strategy means reducing or mitigating the joint, negative social and environmental footprint of industrial plant closures beyond what is mandated by law (which has tended primarily to address direct effects). We assess the various strategies firms can pursue to mitigate negative, post-closure footprints and we distinguish between two alternative strategic options beyond the ‘legal obligations’ approach, namely the ‘core business related’ (core) CSR approach, and the ‘peripheral CSR’ approach. We explore the case of a plant closure by Bekaert S.A., a large, Belgian industrial firm, which adopted a peripheral CSR approach to manage and redevelop a brownfield site. In this context, we identify four enabling conditions for peripheral CSR to be implemented effectively.     

中国上市公司投资者关系与公司治理——来自A股公司投资者关系调查的证据

论文考察了公司治理对投资者关系管理的影响作用.论文以南京大学投资者关系管理指数(CIRINJU)作为上市公司投资者关系管理水平度量指标.研究发现,机构投资者持股、外部股权的提高能有效促进公司提升投资者关系管理水平,管理层持股与投资者关系管理呈U型关系,董事长与CEO分离与投资者关系管理呈弱正相关关系,外部董事与投资者关系管理可能存在替代关系而不是互补关系.研究还发现,上市公司海外上市或发行B股能促进公司提升投资者关系管理水平,公司规模与投资者关系管理存在显著正相关关系,财务杠杆与投资者关系弱显著负相关,公司业绩与投资者关系管理存在内生性.     

Utilizing job resources: Qualitative evidence of the roles of job control and social support in problem solving

Abstract

In resource-based models of job design, job resources, such as control and social support, are thought to help workers to solve problems. Few studies have examined this assumption. We analyzed 80 qualitative diary entries (N=29) and interviews (N=37) concerned with the in-role requirements of medical technology designers in the UK for problem solving. Four themes linked to using the resources of job control and social support for problem solving emerged. These were: (1) eliciting social support to solve problems; (2) exercising job control to solve problems; (3) co-dependence between eliciting social support and exercising job control to solve problems; and (4) using job resources to regulate affect. The results were largely supportive of the assumptions underpinning resource-based models of job design. They also indicated that the explanatory power of resource-based models of job design may be enhanced by considering interdependencies between various factors: how different job resources are used, workers' motivation to use resources, workers' knowledge of how to use resources and the use of resources from across organizational boundaries. The study provides qualitative support for the assumption that social support and job control are used to cope with demands.     

制度环境、公司治理对企业竞争优势的影响研究——基于中国上市公司的经验证据

如何通过外部制度和内部制度的安排延续企业的竞争优势,是制度变迁背景下中国企业面临的核心问题.本文以2002年-2005年的中国上市公司为样本,基于国内地区差距,实证分析了制度环境和公司治理时企业竞争优势的影响.回归结果发现,政府支持市场化程度、经济法律环境水平、股权集中度、股权竞争度、董事会独立性、专业委员会设置程度以及股东参与决策程度与企业竞争优势显著正相关.研究结果表明,好的制度环境与有效的公司治理能提高企业的竞争优势;企业持续竞争优势的源泉应包含以政府为主体的宏观层次的制度竞争和以企业为主体的微观层次的公司治理竞争.     

Role of Leaders as Agents of Negotiation for Counterbalancing Cultural Dissonance in the Middle East and North Africa Region

This study provides a unique perspective in the field of cross-cultural management by exploring the relationship between “cultural dissonance”—the gap between cultural values and actual practice—and effective leadership attributes in the Middle East and North Africa (MENA) region. Incorporating cultural dissonance into implicit leadership theory, the study uses measurements of dissonance on nine cultural dimensions to identify particular leadership preferences in seven MENA countries. The overall findings suggest that societies prefer leaders who counterbalance cultural dissonance by allowing space for negotiations by members of society to reduce disparities between cultural values—“the way things should be”—and actual practices—“the way things are.” The greater the disparity between cultural values and practices, the greater the citizens' desire that leaders act as agents of change by creating space for negotiation.     

Inclusive innovation and the role of technological capability-building: The social business Grameen Danone Foods Limited in Bangladesh

This article examines how a least developed country-based social business first creates operational capabilities (OCs) and then, over time, builds innovative capabilities (ICs) to fulfil a social need, be self-sustainable and achieve inclusive innovation. This relationship is examined in Bangladesh's Grameen Danone Foods Limited (GDFL) by integrating the technological capability and inclusive innovation theoretical frameworks and by using data gathered through extensive fieldwork. Broadly, our findings show how GDFL built and accumulated basic and intermediate ICs to undertake innovative activities in all areas of operation. Specifically, our findings scrutinize the process in which a social business develops and organizes its resources to initially build OCs and engage in the creation of ICs through various learning mechanisms to deliver inclusive innovation. From this process, we also observe a set of unpredicted positive spillovers to the community, which expands the inclusiveness effect. The findings also suggest that having a social orientation, triggers the use of different resources from within and outside the firm to achieve inclusive innovation. We conclude by discussing the study's implications for scholars, policy-makers and managers of multinational's social businesses. We also highlight future research areas, and crucially those related to key emerging conceptual limitations of inclusive innovation and development.