Family CEOs and CSR performance in Ibero-American family firms

Abstract Based on the behavioral agency theory, this paper aims to analyze the relationship between family CEOs and the social and environmental adopted practices by family listed firms in Ibero-America, and how board structure (size, independence and female on the board) moderate this relationship....

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Bibliographic Details
Published in:Revista mexicana de economía y finanzas = Mexican journal of economics and finance : REMEF 2022-12, Vol.17 (4), p.e755-e755
Main Authors: Briano Turrent, Guadalupe del Carmen, Rodríguez Ariza, Lázaro, Watkins Fassler, Karen
Format: Article
Language:English
Subjects:
America
behavioral agency theory
Business, Finance
CEOs familiares
CSR performance
desempeño de la RSC
Economics
Family CEOs
family ceos, csr performance, behavioral agency theory, ibero-america
Ibero
Iberoamérica
responsabilidad social
sustentabilidad ambiental
teoría de agencia conductual
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Summary:Abstract Based on the behavioral agency theory, this paper aims to analyze the relationship between family CEOs and the social and environmental adopted practices by family listed firms in Ibero-America, and how board structure (size, independence and female on the board) moderate this relationship. An unbalanced panel data integrated by 836 yearly-observations during 2011-2016 period and GMM method are adopted to carry out several econometric analyses. The results show that family CEOs increase social performance, particularly in the aspects related to labor practices, work condition and human rights. The main limitation of the study is the sample of study, focused on those companies with the highest stock market prices in four Ibero-American countries. This research contributes to advance both the family firms and CSR literature at a comparative level, and emphasizes that socio-emotional wealth preservation constitutes a strategic mechanism for family CEOs, which, in turn, enhances the non-financial performance of Ibero-American firms.
ISSN:2448-6795
1665-5346
2448-6795
DOI:10.21919/remef.v17i4.755