Faculty of Finance and Banking, Ton Duc Thang University, Ho Chi Minh City, Vietnam.
Faculty of Business Administration, Ton Duc Thang University, Ho Chi Minh City, Vietnam.
PLoS One. 2024 Jul 19;19(7):e0306989. doi: 10.1371/journal.pone.0306989. eCollection 2024.
This study examines the influence of investor attention and Chief Executive Officers (CEOs) power on Corporate Social Responsibility (CSR) within Vietnamese family businesses. Unlike most of the past literature, this study further investigates the potential moderating effects of CEOs' power on the relationship between investor attention and CSR. Utilizing the dynamic system Generalized Method of Moments (GMM), this study analyzes a dataset comprising 116 Vietnamese family businesses from 2005 to 2020. The findings reveal an inverted U-shape between CEO power and CSR within family businesses; meanwhile, investor attention demonstrates a negative impact on CSR. Moreover, the results report that CEO power is a moderating factor in the relationship between investor attention and CSR. These results are consistent with various theoretical frameworks, including agency theory, overinvestment, career concern, career horizon, and conflict-resolution hypotheses. Finally, our study offers management implications to foster the sustainable development of CSR within family businesses, particularly within emerging markets.
本研究考察了投资者关注度和首席执行官（CEO）权力对越南家族企业企业社会责任（CSR）的影响。与过去大多数文献不同的是，本研究进一步调查了 CEO 权力对投资者关注度与企业社会责任之间关系的潜在调节作用。本研究利用动态系统广义矩法（GMM），分析了 2005 年至 2020 年间 116 家越南家族企业的数据集。研究结果显示，家族企业中 CEO 权力与企业社会责任之间呈倒 U 型关系；同时，投资者关注度对企业社会责任呈负向影响。此外，研究结果报告称，CEO 权力是投资者关注度与企业社会责任之间关系的调节因素。这些结果与各种理论框架一致，包括代理理论、过度投资、职业关注、职业视野和冲突解决假说。最后，本研究为家族企业，特别是新兴市场家族企业，提供了促进企业社会责任可持续发展的管理启示。
