Skip to main content
main-content
Top

Hint

Swipe to navigate through the articles of this issue

Published in: Journal of Business Ethics 2/2022

30-03-2021 | Original Paper

Beyond Market Strategies: How Multiple Decision-Maker Groups Jointly Influence Underperforming Firms’ Corporate Social (Ir)responsibility

Authors: Xi Zhong, Liuyang Ren, Tiebo Song

Published in: Journal of Business Ethics | Issue 2/2022

Login to get access
share
SHARE

Abstract

Research based on the behavioral theory of the firm (BTOF) argues that firms will actively adopt strategic actions to respond to performance that falls below aspirations, that is performance shortfalls. However, most previous studies have focused on market-related strategic actions, paying less attention to the impact of performance shortfalls on non-market-related strategic actions, especially corporate social responsibility (CSR) and corporate social irresponsibility (CSI). In this study, we propose that firms facing performance shortfalls are likely to reduce CSR levels and increase CSI levels. In addition, we also propose that board characteristics (board size, board age and board tenure) have a significant moderating effect on the above relationship. Empirical analyses based on an unbalanced panel data of China's listed firms from 2010 to 2018 show that our arguments are largely supported.
Literature
go back to reference Alexander, J. A., Fennell, M. L., & Halpern, M. T. (1993). Leadership instability in hospitals: The influence of Board-CEO relations and organizational growth and decline. Administrative Science Quarterly, 38(1), 74–99. CrossRef Alexander, J. A., Fennell, M. L., & Halpern, M. T. (1993). Leadership instability in hospitals: The influence of Board-CEO relations and organizational growth and decline. Administrative Science Quarterly, 38(1), 74–99. CrossRef
go back to reference Al-Shammari, M., Rasheed, A., & Shammari, H. A. (2019). CEO narcissism and corporate social responsibility: Does CEO narcissism affect CSR focus? Journal of Business Research, 104, 106–117. CrossRef Al-Shammari, M., Rasheed, A., & Shammari, H. A. (2019). CEO narcissism and corporate social responsibility: Does CEO narcissism affect CSR focus? Journal of Business Research, 104, 106–117. CrossRef
go back to reference Arora, P., & Dharwadkar, R. (2011). Corporate governance and corporate social responsibility (CSR): The moderating roles of attainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136–152. CrossRef Arora, P., & Dharwadkar, R. (2011). Corporate governance and corporate social responsibility (CSR): The moderating roles of attainment discrepancy and organization slack. Corporate Governance: An International Review, 19(2), 136–152. CrossRef
go back to reference Audia, P. G., Locke, E. A., & Smith, K. G. (2000). The paradox of success: An archival and a laboratory study of strategic persistence following radical environmental change. Academy of Management Journal, 43(5), 837–853. Audia, P. G., Locke, E. A., & Smith, K. G. (2000). The paradox of success: An archival and a laboratory study of strategic persistence following radical environmental change. Academy of Management Journal, 43(5), 837–853.
go back to reference Audia, P. G., & Greve, H. R. (2006). Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry. Management Science, 52(1), 83–94. CrossRef Audia, P. G., & Greve, H. R. (2006). Less likely to fail: Low performance, firm size, and factory expansion in the shipbuilding industry. Management Science, 52(1), 83–94. CrossRef
go back to reference Auger, P., Burke, P., & Louviere, D. J. J. (2003). What will consumers pay for social product features? Journal of Business Ethics, 42(3), 281–304. CrossRef Auger, P., Burke, P., & Louviere, D. J. J. (2003). What will consumers pay for social product features? Journal of Business Ethics, 42(3), 281–304. CrossRef
go back to reference Baran, L., & Forst, A. (2015). Disproportionate insider control and board of director characteristics. Journal of Corporate Finance, 35, 62–80. CrossRef Baran, L., & Forst, A. (2015). Disproportionate insider control and board of director characteristics. Journal of Corporate Finance, 35, 62–80. CrossRef
go back to reference Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. CrossRef Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. CrossRef
go back to reference Baron, D. P. (1995). Integrated strategy: Market and nonmarket components. California Management Review, 37(2), 47–65. CrossRef Baron, D. P. (1995). Integrated strategy: Market and nonmarket components. California Management Review, 37(2), 47–65. CrossRef
go back to reference Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. CrossRef Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. CrossRef
go back to reference Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97–116. CrossRef Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97–116. CrossRef
go back to reference Bravo, F., & Reguera-Alvarado, N. (2017). The effect of board of directors on R&D intensity: Board tenure and multiple directorships. R&D Management, 47(5), 701–714. CrossRef Bravo, F., & Reguera-Alvarado, N. (2017). The effect of board of directors on R&D intensity: Board tenure and multiple directorships. R&D Management, 47(5), 701–714. CrossRef
go back to reference Chang, Y. K., Oh, W. Y., & Messersmith, J. G. (2013). Translating corporate social performance into financial performance: Exploring the moderating role of high-performance work practices. International Journal of Human Resource Management, 24(19), 3738–3756. Chang, Y. K., Oh, W. Y., & Messersmith, J. G. (2013). Translating corporate social performance into financial performance: Exploring the moderating role of high-performance work practices. International Journal of Human Resource Management, 24(19), 3738–3756.
go back to reference Chen, C. J., Guo, R. S., Yung-Chang, H., & Chen, K. L. (2018). How business strategy in non-financial firms moderates the curvilinear effects of corporate social responsibility and irresponsibility on corporate financial performance. Journal of Business Research, 92, 154–167. CrossRef Chen, C. J., Guo, R. S., Yung-Chang, H., & Chen, K. L. (2018). How business strategy in non-financial firms moderates the curvilinear effects of corporate social responsibility and irresponsibility on corporate financial performance. Journal of Business Research, 92, 154–167. CrossRef
go back to reference Chen, H. L., Hsu, W. T., & Chang, C. Y. (2016). Independent directors’ human and social capital, firm internationalization and performance implications: An integrated agency-resource dependence view. International Business Review, 25(4), 859–871. CrossRef Chen, H. L., Hsu, W. T., & Chang, C. Y. (2016). Independent directors’ human and social capital, firm internationalization and performance implications: An integrated agency-resource dependence view. International Business Review, 25(4), 859–871. CrossRef
go back to reference Chen, J., Cumming, D., Hou, W., & Lee, E. (2016). Does the external monitoring effect of financial analysts deter corporate fraud in china? Journal of Business Ethics, 134(4), 1–16. CrossRef Chen, J., Cumming, D., Hou, W., & Lee, E. (2016). Does the external monitoring effect of financial analysts deter corporate fraud in china? Journal of Business Ethics, 134(4), 1–16. CrossRef
go back to reference Chen, W. (2008). Determinants of firms’ backward- and Forward-Looking R&D search behavior. Organization Science, 19(4), 609–622. CrossRef Chen, W. (2008). Determinants of firms’ backward- and Forward-Looking R&D search behavior. Organization Science, 19(4), 609–622. CrossRef
go back to reference Chen, W., Zhou, G., & Zhe, X. (2019). CEO tenure and corporate social responsibility performance. Journal of Business Research, 95, 292–302. CrossRef Chen, W., Zhou, G., & Zhe, X. (2019). CEO tenure and corporate social responsibility performance. Journal of Business Research, 95, 292–302. CrossRef
go back to reference Chiu, S. C., & Sharfman, M. (2018). Corporate social irresponsibility and executive succession: An empirical examination. Journal of Business Ethics, 149(3), 1–17. CrossRef Chiu, S. C., & Sharfman, M. (2018). Corporate social irresponsibility and executive succession: An empirical examination. Journal of Business Ethics, 149(3), 1–17. CrossRef
go back to reference Choi, J., Rhee, M., & Kim, Y. C. (2019). Performance feedback and problemistic search: The moderating effects of managerial and board outsiderness. Journal of Business Research, 102, 21–33. CrossRef Choi, J., Rhee, M., & Kim, Y. C. (2019). Performance feedback and problemistic search: The moderating effects of managerial and board outsiderness. Journal of Business Research, 102, 21–33. CrossRef
go back to reference Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. . Englewood Cliffs. Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. . Englewood Cliffs.
go back to reference Dalton, D. R., Hitt, M. A., Certo, T. S., & Dalton, C. M. (2008). The fundamental agency problem and its mitigation: Independence, equity, and the market for corporate control. Academy of Management Annals, 1, 1–64. CrossRef Dalton, D. R., Hitt, M. A., Certo, T. S., & Dalton, C. M. (2008). The fundamental agency problem and its mitigation: Independence, equity, and the market for corporate control. Academy of Management Annals, 1, 1–64. CrossRef
go back to reference Deng, X., Long, X., Schuler, D. A., Luo, H., & Zhao, X. (2020). External corporate social responsibility and labor productivity: A S-curve relationship and the moderating role of internal CSR and government subsidy. Corporate Social Responsibility and Environmental Management, 27(1), 393–408. CrossRef Deng, X., Long, X., Schuler, D. A., Luo, H., & Zhao, X. (2020). External corporate social responsibility and labor productivity: A S-curve relationship and the moderating role of internal CSR and government subsidy. Corporate Social Responsibility and Environmental Management, 27(1), 393–408. CrossRef
go back to reference Desai, V. M. (2016). The behavioral theory of the (Governed) firm: Corporate board influences on organizations’ responses to performance shortfalls. Academy of Management Journal, 59(1), 860–879. CrossRef Desai, V. M. (2016). The behavioral theory of the (Governed) firm: Corporate board influences on organizations’ responses to performance shortfalls. Academy of Management Journal, 59(1), 860–879. CrossRef
go back to reference Dorobantu, S., Kaul, A., & Zelner, B. (2017). Nonmarket strategy research through the lens of new institutional economics: An integrative review and future directions. Strategic Management Journal, 38(1), 114–140. CrossRef Dorobantu, S., Kaul, A., & Zelner, B. (2017). Nonmarket strategy research through the lens of new institutional economics: An integrative review and future directions. Strategic Management Journal, 38(1), 114–140. CrossRef
go back to reference Dowell, G. W. S., Shackell, M. B., & Stuart, N. V. (2011). Boards, CEOs, and surviving a financial crisis: Evidence from the internet shakeout. Strategic Management Journal, 32(10), 1025–1045. CrossRef Dowell, G. W. S., Shackell, M. B., & Stuart, N. V. (2011). Boards, CEOs, and surviving a financial crisis: Evidence from the internet shakeout. Strategic Management Journal, 32(10), 1025–1045. CrossRef
go back to reference Fernández Gámez, M. Á., Gutiérrez Ruiz, A. M., Becerra Vicario, R., & Ruiz Palomo, D. (2020). The impact of creating shared value on hotels online reputation. Corporate Social Responsibility and Environmental Management, 27(5), 2201–2211. CrossRef Fernández Gámez, M. Á., Gutiérrez Ruiz, A. M., Becerra Vicario, R., & Ruiz Palomo, D. (2020). The impact of creating shared value on hotels online reputation. Corporate Social Responsibility and Environmental Management, 27(5), 2201–2211. CrossRef
go back to reference Fracassi, C., & Tate, G. (2012). External networking and internal firm governance. Journal of Finance, 67(1), 153–194. CrossRef Fracassi, C., & Tate, G. (2012). External networking and internal firm governance. Journal of Finance, 67(1), 153–194. CrossRef
go back to reference Fu, R., Tang, Y., & Chen, G. (2020). Chief sustainability officers and corporate social (Ir)responsibility. Strategic Management Journal, 41(4), 656–680. CrossRef Fu, R., Tang, Y., & Chen, G. (2020). Chief sustainability officers and corporate social (Ir)responsibility. Strategic Management Journal, 41(4), 656–680. CrossRef
go back to reference Gaba, V., & Bhattacharya, S. (2012). Aspirations, innovation, and corporate venture capital: A behavioral perspective. Strategic Entrepreneurship Journal, 6(2), 178–199. CrossRef Gaba, V., & Bhattacharya, S. (2012). Aspirations, innovation, and corporate venture capital: A behavioral perspective. Strategic Entrepreneurship Journal, 6(2), 178–199. CrossRef
go back to reference Gentry, R. J., & Shen, W. (2013). The impacts of performance relative to analyst forecasts and analyst coverage on firm R&D intensity. Strategic Management Journal, 34(1), 121–130. CrossRef Gentry, R. J., & Shen, W. (2013). The impacts of performance relative to analyst forecasts and analyst coverage on firm R&D intensity. Strategic Management Journal, 34(1), 121–130. CrossRef
go back to reference Goergen, M., Limbach, P., & Scholz, M. (2015). Mind the gap: The age dissimilarity between the chair and the CEO. Journal of Corporate Finance, 35, 136–158. CrossRef Goergen, M., Limbach, P., & Scholz, M. (2015). Mind the gap: The age dissimilarity between the chair and the CEO. Journal of Corporate Finance, 35, 136–158. CrossRef
go back to reference Greve, H. R. (2003). A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding. Academy of Management Journal, 46(6), 685–702. Greve, H. R. (2003). A behavioral theory of R&D expenditures and innovations: Evidence from shipbuilding. Academy of Management Journal, 46(6), 685–702.
go back to reference Greve, H. R. (2011). Positional rigidity: Low performance and resource acquisition in large and small firms. Strategic Management Journal, 32(1), 103–114. CrossRef Greve, H. R. (2011). Positional rigidity: Low performance and resource acquisition in large and small firms. Strategic Management Journal, 32(1), 103–114. CrossRef
go back to reference Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-Five years of incomparable research. Business & Society, 36(1), 5–31. CrossRef Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-Five years of incomparable research. Business & Society, 36(1), 5–31. CrossRef
go back to reference Grove, H., Patelli, L., Victoravich, L. M., & Xu, P. T. (2011). Corporate governance and performance in the wake of the financial crisis: Evidence from US commercial banks. Corporate Governance: An International Review, 19(5), 418–436. CrossRef Grove, H., Patelli, L., Victoravich, L. M., & Xu, P. T. (2011). Corporate governance and performance in the wake of the financial crisis: Evidence from US commercial banks. Corporate Governance: An International Review, 19(5), 418–436. CrossRef
go back to reference Hambrick, D. C., Misangyi, V. F., & Park, C. A. (2015). The quad model for identifying a corporate director’s potential for effective monitoring: Toward a new theory of board sufficiency. Academy of Management Review, 40(3), 323–344. CrossRef Hambrick, D. C., Misangyi, V. F., & Park, C. A. (2015). The quad model for identifying a corporate director’s potential for effective monitoring: Toward a new theory of board sufficiency. Academy of Management Review, 40(3), 323–344. CrossRef
go back to reference Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. CrossRef Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. CrossRef
go back to reference Harris, J., & Bromiley, P. (2007). Incentives to cheat: The influence of executive compensation and firm performance on financial misrepresentation. Organization Science, 18(3), 350–367. CrossRef Harris, J., & Bromiley, P. (2007). Incentives to cheat: The influence of executive compensation and firm performance on financial misrepresentation. Organization Science, 18(3), 350–367. CrossRef
go back to reference He, X., Karri, R., Zhang, Y., & Mei, L. (2016). Executive entrenchment in founder-managed firms: An empirical study from china. Journal of Small Business Management, 54(3), 851–870. CrossRef He, X., Karri, R., Zhang, Y., & Mei, L. (2016). Executive entrenchment in founder-managed firms: An empirical study from china. Journal of Small Business Management, 54(3), 851–870. CrossRef
go back to reference Huang, S., & Hilary, G. (2018). Zombie board: Board tenure and firm performance. Journal of Accounting Research, 56(4), 1285–1329. CrossRef Huang, S., & Hilary, G. (2018). Zombie board: Board tenure and firm performance. Journal of Accounting Research, 56(4), 1285–1329. CrossRef
go back to reference Hwang, B. H., & Kim, S. (2009). It pays to have friends. Journal of Financial Economics, 93(1), 138–158. CrossRef Hwang, B. H., & Kim, S. (2009). It pays to have friends. Journal of Financial Economics, 93(1), 138–158. CrossRef
go back to reference Jain, T., & Zaman, R. (2020). When boards matter: The case of corporate social irresponsibility. British Journal of Management, 31(2), 365–386. CrossRef Jain, T., & Zaman, R. (2020). When boards matter: The case of corporate social irresponsibility. British Journal of Management, 31(2), 365–386. CrossRef
go back to reference Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831–880. CrossRef Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48(3), 831–880. CrossRef
go back to reference Jeong, N., & Kim, N. (2019). The effects of political orientation on corporate social (ir)responsibility. Management Decision, 58(2), 255–266. CrossRef Jeong, N., & Kim, N. (2019). The effects of political orientation on corporate social (ir)responsibility. Management Decision, 58(2), 255–266. CrossRef
go back to reference Jeong, Y., & Weiner, R. J. (2012). Who Bribes? Evidence from the United Nations’ Oil-for-Food Program. Strategic Management Journal, 33, 1363–1383. CrossRef Jeong, Y., & Weiner, R. J. (2012). Who Bribes? Evidence from the United Nations’ Oil-for-Food Program. Strategic Management Journal, 33, 1363–1383. CrossRef
go back to reference Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2013). Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4), 601–615. CrossRef Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2013). Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4), 601–615. CrossRef
go back to reference Johnson, R. A., Hoskisson, R. E., & Hitt, M. A. (1993). Board of director involvement in restructuring: The effects of board versus managerial controls and characteristics. Strategic Management Journal, 14(S1), 33–50. CrossRef Johnson, R. A., Hoskisson, R. E., & Hitt, M. A. (1993). Board of director involvement in restructuring: The effects of board versus managerial controls and characteristics. Strategic Management Journal, 14(S1), 33–50. CrossRef
go back to reference Kang, C., Germann, F., & Grewal, R. (2016). Washing away your sins? Corporate social responsibility, corporate social irresponsibility, and firm performance. Journal of Marketing, 80(2), 59–79. CrossRef Kang, C., Germann, F., & Grewal, R. (2016). Washing away your sins? Corporate social responsibility, corporate social irresponsibility, and firm performance. Journal of Marketing, 80(2), 59–79. CrossRef
go back to reference Karaevli, A., & Zajac, E. J. (2013). When do outsider CEOs generate strategic change? The enabling role of corporate stability. Journal of Management Studies, 50(7), 1267–1294. CrossRef Karaevli, A., & Zajac, E. J. (2013). When do outsider CEOs generate strategic change? The enabling role of corporate stability. Journal of Management Studies, 50(7), 1267–1294. CrossRef
go back to reference Kavusan, K., & Frankort, H. (2019). A behavioral theory of alliance portfolio reconfiguration: Evidence from pharmaceutical biotechnology. Strategic Management Journal, 40(10), 1668–1702. CrossRef Kavusan, K., & Frankort, H. (2019). A behavioral theory of alliance portfolio reconfiguration: Evidence from pharmaceutical biotechnology. Strategic Management Journal, 40(10), 1668–1702. CrossRef
go back to reference Keig, D. L., Brouthers, L. E., & Marshall, V. B. (2015). Formal and informal corruption environments and multinational enterprise social irresponsibility. Journal of Management Studies, 52(1), 89–116. CrossRef Keig, D. L., Brouthers, L. E., & Marshall, V. B. (2015). Formal and informal corruption environments and multinational enterprise social irresponsibility. Journal of Management Studies, 52(1), 89–116. CrossRef
go back to reference Kim, J. Y., Finkelstein, S., & Haleblian, J. (2015). All aspirations are not created equal: The differential effects of historical and social aspirations on acquisition behavior. Academy of Management Journal, 58(5), 1361–1388. CrossRef Kim, J. Y., Finkelstein, S., & Haleblian, J. (2015). All aspirations are not created equal: The differential effects of historical and social aspirations on acquisition behavior. Academy of Management Journal, 58(5), 1361–1388. CrossRef
go back to reference Kim, K. H., Kim, M., & Qian, C. (2017). Effects of corporate social responsibility on corporate financial performance: A competitive-action perspective. Journal of Management, 44(3), 1097–1118. CrossRef Kim, K. H., Kim, M., & Qian, C. (2017). Effects of corporate social responsibility on corporate financial performance: A competitive-action perspective. Journal of Management, 44(3), 1097–1118. CrossRef
go back to reference Kock, C. J., Santalo, J., & Diestre, L. (2012). Corporate governance and the environment: What type of governance creates greener companies? Journal of Management Studies, 49(3), 492–514. CrossRef Kock, C. J., Santalo, J., & Diestre, L. (2012). Corporate governance and the environment: What type of governance creates greener companies? Journal of Management Studies, 49(3), 492–514. CrossRef
go back to reference Kor, Y. Y. (2006). Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081–1099. CrossRef Kor, Y. Y. (2006). Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081–1099. CrossRef
go back to reference Küberling-Jost, J. A. (2019). Paths of corporate irresponsibility: A dynamic process. Journal of Business Ethics, 3, 1–23. Küberling-Jost, J. A. (2019). Paths of corporate irresponsibility: A dynamic process. Journal of Business Ethics, 3, 1–23.
go back to reference Kuusela, P., Keil, T., & Maula, M. (2017). Driven by aspirations, but in what direction? Performance shortfalls, slack resources, and resource-consuming vs. Resource-freeing organizational change. Strategic Management Journal, 38(5), 1101–1120. CrossRef Kuusela, P., Keil, T., & Maula, M. (2017). Driven by aspirations, but in what direction? Performance shortfalls, slack resources, and resource-consuming vs. Resource-freeing organizational change. Strategic Management Journal, 38(5), 1101–1120. CrossRef
go back to reference Lau, C. M., Lu, Y., & Liang, Q. (2016). Corporate social responsibility in china: A corporate governance approach. Journal of Business Ethics, 136(1), 73–87. CrossRef Lau, C. M., Lu, Y., & Liang, Q. (2016). Corporate social responsibility in china: A corporate governance approach. Journal of Business Ethics, 136(1), 73–87. CrossRef
go back to reference Levinthal, D., & March, J. G. (1981). A model of adaptive organizational search. Journal of Economic Behavior & Organization, 4(2), 307–333. CrossRef Levinthal, D., & March, J. G. (1981). A model of adaptive organizational search. Journal of Economic Behavior & Organization, 4(2), 307–333. CrossRef
go back to reference Lim, E. N. K., & Mccann, B. T. (2014). Performance feedback and firm risk taking: The moderating effects of CEO and outside director stock options. Organization Science, 25(1), 262–282. CrossRef Lim, E. N. K., & Mccann, B. T. (2014). Performance feedback and firm risk taking: The moderating effects of CEO and outside director stock options. Organization Science, 25(1), 262–282. CrossRef
go back to reference Lin, H., Zeng, S., Wang, L., Zou, H., & Ma, H. (2016). How does environmental irresponsibility impair corporate reputation? A multi-method investigation. Corporate Social Responsibility & Environmental Management, 23(6), 413–423. CrossRef Lin, H., Zeng, S., Wang, L., Zou, H., & Ma, H. (2016). How does environmental irresponsibility impair corporate reputation? A multi-method investigation. Corporate Social Responsibility & Environmental Management, 23(6), 413–423. CrossRef
go back to reference Mcguinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75–99. CrossRef Mcguinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75–99. CrossRef
go back to reference Mcguire, J. B., Sundgren, A. Q., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854–872. Mcguire, J. B., Sundgren, A. Q., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854–872.
go back to reference Nakano, M., & Nguyen, P. (2012). Board size and corporate risk taking: Further evidence from japan. Corporate Governance: An International Review, 20(4), 369–387. CrossRef Nakano, M., & Nguyen, P. (2012). Board size and corporate risk taking: Further evidence from japan. Corporate Governance: An International Review, 20(4), 369–387. CrossRef
go back to reference Oh, W., Chang, Y. K., & Cheng, Z. (2016). When CEO career horizon problems matter for corporate social responsibility: The moderating roles of Industry-Level discretion and blockholder ownership. Journal of Business Ethics, 133(2), 279–291. CrossRef Oh, W., Chang, Y. K., & Cheng, Z. (2016). When CEO career horizon problems matter for corporate social responsibility: The moderating roles of Industry-Level discretion and blockholder ownership. Journal of Business Ethics, 133(2), 279–291. CrossRef
go back to reference Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. The Financial Review, 49(1), 49–75. CrossRef Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. The Financial Review, 49(1), 49–75. CrossRef
go back to reference Ormiston, M. E., & Wong, E. M. (2013). License to ill: The effects of corporate social responsibility and CEO moral identity on corporate social irresponsibility. Personnel Psychology, 66(4), 861–893. CrossRef Ormiston, M. E., & Wong, E. M. (2013). License to ill: The effects of corporate social responsibility and CEO moral identity on corporate social irresponsibility. Personnel Psychology, 66(4), 861–893. CrossRef
go back to reference Patro, S., Zhang, L. Y., & Zhao, R. (2018). Director tenure and corporate social responsibility: The tradeoff between experience and independence. Journal of Business Research, 93, 51–66. CrossRef Patro, S., Zhang, L. Y., & Zhao, R. (2018). Director tenure and corporate social responsibility: The tradeoff between experience and independence. Journal of Business Research, 93, 51–66. CrossRef
go back to reference Posen, H., Keil, T., Kim, S., & Meissner, F. (2019). Renewing research on problemistic search-A review and research agenda. Academy of Management Annals, 12(40), 2011–2023. Posen, H., Keil, T., Kim, S., & Meissner, F. (2019). Renewing research on problemistic search-A review and research agenda. Academy of Management Annals, 12(40), 2011–2023.
go back to reference Price, J. M., & Sun, W. (2017). Doing good and doing bad: The impact of corporate social responsibility and irresponsibility on firm performance. Journal of Business Research, 80, 82–97. CrossRef Price, J. M., & Sun, W. (2017). Doing good and doing bad: The impact of corporate social responsibility and irresponsibility on firm performance. Journal of Business Research, 80, 82–97. CrossRef
go back to reference Rahman, M. M., Rana, R. H., Barua, S., & Bahmani-Oskooee, M. (2019). The Drivers of Economic Growth in South Asia: Evidence from a Dynamic System GMM approach. Journal of Economic Studies, 46(3), 564–577. CrossRef Rahman, M. M., Rana, R. H., Barua, S., & Bahmani-Oskooee, M. (2019). The Drivers of Economic Growth in South Asia: Evidence from a Dynamic System GMM approach. Journal of Economic Studies, 46(3), 564–577. CrossRef
go back to reference Ref, O., & Shapira, Z. B. (2017). Entering new markets: The effect of performance feedback near aspiration and well below and above it. Strategic Management Journal, 38(7), 1416–1434. CrossRef Ref, O., & Shapira, Z. B. (2017). Entering new markets: The effect of performance feedback near aspiration and well below and above it. Strategic Management Journal, 38(7), 1416–1434. CrossRef
go back to reference Rudy, B. C., & Johnson, A. F. (2016). Performance, aspirations, and market versus nonmarket investment. Journal of management, 42(4), 936–959. CrossRef Rudy, B. C., & Johnson, A. F. (2016). Performance, aspirations, and market versus nonmarket investment. Journal of management, 42(4), 936–959. CrossRef
go back to reference Scheidler, S., & Edinger-Schons, L. M. (2020). Partners in crime? The impact of consumers’ culpability for corporate social irresponsibility on their boycott attitude. Journal of Business Research, 109, 607–620. CrossRef Scheidler, S., & Edinger-Schons, L. M. (2020). Partners in crime? The impact of consumers’ culpability for corporate social irresponsibility on their boycott attitude. Journal of Business Research, 109, 607–620. CrossRef
go back to reference Schuler, D. A., Shi, W., Hoskisson, R. E., & Chen, T. (2017). Windfalls of emperors’ sojourns: Stock market reactions to Chinese firms hosting high-ranking government officials. Strategic Management Journal, 38(8), 1668–1687. CrossRef Schuler, D. A., Shi, W., Hoskisson, R. E., & Chen, T. (2017). Windfalls of emperors’ sojourns: Stock market reactions to Chinese firms hosting high-ranking government officials. Strategic Management Journal, 38(8), 1668–1687. CrossRef
go back to reference Schumacher, C., Keck, S., & Tang, W. (2020). Biased interpretation of performance feedback: The role of CEO overconfidence. Strategic Management Journal, 41(6), 1139–1165. CrossRef Schumacher, C., Keck, S., & Tang, W. (2020). Biased interpretation of performance feedback: The role of CEO overconfidence. Strategic Management Journal, 41(6), 1139–1165. CrossRef
go back to reference Shea, C. T., & Hawn, O. V. (2019). Microfoundations of corporate social responsibility and irresponsibility. Academy of Management journal, 62(5), 1609–1642. CrossRef Shea, C. T., & Hawn, O. V. (2019). Microfoundations of corporate social responsibility and irresponsibility. Academy of Management journal, 62(5), 1609–1642. CrossRef
go back to reference Shinkle, G. A. (2012). Organizational aspirations, reference points, and goals building on the past and aiming for the future. Journal of Management, 38(1), 415–455. CrossRef Shinkle, G. A. (2012). Organizational aspirations, reference points, and goals building on the past and aiming for the future. Journal of Management, 38(1), 415–455. CrossRef
go back to reference Smulowitz, S. J., Rousseau, H. E., & Bromiley, P. (2020). The behavioral theory of the (community-oriented) firm: The differing response of community-oriented firms to performance relative to aspirations. Strategic Management Journal, 46(1), 1023–1053. CrossRef Smulowitz, S. J., Rousseau, H. E., & Bromiley, P. (2020). The behavioral theory of the (community-oriented) firm: The differing response of community-oriented firms to performance relative to aspirations. Strategic Management Journal, 46(1), 1023–1053. CrossRef
go back to reference Stäbler, S., & Fischer, M. (2020). When does corporate social irresponsibility become news? Evidence from more than 1,000 brand transgressions across five countries. Journal of Marketing, 84(3), 46–67. CrossRef Stäbler, S., & Fischer, M. (2020). When does corporate social irresponsibility become news? Evidence from more than 1,000 brand transgressions across five countries. Journal of Marketing, 84(3), 46–67. CrossRef
go back to reference Strike, V. M., Gao, J., & Bansal, P. (2006). Being good while being bad: Social responsibility and the international diversification of US firm. Journal of international business studies, 37(6), 850–862. CrossRef Strike, V. M., Gao, J., & Bansal, P. (2006). Being good while being bad: Social responsibility and the international diversification of US firm. Journal of international business studies, 37(6), 850–862. CrossRef
go back to reference Tang, Y., Mack, D. Z., & Chen, G. (2018). The differential effects of CEO narcissism and hubris on corporate social responsibility. Strategic Management Journal, 39(5), 1370–1387. CrossRef Tang, Y., Mack, D. Z., & Chen, G. (2018). The differential effects of CEO narcissism and hubris on corporate social responsibility. Strategic Management Journal, 39(5), 1370–1387. CrossRef
go back to reference Tang, Y., Qian, C., Chen, G., & Shen, R. (2015). How CEO hubris affects corporate social (ir)responsibility. Strategic Management Journal, 36(9), 1338–1357. CrossRef Tang, Y., Qian, C., Chen, G., & Shen, R. (2015). How CEO hubris affects corporate social (ir)responsibility. Strategic Management Journal, 36(9), 1338–1357. CrossRef
go back to reference Teixeira, A. A. C., & Queirós, A. S. S. (2016). Economic growth, human capital and structural change: A dynamic panel data analysis. Research Policy, 45(8), 1636–1648. CrossRef Teixeira, A. A. C., & Queirós, A. S. S. (2016). Economic growth, human capital and structural change: A dynamic panel data analysis. Research Policy, 45(8), 1636–1648. CrossRef
go back to reference Tolmie, C. R., Lehnert, K., & Zhao, H. (2020). Formal and informal institutional pressures on corporate social responsibility: A cross-country analysis. Corporate Social Responsibility and Environmental Management, 27(2), 786–802. CrossRef Tolmie, C. R., Lehnert, K., & Zhao, H. (2020). Formal and informal institutional pressures on corporate social responsibility: A cross-country analysis. Corporate Social Responsibility and Environmental Management, 27(2), 786–802. CrossRef
go back to reference Tyler, B. B., & Caner, T. (2016). New product introductions below aspirations, slack and R&D alliances: A behavioral perspective. Strategic Management Journal, 37(5), 896–910. CrossRef Tyler, B. B., & Caner, T. (2016). New product introductions below aspirations, slack and R&D alliances: A behavioral perspective. Strategic Management Journal, 37(5), 896–910. CrossRef
go back to reference Walls, J. L., & Hoffman, A. J. (2013). Exceptional boards: Environmental experience and positive deviance from institutional norms. Journal of Organizational Behavior, 34(2), 253–271. CrossRef Walls, J. L., & Hoffman, A. J. (2013). Exceptional boards: Environmental experience and positive deviance from institutional norms. Journal of Organizational Behavior, 34(2), 253–271. CrossRef
go back to reference Wang, H., Choi, J., & Li, J. (2008). Too little or too much? Untangling the relationship between corporate philanthropy and firm financial performance. Organization Science, 19(1), 143–159. CrossRef Wang, H., Choi, J., & Li, J. (2008). Too little or too much? Untangling the relationship between corporate philanthropy and firm financial performance. Organization Science, 19(1), 143–159. CrossRef
go back to reference Wang, S. L., & Li, D. (2019). Responding to public disclosure of corporate social irresponsibility in host countries: Information control and ownership control. Journal of international business studies, 50(8), 1283–1309. CrossRef Wang, S. L., & Li, D. (2019). Responding to public disclosure of corporate social irresponsibility in host countries: Information control and ownership control. Journal of international business studies, 50(8), 1283–1309. CrossRef
go back to reference Wellalage, N., Locke, S., & Acharya, S. (2018). Does the composition of boards of directors impact on CSR scores? Social Responsibility Journal, 14(3), 651–669. CrossRef Wellalage, N., Locke, S., & Acharya, S. (2018). Does the composition of boards of directors impact on CSR scores? Social Responsibility Journal, 14(3), 651–669. CrossRef
go back to reference Wiengarten, F., Fan, D., Pagell, M., & Lo, C. K. Y. (2019). Deviations from aspirational target levels and environmental and safety performance: Implications for operations managers acting irresponsibly. Journal of Operations Management, 65(6), 490–516. CrossRef Wiengarten, F., Fan, D., Pagell, M., & Lo, C. K. Y. (2019). Deviations from aspirational target levels and environmental and safety performance: Implications for operations managers acting irresponsibly. Journal of Operations Management, 65(6), 490–516. CrossRef
go back to reference Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. CrossRef Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581–606. CrossRef
go back to reference Wu, J. (2014). The antecedents of corporate social and environmental irresponsibility. Corporate Social Responsibility & Environmental Management, 21(5), 286–300. CrossRef Wu, J. (2014). The antecedents of corporate social and environmental irresponsibility. Corporate Social Responsibility & Environmental Management, 21(5), 286–300. CrossRef
go back to reference Xie, E., Huang, Y., Stevens, C. E., & Lebedev, S. (2019). Performance feedback and outward foreign direct investment by emerging economy firms. Journal of World Business, 56(4), 1090–9516. Xie, E., Huang, Y., Stevens, C. E., & Lebedev, S. (2019). Performance feedback and outward foreign direct investment by emerging economy firms. Journal of World Business, 56(4), 1090–9516.
go back to reference Xu, D., Zhou, K. Z., & Du, F. (2019). Deviant versus Aspirational Risk Taking: The Effects of Performance Feedback on Bribery Expenditure and R&D Intensity. Academy of Management Journal, 62(4), 1226–1251. CrossRef Xu, D., Zhou, K. Z., & Du, F. (2019). Deviant versus Aspirational Risk Taking: The Effects of Performance Feedback on Bribery Expenditure and R&D Intensity. Academy of Management Journal, 62(4), 1226–1251. CrossRef
go back to reference Xu, Y., Zhang, L., & Chen, H. (2017). Board age and corporate financial fraud: An interactionist view. Long Range Planning, 51(6), 815–830. CrossRef Xu, Y., Zhang, L., & Chen, H. (2017). Board age and corporate financial fraud: An interactionist view. Long Range Planning, 51(6), 815–830. CrossRef
go back to reference Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250–273. CrossRef Yim, S. (2013). The acquisitiveness of youth: CEO age and acquisition behavior. Journal of Financial Economics, 108(1), 250–273. CrossRef
go back to reference Young-Chul, J., & Tai-Young, K. (2019). Between legitimacy and efficiency: An institutional theory of corporate giving. Academy of Management Journal, 62(5), 1583–1608. Young-Chul, J., & Tai-Young, K. (2019). Between legitimacy and efficiency: An institutional theory of corporate giving. Academy of Management Journal, 62(5), 1583–1608.
go back to reference Yu, W., Minniti, M., & Nason, R. (2019). Underperformance duration and innovative search: Evidence from the high-tech manufacturing industry. Strategic Management Journal, 40(5), 836–861. CrossRef Yu, W., Minniti, M., & Nason, R. (2019). Underperformance duration and innovative search: Evidence from the high-tech manufacturing industry. Strategic Management Journal, 40(5), 836–861. CrossRef
go back to reference Yuan, Y., Tian, G., Lu, L. Y., & Yu, Y. (2017). CEO ability and corporate social responsibility. Journal of Business Ethics, 157(2), 391–411. CrossRef Yuan, Y., Tian, G., Lu, L. Y., & Yu, Y. (2017). CEO ability and corporate social responsibility. Journal of Business Ethics, 157(2), 391–411. CrossRef
go back to reference Zhang, C. M., & Greve, H. R. (2019). Dominant coalitions directing acquisitions: Different decision makers, different decisions. Academy of Management Journal, 62(1), 44–65. CrossRef Zhang, C. M., & Greve, H. R. (2019). Dominant coalitions directing acquisitions: Different decision makers, different decisions. Academy of Management Journal, 62(1), 44–65. CrossRef
go back to reference Zhang, L., Ren, S., Chen, X., Li, D., & Yin, D. (2020). CEO hubris and firm pollution: State and market contingencies in a transitional economy. Journal of Business Ethics, 161(5), 459–478. CrossRef Zhang, L., Ren, S., Chen, X., Li, D., & Yin, D. (2020). CEO hubris and firm pollution: State and market contingencies in a transitional economy. Journal of Business Ethics, 161(5), 459–478. CrossRef
Metadata
Title
Beyond Market Strategies: How Multiple Decision-Maker Groups Jointly Influence Underperforming Firms’ Corporate Social (Ir)responsibility
Authors
Xi Zhong
Liuyang Ren
Tiebo Song
Publication date
30-03-2021
Publisher
Springer Netherlands
Published in
Journal of Business Ethics / Issue 2/2022
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI
https://doi.org/10.1007/s10551-021-04796-2

Other articles of this Issue 2/2022

Journal of Business Ethics 2/2022 Go to the issue

Premium Partner