Family Involvement,Institutional Investor and the Fulfillment of Corporate Social Responsibility:An Analysis Based on fsQCA
The controlling family and institutional investors,based on their own interests,can interfere with the family business's behavior and willingness to fulfill social responsibility.Existing isolated analyses often neglect one aspect while addressing another.Based on socioemotional wealth and shareholder activism,from the perspective of equity balance,this study constructs a causal configuration of controlling family equity and management involvement,the heterogeneity of institutional investor types,and the level of social responsibility fulfillment of family businesses using a sample of 25 Chinese family businesses that have completed intergener-ational succession.The fuzzy-set qualitative comparative analysis(fsQCA)method is employed.The empirical results show that equity involvement,management involvement,and the holding levels of different types of in-stitutional investors cannot individually affect the level of social responsibility fulfillment of Chinese family bus-inesses.High family equity involvement and high holdings by pressure-sensitive institutional investors,high in-volvement of both family equity and management rights and high holdings by pressure-resistant institutional in-vestors,and high holdings by both types of institutional investors can all promote high levels of social responsi-bility fulfillment by family businesses.When both family management involvement and holdings by pressure-sensitive inhibiting institutional investors are low,family businesses exhibit low levels of social responsibility fulfillment.The research conclusions enrich the multi-path research on the fulfillment of social responsibility by family businesses,distinguish the driving paths of different levels of social responsibility in family businesses,and use samples of family businesses that have completed intergenerational succession to reveal the patterns of social responsibility fulfillment in the long-term inheritance of family businesses.
Family businessCorporate Social ResponsibilityFamily involvementInstitutional investorFuzzy Set Qualitative Comparative Analysis(fsQCA)
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