Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance

The current study proposes an integrated theoretical frame work, to explain the moderating role of institutional investors, their investment horizon and corporate governance mechanism in the sustainability of corporate social responsibility (CSR) and firm’s performance nexus. The proposed model expl...

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Autores principales:	Abdul Waheed, Shahzad Hussain, Hasan Hanif, Hamid Mahmood, Qaisar Ali Malik
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2021
Materias:	institutional investors investment horizon agency theory stakeholder theory corporate citizenship theory integrated theoretical frame work Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/3d45500515e14c99b3c6bd40951cfcfb
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spelling	oai:doaj.org-article:3d45500515e14c99b3c6bd40951cfcfb2021-12-02T16:50:00ZCorporate social responsibility and firm performance: The moderation of investment horizon and corporate governance2331-197510.1080/23311975.2021.1938349https://doaj.org/article/3d45500515e14c99b3c6bd40951cfcfb2021-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2021.1938349https://doaj.org/toc/2331-1975The current study proposes an integrated theoretical frame work, to explain the moderating role of institutional investors, their investment horizon and corporate governance mechanism in the sustainability of corporate social responsibility (CSR) and firm’s performance nexus. The proposed model explains how, the positive association between CSR and firm performance relationship, established on the basis of the stakeholder and corporate citizenship theories, can be further strengthened (effective monitoring hypothesis) or weakened (myopic institutions theory) by the presence of institutional investors in the firm’s ownership structure and corporate governance mechanism (agency theory). The study tested the proposed model on the unbalanced sample of 327 non-financial firms listed on the Pakistan stock exchange (PSX). The study concludes that, based on the agency theory, institutional investors (as a homogeneous group) positively moderates the CSR and firm performance relationship. However, agency theory failed to explain the negative moderation of short term investment horizon institutional investors and firm performance. The study further confirms the agency role of effective corporate governance mechanism in the sustainable CSR and firm performance relationship. The current study explored some of the major theoretical contradictions in the field of corporate finance literature, which are puzzling for the practitioners and scholars.Abdul WaheedShahzad HussainHasan HanifHamid MahmoodQaisar Ali MalikTaylor & Francis Grouparticleinstitutional investorsinvestment horizonagency theorystakeholder theorycorporate citizenship theoryintegrated theoretical frame workBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 8, Iss 1 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	institutional investors investment horizon agency theory stakeholder theory corporate citizenship theory integrated theoretical frame work Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	institutional investors investment horizon agency theory stakeholder theory corporate citizenship theory integrated theoretical frame work Business HF5001-6182 Management. Industrial management HD28-70 Abdul Waheed Shahzad Hussain Hasan Hanif Hamid Mahmood Qaisar Ali Malik Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance
description	The current study proposes an integrated theoretical frame work, to explain the moderating role of institutional investors, their investment horizon and corporate governance mechanism in the sustainability of corporate social responsibility (CSR) and firm’s performance nexus. The proposed model explains how, the positive association between CSR and firm performance relationship, established on the basis of the stakeholder and corporate citizenship theories, can be further strengthened (effective monitoring hypothesis) or weakened (myopic institutions theory) by the presence of institutional investors in the firm’s ownership structure and corporate governance mechanism (agency theory). The study tested the proposed model on the unbalanced sample of 327 non-financial firms listed on the Pakistan stock exchange (PSX). The study concludes that, based on the agency theory, institutional investors (as a homogeneous group) positively moderates the CSR and firm performance relationship. However, agency theory failed to explain the negative moderation of short term investment horizon institutional investors and firm performance. The study further confirms the agency role of effective corporate governance mechanism in the sustainable CSR and firm performance relationship. The current study explored some of the major theoretical contradictions in the field of corporate finance literature, which are puzzling for the practitioners and scholars.
format	article
author	Abdul Waheed Shahzad Hussain Hasan Hanif Hamid Mahmood Qaisar Ali Malik
author_facet	Abdul Waheed Shahzad Hussain Hasan Hanif Hamid Mahmood Qaisar Ali Malik
author_sort	Abdul Waheed
title	Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance
title_short	Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance
title_full	Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance
title_fullStr	Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance
title_full_unstemmed	Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance
title_sort	corporate social responsibility and firm performance: the moderation of investment horizon and corporate governance
publisher	Taylor & Francis Group
publishDate	2021
url	https://doaj.org/article/3d45500515e14c99b3c6bd40951cfcfb
work_keys_str_mv	AT abdulwaheed corporatesocialresponsibilityandfirmperformancethemoderationofinvestmenthorizonandcorporategovernance AT shahzadhussain corporatesocialresponsibilityandfirmperformancethemoderationofinvestmenthorizonandcorporategovernance AT hasanhanif corporatesocialresponsibilityandfirmperformancethemoderationofinvestmenthorizonandcorporategovernance AT hamidmahmood corporatesocialresponsibilityandfirmperformancethemoderationofinvestmenthorizonandcorporategovernance AT qaisaralimalik corporatesocialresponsibilityandfirmperformancethemoderationofinvestmenthorizonandcorporategovernance
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Corporate social responsibility and firm performance: The moderation of investment horizon and corporate governance

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