Research on corporate social responsibility (CSR) has traditionally focused on managerial discretion and stakeholders’ influence. This study extends current research by addressing the effect of family firms and institutional owners on CSR performance, namely, CSR strengths and concerns. Based on stewardship theory and the socioemotional wealth perspective, we propose that family firms are more likely to value CSR performance. Next, drawing from multiple agency theory, we predict that institutional owners, unlike family owners, will influence a firm’s CSR performance differently. We tested our hypotheses using a sample of 153 firms from 1994 to 2006 and found general support for our hypotheses. A higher percentage of family owned equity and the presence of a family CEO are found to increase CSR strengths, whereas transient institutional owners have an opposite effect. The presence of a family CEO and founding family are found to reduce CSR concerns. Contrary to our predictions, dedicated institutional owners are positively associated with CSR concerns.

Purpose Board interlocks are a phenomenon of widespread prevalence and one of the most vibrant topics in corporate governance research. However, despite sustained academic interest in interlocks, there has not been a comprehensive review of the literature in nearly two decades. To address this need for an up-to-date review, this paper aims to conduct an assessment and integration of the empirical research on board interlocks. Design/methodology/approach In reviewing the board interlocks literature, the “systematic review” approach, which emphasizes methodological rigor and transparency, has been used. Using this method, 81 empirical papers that became the focus of this analysis have been identified. Findings This review reveals that board interlocks research can be categorized based on the theoretical lens used, its focus on antecedents or outcomes of interlock activities and the perspective of the study (i.e. firm- or director-level). Moreover, a number of commonly examined themes have been identified. Several unexpected omissions in the literature have also been uncovered. For instance, it was found that scholars have neither examined the implications of engaging in interlocks in a global context nor have they explored the phenomenon of international interlocks (i.e. interlocks between firms located in different countries). Originality/value In developing a deeper understanding of the board interlocks literature, this review identifies several topics and disciplines that, if pursued, could enrich the literature and open promising avenues for future research.

Purpose Scholars are devoting increasing attention to understanding a specific type of strategic initiative in family firms: corporate social responsibility (CSR). Prior studies have focused on the strengths of family firms’ CSR performance. However, to more fully understand family firms and their engagement in CSR, a granular approach is needed that teases apart the strengths and concerns of CSR performance and examines the specific dimensions that comprise CSR performance. Thus, the purpose of this paper is to theorize about six negative (i.e. concern-oriented) dimensions of family firms’ CSR performance. Design/methodology/approach To examine the interrelationship between a firm’s percentage of family ownership and its CSR concerns, a sample of 71 public firms from Fortune 500 companies was constructed. The sample includes 13 years of firm-level data spanning 1994-2006 and represents over 600 firm-year observations. Findings As predicted, a higher percentage of family owners’ equity is positively related to diversity-oriented CSR concerns and negatively related to employee relations and environmental CSR concerns. However, the percentage of equity owned by family members is not associated with community, product quality and safety, and corporate governance CSR concerns. Originality/value The paper addresses substantive omissions in existing research on the influence of family ownership on CSR performance.

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