Corporate social performance, cost of capital and the ownership in Taiwanese advantage technology industry

Wu, Chiaming; Hsieh, Chin-Hsien; Lin, Fengyi

doi:10.22495/cocv9i3c1art4

Cited by 6 publications

(5 citation statements)

References 20 publications

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“…Little is known about the cost of external capital, but few researchers have tried to show the relationship between family and the cost of this capital (e.g. Wu et al, 2012;Tsoutsoura, 2015). For example, Craig et al (2008) proves that family-based brand identity causes the lower cost of capital, which is consistent with the results of Sraer and Thesmar (2007), who show that the family firms pay on average lower interest rates on their outstanding debt.…”

supporting

confidence: 58%

The financial decisions of family businesses

Motylska-Kuźma

2017

JFBM

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Purpose The purpose of this paper is to examine the status, trends and potential future research areas in the field of financial decision-making process in family firms. Design/methodology/approach The bibliometric indicators and methods are applied in order to describe the publication activity and to analyze the contents of the articles. The material examined are the journals included in the SCOPUS, SAGE and EBSCO database and the peer-reviewed article, which contain in their titles, keywords or abstracts with a combination of phrases “family firms,” “family business” or “family enterprise” with “financial decision” or one of the subcategories: capital structure, investment decision, capital budgeting, working capital management or dividend policy. The study covers the period from 2000 to 2016. Findings Although the interest in family business research is growing rapidly, the area of financial decision making is underestimated. Despite of the fact that the vast majority of the studies into financial decisions in family firms is are focused on the capital structure, they do not give clear answers to the question of how the family businesses behave in this scope and what their true financial logic is. Additionally, the area of the investment decisions and dividend policy is rather not better left uncovered. Research limitations/implications The analyses enable the identification of potential avenues for future research which could be vital to make an advancement in the consolidation of the discipline. Practical implications The analyses ought to have a potential meaning mainly for external institutions (especially financial institutions) in better understanding of the family businesses and their point of view. Originality/value This paper fulfills the need of a comprehensive review of financial decision making process in family firms. It provides a literature review and bibliography for the period between 2000 and 2016 for the use of both academicians and practitioners.

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supporting

confidence: 58%

The financial decisions of family businesses

Motylska-Kuźma

2017

JFBM

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“…Drawing on social identity theory, Kashmiri & Mahajan (2014a) examine 107 FFs and find that family name is related to higher stock returns and more ethical product-related behavior. C. Wu et al (2012b) study 125 firms in the high-tech industry and reveal that the relationship between CSP and the cost of capital is negative in FFs. Building on stakeholder and SEW theories, Shahzad et al (2018) study 190 FFs in Pakistan and reveal that the effect of CSR performance on investment efficiency is high in FFs.…”

Section: ) Firm Performancementioning

confidence: 99%

“…S. Wu et al (2012a) examine the impact of cost of capital and earnings quality on CSR awards in Taiwan. S. W. Wu et al (2014) and C. Wu et al (2012b) examine the impact of CSP on the cost of capital in Taiwan. Elbaz and Laguir (2014) draw on stakeholder, legitimacy, and stewardship to analyze the relationship between CSR and financial performance in Morocco.…”

Section: ) Firm Performancementioning

confidence: 99%

Corporate social responsibility in family firms: A systematic literature review

Mariani

Al-Sultan

Massis

2021

Journal of Small Business Management

104

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The field of CSR in family firms has experienced remarkable growth recently. Therefore, a literature review on the topic is needed to provide an updated overview of extant research and draw guidelines for future research. Using bibliometric mapping, we conducted a systematic literature review (SLR) on corporate social responsibility (CSR) in family business drawing on the Web of Science (WOS) and Scopus databases. The bibliographic coupling conducted suggests that family involvement, corporate governance, and sustainability are the most frequently studied topics. Furthermore, through our SLR, we systematized the studies into an interpretative framework, identifying the drivers and outcomes of CSR practices, processes, and strategies in family business. The study reveals and organizes the state-of-the-art of CSR research in family business, outlines important theoretical implications and develops a future research agenda.

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“…For heavy social responsibility and information, asymmetry directs the investors’ higher return premium to raise the cost of capital. If the CSR in a family-owned firm is disclosed being poor, its cost of capital will be increased to reflect the negative impression of investors, (Wu et al , 2012). Good practice in corporate governance provides the base of sound CSR through creating value innovation connecting with all stakeholders, Controlling stakeholder is a common phenomenon in Asian countries which leads to the corporate governance structure becoming poorer, (Wu et al , 2012).…”

Section: Literature Reviewmentioning

confidence: 99%

“…If the CSR in a family-owned firm is disclosed being poor, its cost of capital will be increased to reflect the negative impression of investors, (Wu et al , 2012). Good practice in corporate governance provides the base of sound CSR through creating value innovation connecting with all stakeholders, Controlling stakeholder is a common phenomenon in Asian countries which leads to the corporate governance structure becoming poorer, (Wu et al , 2012). Rai and Bansal (2015) said that CSR disclosure has a positive attribution to the firm’s profitability and productivity.…”

Section: Literature Reviewmentioning

confidence: 99%

The effects of board size and board composition on CSR disclosure: a study of banking sectors in Bangladesh

Rouf

Hossan

2020

IJOES

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Purpose The purpose of this study is to provide a profound understanding of the nature and extent of corporate social responsibility (CSR) disclosure in the annual report by the listed banking sectors in Bangladesh for examining the effect of board size and board composition on CSR disclosure. Design/methodology/approach The sample selected of all the 30 listed banks enlisted in the Dhaka Stock Exchange and the study used a content analysis approach. An ordinary least square regression model is fitted to the data for assessing the effect of independent variables on the total CSR disclosure score. An un-weighted approach has been used for this study. Findings The results of the study demonstrate that the extent of CSR disclosure of listed banks in Bangladesh varies from 11.11% to 73.33%, and on average, they report 45.37% and 43.44%, respectively. Moreover, the study observed a significant relationship between the proportion of female directors and CSR disclosure. Conversely, board size has been found no significant relationship with the CSR disclosure but the proportion of independent directors has been found a significant relationship with the CSR disclosure in the annual report by the listed banking sectors in Bangladesh. Social implications The study is expected to get a maximum scenario of CSR disclosure of banking sectors in Bangladesh. Government and other regulatory bodies can also get full information concerning CSR disclosure practices for formulating guidelines in this regard. If the Government of Bangladesh implicates the policies that the banks are to nominate a required number of female directors to boards, the consideration of the significant number of female directors and their power will be able to protect the interests of different stakeholder groups notably. Originality/value The study contributes to the CSR literature as it presents empirical evidence of the effects of board size and board composition on the CSR disclosure of banking sectors in developing countries such as Bangladesh.

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Corporate social performance, cost of capital and the ownership in Taiwanese advantage technology industry

Cited by 6 publications

References 20 publications

The financial decisions of family businesses

The financial decisions of family businesses

Corporate social responsibility in family firms: A systematic literature review

The effects of board size and board composition on CSR disclosure: a study of banking sectors in Bangladesh

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