Corporate social responsibility and disclosure of R&D knowledge

Effects of corporate social responsibility on pharmaceutical multinational enterprises performance: Research and development and business efficiency perspectives

“…Cook et al (2019) explored CSR's effect on investment efficiency and innovation and found that firms with stronger CSR performance create more patents and patent citations. Dong and Bárcena‐Ruiz (2021) found that enterprises concerned with CSR completely share their R&D expertise when making noncooperative R&D investment decisions. Therefore, CSR encourages companies to share their R&D information, speeding up the innovation process.…”

“…Cook et al (2019) explored CSR's effect on investment efficiency and innovation and found that firms with stronger CSR performance create more patents and patent citations Dong and Bárcena-Ruiz (2021). …”

Cross‐ownership and corporate social responsibility

“…Finally, a firm concerned with CSR cares about the interests of all consumers, not only its own. Moreover, in today's economy, it is reasonable to consider a weighted consumer surplus in a firm's objective function (Dong & Bárcena‐Ruiz, 2020; Fanti & Buccella, 2017a, 2017b). Recently, some researchers have considered that the weight of consumer surplus is decided endogenously (Planer‐Friedrich & Sahm, 2018; Sharma, 2018).…”

“…The factors studied include, among others, competition in international markets(Chang et al, 2014), capacity choice(Nakamura, 2014), endogenous timing games Ogawa, 2014, 2016;Kopel, 2015), first-mover advantages(Hirose et al, 2017), vertically related markets(Chen et al, 2016;Chang et al, 2019), privatization policies(Xu and Lee, 2019;Kim et al, 2019), unionized labor(Fanti and Buccella, 2019), R&D investments(Leal et al, 2019;Dong and Bárcena-Ruiz, 2020), and the strategic use of CSR(Fanti and Buccella, 2017a;Planer-Friedrich and Sahm, 2020).4 In an empirical paper,Dam and Scholtens (2012) analyze how different types of owners (employees, individuals, firms, banks, and institutional investors) could have a specific impact on a firm's CSR.5 Several studies have analyzed the effects of cross-ownership on the incentives of firms to engage in tacit collusion(Reitman, 1994;Gilo et al, 2006Gilo et al, , 2013, their incentives to acquire cost-saving production technologies(Bárcena-Ruiz and Olaizola, 2007), the level of privatization in a mixed duopoly(Pal, 2010), and the relationship between the degree of product market competition and profitability in a unionized duopoly(Fanti, 2013), among other points. However, previous literature has not analyzed the role played by cross-ownership in the level of CSR chosen by shareholders.6 Reitman (1994),Qin et al, (2017), and Kanjilal and Muñoz-Garcia (2020) allow for endogenous equity shares.…”

“…We find that when the level of cross-ownership is low enough, in equilibrium both firms care about CSR. 10 However, when the level of cross-ownership is high enough, only the firm that is jointly owned Dong and Bárcena-Ruiz (2020) show that when firms invest in R&D, undertaking the CSR initiative is a dominant strategy for the firms. Fanti and Buccella (2017b) assuming managerial firms find that firms instruct their managers to follow CSR rules.…”