Shifting Stakeholders Logics: Foreign Institutional Ownership and Corporate Social Responsibility

Foreign ownership, subjective willing, and internal control level

“…One possible explanation is that social development encompasses a wide array of stakeholders and complex factors, such as cultural, ideological, and political elements. While previous research has highlighted the positive influence of corporate social responsibility [ 70 ], their ability to profoundly impact other facets of social development may be constrained. Consequently, while foreign shareholders can influence corporate social responsibility to some extent, their broader impact on societal development may be limited, resulting in the absence of a mediating effect.…”