This study addresses a gap in the literature on corporate governance and corporate social responsibility by investigating whether and how board independence and institutional ownership moderate the relationship between digital transformation and corporate social performance. We find that digital transformation increases CSP using a panel dataset of Chinese publicly listed firms between 2014 and 2018. Moreover, we show that this positive impact is more pronounced when firms have higher proportions of independent directors on the board and institutional owners. These findings (...) contribute to a better understanding of CSR dynamics, supporting the formulation and implementation of efficient CSR strategies in the digital era. (shrink)

This paper addresses the potentially interactive effects of descriptive and injunctive norm perceptions on an unethical workplace behavior: counterproductive work behavior perpetration. We draw on the Focus Theory of Normative Conduct and its conceptual distinction between norm types to refine research on this topic. We also test a person-by-environment interaction to determine whether the interactive effects of these norms for CWB are enhanced among employees reporting a stronger need to belong to social groups. In two studies, predictors were assessed in (...) an initial survey and the dependent variable was assessed weeks later. Individuals employed across a range of industries served as participants. In Study 1, descriptive and injunctive norm perceptions of CWB interacted to predict CWB perpetration. This finding was replicated in Study 2. Additionally, Study 2 demonstrated that the interaction between the two norm types was especially strong among individuals high in NTB. Results suggest that to decrease CWB perpetration, organizations may profitably leverage the persuasive effects of “social norms marketing” to alter employee perceptions of the typicality and level of approval for CWBs. This is the first study to demonstrate that both descriptive and injunctive norm perceptions predict CWB perpetration. The demonstrated three-way interaction between the two norm types and NTB advances existing theory regarding the cognitive and motivational mechanisms underlying normative social influence. (shrink)

This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified (...) when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations. (shrink)

The disclosure of corporate environmental performance is an increasingly important element of a firm’s ethical behavior. We analyze how the legal origin of foreign institutional investors affects a firm’s voluntary greenhouse gas emissions disclosure. Using a large sample of firms from 36 countries, we show that foreign institutional ownership from civil law countries improves the scope and quality of a firm’s greenhouse gas emissions reporting. This relation is robust to addressing endogeneity and selection biases. The effect is more pronounced in (...) firms from non-climate-sensitized countries, for which the gap between firms’ environmental standards and investors’ environmental targets is potentially larger, and in less international firms. Firms with a higher level of voluntary greenhouse gas emissions disclosure also exhibit higher valuations. (shrink)