Detail Cantuman

Abstract Based on the concept of shareholder primacy,
many scholars have argued that it is more important for
businesses to earn profits for their shareholders than to
provide benefits to society at large. Corporate social
responsibility (CSR) is often regarded as an investment that
comes at the expense of shareholders. In contrast, research
analyzing the connections between the equity ownership
structure of a company and its level of CSR engagement
suggests that CSR offers benefits to shareholders that go
beyond direct financial returns from investments. This
study provides a comprehensive review and systematic
assessment of theoretical considerations and approaches
regarding different forms of equity ownership and their
relationships to CSR, and it discusses the relevant benefits
and motivations of shareholders. The perceived value of
these CSR benefits varies among different types of shareholders,
as they assign unequal values to short-term
financial or to rather long-term CSR benefits. Based on a
literature sample of 146 publications, this review demonstrates
central problems inherent in previous analyses.
Given the ambiguous and partially contradictory findings
of prior research, this study identifies potential moderating
influences that help clarify empirical evidence. A
contingency approach is suggested in future research, as
this can help resolve the problem of contradictory empirical
findings and theoretical arguments.
Keywords Corporate social responsibility  Family
business  Investor type  Literature review  Ownership
structure  Sustainability