Salta al menu principale di navigazione Salta al contenuto principale Salta al piè di pagina del sito


N. 1 (2022)

Does corporate social responsibility help the longevity of centenarian family firms in Europe?

11 May 2022


Using a sample of 21 centenarian family firms from European countries over the 2008-2020 study period, we verify if corporate social responsibility (CSR) engagement can help the longevity of the centenarian family firms. In particular, consistent with the stakeholder theory and resource-based view, we find that the corporate social performance (CSP) has a positive impact on the corporate financial performance of family firms, even during a period affected by international financial crisis that stressed the survival of firms. Hence, based on the concept of CSR as a co-specialized asset that improves other assets, such as resilience, corporate identity, reputation and stakeholder influence capability, our results show that CSR engagement represents a key to longevity and a solution to the potential trade-off between the socioemotional wealth and the financial performance of centenarian family firms.

Riferimenti bibliografici

  1. Argote L., Greve H.R. (2007). A behavioral theory of the firm-40 years and counting: Introduction and impact, Organization Science, 18(3): 337-349. DOI: 10.1287/orsc.1070.0280.
  2. Abeysekera A.P., Fernando C.S. (2020). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance, 61, 101370. DOI: 10.1016/j.jcorpfin.2018.05.003.
  3. Adhikari B.K., 2016. Causal effect of analyst following on corporate social responsibility. Journal of Corporate Finance, 41: 201-216. DOI: 10.1016/j.jcorpfin.2016.08.010.
  4. Ahmad S., Omar R. (2016). Basic corporate governance models: A systematic review. International Journal of Law and Management, 58: 73-107. DOI: 10.1108/IJLMA-10-2014-0057.
  5. Ahmad S., Omar R., Quoquab F. (2019). Corporate sustainable longevity: scale development and validation. SAGE Open, 9(1). DOI: 10.1177/2158244018822379.
  6. Ahn S.Y., Park D.J. (2018). Corporate social responsibility and corporate longevity: The mediating role of social capital and moral legitimacy in Korea. Journal of Business Ethics, 150(1): 117-134. DOI: 10.1007/s10551-016-3161-3.
  7. Ahn S.Y. (2018). Founder succession, the imprint of founders’ legacies, and longterm corporate survival. Sustainability, 10(5): 1485. DOI: 10.3390/su10051485.
  8. Andres C. (2008). Large shareholders and firm performance. An empirical examination of founding-family ownership. Journal of corporate finance, 14(4): 431-445. DOI: 10.1016/j.jcorpfin.2008.05.003.
  9. Arif I., Iqbal A., Ali S.F., Sohail A. (2017). International stock market diversification among BRICS-P: A cointegration analysis. Journal of Management Sciences, 4(2): 269-285. DOI: 10.20547/jms.2014.1704208.
  10. Arregle J.-L., Hitt M.A., Sirmon D.G., Very P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44: 72-95. DOI: 10.1111/j.1467-6486.2007.00665.x.
  11. Baltagi B. (2008). Econometric analysis of panel data (4th ed.). Chichester: John Wiley & Sons.
  12. Barnett M.L. Salomon R.M. (2012). “Does it pay to be really good? Addressing the shape of the relationship between social and financial performance”, Strategic Management Journal, 33: 1304-1320. DOI: 10.1002/smj.1980.
  13. Barney J. (1991). ‘Firm Resources and Sustained Competitive Advantage’, Journal of Management, 17(1): 99-120. DOI: 10.1177/014920639101700108.
  14. Becsi Z. (2002). Endogenous longevity and the value-maximizing firm. Economics Bulletin, 5(7): 1-7. Available at:
  15. Berrone P., Cruz C., Gómez-Mejía L.R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3): 258-279. DOI: 10.1177/0894486511435355.
  16. Berrone P., Cruz C., Gomez-Mejia L.R., Larraza-Kintana M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do familycontrolled firms pollute less? Administrative Science Quarterly, 55(1): 82-113. DOI: 10.2189/asqu.2010.55.1.82.
  17. Boga I., Ensari N. (2009). The role of transformational leadership and organizational change on perceived organizational success. The Psychologist-Manager Journal, 12: 235-251. DOI: 10.1080/10887150903316248.
  18. Brito R.P., Brito L.A.L. (2014). Dynamics of competition and survival. Brazilian Administration Review, 11: 64-85. DOI: /10.1590/S1807-76922014000100005.
  19. Carroll A.B., 2016. Stakeholder thinking in three models of management morality: a perspective with strategic implications. In The Corporation and its Stakeholders (139-170). University of Toronto Press.
  20. Cheng B., Ioannou I., Serafeim G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1): 1-23. DOI: 10.1002/smj.2131.
  21. Chrisman J.J., Chua J.H., Steier L.P. (2011). Resilience of family firms: An introduction. Entrepreneurship Theory and Practice, 35(6): 1107-1119. DOI: 10.1111/j.1540-6520.2011.00493.x.
  22. Cressy R. (2006). Why do most firms die young? Small Business Economics, 26: 103-116. DOI: 10.1007/s11187-004-7813-9.
  23. Daspit J.J., J.J. Chrisman, P. Sharma, A.W. Pearson, R.G. Long (2017). “A Strategic Management Perspective of the Family Firm: Past Trends, New Insights, and Future Directions”. Journal of Managerial Issues 29(1): 6-29.
  24. Davis I. (2014). Reections on corporate longevity. McKinsey Quarterly, 3(3): 118-122.
  25. De Geus A. (1997). The Living Company: Habits for Survival in a Turbulent Business Environment, Harvard Business School Press, Boston, MA.
  26. Demirbag M., Mc Guinness M., Wood G., Bayyurt N. (2015). Context, law and reinvestment decisions: Why the transitional periphery differs from other poststate socialist economies. International Business Review, 24 (6): 955-965. DOI: 10.1016/j.ibusrev.2015.03.003.
  27. Deng X., Kang J.K. Low B.S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of financial Economics, 110(1): 87-109. DOI: 10.1016/j.jfineco.2013.04.014.
  28. Di Maggio P.J., Powell W.W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2): 147–160. DOI: 10.2307/2095101.
  29. Dyer W.G., Jr., Whetten D.A. (2006). Family firms and social responsibility: Preliminary evidence from the S&P 500. Entrepreneurship Theory and Practice, 30(6): 785-802. DOI: 10.1111/j.1540-6520.2006.00151.x.
  30. El Ghoul S., Guedhami O., Kim Y. (2017). Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies, 48(3): 360-385. DOI: 10.1057/jibs.2016.4.
  31. Eldenburg L.G., Price III R.A., Román F.J. (2019). An exploratory study of factors affecting the longevity of manufacturing operations offshore. Accounting, Organizations and Society, 75: 59-78. DOI: 10.1016/j.aos.2018.10.002.
  32. Erdogan I., Rondi E. and De Massis A. (2020). Managing the tradition and innovation paradox in family firms: A family imprinting perspective. Entrepreneurship theory and practice, 44(1): 20-54. DOI: 10.1177/1042258719839712.
  33. Esposito De Falco S., Vollero, A. (2015). Sustainability, longevity and transgenerational value in family firms. The case of Amarelli. Sinergie Italian Journal of Management, 33(May-Aug): 291-309. DOI: 10.7433/s97.2015.18.
  34. Esposito E. and Mirone F. (2019). The influence of generational shift on sustainability practices: A preliminary analysis based on text‐analysis of “I Centenari’s” websites. In: New Challenges in Corporate Governance: Theory and Practice, 236-256.
  35. Ferreira J. and Fernandes C. (2017), “Resources and capabilities’ effects on firm performance: what are they?”, Journal of Knowledge Management, 21(5): 1202-1217, DOI: 10.1108/JKM-03-2017-0099.
  36. Ferrero-Ferrero I., Fernández-Izquierdo M.Á., Muñoz-Torres M.J. (2015). Integrating sustainability into corporate governance: An empirical study on board diversity. Corporate Social Responsibility and Environmental Management, 22(4): 193-207. DOI: 10.1002/csr.1333.
  37. Freeman R.E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
  38. Gallego‐Álvarez I., Prado‐Lorenzo J.M. and García‐Sánchez I.M., 2011. Corporate social responsibility and innovation: A resource‐based theory. Management Decision, 49(10): 1709-1727. DOI: 10.1108/00251741111183843.
  39. Gangi, F. and Trotta, C., 2015. The ethical finance as a response to the financial crises: An empirical survey of European SRFs performance. Journal of Management & Governance, 19(2), pp.371-394. DOI:
  40. Gangi, F., D'Angelo, E., Daniele, L.M. and Varrone, N., 2020c. The impact of corporate governance on social and environmental engagement: what effect on firm performance in the food industry?. British Food Journal, 123(2): 610-626. DOI: 10.1108/BFJ-02-2020-0140.
  41. Gangi, F., Daniele, L.M. and Varrone, N., 2020. How do corporate environmental policy and corporate reputation affect risk‐adjusted financial performance?. Business Strategy and the Environment, 29(5), pp.1975-1991. Doi: 10.1002/bse.2482.
  42. Gangi, F., Meles, A., Monferrà, S., & Mustilli, M., 2020b. Does corporate social responsibility help the survivorship of SMEs and large firms?. Global Finance Journal, 43, 100402. Doi: 10.1016/j.gfj.2018.01.006.
  43. Gatti M., Golinelli G.M. (2000). L'impresa sistema vitale. Il governo dei rapporti inter-sistemici, Symphonya, 2: 1-29.
  44. Gómez-Mejía L.R., Haynes K.T., Núñez-Nickel M., Jacobson K.J., Moyano-Fuentes J. (2007). Socioemotional wealth and business risks in familycontrolled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1): 106-137. DOI: 10.2189/asqu.52.1.106.
  45. Gomez-Mejia L.R., Patel P.C., Zellweger T.M. (2018). In the horns of the dilemma: Socioemotional wealth, financial wealth, and acquisitions in family firms. Journal of Management, 44(4): 1369-1397. DOI: 10.1177/0149206315614375.
  46. Gordini N. (2016). Does the family status of the CFO matter to enhance family firm performance? Evidence from a sample of small and medium-sized Italian family firms. International Journal of Entrepreneurship and Small Business, 28(1): 36-57. DOI: 10.1504/ijesb.2016.075681.
  47. Gujarati D. (2003). Basic econometrics (Forth ed.). Singapura: McGraw-Hill.
  48. Haugh H.M., Talwar A. (2010). How do corporations embed sustainability across the organization? Academy of Management Learning & Education, 9(3): 384-396. DOI: 10.5465/amle.2010.53791822.
  49. Ibrahim A.B., McGuire J., Soufani K. (2009). An empirical investigation of factors contributing to longevity of small family firms. Global Economics & Finance Journal, 2(2): 1-21.
  50. Jara M., López-Iturriaga F.J. (2011). Earnings management and contests for control: An analysis of European family firms. Journal of Centrum Cathedra, 4(1): 100-120. Available at SSRN:
  51. Jones O., Ghobadian A., O’Regan N. and Antcliff V. (2013). Dynamic capabilities in a sixth-generation family firm: Entrepreneurship and the Bibby Line. Business History, 55(6): 910-941. DOI: 10.1080/00076791.2012.744590.
  52. Karreman D., Rylander A. (2008). Managing meaning through branding. The case of a consulting firm. Organization Studies, 29(1): 103-125. DOI: 10.1177/0170840607084573.
  53. Kozak M. (2018). Determinants of business survivability: Literature review. International Journal of Synergy and Research, 6: 183-191. DOI: 10.17951/ijsr.2017.0.6.183.
  54. Le Breton-Miller I. and Miller D., 2011. Commentary: Family firms and the advantage of multitemporality. Entrepreneurship Theory and Practice, 35(6): 1171-1177. DOI: 10.1111/j.1540-6520.2011.00496.x.
  55. Le Breton-Miller I., Miller D., 2016. Family firms and practices of sustainability: A contingency view. Journal of Family Business Strategy, 7(1): 26-33. DOI: 10.1016/j.jfbs.2015.09.001.
  56. Le Breton-Miller I., Miller D. (2006). Why do some family businesses out‐compete? Governance, long-term orientations, and sustainable capability. Entrepreneurship Theory and Practice, 30(6): 731-746. DOI: 10.1111/j.1540-6520.2006.00147.x.
  57. Liu Y., Miletkov M.K., Wei Z., Yang T. (2015). Board independence and firm performance in China. Journal of Corporate Finance, 30: 223-244. DOI: 10.1016/j.jcorpfin.2014.12.004.
  58. Löhde A.S.K., Calabrò A. and Torchia M., 2020. Understanding the main drivers of family firm longevity: the role of business family learning. International Studies of Management & Organization, 50(2): 130-152. DOI: 10.1080/00208825.2020.1758421.
  59. Lorenzo D., Núñez-Cacho P., Akhter N. and Chirico F., 2022. Why are some family firms not innovative? Innovation Barriers and Path Dependence in Family Firms. Scandinavian Journal of Management, 38(1): 101182. DOI: 10.1016/j.scaman.2021.101182.
  60. Luo X., Du S. (2015). Exploring the relationship between corporate social responsibility and firm innovation. Marketing Letters, 26(4): 703-714. DOI: 10.1007/s11002-014-9302-5.
  61. Madden L., McMillan A., Harris O. (2020). Drivers of selectivity in family firms: Understanding the impact of age and ownership on CSR. Journal of Family Business Strategy, 11(2): 100335. DOI: 10.1016/j.jfbs.2019.100335.
  62. Margolis J.D., Elfenbein H.A., Walsh J.P., 2007. Does it pay to be good? A metaanalysis and redirection of research on the relationship between corporate social and financial performance (March 1, 2009). Available at SSRN: or DOI: 10.2139/ssrn.1866371.
  63. Mariani M.M., Al-Sultan K., De Massis A., 2021. Corporate social responsibility in family firms: A systematic literature review. Journal of Small Business Management, 1-55. DOI: 10.1080/00472778.2021.1955122.
  64. Martinez-Conesa I., Soto-Acosta P., Carayannis E.G., 2017. On the path towards open innovation: Assessing the role of knowledge management capability and environmental dynamism in SMEs. Journal of Knowledge Management, 21(3): 553-570. DOI: 10.1108/JKM-09-2016-0403.
  65. Martinez-Conesa I., Soto-Acosta P., Palacios-Manzano M. (2017), “Corporate social responsibility and its effect on innovation and firm performance: an empirical research in SMEs”, Journal of Cleaner Production, 142: 2374-2383. DOI: 10.1016/j.jclepro.2016.11.038.
  66. Martínez‐Ferrero J., Frias‐Aceituno J.V., 2015. Relationship between sustainable development and financial performance: international empirical research. Business Strategy and the Environment, 24(1): 20-39. DOI: 10.1002/bse.1803.
  67. McDonald J.F., Moffitt R.A. (1980). The uses of Tobit analysis. The Review of Economics and Statistics, 62(2): 318-321. DOI: 10.2307/1924766.
  68. McWilliams A., Siegel D.S., 2011. Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of management, 37(5): 1480-1495. DOI: 10.1177/0149206310385696.
  69. McWilliams A., Siegel D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26: 117–127. DOI: 10.5465/amr.2001.4011987.
  70. McWilliams A., Siegel D.S., Wright P.M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43: 2–18. DOI: 10.1111/j.1467-6486.2006.00580.x.
  71. Melo T., Garrido-Morgado A. (2012), Corporate reputation: a combination of social responsibility and industry, Corporate Social Responsibility and Environmental Management, 19: 11-31. DOI: 10.1002/csr.260.
  72. Michelon G., Boesso G., Kumar K. (2013), “Examining the link between strategic corporate social responsibility and company performance: an analysis of the best corporate citizens”, Corporate Social Responsibility and Environmental Management, 20(2): 81-94. DOI: 10.1002/csr.1278.
  73. Muñoz-Bullon F., Sanchez-Bueno M.J., Suárez-González I. (2018). Diversification decisions among family firms: The role of family involvement and generational stage. BRQ Business Research Quarterly, 21(1): 39-52. DOI: 10.1016/j.brq.2017.11.001.
  74. Napolitano M.R., Marino V. Ojala J. (2015), In search of an integrated framework of business longevity, Business History, 57(7): 955-969. DOI: 10.1080/00076791.2014.993613.
  75. Nicolò D. (2015). Towards a theory on corporate reputation and survival of young firms. Procedia Economics and Finance, 22: 296-303. DOI: 10.1016/S2212-5671(15)00289-0.
  76. Núñez Cacho P., Lorenzo Gómez J.D. (2020). Temporary factors that condition innovation: comparison between family and non-family businesses. Entrepreneurship and Sustainability Issues, 7(3): 1740-1759. DOI: 10.9770/jesi.2020.7.3(20).
  77. Oikonomou I., Brooks C., Pavelin S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1): 49-75. DOI: 10.1111/fire.12025.
  78. Oliveira P., Roth A.V. (2012). Service orientation: The derivation of underlying constructs and measures. International Journal of Operations & Production Management, 32: 156-190. DOI: 10.1108/01443571211208614.
  79. Orlitzky M., Schmidt F.L. Rynes S.L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3): 403-441. DOI: 10.1177/0170840603024003910.
  80. Panza L., Ville S., Merrett D. (2018). The drivers of firm longevity: Age, size, profitability and survivorship of Australian corporations, 1901–1930. Business History, 60: 157-177. DOI: 10.1080/00076791.2017.1293041.
  81. Prahalad C.K. (1993). The role of core competencies in the corporation. Research-Technology Management, 36(6): 40-47. DOI: 10.1080/08956308.1993.11670940.
  82. Preuss L. (2011). Innovative CSR: A framework for anchoring corporate social responsibility in the innovation literature. Journal of Corporate Citizenship, 42: 17-33. DOI: 10.9774/
  83. Ratner B. (2009). The correlation coefficient: Its values range between +1/−1, or do they? Journal of targeting, measurement and analysis for marketing, 17(2): 139-142. DOI: 10.1057/jt.2009.5.
  84. Reeves M., Levin S., Ueda D. (2016). The biology of corporate survival. Harvard Business Review, 94: 46-55.
  85. Reguera-Alvarado N., de Fuentes P., Laffarga J. (2017). Does board gender diversity influence financial performance? Evidence from Spain. Journal of Business Ethics, 141(2): 337–350. DOI: 10.1007/s10551-015-2735-9.
  86. Rothaermel F.T., Alexandre M.T. (2009). Ambidexterity in technology sourcing: The moderating role of absorptive capacity. Organization Science, 20(4): 759-780. DOI: 10.1287/orsc.1080.0404.
  87. Rovelli P., Ferasso M., De Massis A., Kraus S. (2021). Thirty years of research in family business journals: Status quo and future directions. Journal of Family Business Strategy, 100422. DOI: 10.1016/j.jfbs.2021.100422.
  88. Sahut J.M., Boulerne S., Mili M., Teulon F. (2012). What relation exists between CSR and longevity of firms? International Journal of Business, 17. DOI: 10.2139/ssrn.1760569.
  89. Servaes H., Tamayo A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5): 1045-1061. DOI: 10.1287/mnsc.1120.1630.
  90. Sharma P., Salvato C. (2013). Family firm longevity: A balancing act between continuity and change. New York, NY: Cambridge University Press.
  91. Sharma P., J.J. Chrisman, J.H. Chua. (2003). Predictors of Satisfaction with the Succession Process in Family Firms. Journal of Business Venturing, 18(5): 667-687. DOI: 10.1016/s0883-9026(03)00015-6.
  92. Singal M. (2014). Corporate social responsibility in the hospitality and tourism industry: Do family control and financial condition matter? International Journal of Hospitality Management, 36: 81-89. DOI: 10.1016/j.ijhm.2013.08.002.
  93. Smith C. (2016). Environmental jolts: Understanding how family firms respond and why. Family Business Review, 29(4): 401-423. DOI: 10.1177/0894486516673906.
  94. Surroca J., Tribó J.A., Waddock S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic management journal, 31(5): 463-490. DOI: 10.1002/smj.820.
  95. Tang Z., Hull C.E., Rothenberg S. (2012), How corporate social responsibility engagement strategy moderates the CSR–financial performance relationship, Journal of Management Studies, 49(7): 1274-1303. DOI: 10.1111/j.1467-6486.2012.01068.x.
  96. Teece D.J., G. Pisano, A. Shuen (1990). Firm capabilities, resources, and the concept of strategy. CCC Working paper No. 90-8. Berkeley: Center for Research in Management, University of California, Berkeley.
  97. Teece D.J., G. Pisano, A. Shuen (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7): 509-533. DOI: 10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z.
  98. Vazquez P. (2018). Family business ethics: At the crossroads of business ethics and family business. Journal of Business Ethics, 150(3): 691-709. DOI: 10.1007/s10551-016- 3171-1.
  99. Werther Jr W.B., Chandler D. (2010). Strategic corporate social responsibility: Stakeholders in a global environment. Sage.
  100. Williams D., Jones O. (2010). Factors associated with longevity of small, familyowned firms. International Journal of Entrepreneurship, 14: 37-57.
  101. Wu S., Lin. F., Wu C. (2012). A study on Taiwanese corporate social responsibility and ownership structures. Corporate Ownership & Control, 9(3): 111–122. DOI: 10. 22495/cocv9i3art9.
  102. Zellweger T.M., Kellermanns F.W., Eddleston K., Memili E. (2012). Building a family firm image: How family firms capitalize on their family ties. Journal of Family Business Strategy, 3(4): 239-250. DOI: 10.1016/j.jfbs.2012.10.001.


Caricamento metriche ...