Ownership structure and corporate social responsibility : an empirical examination of firms in the hospitality and tourism industry

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Ownership structure and corporate social responsibility : an empirical examination of firms in the hospitality and tourism industry

 

Author: Paek, Soyon
Title: Ownership structure and corporate social responsibility : an empirical examination of firms in the hospitality and tourism industry
Degree: DHTM
Year: 2011
Subject: Social responsibility of business.
Hospitality industry -- Ownership.
Tourism -- Ownership.
Hospitality industry -- Moral and ethical aspects.
Tourism -- Moral and ethical aspects.
Hong Kong Polytechnic University -- Dissertations
Department: School of Hotel and Tourism Management
Pages: x, 151 p. ; 30 cm.
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b2463145
URI: http://theses.lib.polyu.edu.hk/handle/200/6364
Abstract: This study investigates the relationship between ownership structure and corporate social responsibility (CSR) in the hospitality and tourism industry. By examining the relationships between the three major ownership types (i.e., large shareholders, managerial, and institutional ownership) in ownership structure and their companies' CSR performance and its five sub-dimensions (i.e., the overall CSR, the community, the diversity, the employee relations, the environment, and the product dimensions), this study argues that ownership structure and CSR are significantly related. Although ownership structure has been considered as an important factor affecting corporate performance, the two constructs have been studied as separate topics in the hospitality and tourism literature. Therefore, this study tests the link between these two constructs in an ownership structure and a corporate performance perspective. Also, since the CSR concept includes multi-dimensions, the paper tests how different CSR sub-dimensions would be related to different ownership structures. Research was conducted using panel data of publicly-traded airline, casino, hotel, and restaurant firms in the U.S. for the period from 1995 to 2009. The data set consists of 579 observations from 86 companies. As an analysis method, 'Two-Way Fixed Effect Model with Clustered Robust Standard Errors' was performed in regression models to control a firm and a year effect of panel data. Moreover, the endogeneity between ownership variables (i.e., independent variables) and CSR variables (i.e., dependent variables) was tested using 'Fixed Effect Robust Cluster Two-Stage-Least-Square'. The results indicate that managerial ownership has a significant negative relationship with the diversity, the employee relations and the overall CSR dimensions, large shareholder ownership has a significant negative relationship with the diversity and the overall CSR dimensions, and institutional ownership shows a significant negative relationship with the environment dimension but not with the overall CSR dimension. Also, the direction of causality between ownership structure and CSR is revealed: a firm's ownership structure impacts on CSR, but CSR does not impact significantly on ownership structure. Moreover, the discussions, the implications, the limitations of the study, and the implications for future studies are provided. Therefore, this study contributes to both academics and stakeholders, especially public sectors, regulators and investors, by providing the empirical results and expanding the ownership structure and CSR literature.

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