Family ownership and corporate social responsibility: the moderating effect of institutional ownership

The goal of this paper is to examine the impact of family ownership on corporate social responsibility (CSR), taking into account the moderating role of institutional investors. Using a sample of 70 listed French firms over the period 2003-2017, we obtain the following results. Family ownership negatively affects CSR; however, institutional investors positively affect CSR. Interestingly, our results show that institutional investors negatively moderate the relationship between family ownership and CSR.