Common Ownership and Corporate Social Responsibility

Review of Corporate Finance Studies, Forthcoming

56 Pages Posted: 18 Sep 2020 Last revised: 21 Jun 2021

See all articles by Xin Dai

Xin Dai

Drexel University

Yue Qiu

Temple University

Date Written: August 6, 2020


This paper studies the effect of common ownership on corporate social responsibility (CSR). We find that common ownership is positively associated with a firm's CSR score. The effect is stronger for firms in more competitive industries. We propose a two-stage duopoly game in which CSR serves as a commitment device to expand output aggressively to understand the empirical results.

Keywords: common ownership, corporate social responsibility, competition

JEL Classification: G30, G32, D21, D22, L13, L21, L22

Suggested Citation

Dai, Xin and Qiu, Yue, Common Ownership and Corporate Social Responsibility (August 6, 2020). Review of Corporate Finance Studies, Forthcoming, Available at SSRN: or

Xin Dai

Drexel University ( email )

3141 Chestnut St
Philadelphia, PA 19104
United States

Yue Qiu (Contact Author)

Temple University ( email )

Philadelphia, PA 19122
United States

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