This paper is to shed light on the
relationship between corporate social responsibility (CSR) and cash value at
family businesses using 3630 firm-year observations representing 395 listed
Taiwanese companies. The results indicate that CSR has a significantly positive
impact on cash value at family businesses, but no apparent relationship is
supported at non-family businesses. Regarding the CSR activities, environmental
protection, corporate commitment and corporate governance are consistently and
significantly confirm the positive effects on corporate cash value at the
family business, but social participation does not confirm this finding. The
above results imply that conflict resolution view/or socio-emotional wealth
view is evidenced at the relationship between family firmís CSR and cash value.
To the best of our knowledge, our results are firstly documented on the
relationship between cash value and CSR of family business and thus make major
contributions to related literature of family business.
JEL classification numbers: G32, G34, M14.
Keywords: Family Business,
Corporate Social Responsibility, Cash Value.