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PurposeThis paper aims to explore the role of socioemotional wealth (SEW) in family firms' (FFs) corporate social responsibility (CSR) engagement and practices. The authors draw on the notion of "Socioemotional endowment" (Gomez-Mejiaet al., 2010), to interpret how the different dimensions of the FIBER model impact on the instrumental, moral or relational motives that push companies toward CSR.Design/methodology/approachThe authors develop an integrated framework that analyzes motives of CSR practices (distinguishing between moral, instrumental and relational ones) and dimensions of FF' SEW. The idea is that it is not possible to analyze the CSR attitude of FFs without distinguishing among the five dimensions of SEW (family control and influence; identification of family members with the firm; binding social ties; emotional attachment; and renewal of family bonds to the firm through dynastic succession).FindingsThe authors posit that FFs are particularly likely to engage in instrumental, moral or relational CSR practices depending on the FIBER dimension that they consider as primary reference point to achieve the goal of preserving SEW. In particular, out of the five FIBER dimensions, relational and instrumental motives appear to be more present in firms' priority, when they deal with CSR activities.Originality/valueMost of the literature on CSR and FFs concentrates on the differences between family and non-family firms (non-FFs) in approaching social responsible practices. Instead of debating whether FFs are more or less socially responsible than non-family organizations, the authors add to this literature by arguing that it is much more relevant to analyze which approach family firms (as an heterogeneous group) are more likely to adopt in relation to CSR. In so doing, they contribute to FFs studies on sustainability, by demonstrating that CSR engagement can be differently influenced and interpreted through the five dimensions of the FIBER model.

PurposeThis paper aims to investigate the link between corporate social performance (CSP) and cost of debt financing. Despite academic debate has focused on the link between corporate social responsibility (CSR) and CSP (expressed through accounting and market measures of profitability), few empirical researches have analysed the relations between CSR, cost of debt and its relation with the risk profile of a firm. The literature on the cost of debt determinants generally documents a negative association between measures of the risk of the firm and its cost of debt. The literature on CSR defines risk reduction as one of the potential benefits related to CSR activities. Thus, the expectation is that high CSP scores are inversely related to cost of debt.Design/methodology/approachUsing a unique data set of 332 firms over a time period of five years antecedent to the global financial crisis, a linear regression model is applied.FindingsThe results show a positive relation between CSP and cost of debt, demonstrating that CSR is not a value driver with an impact on the firm's risk profile.Practical implicationsThe research has also practical implications as it makes managers aware of the potentiality of CSP to reduce the firm's cost of debt.Originality/valueThese findings enlarge the empirical research on the value of CSP, expanding it towards a quite new area of investigation: the cost of external financing.

Cover; Half Title; Title; Copyright; Contents; List of Tables and Figures; List of Authors; 1. Make Sustainable Development Goals happen through Integrated Thinking: an introduction; 1.1. Introduction; 1.2. The discourse on sustainable development and the SDGs; 1.3. Achieving the SDGs through Integrated Thinking; 1.4. PepsiCo: governing sustainability through Performance with Purpose; 1.5. How Eni pursues the SDGs; 1.6. Make SDGs happen through Integrated Thinking: what role for the Finance function and for Accounting and Reporting practices?; 1.7. References