Is managerial entrenchment always bad? : a CSR approach

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dc.contributor.author Surroca Aguilar, Jorge
dc.contributor.author Tribo Gine, José Antonio
dc.contributor.editor Universidad Carlos III de Madrid. Instituto para el Desarrollo Empresarial (INDEM)
dc.date.accessioned 2010-02-08T16:14:55Z
dc.date.available 2010-02-08T16:14:55Z
dc.date.issued 2009
dc.identifier.issn 1989-8843
dc.identifier.uri http://hdl.handle.net/10016/6611
dc.description.abstract In this paper, we argue that managerial entrenchment may be positive when there is excessive external pressure from financial markets. In these situations, managers have more freedom to implement value-enhancing strategies, such those related to corporate social responsibility (CSR) activities. This is a good-type of entrenchment. On the other hand, when the external pressure is not so high, given that the pressure is from inside the firm, managerial entrenchment is bad and the use of CSR investments may exacerbate the agency problem. We prove this claim in an empirical study conducted of 279 international firms that operate in 22 different countries for the period 2002-2005. These firms participate in two different institutional contexts: that of the Anglo-Saxon countries, where the pressure of financial markets is intensive, or that of the Continental European countries in which the corporate control mechanisms are mainly internal.
dc.format.mimetype text/plain
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dc.language.iso eng
dc.relation.ispartofseries INDEM Working Paper Business Economic
dc.relation.ispartofseries 09-01
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Is managerial entrenchment always bad? : a CSR approach
dc.type workingPaper
dc.subject.eciencia Empresa
dc.rights.accessRights openAccess
dc.identifier.repec id-09-01
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