Determinants of CSR practices: analysis of the influence of ownership and the management profile mediating effect

The purpose of this article is to study the relevance of ownership and top management characteristics in the implementation of corporate social responsibility (CSR) activities. Specifically, it is proposed that ownership structure characterised by the presence of large shareholders is related to CSR activities and that this relationship may be mediated by the CEO management profile in accordance with the Agency–Stewardship approach. The results of mediation analysis on a sample of 101 non-listed companies in Spain show that those with a higher ownership concentration tend to be run by managers whose profile is closer to the steward than the agent model and to be more involved in CSR activities. Our findings also support the existence of the suggested mediating effect. This article goes further than existing research on owners and top managers as determinants of CSR and unveils new ways to address this topic empirically.