Sustainability-Oriented Businesses and Earnings Management. What Is the True Relationship? Evidence From Italian Benefit Corporations

IF 9.1 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2025-04-11 DOI:10.1002/csr.3206

Antonio Prencipe, Danilo Boffa, Christian Corsi

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引用次数: 0

Abstract

This study examines how benefit corporations (BCs)—a type of sustainability-oriented hybrid business dedicated to corporate social responsibility (CSR) goals—are associated with earnings management (EM). Two theoretical perspectives—long-term strategy and managerial opportunism—shape the hypotheses on the association between BC adoption and EM practices. An empirical analysis is conducted on a panel dataset of 2449 Italian firms (354 BCs and 2095 non-BCs) from 2014 to 2021. Using Stubben's (2010) conditional earnings model and propensity score matching, the findings suggest that adopting the BC model is linked to a higher likelihood of managerial engagement in EM. Although the BC model emphasizes transparency and accountability, it might unintentionally enable opportunistic behavior, calling into question the assumption that CSR-oriented business models inherently limit financial manipulation. These findings shed light on the impact of legal frameworks for hybrid organizations like BCs on corporate behavior, offering valuable insights for policymakers and practitioners working to foster ethical business practices.

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可持续发展导向的企业和盈余管理。什么是真正的关系？来自意大利福利公司的证据

本研究探讨了利益公司(bc) -一种致力于企业社会责任（CSR）目标的以可持续发展为导向的混合企业-如何与盈余管理（EM）相关联。两个理论视角——长期战略和管理机会主义——塑造了采用企业战略与新兴市场实践之间关系的假设。本文对2014年至2021年2449家意大利企业（354家bc企业和2095家非bc企业）的面板数据集进行了实证分析。利用Stubben（2010）的条件盈余模型和倾向得分匹配，研究结果表明，采用BC模型与新兴市场中更高的管理层参与可能性有关。尽管BC模型强调透明度和问责制，但它可能无意中促成机会主义行为，这让人们质疑以企业社会责任为导向的商业模式本质上限制了财务操纵的假设。这些发现揭示了像不列颠哥伦比亚省这样的混合型组织的法律框架对企业行为的影响，为致力于促进道德商业实践的政策制定者和从业者提供了有价值的见解。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.