Corporate social responsibility sophistication: Company‐specific drivers among early and late adopters

Kunkel, Ky a; Wigge, Ka ha ina; Lueg, Raine
A icle — Published Ve sion
Co po a e social esponsibili y sophis ica ion: Company‐
speci ic d i e s among ea ly and la e adop e s
Co po a e Social Responsibili y and En i onmen al Managemen
P o ided in Coope a ion wi h:
John Wiley & Sons
Sugges ed Ci a ion: Kunkel, Ky a; Wigge, Ka ha ina; Lueg, Raine (2024) : Co po a e social
esponsibili y sophis ica ion: Company‐speci ic d i e s among ea ly and la e adop e s, Co po a e
Social Responsibili y and En i onmen al Managemen , ISSN 1535-3966, John Wiley & Sons, Inc.,
Chiches e , UK, Vol. 32, Iss. 1, pp. 894-910,
h ps://doi.o g/10.1002/cs .2998
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RESEARCH ARTICLE
Co po a e social esponsibili y sophis ica ion: Company-
speci ic d i e s among ea ly and la e adop e s
Ky a Kunkel
1
| Ka ha ina Wigge
1
| Raine Lueg
1,2
1
Ins i u e o Managemen , Accoun ing and
Finance, Leuphana Uni e si y Lünebu g,
Lünebu g, Ge many
2
Depa men o Business and Economics,
Uni e si y o Sou he n Denma k, Kolding,
Denma k
Co espondence
Raine Lueg, Ins i u e o Managemen ,
Accoun ing and Finance, Leuphana Uni e si y
Lünebu g, Uni e si ä sallee 1, 21335
Lünebu g, Ge many.
Email: [email p o ec ed]
Abs ac
This s udy examines he in e nal company d i e s o co po a e social esponsibili y
(CSR) sophis ica ion om a di usion heo y pe spec i e. Be am e al.'s (2015)
amewo k on implemen a ion d i e s o inno a ions is used as ou basis o ope a io-
nalize he in e nal company d i e s in luencing CSR sophis ica ion. We conduc
ixed-e ec s eg essions on a sample o 1919 in e na ional o -p o i companies
lis ed on he STOXX 1800 index (17,848 company yea s o e he pe iod 2002–
2020) and explo e se e al sub-po olios. This s udy inds ha managemen aining,
boa d skills, CEO compensa ion based on o al sha eholde e u n, and quali y man-
agemen sys ems d i e CSR sophis ica ion. Managemen aining is he s onges and
mos consis en d i e . Ou analyses show ha he e ec s o he iden i ied d i e s
a e s onges o po olios o companies wi h p e iously low CSR sophis ica ion.
Mo eo e , ea ly adop e s appea o be mo i a ed o u ilize CSR o bo h economic
easons and legi imacy. While we ind ha boa d membe s wi h a inance back-
g ound imp o e CSR sophis ica ion, we also show ha his inc ease mainly s ems
om imp o ing go e nance p ac ices. Las , we show ha CSR sophis ica ion no ably
inc eased o e ime, and pa allel wi h he pe capi a weal h o he coun y ha hos s
i s headqua e s. O e all, his s udy is he i s o in es iga e he in e nal company
d i e s o non-bina y CSR sophis ica ion using la ge-scale panel da a, he eby explo -
ing he e ec s o ea ly/la e adop ion and he indi idual pilla s o E, S, and G.
KEYWORDS
boa d skills, compensa ion, CSR sophis ica ion, di usion heo y, ea ly adop ion, leade ship skills,
managemen aining, quali y managemen sys ems
JEL CLASSIFICATION
M10, M40, Q56
1|INTRODUCTION
This a icle explo es he o ganiza ional ac o s ha in luence co po-
a e social esponsibili y (CSR) implemen a ions. CSR is a olun a y
p ac ice whe eby i ms add ess social and en i onmen al in e es s in
co po a e in e ac ions wi h s akeholde s (Commission o he
Eu opean Communi y, 2001). Sophis ica ed CSR equi es he in eg a-
ion o key p ocesses ac oss o ganiza ional hie a chies such as
accoun ing, ope a ions, and managemen (Ansa i e al., 2010; Asi
e al., 2013; Bu ke & Lueg, 2013; Lueg & Radlach, 2016). The
Recei ed: 10 June 2024 Re ised: 12 Sep embe 2024 Accep ed: 24 Sep embe 2024
DOI: 10.1002/cs .2998
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion License, which pe mi s use, dis ibu ion and ep oduc ion in any medium,
p o ided he o iginal wo k is p ope ly ci ed.
© 2024 The Au ho (s). Co po a e Social Responsibili y and En i onmen al Managemen published by ERP En i onmen and John Wiley & Sons L d.
894 Co p Soc Responsib En i on Manag. 2025;32:894–910.
wileyonlinelib a y.com/jou nal/cs
li e a u e sugges s ha he implemen a ion o CSR is a complex p o-
cess ha is in luenced by bo h in e nal and ex e nal d i e s. We ec-
ognize ou g oups o d i e s: (i) ins i u ional d i e s ha induce
companies o gain app o al om in luen ial s akeholde s
(Campbell, 2007); (ii) economic d i e s ha mo i a e companies o
implemen CSR in o de o imp o e long- e m sha eholde alue
(Colucci e al., 2020; Wobs e al., 2023); (iii) o ganiza ional d i e s
ha adjus CSR o he chosen s a egy and s uc u e o a company,
such as i s complexi y, o go e nance (Läge e al., 2022); and
(i ) indi idual d i e s ha can also a ec CSR implemen a ions
h ough, o ins ance, he skills and alues o leade s (Agle
e al., 2007). Ins i u ional d i e s a e ex e nal, whe eas he o he h ee
g oups a e company-speci ic.
Despi e he as amoun o li e a u e on CSR and i s d i e s,
esea ch gaps s ill exis . Fi s , many s udies end o ocus on ex e nal
d i e s, he eby a oiding discussions o he uzziness and endogenei y
o in e nal company d i e s (Campbell, 2007). Few excep ions exis
(Kind e al., 2023; Lagui e al., 2019; Pe enko e al., 2016; Sajko
e al., 2021). Second, he body o exis ing esea ch on in e nal com-
pany d i e s (economic, o ganiza ional, and indi idual) mos ly co e s
co po a e go e nance issues, especially boa d- ela ed d i e s (Beji
e al., 2021), o poli ical d i e s. Thi d, many s udies conduc s a ic
analyses o longi udinal da a, o in es iga e a he sho ime ho izons
(Ma ano & Kos o a, 2016; Miska e al., 2016). Ma ano and Kos o a
(2016) emphasize ha CSR adop ion is shaped by ins i u ional com-
plexi y and a gue ha long- e m ho izons a e c i ical o unde s anding
CSR adop ion dynamics ac oss mul iple ins i u ional con ex s. Like-
wise, Miska e al. (2016) sugges ha sho - e m analyses may ail o
cap u e how CSR esponsi eness a ies depending on bo h global
CSR s a egies and local esponsi eness. In his ein, he shi ing
impo ance o CSR d i e s ac oss ime, company ypes, o single-
coun y se ings could use u he elabo a ion. The seminal implici
and explici ins i u ional amewo k o Ma en and Moon (2008) p o-
ides a compa a i e pe spec i e, showing how CSR adop ion e ol es
ac oss con ex and ime. Lozano (2015) emphasizes he impo ance o
adop ing a mo e in eg a ed, mul i-le el, longi udinal app oach o CSR
ha conside s dynamic in e ac ions be ween ac o s ha d i e CSR.
Mos ecen ly, C i o e al. (2019) highligh he ole o co po a e go e -
nance in sus aining CSR ini ia i es o e longe ime ho izons. Fou h,
i is a no el y o he ield o unde s and how CSR sophis ica ion
changes o e ime (Babiak & T enda ilo a, 2011; Ce indama , 2007;
Colucci e al., 2020; C illy e al., 2012). Mos ex an s udies use bina y
classi ica ions o adop e s e sus non-adop e s ha do no accoun
o he ac ha CSR ini ia i es—despi e ca ying he same name—
migh comp ise p ac ices ha a y g ea ly ac oss companies and e en
wi hin he same company o e ime. Fi h, he bulk o he cu en aca-
demic li e a u e on CSR implemen a ion wi hin companies is
g ounded in case s udy esea ch and in e iews (Pis oni e al., 2016;
Sendlho e , 2020; Vidal e al., 2010) while mos o he quan i a i e
esea ch employs su ey da a (Ce indama , 2007). A chi al da a can
help a oid non- esponse biases ha may be p esen in su eys, and
p o ide no el insigh s (Lozano, 2015). Speci ically, Lagui e al. (2019)
sugges a quan i a i e e alua ion o in e nal d i e s o CSR
sophis ica ion. To add ess hese ele an gaps, we pose he ollowing
esea ch ques ion:
“How do in e nal company ac o s cause di e ences in
CSR sophis ica ion?”
Ou s udy builds on he concep o p ac ice sophis ica ion as p o-
posed by Ansa i e al. (2010), and applies Be am e al.'s (2015)
amewo k. This amewo k consis s o compe ency, o ganiza ional,
and leade ship d i e s ha in luence he sophis ica ion o a p ac ice.
The aim is o explo e he in luence o in e nal company ac o s on
CSR sophis ica ion and compa e he di e ences be ween adop e s
and non-adop e s. We examine a sample o 1919 in e na ional com-
panies lis ed in he STOXX Global 1800 Index using a chi al da a om
2002 o 2020 in a ixed-e ec s eg essions model. The esul s sugges
ha compe ency, leade ship, and o ganiza ional ac o s ha e a posi-
i e and signi ican e ec on he CSR sophis ica ion o a business.
Compe ency, assessed by aining, exhibi ed he highes and mos
consis en impac o he d i e s ac oss all assessmen s. These esul s
a e especially pe inen o businesses ha a e jus s a ing o
emb ace CSR, as well as hose wi h low le els o CSR sophis ica ion.
They also imply ha la e adop e s a e d i en mo e by ex e nal p es-
su es, such as egula ions, and he need o legi imacy. Fu he mo e,
he s udy sugges s ha companies can inc ease he sophis ica ion o
hei CSR p ac ices i hey wo k on he ac o s his s udy iden i ies.
2|THEORETICAL FOUNDATION
2.1 |CSR implemen a ion and CSR sophis ica ion
in di usion heo y
While he ea emul iplecon ex -speci ic de ini ions o CSR
(Dahls ud, 2008), i is gene ally unde s ood as a p ac ice in which compa-
nies inco po a e social and en i onmen al ac o s in o hei ope a ions
and in e ac ions wi h s akeholde s on a non-binding basis, p omo ing he
abili y o u u e gene a ions o mee hei own needs. This s udy unde -
s ands CSR as a managemen p ac ice because i is a se ies o p ac ices
manage s use o enac sus ainabili y (Shapi o, 2016). To be success ul,
CSR mus be in eg a ed in o all co po a e le els and p ocesses (Asi
e al., 2013). The di usion o CSR p ac ices wi hin an o ganiza ion ol-
lows he p inciples o o ganiza ional lea ning and adap a ion, whe e new
ideas o p ac ices a e adop ed inc emen ally ac oss a ious depa men s
and managemen le els. This dissemina ion is no linea ; i o en in ol es
eedback loops whe e p ac ices a e e ined as hey mo e h ough he
o ganiza ion (Ansa i e al., 2010).
This s udy conside s CSR implemen a ion o encompass bo h
adop ion and sophis ica ion. We explo e he idea ha companies may
u ilize di e en le els o sophis ica ion when i comes o implemen ing
CSR p ac ices, a he han simply adop ing o no adop ing hem in a
bina y ashion (Ansa i e al., 2010; E zion, 2014). This di usion-
heo e ic pe spec i e allows o a mo e comp ehensi e unde s anding
o he CSR p ac ices employed by companies han he simple
KUNKEL ET AL.895
dicho omy o adop ion and non-adop ion (Ansa i e al., 2010). Acco d-
ing o Ansa i e al. (2010), p ac ices ace g ea e a ia ions i hey a e
complex, di isible, and widely in e p e able—and CSR is a ela i ely
complex p ac ice (Asi e al., 2013). As a esul , a ia ions in i s d i e s
should disp opo ionally a ec di e ences in CSR sophis ica ion.
Ce indama (2007) no es ha while companies may o mally commi
o seemingly clea and s ic ly de ined CSR ini ia i es such as he UN
Global Compac , hei ac ual p ac ices o en a y signi ican ly. These
a ia ions emain la gely unde ec ed by mos esea ch because such
ini ia i es a e g ouped unde he same o e a ching name. C illy e al.
(2012) p esen a nuanced pe spec i e and challenge a bina y iew o
adop e s e sus non-adop e s by showing ha companies may engage
in CSR p ac ices h ough a ied s a egies. Babiak and T enda ilo a
(2011) add ha p essu es o adop CSR p ac ices di e signi ican ly
ac oss indus ies and geog aphies, ein o cing he a gumen ha he
dis inc ion be ween adop e s and non-adop e s o e simpli ies
he complex dynamics o CSR. Fu he , Colucci e al. (2020) unde -
sco e ha companies o en exhibi a disc epancy be ween CSR alk
and walk, ein o cing ha a simple adop ion/non-adop ion amewo k
ails o cap u e he a ying deg ees o CSR sophis ica ion. This i s he
empi ical indings ha companies implemen CSR in unique ways
(Campbell, 2007). Mo eo e , CSR is widely in e p e able, as i needs
o be adap ed o he co po a e con ex s and s a egic objec i es
(Dahls ud, 2008). Las , di e en o ganiza ional ac o s a e shown o
lead o di e en le els o CSR implemen a ion (Da nall e al., 2010).
The implemen a ion o CSR p ac ices is o en measu ed by en i-
onmen al, social and go e nance (ESG) sco es, which p o ide a com-
posi e e alua ion o a company's en i onmen al, social, and
go e nance pe o mance (Bauckloh e al., 2021; Re ini i , 2021). In
hei ex -mining e iew, Pa k e al. (2023) explain ha while CSR
ocuses on a company's b oade socie al esponsibili ies, ESG p o ides
clea measu es o assess co po a e beha io ac oss en i onmen al,
social, and go e nance domains (Dam o e al., 2024). The au ho s
highligh ha al hough CSR is mo e quali a i e, ESG sco es quan i y
company ac ions, making hem a use ul p oxy o CSR sophis ica ion
in empi ical s udies. Empi ically, companies wi h highe a ings ha e
demons a ed mo e sophis ica ed CSR s a egies. Bauckloh e al.
(2021) p o ide empi ical e idence showing ha signa o ies o he UN
PRI signi ican ly imp o e hei ESG in eg a ion pos -signing. The
au ho s conclude ha highe ESG sco es a e indica i e o a company's
genuine commi men o CSR. Thei s udy also highligh s ha ea ly
adop e s (signa o ies) end o implemen mo e obus CSR s a egies.
Eccles e al. (2014) also suppo his connec ion, demons a ing ha
companies wi h highe ESG sco es also end o de elop dis inc go -
e nance s uc u es and long- e m o ien a ions ha imp o e hei pe -
o mance on CSR- ela ed me ics o e ime. Kölbel e al. (2020) a i m
ha ESG sco es a e no only a e lec ion o a company's cu en CSR
p ac ices bu also play a pi o al ole in in luencing in es men deci-
sions ha can u he encou age companies o enhance hei social
esponsibili y e o s.
We would like o u he cla i y he ela ionship be ween ou con-
s uc o CSR implemen a ion (adop ion and sophis ica ion) ha we
measu e wi h mani es da a (ESG sco e) and u he li e a u e ha
employs ESG sco es as a measu e o sus ainabili y/CSR pe o mance,
which we would conside he ou come o a success ul CSR implemen-
a ion. We iew ESG sco es as a measu e o he CSR p ac ices imple-
men ed by lis ed companies, a he han as a di ec measu e o hei
o e all pe o mance. The pe o mance o hese companies is he
a ainmen o hei co po a e pu pose/s a egies. Pe o mance is no
explici ly measu ed in di usion heo e ical s udies since he esea ch
objec i e is unde s anding he i wi h he company (Ansa i
e al., 2010).
1
2.2 |F amewo k o d i e s o CSR
implemen a ion
Following he ad ice o Ansa i e al. (2010), i is essen ial o de e mine
company-speci ic d i e s ha may acili a e he implemen a ion o a
p ac ice. The amewo k p oposed by Be am e al. (2015) se es as
a basis o s udy he sophis ica ion o p ac ices, pa icula ly in he pub-
lic se ices sec o , heal h- ela ed academic se ings (Damsch ode &
Hagedo n, 2011), and he implemen a ion o inno a ions (Be am
e al., 2015).
This amewo k can be applied o esea ch on CSR as an inno a-
i e managemen p ac ice ha leads o change wi hin companies. The
amewo k has h ee main componen s: compe ency, leade ship, and
o ganiza ional d i e s. The compe ency d i e s e e o s a selec ion,
aining, coaching, and pe o mance assessmen mean o de elop he
knowledge, skills, and capaci y necessa y o success ul implemen a-
ion o new concep s (Be am e al., 2015). The leade ship d i e s dis-
inguish be ween echnical and adap i e implemen a ion challenges
based on cla i y and consensus conce ning he p oblems and solu ions
(Be am e al., 2015). Finally, he o ganiza ional d i e s c ea e an
en i onmen ha o e s esou ces o adminis a ion, unding, policy,
and he p ocesses equi ed o compe ency-building (Be am
e al., 2015). The amewo k and i s cons uc s a e illus a ed in
Figu e 1.
2.3 |A di usion heo y app oach: How p ac ices
sp ead, and change as hey do
Ou app oach o unde s anding he d i e s o CSR sophis ica ion
builds on di usion heo y. Di usion is de ined as “ he p ocess by
which an inno a ion is communica ed h ough ce ain channels o e
ime among membe s o a social sys em”(Roge s, 1983, p. 5). Di u-
sion heo y explains he pa e ns h ough which inno a ions o inno-
a i e p ac ices sp ead among adop e s wi hin a ield o p ac ice
(Ab ahamson, 1991; Roge s, 1983). Howe e , he e is a lack o ecog-
ni ion o how p ac ices a y among adop e s h oughou he di usion
1
As examples o such on ologically di e en s udies in ela ed ields, Mish a (2017) highligh s
he impac o pos -inno a ion CSR pe o mance on i m alue, ocusing on he angible
ou comes o CSR ini ia i es. Wang e al. (2018) examine he eadabili y o CSR epo s as an
indica o o CSR pe o mance, showing how clea communica ion a ec s he pe cei ed
e ec i eness o CSR ac i i ies.
896 KUNKEL ET AL.
p ocess (S ang & Macy, 2001). Roge s (1983) has p oposed ha he
di usion o a p ac ice is in luenced by bo h supply side ( e e ing o
he cha ac e is ics o he p ac ice and i s communica ion channels)
and demand-side (encompassing o ganiza ional demands and p e ail-
ing condi ions) ac o s.
A subs an ial body o esea ch in di usion heo y has aimed o
unde s and he mo i a ions unde lying he ini ial adop ion o p ac ices
among companies (Fiss & Zajac, 2004). Ra ional accoun s emphasize
po en ial economic bene i s om he adop ion o a p ac ice, while social
accoun s p io i ize he a ainmen o legi imacy (Ab ahamson, 1991;
Ansa i e al., 2010; S ang & Macy, 2001; Tolbe & Zucke , 1983). Ea ly
s udies sugges ed a connec ion be ween adop ion ime and he mo i es
o adop ion (Ansa i e al., 2010;Roge s,1983; Tolbe & Zucke , 1983),
wi h ea ly adop e s being mo i a ed by a ional accoun s and la e
adop e s by social accoun s (Ansa i e al., 2010; Tolbe & Zucke , 1983).
Mo e ecen s udies, howe e , ha e sugges ed ha bo h a ional and
social mo i a ions coexis du ing each s age o he di usion p ocess
(Ansa i e al., 2010; Kennedy & Fiss, 2009).
A complemen a y s eam o di usion esea ch examines how
adop ed p ac ices di use wi hin adop e s, and how his ansla es in o
di e ences in sophis ica ion. Ansa i e al. (2010) cla i y ha di usion
heo y explains how p ac ices do no emain s a ic as hey di use bu
a e ins ead subjec o a ia ions and adap a ions wi hin o ganiza ions
based on he i be ween he p ac ice and he adop ing o ganiza ion's
echnical, cul u al, and poli ical dimensions. This dynamic i is wha
d i es di e en le els o CSR sophis ica ion, as o ganiza ions adap
CSR p ac ices in ways ha bes align wi h hei speci ic in e nal and
ex e nal con ex s (Ansa i e al., 2010; Lueg & Ca alho e Sil a, 2022).
The eby, we apply he compa ibili y in ou amewo k o explain CSR
sophis ica ion (Ansa i e al., 2010). The demand-side ac o s, such as
o ganiza ional needs, objec i es, and p e ailing s uc u es, a e ola ile
and adjus able among co po a ions adop ing CSR. Building on his
base o di usion heo y, Ansa i e al. (2010) ou line h ee d i e s ha
a ec he demand-side i : (i) echnical, (ii) cul u al, and (iii) poli ical
in luences.
We began ou explo a ion by conside ing he heo e ical con-
cep s o echnical i , cul u al i , and poli ical i . These concep s p o-
ided a ounda ional basis o examining he di usion o p ac ices, as
demons a ed in he wo ks o E zion (2014) and Lueg and Ca alho e
Sil a (2022). To build on his ounda ion, we u ned o Be am e al.
(2015) whose amewo k complemen s and ope a ionalizes hese con-
cep s. By in eg a ing Be am e al.'s (2015) app oach, we we e able
o in es iga e p ac ice sophis ica ion mo e e ec i ely. This in eg a ion
has been pa icula ly use ul in analyzing p ac ice sophis ica ion, as
seen in he s udies by Aa ons e al. (2011), and Damsch ode and
Hagedo n (2011). Fi s , he echnical i desc ibes he compa ibili y o
he p ac ice wi h exis ing echnologies in he company (Ansa i
e al., 2010). Ta í (2011) sugges s ha a s akeholde ocus could be
sha pened h ough he implemen a ion o managemen p ac ices, a
iew which aligns wi h he de ini ion o o ganiza ional d i e s in Be -
am e al.'s (2015) amewo k. Second, cul u al i desc ibes he com-
pa ibili y o a p ac ice wi h he cul u al alues, belie s, and ex an
p ac ices o po en ial adop e s (Ansa i e al., 2010). Sendlho e (2020)
demons a es ha when employees possess a sha ed knowledge o
FIGURE 1 Implemen a ion
d i e s acco ding o Be am
e al. (2015). Adap ed o
co po a e social esponsibili y
(CSR) sophis ica ion.
KUNKEL ET AL.897

he mo al obliga ion o CSR, hey may p omo e CSR ini ia i es wi hin
he company. This is cong uen wi h he compe ency d i e p oposed
by Be am e al. (2015), which seeks o induce beha io al ans o ma-
ion among employees h ough aining and men o ing. Thi d, poli ical
i e e s o he alignmen o a p ac ice's implici o explici no ms wi h
he in e es s and agendas o po en ial adop e s. Du e al. (2013) dis-
co e ed ha a highe p opo ion o ans o ma ional leade ship
among manage s was associa ed wi h a posi i e e ec on CSR. This is
also consis en wi h Be am e al.'s (2015) amewo k, which sugges s
ha an open leade ship s yle (adap i e leade ship) is necessa y o
e ec i ely espond o a p ac ice ha is in luenced by unce ain y.
2.4 |Hypo hesis de elopmen
2.4.1 | Compe ency d i e s
Acco ding o Be am e al. (2015), ou compe ency d i e s os e he
sophis ica ion o a p ac ice: s a selec ion, aining, coaching, and pe o -
mance assessmen . S a selec ion in ol es ec ui ing people wi h neces-
sa y skills ha a e di icul o each, while aining and coaching equip
exis ing s a wi h app op ia e so - and ha d-skills. The implemen a ion
o CSR elies on p o iding exis ing s a wi h he necessa y skills and
compe encies (Be am e al., 2015). The aining and coaching compo-
nen s a e he p ima y d i e s o his (Sul e al., 2024). La án Jo ge e al.
(2016) ou line ha egula aining p og ams a e key o success ul CSR
implemen a ion, as hey ensu e ha manage s ha e he equisi e compe-
encies o enac inno a ions. González-Ramos e al. (2023)show ela-
ionships be ween knowledge managemen explo a ion and social and
en i onmen al CSR, as well as knowledge managemen exploi a ion and
economic CSR. Pe o mance assessmen , meanwhile, ensu es con inuous
moni o ing o u he imp o emen (Be am e al., 2015).
The li e a u e sugges s ha aining alone is no su icien o de elop
s a con idence and compe ence ela ed o p ac ice (Fixsen e al., 2009).
While aining p o ides employees wi h basic knowledge and skills, con i-
dence in hei applica ion comes h ough on- he-job coaching (Sul
e al., 2024). Coaching and moni o ing also ensu es ha skills a e main-
ained and u he de eloped (Be am e al., 2015). Manage s who a e
esponsible o de eloping alen ac ascoaches(Sul e al.,2024). They
mus mo i a e hei s a o achie e he company's s a egic goals and
c ea e a posi i e wo k en i onmen in which employees can ob ain he
equi ed skills (Ghobadian e al., 2007). To his end, manage s mus ha e
he coaching skills necessa y o guide s a h ough a CSR implemen a-
ion(Sul e al.,2024). The e o e, he ollowing hypo hesis is p oposed:
Hypo hesis 1. The p o ision o leade ship aining posi-
i ely and signi ican ly in luences CSR sophis ica ion.
2.4.2 | Leade ship d i e s
The s a egic decisions o a company a e la gely de e mined by i s
leade ship eam, and his is especially ele an when conside ing he
i m's engagemen in CSR (Schuhmache e al., 2022). Top manage-
men eams (TMTs) ypically consis o he wo highes le els o man-
agemen wi hin a company (Finkels ein & Hamb ick, 1996).
Leade ship o ien a ion has a di ec e ec on s a egic decision-making
(Hamb ick & Mason, 1984), making i impo an o conside he cha -
ac e is ics o TMTs wi h espec o CSR sophis ica ion.
Resea ch has demons a ed ha demog aphic di e ences in
TMTs ha e an e ec on he adop ion o managemen p ac ices, s a-
egic change, and decision-making in a company (Jensen &
Zajac, 2004; Schuhmache & Bu ke , 2022). This is due o he ac
ha hese di e ences shape he men al models o hese manage s,
which, in u n, shape belie s abou co po a e pu pose and i imple-
men a ions a e easible (Fiss & Zajac, 2004). Men al models a e con-
inually adjus ed in esponse o lea ning (Bu ke & Lueg, 2013) and
s udies sugges ha he educa ional backg ound o execu i es can
in luence CSR. Manne (2010) documen ed ha a CEO wi h a bache-
lo 's deg ee in economics has a nega i e associa ion wi h CSR. P a-
bowo e al. (2017) ound ha he posi i e e ec o a highe educa ion
on CSR disclosu e lessened when di ec o s held an MBA o had an
educa ional backg ound in accoun ing o economics. Godos-Díez
e al. (2015) showed ha s uden s exposed o managemen heo ies
we e less likely o conside s akeholde in e es s. Sobczak e al.
(2006) disco e ed ha business school g adua es iewed sha eholde s
as he mos impo an g oup o s akeholde s. I is sugges ed ha busi-
ness schools p omo e sel -se ing in e es s ha p io i ize inancial
sus ainabili y o e b oade CSR (Alajou sijä i e al., 2015). Resea ch
indica es ha business s uden s end o be less coope a i e han hei
coun e pa s om o he academic ields (e.g., Boone e al., 1999), dis-
playing a mo e indi idualis ic a i ude (Wei e al., 2018). Addi ionally,
economic educa ion is hough o be inadequa e in e ms o conside -
ing he implica ions o CSR (A ce, 2004). Gi en he en enched
emphasis on sha eholde alue in economics, i is likely ha how a
s ong inancial backg ound shapes he belie s o TMTs makes hem
less likely o emb ace CSR ini ia i es (Fiss & Zajac, 2004).
In addi ion o educa ional backg ound, Hamb ick and Mason
(1984) and Manne (2010) sugges ha he p io p o essional expe i-
ences o TMTs in he indus y a e signi ican ac o s in de e mining
hei willingness o adop CSR. Manne (2010) sugges s ha CEOs
wi h b oade ca ee expe iences a e mo e likely o engage in p oac i e
CSR, while hose wi h na owe expe ise, such as a deg ee in eco-
nomics, end o exhibi lowe le els o p oac i e CSR. Ca pen e e al.
(2004) sugges ha TMTs wi h di e se indus y expe iences a e mo e
open o s a egic change, while hose wi h single-indus y expe ise
may be less adap able o new ini ia i es. Boone and Hend iks (2009)
p opose ha TMTs wi h di e se unc ional backg ounds a e mo e
likely o engage in high-quali y decision-making and imp o e i m pe -
o mance due o he a ie y o hei expe ise. Fu he mo e, Mus een
e al. (2006) ind ha di ec o s wi h ex e nal wo k expe ience a e
mo e open o change and possess g ea e adap i e leade ship skills.
These indings a e u he suppo ed by Mazu is (2014), who e eal
ha a b oade ange o unc ional expe iences is associa ed wi h a
highe adop ion o CSR ini ia i es o e ime. Thus, di ec o s wi h an
indus y-speci ic backg ound, who ypically ha e mo e undi e si ied
898 KUNKEL ET AL.
wo k expe iences, may be less likely o implemen CSR. We
hypo hesize:
Hypo hesis 2a. A inancial o indus y-speci ic back-
g ound o he boa d nega i ely in luences CSR
sophis ica ion.
Al hough execu i es o en de elop men al and beha io al models
ha do no p io i ize CSR, companies can le e age ewa d sys ems o
incen i ize desi ed beha io (P o i lich e al., 2021). P io esea ch
shows ha a iable and long- e m o ien ed compensa ion compo-
nen s (P o i lich e al., 2021; Schuhmache e al., 2022) can play a ole
in s ee ing execu i es owa d CSR, al hough he inancial bene i s o
he i m associa ed wi h CSR ac ions, such as educed isks o legal
and social sanc ions, imp o ed access o esou ces, and inc eased
capabili y o acqui e employees, cus ome s, and supplie s can ake
ime o de elop (Schuhmache e al., 2022). I execu i es iew CSR as
a ool o long- e m inancial pe o mance imp o emen , a iable
compensa ion linked o long- e m inancial objec i es should encou -
age mo e sophis ica ed CSR. We hypo hesize:
Hypo hesis 2b. A a iable long- e m incen i ized CEO
compensa ion s uc u e posi i ely in luences CSR
sophis ica ion.
2.4.3 | O ganiza ional d i e s
Quali y managemen sys ems (QMS) can be seen as a signi ican acili-
a o o he e inemen o CSR. Be am e al. (2015) explo ed o gani-
za ional d i e s which may suppo he sophis ica ion o a new
p ac ice. Thei wo k inds ha i equi es he implemen a ion o a
managemen p ac ice ha aligns wi h CSR. Resea ch conduc ed by
Fissche and Nijho (2005), Ghobadian e al. (2007), La án Jo ge e al.
(2016), McAdam and Leona d (2003), and Waddock and Bodwell
(2004) shows ha QMS a e simila o CSR in mul iple ways. In pa icu-
la , hey sha e oci on s akeholde s and co po a e conduc /business
e hics. This is o wo easons.
Fi s , acili a i e adminis a ion plays a key ole in ensu ing ha
exis ing policies, p ocesses and wo king condi ions a e compa ible
wi h new p ac ices (Be am e al., 2015). CSR equi es ope a ions o
be ailo ed o mee he needs o s akeholde s (Ta í, 2011). The imple-
men a ion o a QMS necessi a es an assessmen o socially esponsi-
ble beha io , which is an impo an elemen o bo h en i onmen al
and social pe o mance (Ta í, 2011). Mo eo e , a QMS should include
p ocess e alua ion o ensu e p oduc ion accu acy and e iciencies
(Ta í, 2011). This may suppo companies in c ea ing en i onmen al
managemen p ac ices (Lueg & Radlach, 2016), big da a analy ics
(Choi & Pa k, 2022), and a was e managemen sys em (Hassan, 2013).
Second, he a ailabili y o da a is essen ial o inc ease he impac
o CSR. Da a-d i en decision-making is undamen al o e ec i e
managemen p ac ices, as highligh ed by Be am e al. (2015). Wi hin
his con ex , companies ha ha e adop ed a QMS such as Six Sigma
a e mo e easily able o gene a e he da a necessa y o iden i ying
le e age poin s o he implemen a ion o CSR (Ghobadian
e al., 2007). We hypo hesize:
Hypo hesis 3. The p io implemen a ion o a QMS posi-
i ely and signi ican ly in luences CSR sophis ica ion.
2.4.4 | Timing in luences
Be am e al. (2015) sugges ha iming a ec s he implemen a ion
o p ac ices. This is in line wi h di usion heo y (Ansa i e al., 2010).
Acco ding o S ang and Macy (2001) and Tolbe and Zucke (1983),
la e adop e s a e mo i a ed by sociology and ea lie adop e s by eco-
nomics when adop ing a p ac ice. Bauckloh e al. (2021) indica e ha
ea ly adop ion is o en linked o highe p ac ice sophis ica ion, while
la e adop e s may be mo e in e es ed in gaining a be e epu a ion
wi hou ac ually changing beha io s. Also, Wang and Sa kis (2017)
p opose ha ea ly adop ion, d i en by economic mo i es, links o
highe sophis ica ion. We hypo hesize:
Hypo hesis 4a. The e ec s o o ganiza ional d i e s on
CSR sophis ica ion will be s onge o ea ly adop e s.
La e adop ion o CSR s a egies may be a mo e iable op ion o
companies han ea ly implemen a ion, as i can esul in inancial sa ings
(Fiss & Zajac, 2004; Lueg & Ca alho e Sil a, 2022;Tolbe &
Zucke , 1983). Addi ionally, i may s ill be ecei ed a o ably by he s ock
ma ke (Fiss & Zajac, 2006). These companies a e aiming o legi imacy
in he ield, achie ed ia hei b anding and image, s akeholde ela ions,
o imp o ed o ganiza ional cul u e and a e less likely o epea he mis-
akes o ea ly implemen e s. Fu he mo e, he low le el o egula ion su -
ounding CSR implemen a ions allows companies o espouse CSR a a
symbolic le el (Kolk & Tsang, 2017). Tolbe and Zucke (1983) sugges
ha his could be an e ec i e way o companies o eap he bene i s o
a p ac ice wi hou he associa ed cos s. We hypo hesize:
Hypo hesis 4b. The e ec s o he in es iga ed implemen-
a ion d i e s on CSR sophis ica ion will be s onge o
companies wi h a low CSR sophis ica ion.
3|RESEARCH DESIGN
3.1 |Sample selec ion
To answe he esea ch ques ion, a sample o CSR adop e s di e ing
in CSR sophis ica ion is equi ed. Since an in e na ional sample is
likely o ul ill hese c i e ia (Ma en & Moon, 2008) he sample selec-
ion is based on companies lis ed in he STOXX 1800 Index. CSR
sophis ica ion subs an ially a ies among he selec ed companies on a
scale om 0 o 100 om minimum 0.47 o a maximum o 95.21 wi h
a mean o 53.11 and a s anda d de ia ion o 20.20 (Table 1).
KUNKEL ET AL.899
TABLE 1 Desc ip i e and co ela ion s a is ics.
Sou ce Mean SD Min Max (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
(1) ESG_Sco e TR.TRESGSco e 53.11 20.20 0.47 95.21 1.000
(2) Mgm _T aining TR.Mg T aining 0.61 0.49 0 1 0.522 *** 1.000
(3) Boa d_Spec_Skills TR.
Analy icBoa dSpeci icSkills
54.34 23.87 0 100 0.199 *** 0.161 *** 1.000
(4) QMS TR.SixSigmaQMS 0.21 0.41 0 1 0.226 *** 0.181 *** 0.057 *** 1.000
(5) CEO_Comp_TSR TR.CEOCompTSR 0.46 0.50 0 1 0.204 *** 0.041 *** 0.037 *** 0.001 1.000
(6) FTE TR.Employees 9.55 1.46 4.71 12.78 0.332 *** 0.231 *** 0.113 *** 0.199 *** 0.021 *** 1.000
(7) Boa d_Size TR.CGBoa dSize 2.35 0.28 1.61 3.04 0.162 *** 0.099 *** 0.095 *** 0.055 *** 0.099 *** 0.342 *** 1.000
(8) Tobin_Q TR.CompanyMa ke Cap
TR.To alEqui y
1.24 1.09 0.11 8.01 0.073 *** 0.106 *** 0.005 0.012 0.055 *** 0.136 *** 0.221 *** 1.000
(9) Le e age TR.T lDeb ToT lEqui yPc 72.59 58.57 0.11 280.19 0.067 *** 0.029 *** 0.040 *** 0.041 *** 0.095 *** 0.064 *** 0.133 *** 0.254 *** 1.000
(10) Blockholde NOSHIC 5.45 6.97 0 32 0.133 *** 0.140 *** 0.055 *** 0.043 *** 0.174 *** 0.163 *** 0.172 *** 0.154 *** 0.018 ** 1.000
(11) GDP Wo ld Bank 10.76 0.24 9.08 11.42 0.083 *** 0.004 0.029 *** 0.026 *** 0.284 *** 0.028 *** 0.163 *** 0.145 *** 0.015 ** 0.149 *** 1.000
No e: This able displays he summa y s a is ics (mean, s anda d de ia ion, minimum, maximum) o he in es iga ed a iables. Financial ins i u ions a e excluded om he sample esul ing in 17,848 i m-yea obse a ions o all a iables. In he ollowing
columns, Spea man's ank co ela ion coe icien s o he a iables in he desc ip i e s a is ics a e shown. FTE, Boa d Size, and GDP a e winso ized a he 1% and 99% le el and loga i hmized. The a iable Blockholde is only winso ized a he 1% and 99%
le el. Due o se e e ou lie s Le e age is winso ized a he 5% and 95% le el. The a iables a e de ined as ollows: ESG_Sco e =Combined company sco e based on he sel - epo ed in o ma ion in he en i onmen al, social and go e nance pilla s;
Mgm _T aining =Bina y a iable which is ma ked as one when he company claims o p o ide egula s a and business managemen aining o hei manage s; Boa d_Spec_Skills =Pe cen age o boa d membe s who ha e ei he an indus y-speci ic
backg ound o a s ong inancial backg ound; QMS =Bina y a iable which is ma ked as one i he company applies quali y p inciples; CEO_Comp_TSR =Bina y a iable which is ma ked as one when he CEO's compensa ion is linked o o al sha eholde
e u n; FTE =Ln o he numbe o ull- ime equi alen employees; Boa d_Size =Ln o he o al numbe o boa d membe s; Tobin_Q =Ma ke capi aliza ion o a i m di ided by i s asse s eplacemen cos s which a e simpli ied as he equi y book alue
( a io); Le e age =Ra io o o al deb o o al equi y; Blockholde =The pe cen age o sha eholdings o 5% o mo e held as long- e m s a egic holdings by in es men banks o ins i u ions; GDP =Ln o he economic ou pu o a na ion pe pe son. A ime
lag o 1 yea is applied o all a iables excep o he ESG sco e.
900 KUNKEL ET AL.
Companies ha ha e en e ed o le he Index a e included as well o
mi iga e su i o bias. By including only lis ed companies, he sample
is homogeneously comp ised o la ge co po a ions. The ime ame o
he s udy was chosen as 2002 o 2020, as comple e ESG sco es we e
a ailable o his pe iod a he ime o da a e ie al. The ini ial sample
consis ed o 52,726 company-yea obse a ions. The ea e , obse a-
ions wi h missing alues and inancial ins i u ions (including insu -
ances and banks) we e dele ed. To educe he in luences o ou lie s,
he a iables we e winso ized. The inal sample consis ed o 1919
indi idual companies wi h 17,848 company-yea obse a ions. The
sample dis ibu ion was balanced among he con inen s o he Ame i-
cas, Asia and Oceania, and Eu ope.
3.2 |Dependen a iable and independen
a iables
In acco dance wi h p io esea ch measu ing implemen a ion beha io
(Bauckloh e al., 2021), he dependen a iable CSR sophis ica ion was
p oxied by he Re ini i ESG sco e, a ailable in he Thomson Reu e s
ASSET4 da abase. This ela i e sco e scales om 0 o 100, compa ing
a company's pe o mance o i s indus y pee g oup (Re ini i , 2021).
2
This s udy d aws on ou independen a iables e ie ed om
he Eikon Da abase. To accoun o he compe ency d i e , aining
and coaching, he a iable managemen aining was examined. I is a
bina y a iable, aking he alue one i he company p o ides egula
aining o hei manage s, and ze o o he wise. A company is consid-
e ed o p o ide managemen aining i i o e s aining o manage s
on how o lead eams and handle p ocesses, and i i o e s men o ing
p og ams o , as ye , non-manage ial s a . In line wi h La án Jo ge
e al. (2016), such aining is designed o manage s wi h he leade ship
skills and coaching compe encies necessa y o implemen CSR. We
examined wo a iables o measu e leade ship d i e s. Fi s , we used
he a iable boa d skills which measu es he pe cen age o boa d
membe s who ha e ei he an indus y-speci ic o a dis inc i e inan-
cial backg ound. I is a p oxy o he boa d's openness o change and
hus i s inclina ion owa d CSR. Second, o accoun o a long- e m
incen i e in he compensa ion s uc u e o he TMT, a link o he CEO's
compensa ion o o al sha eholde e u n (TSR) was included. This is a
bina y a iable, which is assigned he alue one i he CEO's compen-
sa ion is linked o TSR, and ze o o he wise. We chose TSR as p io
s udies ind ha CSR is posi i ely associa ed wi h he ma ke alue o
a company (Ademi & Klungse h, 2022) and TSR (Lueg &
Peshe a, 2021). Las , we included he bina y a iable QMS which
akes he alue one when he company applies a quali y p inciple such
as Six Sigma o To al Quali y Managemen , and ze o o he wise.
3.3 |Con ol a iables
We chose con ol a iables ha ha e been associa ed wi h CSR sophis i-
ca ion in di usion s udies. Ou s udy con ols o company-speci ic,
boa d-speci ic, in es o - ela ed, and ins i u ional- ela ed in luences. As
la ge companies a e mo e isible and hence ace mo e ex e nal p essu e
o engage in CSR, we included company size, p oxied by he na u al loga-
i hm o he numbe o ull- ime employees (Läge e al., 2022). To con ol
o he in luence o he company's pas pe o mance, he ma ke -based
pe o mance measu e Tobin's Q was inco po a ed. I is calcula ed by di id-
ing a company's ma ke capi aliza ion by i s equi y book alue. Mo eo e ,
he le e age a io o he companies was employed, calcula ed as he a io
o o al deb o o al equi y. Companies wi h a high-le e age a io ace
lowe ee cash lows, indica ing ewe unds o inance CSR ac i i ies
(Sun e al., 2020). To accoun o boa d- ela ed e ec s, we included he
na u al loga i hm o he numbe o boa d membe s.I isexpec ed ha a
highe numbe o boa d membe s will be associa ed wi h a g ea e di e -
si y o opinions, leading o an inc eased likelihood ha he boa d con-
side s CSR o be impo an (Beji e al., 2021). To accoun o in es o
in luences, he in es o concen a ion was con olled by including he pe -
cen age o blockholde s (holding 5% o mo e in sha es). The eby, he
cumula i e powe and long- e m o ien a ion o hose sha eholde g oups
a eaccoun ed o (Bu ke &Lueg,2013; Fiss & Zajac, 2004). Since bene-
i s o CSR only ma e ialize in he long un, long- e m ins i u ional in es-
o s a e expec ed o mo i a e companies o engage in CSR (Kim
e al., 2019). The ins i u ional p essu e o CSR a ies la gely ac oss di e -
en coun ies, he e o e he g oss domes ic p oduc (GDP)pe capi awas
included: i is an icipa ed ha weal hie coun ies will be ound o exe
mo e p essu e on co po a ions o engage in CSR (Lim & Tsu sui, 2012).
All con ol a iables we e e ie ed om he Eikon da abase excep o
GDP, which is a ailable on he Wo ld Bank websi e (Wo ldbank, 2022).
3.4 |Reg ession model
We es he hypo heses wi h a ixed e ec s eg ession on he panel
da a, using he ollowing model:
ESG_Sco e
i,
=β
0
+β
1
Mgm _T aining
i, 1
+β
2
Boa d_Skills
i, 1
+β
3
QMS
i, 1
+β
4
CEO_Comp_TSR
i, 1
+β
5
FTE
i, 1
+β
6
Boa d_Size
i, 1
+β
7
Le e age
i, 1
+β
8
Tobin_Q
i, 1
+β
9
Blockholde
i, 1
+β
10
GDP
i, 1
+Pγ
yea
+ϵ
i,
.
In he eg ession equa ion Pyea ,i ep esen s he ime- ixed
e ec s, while εis he e o e m. To accoun o he ime delay in
in o ma ion inco po a ion and o ule ou endogenei y conce ns, a
1 yea ime lag was included o all independen and con ol a iables.
The B eusch-Pagan-Lag ange-Mul iplie - es sugges s ha he e osce-
das ici y is p esen . Fu he mo e, he Hausman es sugges s a ixed
2
Unlike he ESG da abase o i s i al Bloombe g, Re ini i does no measu e CSR epo ing
bu a he ex e nally obse able indica o s o CSR p ac ices. Companies wi h Re ini i ESG
sco es a e hus hough o espouse mo e sophis ica ed CSR (Clémen e al., 2023). In he
sys ema ic li e a u e e iew by Clémen e al. (2023), he au ho s elabo a e on he
di e ences be ween Re ini i and Bloombe g ESG sco es. Re ini i sco es ely on
comp ehensi e da ase s ha cap u e ex e nally e i iable CSR ou comes, making i a mo e
obus ool o assessing CSR. In con as , Bloombe g's app oach is seen as mo e dependen
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