CEO Characteristics, Family-controlled Firms and Employer-support Volunteerism: Evidence from India

This article uses stakeholder and legitimacy theories to examine CEO characteristics, family-controlled firms and employer-support volunteerism in India. A sample size of 800 firm-year observations between 2010 and 2019 utilizes multivariant regression for data interpretation. Our results suggest that CEO duality is statistically insignificant to influence employer-support volunteerism. Second, ageing CEOs have a statistically significant and positive effect on influencing employer-support volunteerism in India. Third, male CEOs have a statistically significant and positive effect on influencing employer-support volunteerism in India. Fourth, family firms are insignificant to influence employer-support volunteerism. However, in a moderating study, family-controlled firms reduce the efficiency in CEO duality towards employer-support volunteerism in India. Fifth, the interactive study shows that ageing and male CEOs in family firms positively influence employer-support volunteerism. Regarding the control variables, we found that firm size and type of industry are sensitive to employer-support volunteerism in India. The study implies that a CEO non-duality can better address support for volunteerism. Similarly, the characteristics of ageing CEOs are associated with experience and the general desire to undertake volunteerism. Likewise is the engagement of male CEOs who pursue community engagement better than female CEOs. The implication from the study to shareholders and any party interest (example: community) seeking a firm to pursue CSR activities through volunteerism must support CEO non-duality, ageing CEOs and male CEOs’ engagements. Also, family or non-family firms still benefit from undertaking volunteerism when the firms engage ageing CEOs and male CEOs. The results of the study are robust after controlling for firm-specific variables.