The significance of corporate social responsibility in family businesses

Békésiné Kovács, Noémi (2026) The significance of corporate social responsibility in family businesses. In: ESG - RISK MANAGEMENT OR NEW SUSTAINABILITY? Budapesti Gazdaságtudományi Egyetem (BGE), Budapest, pp. 12-21. ISBN 9786156886279

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Abstract

Family businesses play a pivotal role in the global economy, characterized by a unique blend of familial values, long-term orientation, and entrepreneurial spirit. One area where family businesses are increasingly making an impact is in the realm of Corporate Social Responsibility. Unlike their non-family counterparts, family businesses often embed their social and ethical values deeply into their operations, which may lead to a more holistic approach to sustainability. This paper explores the relationship between family business dynamics and Corporate Social Responsibility, and investigates how family control influences Corporate Social Responsibility strategies, decision-making processes, and stakeholder engagement. By drawing on an extensive theoretical background, this study aims to provide a deeper understanding of the motivations behind sustainability initiatives in family-owned firms, particularly in the context of sustainability and community involvement. We argue that the non-financial, family-related priorities, coupled with a generational focus, provide a distinct advantage in balancing profitability with societal impact. This research contributes to the literature by offering new perspectives on how family businesses can leverage their unique attributes to enhance their public spirit efforts, fostering long-term value creation for both the business and the wider community.

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