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<p>This study investigates the effect of ownership concentration on firms’ ESG performance, emphasizing the moderating role of CSR committees. Using a panel of 242 French listed companies from 2009 to 2023, the study employs fixed-effects regressions, interaction models, and GMM robustness checks. Results show that concentrated ownership negatively affects ESG performance, consistent with agency theory, but this effect is mitigated in family firms and those with CSR committees. The impact also varies with external pressures such as market competition and regulatory changes like the Pacte Law. The study highlights the importance of CSR committees, the influence of family control, and provides evidence from a civil-law context with high ownership concentration, offering practical implications for policymakers and investors.</p>

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Ownership concentration and ESG performance: the moderating role of CSR Committees in the French context

  • 期刊论文

  • 发表日期：

    2026年6月25日

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  • Selma Abdelwahed,
  • Habiba Ladhari,
  • Mhamed Ben Slimane

摘要

This study investigates the effect of ownership concentration on firms’ ESG performance, emphasizing the moderating role of CSR committees. Using a panel of 242 French listed companies from 2009 to 2023, the study employs fixed-effects regressions, interaction models, and GMM robustness checks. Results show that concentrated ownership negatively affects ESG performance, consistent with agency theory, but this effect is mitigated in family firms and those with CSR committees. The impact also varies with external pressures such as market competition and regulatory changes like the Pacte Law. The study highlights the importance of CSR committees, the influence of family control, and provides evidence from a civil-law context with high ownership concentration, offering practical implications for policymakers and investors.