دانشگاه اصفهان مدیریت دارایی و تامین مالی 2383-1189 14 1 2026 05 22 The Impact of Institutional Cross-Ownership on Corporate Social Responsibility Considering the Mediating Role of Industry Competition تأثیر مالکیت متقابل نهادی بر مسئولیت‌پذیری اجتماعی با در نظر گرفتن نقش میانجی رقابت در صنعت 1 20 29426 10.22108/amf.2025.143394.1937 FA احمد انور سعد دانشجوی دکتری، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران حمزه دیدار دانشیار، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران غلامرضا منصورفر دانشیار، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران مهدی حیدری دانشیار، گروه حسابداری، دانشکده اقتصاد و مدیریت، دانشگاه ارومیه، ارومیه، ایران Journal Article 2024 11 14 This study investigates the impact of institutional cross-ownership on corporate social responsibility (CSR) and industry competition, while also examining the mediating role of industry competition in this relationship. Given the complex and multifaceted influence of ownership structures on firms' competitive dynamics and socially responsible behaviors, this study holds significant theoretical and practical relevance. Utilizing a sample of companies listed on the Tehran Stock Exchange over a ten-year period (2014–2023), we employ multivariate regression models to analyze the data. The findings reveal that institutional cross-ownership exerts a positive and significant effect on CSR, while also enhancing competition within the industry. Moreover, industry competition serves as a meaningful mediator, whereby heightened competitive pressures encourage firms to adopt stronger commitments to social responsibility. By offering novel empirical insights into corporate governance and market competition, this study contributes to strategic decision-making in firm management and advances the understanding of the interplay between economic performance and social accountability.<br /><strong>Keywords:  </strong>Corporate Social Responsibility, Institutional Cross-Ownership, Product Market Competition<br /><strong>JLE:</strong> M41, I22, G11<br /><strong> </strong><br /><strong>Introduction</strong><br />This study investigates the impact of institutional cross-ownership on corporate social responsibility (CSR) and industry competition, with a particular focus on the mediating role of competition. In recent years, CSR reporting has gained prominence alongside financial disclosures as stakeholders increasingly demand corporate accountability beyond mere profitability (Asadi et al., 2024). While financial statements reflect a firm’s economic performance, CSR disclosures communicate its commitment to societal and environmental obligations (Hassas et al., 2019). However, the influence of institutional cross-ownership—where investors hold stakes in multiple competing firms within the same industry (He & Huang, 2017)—remains underexplored in the CSR literature. This study presents conflicting perspectives on cross-ownership’s effects: some scholars argue that it fosters anti-competitive behavior by aligning investor interests across firms, potentially leading to collusion (Azar et al., 2018; Kang et al., 2018; Kempf et al., 2016), while others contend that it enhances governance and industry competitiveness through improved oversight (Schmalz, 2018; Gao et al., 2019; Porter & Kramer, 1986). Furthermore, industry competition itself significantly shapes CSR engagement, as firms may adopt CSR initiatives to differentiate themselves and strengthen stakeholder relationships (Lau et al., 2018; Firas et al., 2023), though excessive competitive pressures could alternatively divert resources toward short-term financial goals at the expense of CSR (Kempf et al., 2016). This study aims to reconcile these divergent views by analyzing how institutional cross-ownership influences CSR, both directly and through its impact on industry competition.<br /><strong>Methods & Materials</strong><br />This study adopts an applied, quasi-experimental research design utilizing ex-post facto (archival) data. The data were collected from the Tehran Stock Exchange database, Rahavard Novin software, and corporate financial statements (including accompanying notes). For hypothesis testing, we employed Ordinary Least Squares (OLS) regression analysis conducted in Stata (v17) and EViews (v13), with robust standard errors to address potential heteroskedasticity. To evaluate the mediating role of industry competition in the institutional cross-ownership-CSR relationship, we implemented the Sobel test – a rigorous statistical procedure for assessing mediation effects that determines whether the indirect path through the mediator variable is statistically significant. This methodological approach ensures both the reliability of our causal inferences and the validity of our mediation analysis.<br /><strong> </strong><br /><strong>Findings</strong><br />Our empirical analysis reveals three key findings. First, institutional cross-ownership significantly enhances corporate social responsibility performance (P < 0.01), consistent with the monitoring hypothesis of institutional ownership. This supports governance theories emphasizing the oversight role of cross-owners (Smith & Johnson, 2020). Second, contrary to collusion concerns, we find cross-ownership reduces industry concentration (P < 0.05), suggesting it promotes competition through operational synergies and knowledge sharing - a finding aligned with Schmalz's (2018) efficiency perspective. Third, mediation analysis confirms industry competition's pivotal role (P < 0.05). The results demonstrate that competitive pressures transform cross-ownership from a passive governance mechanism into an active CSR driver, as firms strategically enhance social commitments to maintain competitive differentiation (Kang et al., 2018; Gao et al., 2019). This tripartite relationship provides novel insights into how market dynamics moderate institutional investors' influence on corporate social performance.<br /><strong> </strong><br /><strong>Discussion and Conclusion</strong><br />This study demonstrates that institutional cross-ownership serves as a dual mechanism for market enhancement. By leveraging their privileged access to industry-wide information, cross-owners transform competitive pressures into catalysts for improved corporate social responsibility. Our findings reveal that such ownership structures not only mitigate anti-competitive tendencies but actively promote market competitiveness through two channels: (1) by enforcing operational efficiencies, and (2) by compelling firms to adopt more sustainable practices as differentiation strategies in competitive environments. These results underscore the pivotal governance role of institutional cross-owners in simultaneously strengthening market dynamics and corporate social performance. The implications suggest that cross-ownership structures may represent an underutilized policy tool for aligning competitive markets with sustainable development goals.<br /><strong> </strong> این پژوهش با هدف بررسی تأثیر مالکیت متقابل نهادی بر مسئولیت‌پذیری اجتماعی شرکت‌ها و رقابت در صنعت انجام شد و نقش میانجی رقابت در صنعت در این رابطه تحلیل شد. این موضوع از اهمیت زیادی برخوردار است؛ زیرا ساختار مالکیت می‌تواند تأثیرات متفاوت و پیچیده‌ای بر رفتارهای مسئولیت‌پذیری و رقابتی شرکت‌ها داشته باشد. این پژوهش ازلحاظ هدف، کاربردی است و ازنظر بررسی رابطۀ بین متغیرها در شاخۀ مطالعات توصیفی-همبستگی قرار می‌گیرد. جامعۀ آماری شامل شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران بوده و داده‌های پژوهش از دورۀ زمانی 10ساله از سال 1393 تا 1402 گردآوری شده‌ است؛ درنهایت با استفاده از الگوهای رگرسیونی چندمتغیره آزمون شده است. نتایج نشان داد که مالکیت متقابل نهادی تأثیر مثبت و معناداری بر مسئولیت‌پذیری اجتماعی دارد. مشخص شد که مالکیت متقابل نهادی به تقویت رقابت در صنعت کمک می‌کند؛ علاوه‌براین، رقابت در صنعت نقش میانجی مؤثری بین مالکیت متقابل نهادی و مسئولیت‌پذیری اجتماعی ایفا می‌کند؛ به‌طوری‌که افزایش رقابت به تشویق شرکت‌ها برای تعهد بیشتر به مسئولیت‌های اجتماعی منجر می‌شود. پژوهش حاضر شواهدی جدید و کاربردی در حوزۀ حاکمیت شرکت و رقابت در بازار ارائه می‌دهد که می‌تواند به تصمیم‌گیری‌های راهبردی بهتر در مدیریت کمک کند.   https://amf.ui.ac.ir/article_29426_6fa8184ee6079d619a14057e33d4e1c1.pdf