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ABSTRACTIn this paper, we focus on the conceptualization of corporate citizenship and examine the effects of its tangible manifestation, in the form of corporate philanthropy, on company performance recognizing the importance of the institutional contexts where companies are embedded. Based on a sample of 752 multinational companies that have joined the UN Global Compact, we explore the derived benefits, using as a moderator the legal environment where companies operate. The results of the random‐effect regression analysis show the existence of a positive relationship between corporate citizenship and corporate market valuation over the study period (2016–2022). Findings on corporate citizenship are consistent with previous studies, and the role of the legal tradition emerges as a salient avenue for future investigation. Companies that highly leverage the philanthropic dimension of corporate citizenship and are primarily embedded in a common‐law tradition benefit more than those operating in a civil‐law system.

AbstractFor decades, companies found in international protocols and standards an alternative source of normative guidance to operatively implement sustainability policies at an organisational level. The ever‐increasing adoption of these multi‐faceted policies and guidelines co‐occurs with a more proactive and voluntaristic attitude towards CSR implementation by companies. Born as a kind of soft corporate law to reinforce a regulatory answer to sustainability issues, today, CSR due diligence is becoming a central pillar of the transition of the economic system towards a great level of sustainable development. The paper presents the results of an interventionist research carried out by researchers in collaboration with the European Parliament, aimed at developing a normative resolution on the prominent role of CSR due diligence and its accountability. Through the exploration of the different state‐of‐the‐art of European companies on CSR due diligence, findings suggest that there is considerable room for improvement in CSR due diligence that can be reached through a normative intervention. In addition, the paper contributes to the development of the literature on interventionist research carried out by business scholars, focusing on academia‐industry‐institutions relations.