This study analyzes the relationship between corporate social responsibility (CSR)-related activities and supply chain networks. We focus on horizontal corporate groups (keiretsu) as proxies of supply chain networks. The relationships between independent companies and companies that belong to these keiretsu in terms of differences in their CSR activity implementation are identified and clarified using quantitative analysis techniques. This study uses a propensity score matching method to narrow a sample to include only keiretsu companies and independent companies with characteristics similar to those of keiretsu companies. Based on the results, even after controlling for yushi-keiretsu and the elements that define a corporate group, we find that keiretsu companies consistently engage in CSR activities. Remarkably, the Mitsubishi Group has a strong tendency to engage in CSR activities.
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