Goergen and Renneboog (2002) investigated the relationship between ownership and CSR and attempted to distinguish between the two factors of social responsibility: stakeholder management and social issue participation, and how different ownership structures influence the level of CSR. The study used detailed ownership data of S&P 500 firms accessed from KLD database to distinguish between these two components and to analyse whether the existence of a major shareholder increased the level of stakeholder management or social issue participation. Though the study came out with similar signs and levels of significance as former studies on the control variables in this regression, none of the current ownership variables had an effect on social performance.