CEO compensation and corporate social responsibility

被引：90
|
作者：
Jian, Ming [1 ]
Lee, Kin-Wai [2 ]
机构：
[1] Nanyang Technol Univ, Singapore 639798, Singapore
[2] Nanyang Technol Univ, Nanyang Business Sch, Singapore 639798, Singapore
来源：
JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2015年 / 29卷
关键词：
Corporate social responsibility (CSR); CEO compensation; Corporate governance;
D O I：
10.1016/j.mulfin.2014.11.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the association between CEO compensation and corporate social responsibility (CSR). We find that CEO compensation is negatively associated with CSR investment. We find CEO compensation is positively associated with normal CSR, suggesting that CEO is rewarded for investing in optimal level of CSR. The positive association between CEO compensation and normal CSR is more pronounced in firms with stronger corporate governance. However, CEO compensation level is negatively associated with abnormal CSR, suggesting that when CSR investment deviates from its optimal level, CEOs receive lower compensation level for excessive CSR investments. Firms with good corporate governance penalize abnormal CSR. (C) 2014 Elsevier By. All rights reserved.
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页码：46 / 65
页数：20
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