CEO Ability and Corporate Social Responsibility

被引:191
|
作者
Yuan, Yuan [1 ,2 ]
Tian, Gaoliang [1 ]
Lu, Louise Yi [3 ]
Yu, Yangxin [2 ]
机构
[1] Xi An Jiao Tong Univ, Dept Accounting & Finance, Xian, Shaanxi, Peoples R China
[2] City Univ Hong Kong, Dept Accountancy, Kowloon, Hong Kong, Peoples R China
[3] Australian Natl Univ, Res Sch Accounting, Canberra, ACT, Australia
基金
中国国家自然科学基金;
关键词
CEO ability; Career concerns; Corporate social responsibility; Long-term investment; CSR emphasis; MANAGERIAL ABILITY; INSTITUTIONAL OWNERSHIP; PERFORMANCE; TOP; INCENTIVES; CSR; REPUTATION; COMPENSATION; ISOMORPHISM; SUCCESSION;
D O I
10.1007/s10551-017-3622-3
中图分类号
F [经济];
学科分类号
02 ;
摘要
This study examines the impact of chief executive officer (CEO) ability on firms' corporate social responsibility (CSR) performance. We find that firms' CSR performance increases with CEO ability. Specifically, firms with more able CEOs are associated with more socially responsible activities and fewer socially irresponsible activities, and are associated with more stakeholder CSR rather than third-party CSR. We further find that the positive relation between CEO ability and CSR is weakened for CEO who is also the chair of the board and for CEO who is close to retirement; and is weakened when the CSR emphasis exerted by a firm's external environment is high. Our results are robust after controlling for firm fixed effects and to the use of multiple measures of CSR performance and CEO ability. Overall, our evidence is consistent with our conjecture that more able CEOs have less career concerns so that these CEOs are more willing to undertake long-term investments in socially beneficial activities, leading to better CSR performance.
引用
收藏
页码:391 / 411
页数:21
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