CEO inside debt holdings and CSR activities

被引：16
|
作者：
Kim, Taeyeon [1 ]
Kim, Hyun-Dong [2 ]
Park, Kwangwoo [1 ]
机构：
[1] Korea Adv Inst Sci & Technol KAIST, Coll Business, Seoul, South Korea
[2] Sogang Univ, Grad Sch Int Studies, Seoul, South Korea
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2020年 / 70卷
关键词：
Inside debt; Pensions; Deferred compensation; Risk-seeking behavior; Corporate social responsibility (CSR); CORPORATE SOCIAL-RESPONSIBILITY; RISK-TAKING INCENTIVES; FINANCIAL PERFORMANCE; COMPENSATION; INVESTMENT; EQUITY; FIRM; OWNERSHIP; MANAGEMENT; COST;
D O I：
10.1016/j.iref.2020.08.009
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines how CEO inside debt holdings affect firms' corporate social responsibility (CSR) activities. Using the US firm-level data over the 2006-2015 period, we find that firms with high CEO pensions and deferred compensation engage more in CSR. This positive relationship however is weakened for firms with greater CEO stock options. We further show that CEO inside debt holdings have a larger impact on CSR for firms in controversial industries where CSR is crucial for risk mitigation. Our results suggest that CEOs with higher inside debt holdings are less likely to take risks, thereby engaging in more CSR.
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页码：508 / 529
页数：22
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