Abstract
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.
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Notes
See 2014 Report on Sustainable and Responsible Investing Trends in the United States. http://www.ussif.org/trends.
The measure of CEO ability that we use differs slightly from that of Demerjian et al. (2012). See details in “Research Method” section.
MSCI STATS is the successor to Kinder, Lydenberg and Domini (KLD), Innovest, and IRRC. MSCI STATS categorizes CSR items as qualitative issues or controversial business issues.
The untabulated test shows that our results are robust to the inclusion of corporate governance dimension in calculating CSR scores. Some studies (e.g., Choi and Wang 2009; Tang et al. 2015) exclude human rights issues from their CSR calculations. Our results are also robust to the exclusion of human rights dimension in calculating CSR scores.
Following Demerjian et al. (2012), we estimate Model (1) by Fama and French (1997) industry for our sample period from 2003 to 2012. Untabulated results show that, except for the CSR SCORE variable, our estimations are qualitatively similar to those of Demerjian et al. (2012). As part of our robustness check, we also exclude CSR SCORE in Model (1) and obtain qualitatively similar results for our main tests.
When we measure MABILITY as a continuous variable, we find qualitatively similar results.
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Acknowledgements
We thank R. Edward Freeman (the editor), Michelle Greenwood (the editor), and anonymous referees. We also thank Gary Monroe, Greg Shailer and the workshop participants at Xi’an Jiaotong University and the AAA 2016 Annual Meeting for helpful comments. Gaoliang Tian acknowledges financial support for this project from National Natural Science Foundation of China (71372163) and Special Scientific Research Plan of Education Department of Shaanxi Provincial Government of China (16JK2056).
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Appendix: Variable Definitions
Appendix: Variable Definitions
Dependent variables | |
CSR STRENGTHS | The sum of strengths scores across the six KLD issue areas included in this study |
CSR CONCERNS | The sum of concerns scores across the six KLD issue areas included in this study |
CSR SCORE | The total CSR score, calculated as CSR STRENGTHS minus CSR CONCERNS |
Third Party CSR STRENGTHS | The sum of all strengths scores across the following three KLD issue areas: community, the environment, and human rights |
Third Party CSR CONCERNS | The sum of all concerns scores across the following three KLD issue areas: community, the environment, and human rights |
Third Party CSR SCORE | The total third-party CSR score, calculated as Third Party CSR STRENGTHS minus Third Party CSR CONCERNS |
Stakeholder CSR STRENGTHS | The sum of all strengths scores across the following three KLD issue areas: diversity, product quality and safety, and employee relations |
Stakeholder CSR CONCERNS | The sum of all concerns scores across the following three KLD issue areas: diversity, product quality and safety, and employee relations |
Stakeholder CSR SCORE | The total stakeholder CSR score, calculated as Stakeholder CSR STRENGTHS minus Stakeholder CSR CONCERNS |
Adjusted CSR SCORE | The adjusted CSR score developed by Deng et al. (2013), calculated as CSR SCORE divided by the number of strengths and concerns items the same year |
Independent variable | |
MABILITY | The decile rank (by year and industry) of the managerial ability score without CSR effect, which is calculated by Model (1) |
Adjusted ROA | The 5-year (from year t − 5 to year t − 1) industry-adjusted ROA. The industry-adjusted ROA for each year is calculated as income before extraordinary items (IBC) scaled by average total assets (AT), minus the average ROA for firms with the same two-digit SIC industry |
Other control variables | |
SIZE | The natural log of total assets (AT), measured at the end of fiscal year t |
LEVERAGE | The sum of long-term debt and debt in current liabilities divided by total assets ((DLTT + DLC)/AT), measured at the end of fiscal year t |
ROA | Income before extraordinary items divided by total assets (IB/AT), measured at the end of fiscal year t |
MB | The market value of equity divided by the book value of equity ((PRCC_F × CSHO)/CEQ), measured at the end of fiscal year t |
RD | R&D expenses scaled by total assets (XRD/AT), measured at the end of fiscal year t |
CFO | Cash flow from operations divided by total assets (OANCF/AT), measured at the end of fiscal year t |
DIV | Cash dividends scaled by total assets ((DVC + DVP)/AT), measured at the end of fiscal year t |
HHI | The sum of the squared market shares of all firms in the same two-digit SIC code, measured at the end of fiscal year t |
BLUE | Dummy variable equal to one if a firm’s headquarters are in a US blue or Democratic state and zero otherwise. The list of blue states is obtained from the following Web sites: http://en.wikipedia.org/wiki/File:Red_state,_blue_state.svg and http://thehill.com/blogs/ballot-box/house-races/221721-how-red-or-blue-is-your-state, where define a blue state if it is listed in both Web sites |
LITIGATION | Dummy variable equal to one if a firm operates in a high-litigation industry (SIC codes 2833–2836, 3570–3577, 3600–3674, 5200–5961, 7370–7374, 8731–8734) and zero otherwise |
CHAIR | Dummy variable equal to one if a CEO is also the chair of the board of directors and zero otherwise |
FEMALE | Dummy variable equal to one if a CEO is female and zero otherwise |
TENURE | The number of years since a CEO has occupied the CEO position |
CEO_RETIRE | Dummy variable equal to one if a CEO’s age is at least sixty-three years and zero otherwise |
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Yuan, Y., Tian, G., Lu, L. et al. CEO Ability and Corporate Social Responsibility. J Bus Ethics 157, 391–411 (2019). https://doi.org/10.1007/s10551-017-3622-3
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DOI: https://doi.org/10.1007/s10551-017-3622-3