Shaped by their daughters: Executives, female socialization, and corporate social responsibility

• 成果类型: Article
• 署名作者: Cronqvist, Henrik; Yu, Frank
• 署名单位: University of Miami; China Europe International Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2017.09.003
• 发表日期: 2017
• 页码: 543-562
• 关键词: CEOs; Family environment; FEMALE SOCIALIZATION; Corporate social responsibility

摘要

Corporate executives managing some of the largest public companies in the U.S. are shaped by their daughters. When a firm's chief executive officer (CEO) has a daughter, the corporate social responsibility rating (CSR) is about 9.1% higher, compared to a median firm. The results are robust to confronting several sources of endogeneity, e.g., examining first-born CEO daughters and CEO changes. The relation is strongest for diversity, but significant also for broader pro-social practices related to the environment and employee relations. Our study contributes to research on female socialization, heterogeneity in CSR policies, and plausibly exogenous determinants of CEOs' styles. (C) 2017 Elsevier B.V. All rights reserved.