Out of character:CEOpolitical ideology, peer influence, and adoption ofCSRexecutive position by Fortune 500 firms

• 成果类型: Article
• 署名作者: Gupta, Abhinav; Fung, Anna; Murphy, Chad
• 署名单位: University of Washington; University of Washington Seattle; American University; Oregon State University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.3240
• 发表日期: 2021
• 页码: 529-557
• 关键词: corporate social responsibility; diffusion; Political ideology; TOP MANAGEMENT TEAMS; UPPER ECHELONS

摘要

Research Summary We consider the link between firms' decisions to adopt a CSR executive position and the political ideology of prior adopter CEOs. We theorize that firms are more likely to adopt a CSR executive position when it has been previously adopted by conservative-leaning CEOs at other firms, as opposed to liberal-leaning CEOs. This effect is due, we argue, to the increased perceptual salience and situational attributions associated with ideologically incongruent actions (i.e., actions that appear inconsistent with known political values). We further posit that these effects are stronger when the observing firms experience increased salience of CSR issues due to shareholder pressure and institutional equivalence between the referent and the observing firms. We find support for these ideas in a longitudinal sample of Fortune 500 companies. Managerial Summary How do CEOs' values affect industry-wide appointments of senior executives in charge of Corporate Social Responsibility (CSR)? Prior research suggests that liberal political beliefs of CEOs predict their CSR commitments. Our study explores how the political beliefs of CEOs-in this case, CEOs who have created a new CSR executive position in their companies-influence the likelihood that peer CEOs will imitate their decisions. Specifically, we find that when conservative CEOs adopt a CSR executive position, other companies are more likely to follow than when liberal-leaning CEOs do so. These effects are even stronger when companies are experiencing CSR-related pressure from shareholders and when they belong to the same industry and community as the firms of the CEOs they are observing.