CEO Materialism and Corporate Social Responsibility

• 成果类型: Article
• 署名作者: Davidson, Robert H.; Dey, Aiyesha; Smith, Abbie J.
• 署名单位: Virginia Polytechnic Institute & State University; Harvard University; University of Chicago
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-52079
• 发表日期: 2019
• 页码: 101-126
• 关键词: FINANCIAL PERFORMANCE; Managers; VALUES; top; INVESTMENT; disclosure; ETHICS; others; style

摘要

We study the role of individual CEOs in explaining corporate social responsibility (CSR) scores. We find that CEO fixed effects explain 59 percent of the variation in CSR scores, whereas firm fixed effects explain 23 percent of the variation in CSR scores. Specifically, firms led by materialistic CEOs have lower CSR scores, fewer strengths, and more weaknesses. Finally, we document that CSR scores in firms with non-materialistic CEOs are positively associated with accounting and stock price performance. In contrast, CSR scores in firms with materialistic CEOs are unrelated to profitability.