作者：Gupta, Deeksha; Kopytov, Alexandr; Starmans, Jan
作者单位：Johns Hopkins University; University of Rochester; Stockholm School of Economics
摘要：We show that socially responsible investors can have a negative impact by slowing the pace of firm reform. Investors with broad prosocial preferences value acquiring dirty firms with high negative production externalities because they can reform these firms. The anticipation of trading gains for dirty firms decreases the incentive of current firm owners to reduce externalities proactively, potentially causing delay in reform. The presence of financial investors-alongside socially responsible i...
作者：Babenko, Ilona; Bennett, Benjamin; Sen, Rik
作者单位：Arizona State University; Texas Christian University; University System of Georgia; University of Georgia; University of New South Wales Sydney
摘要：This paper examines CEO pay at nonprofits. Using compensation data for 14,111 nonprofits, we find that CEO pay dropped by 2% after legislation in New York reduced CEOs' ability to influence their own pay. Despite lower pay, CEOs exerted more effort, and nonprofit performance improved. The effects were stronger at commercial nonprofits than at charities and for male CEOs than female CEOs. These findings are consistent with a model where some nonprofit CEOs derive meaning from their work and com...
