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General managerial skills and corporate social responsibility

Jie Chen, Xicheng Liu Orcid Logo, Wei Song, Si Zhou

Journal of Empirical Finance, Volume: 55, Pages: 43 - 59

Swansea University Author: Xicheng Liu Orcid Logo

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DOI (Published version): 10.1016/j.jempfin.2019.10.007

Abstract

We show that a CEO’s general managerial skills are negatively related to the level of corporate social responsibility (CSR) undertaken by the firm. This finding is robust to alternative measures of CSR and alternative econometric specifications. The negative effect of general managerial skills on CS...

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Published in: Journal of Empirical Finance
ISSN: 0927-5398
Published: Elsevier BV 2020
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URI: https://cronfa.swan.ac.uk/Record/cronfa52654
first_indexed 2019-11-06T04:13:59Z
last_indexed 2020-07-28T19:14:23Z
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spelling 2020-07-28T15:21:03.0697139 v2 52654 2019-11-05 General managerial skills and corporate social responsibility 41d0d1b9f5dbbb7c1f7887569db233e1 0000-0002-5859-4249 Xicheng Liu Xicheng Liu true false 2019-11-05 CBAE We show that a CEO’s general managerial skills are negatively related to the level of corporate social responsibility (CSR) undertaken by the firm. This finding is robust to alternative measures of CSR and alternative econometric specifications. The negative effect of general managerial skills on CSR persists when we attempt to address potential endogeneity concerns by employing propensity score matching and an instrumental variables approach. Further, supplementary analysis reveals that this negative effect is stronger in tight labor markets and in firms where shareholders are more short term oriented, consistent with the notion that the broader set of outside options available to generalist chief executive officers acts as a labor market mechanism that makes them less concerned about the firm’s long-term prosperity and thus more reluctant to commit to CSR. Journal Article Journal of Empirical Finance 55 43 59 Elsevier BV 0927-5398 1 1 2020 2020-01-01 10.1016/j.jempfin.2019.10.007 http://dx.doi.org/10.1016/j.jempfin.2019.10.007 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University 2020-07-28T15:21:03.0697139 2019-11-05T22:44:42.0896847 Jie Chen 1 Xicheng Liu 0000-0002-5859-4249 2 Wei Song 3 Si Zhou 4 52654__15794__e343ecb8f39d48518e3cdfd1904556b4.pdf General managerial skills and corporate social responsibility_accepted manuscript.pdf 2019-11-05T22:50:09.9883845 Output 596111 application/pdf Accepted Manuscript true 2021-05-05T00:00:00.0000000 Released under the terms of a Creative Commons Attribution Non-Commercial No Derivatives License (CC-BY-NC-ND). true
title General managerial skills and corporate social responsibility
spellingShingle General managerial skills and corporate social responsibility
Xicheng Liu
title_short General managerial skills and corporate social responsibility
title_full General managerial skills and corporate social responsibility
title_fullStr General managerial skills and corporate social responsibility
title_full_unstemmed General managerial skills and corporate social responsibility
title_sort General managerial skills and corporate social responsibility
author_id_str_mv 41d0d1b9f5dbbb7c1f7887569db233e1
author_id_fullname_str_mv 41d0d1b9f5dbbb7c1f7887569db233e1_***_Xicheng Liu
author Xicheng Liu
author2 Jie Chen
Xicheng Liu
Wei Song
Si Zhou
format Journal article
container_title Journal of Empirical Finance
container_volume 55
container_start_page 43
publishDate 2020
institution Swansea University
issn 0927-5398
doi_str_mv 10.1016/j.jempfin.2019.10.007
publisher Elsevier BV
url http://dx.doi.org/10.1016/j.jempfin.2019.10.007
document_store_str 1
active_str 0
description We show that a CEO’s general managerial skills are negatively related to the level of corporate social responsibility (CSR) undertaken by the firm. This finding is robust to alternative measures of CSR and alternative econometric specifications. The negative effect of general managerial skills on CSR persists when we attempt to address potential endogeneity concerns by employing propensity score matching and an instrumental variables approach. Further, supplementary analysis reveals that this negative effect is stronger in tight labor markets and in firms where shareholders are more short term oriented, consistent with the notion that the broader set of outside options available to generalist chief executive officers acts as a labor market mechanism that makes them less concerned about the firm’s long-term prosperity and thus more reluctant to commit to CSR.
published_date 2020-01-01T07:53:57Z
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score 11.048085

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