Journal article 838 views 331 downloads
General managerial skills and corporate social responsibility
Journal of Empirical Finance, Volume: 55, Pages: 43 - 59
Swansea University Author:
Xicheng Liu
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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...
Published in: | Journal of Empirical Finance |
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ISSN: | 0927-5398 |
Published: |
Elsevier BV
2020
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URI: | https://cronfa.swan.ac.uk/Record/cronfa52654 |
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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 BAF 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 Accounting and Finance COLLEGE CODE BAF 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 |
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active_str |
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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 |
2020-01-01T04:05:08Z |
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1763753390450409472 |
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11.021648 |