CEO Pay Sensitivity (Delta and Vega) and Corporate Social Responsibility

被引：17

作者：

Ikram, Atif ^{[1
]}

Li, Zhichuan ^{[2
]}

MacDonald, Travis ^{[3
]}

机构：

[1] Arizona State Univ, Dept Finance, Tempe, AZ 85281 USA

[2] Univ Western Ontario, Ivey Business Sch, London, ON N6A 3K7, Canada

[3] Univ Western Ontario, Dept Econ, London, ON N6A 3K7, Canada

来源：

SUSTAINABILITY | 2020年 / 12卷 / 19期

关键词：

executive compensation; managerial incentives; corporate social responsibility; corporate social performance; firm risk; delta; vega; agency problem; STOCK OPTION PORTFOLIOS; STAKEHOLDER MANAGEMENT; FIRM VALUE; COMPENSATION; PERFORMANCE; RISK; INCENTIVES; AGENCY; PRICE;

D O I：

10.3390/su12197941

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

We use CEO pay sensitivity to stock performance (delta) and stock volatility (vega) to provide empirical evidence that CEO compensation structure influences firm Corporate Social Responsibility (CSR) performance. We find that delta has no significant effect on CSR, while vega has a strong, causal relationship with CSR. Our findings suggest that CEOs do not view CSR as value enhancing, but as a way to increase their own compensation through vega. Firms that want to improve their social performance should consider vega as an important compensation incentive for executives.

引用

页数：20

共 50 条

[31] Corporate social responsibility and CEO compensation: the moderating effect of corporate governance
Kharabsheh, Buthiena
Al-Shammari, Hussam A.
Al-Numerat, Nosiaba
[J]. COGENT ECONOMICS & FINANCE, 2022, 10 (01):
[32] Consistency in behavior of the CEO regarding corporate social responsibility
Elving, Wim
Kartal, Damla
[J]. CORPORATE COMMUNICATIONS, 2012, 17 (04) : 449 - +
[33] CEO rhetorical strategies for corporate social responsibility (CSR)
Marais, Magalie
[J]. SOCIETY AND BUSINESS REVIEW, 2012, 7 (03) : 223 - 243
[34] An examination of the dimensions of CEO power and corporate social responsibility
Sheikh, Shahbaz
[J]. REVIEW OF ACCOUNTING AND FINANCE, 2019, 18 (02) : 221 - 244
[35] Corporate social responsibility and corporate innovation-The moderating role of CEO social capital
Wang, Peizhang
[J]. FINANCE RESEARCH LETTERS, 2023, 55
[36] Corporate social responsibility, consumer sensitivity, and overcapacity
Chen, Junlong
Sun, Chaoqun
Liu, Jiali
[J]. MANAGERIAL AND DECISION ECONOMICS, 2022, 43 (02) : 544 - 554
[37] Consumers' willingness to pay for corporate social responsibility: Theory and evidence
Narayanan, Sajith
Singh, Guru Ashish
[J]. INTERNATIONAL JOURNAL OF CONSUMER STUDIES, 2023, 47 (06) : 2212 - 2244
[38] When principles pay: Corporate social responsibility and the bottom line
Hoffman, Andrew J.
[J]. ECOLOGICAL ECONOMICS, 2010, 69 (05) : 1187 - 1188
[39] When Principles Pay: Corporate Social Responsibility and the Bottom Line
Chariot, Dominique
[J]. JOURNAL OF INTERDISCIPLINARY ECONOMICS, 2012, 24 (01) : 109 - 113
[40] Corporate social responsibility and the executive-employee pay disparity
D'Mello, Ranjan
Kwon, Sungjoung
Toscano, Francesca
[J]. JOURNAL OF BANKING & FINANCE, 2024, 162

← 1 2 3 4 5 →