CEO risk-taking incentives and corporate social responsibility

被引：71

作者：

Dunbar, Craig ^{[1
]}

Li, Zhichuan ^{[1
]}

Shi, Yaqi ^{[1
]}

机构：

[1] Western Univ, Ivey Business Sch, London, ON, Canada

来源：

JOURNAL OF CORPORATE FINANCE | 2020年 / 64卷

关键词：

Corporate social responsibility; Executive compensation; Managerial incentives; Vega; Social capital; Risk management; EXECUTIVE-COMPENSATION; SHAREHOLDER VALUE; FIRM PERFORMANCE; GOVERNANCE; MANAGEMENT; COST; DETERMINANTS; COMMITMENT; OPTIONS; WEALTH;

D O I：

10.1016/j.jcorpfin.2020.101714

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine how firms adjust CEO risk-taking incentives in response to risk environments associated with their corporate social responsibility (CSR) standing. We find strong evidence that as a firm's CSR status improves (declines), increasing (decreasing) its risk-taking capacity, the firm responds by adjusting compensation contracts to increase (decrease) CEO risk-taking incentives (Vega). One channel of the adjustment is through stock option grants. Further analyses indicate that the positive CSR-Vega association is stronger in firms with better corporate governance and in industries where riskiness is more important. Our evidence indicates that firms are not passive in response to changes in CSR status and firm risk.

引用

页数：21

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