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CEO Personal Hedging and Corporate Social Responsibility

Author

Listed:
  • Jongwon Park

    (Monash University)

  • Sunyoung Kim

    (Monash University)

  • Albert Tsang

    (Hong Kong Polytechnic University)

Abstract

This study examines whether and how the presence of managerial hedging opportunities, which allows executives to reduce the sensitivity of their equity-based compensation to the firm’s stock price performance, affects firms’ corporate social responsibility (CSR) activities. We find a significant and negative relationship between the presence of managerial hedging opportunities and firms’ CSR performance. The effect of managerial hedging opportunities on CSR performance is more pronounced for CEOs with greater personal hedging needs. Additionally, the effect is weakened if firms limit corporate insiders from trading exchange-listed options. Overall, this study suggests that allowing managers to delink their equity-based compensation from firm stock price performance through hedging their personal portfolios can lead to unexpected consequences for firms’ CSR performance.

Suggested Citation

  • Jongwon Park & Sunyoung Kim & Albert Tsang, 2023. "CEO Personal Hedging and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 182(1), pages 199-221, January.
    • Handle: RePEc:kap:jbuset:v:182:y:2023:i:1:d:10.1007_s10551-021-05021-w
    DOI: 10.1007/s10551-021-05021-w
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    More about this item

    Keywords

    CEO; Hedging; Corporate social responsibility; Equity incentives;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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