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Does a competitive external labour market affect corporate social responsibility? Evidence from industry tournament incentives

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  • Chowdhury, Hasibul
  • Hodgson, Allan
  • Hasan, Mostafa Monzur

Abstract

We examine whether external labour market incentive, as captured by CEOs’ industry tournament incentives (CITI), is related to a firm’s corporate social responsibility (CSR) behaviour. We find that firms with greater CITI are associated with fewer CSR engagements. We also find that CEOs, while responding to labour market incentives, prioritize the allocation of firm resources to core business operations, such as investment in capital expenditure. This negative CITI-CSR relation is more pronounced for firms with financing constraints and firms in “sin” industries as well as in environmentally less-sensitive industries. Moreover, firms having low-CSR stemming from greater CITI contribute to shareholders’ wealth by enhancing firm value, performance, and productivity. Our main finding is robust to several endogeneity tests including a quasi-natural experiment. Overall, we show that CEOs’ external labour market incentives have important implications on firm-level CSR engagements.

Suggested Citation

  • Chowdhury, Hasibul & Hodgson, Allan & Hasan, Mostafa Monzur, 2022. "Does a competitive external labour market affect corporate social responsibility? Evidence from industry tournament incentives," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    • Handle: RePEc:eee:beexfi:v:33:y:2022:i:c:s221463502100160x
    DOI: 10.1016/j.jbef.2021.100617
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    More about this item

    Keywords

    Industry tournament incentives; Corporate social responsibility; Firm value;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects

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