IDEAS home Printed from https://ideas.repec.org/a/eee/beexfi/v33y2022ics221463502100160x.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S221463502100160X
    Download Restriction: no
    File URL: https://libkey.io/10.1016/j.jbef.2021.100617?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Cahan, Steven F. & Chen, Chen & Chen, Li & Nguyen, Nhut H., 2015. "Corporate social responsibility and media coverage," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 409-422.
    2. Jain, Pawan & Jiang, Christine & Mekhaimer, Mohamed, 2016. "Executives' horizon, internal governance and stock market liquidity," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 1-23.
    3. Sandra A. Waddock & Samuel B. Graves, 1997. "The Corporate Social Performance–Financial Performance Link," Strategic Management Journal, Wiley Blackwell, vol. 18(4), pages 303-319, April.
    4. El Ghoul, Sadok & Guedhami, Omrane & Kwok, Chuck C.Y. & Mishra, Dev R., 2011. "Does corporate social responsibility affect the cost of capital?," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2388-2406, September.
    5. Humphery-Jenner, Mark & Lisic, Ling Lei & Nanda, Vikram & Silveri, Sabatino Dino, 2016. "Executive overconfidence and compensation structure," Journal of Financial Economics, Elsevier, vol. 119(3), pages 533-558.
    6. C. Edward Fee, 2003. "Raids, Rewards, and Reputations in the Market for Managerial Talent," The Review of Financial Studies, Society for Financial Studies, vol. 16(4), pages 1315-1357.
    7. Marion Dupire & Bouchra M’Zali, 2018. "CSR Strategies in Response to Competitive Pressures," Journal of Business Ethics, Springer, vol. 148(3), pages 603-623, March.
    8. Nguyen, Nam H. & Phan, Hieu V. & Phan, Hung V. & Tran, Dung T.T. & Vo, Hong, 2020. "Tournament-based incentives and mergers and acquisitions," International Review of Financial Analysis, Elsevier, vol. 71(C).
    9. Habib, Ahsan & Hasan, Mostafa Monzur, 2019. "Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research," International Review of Financial Analysis, Elsevier, vol. 61(C), pages 188-201.
    10. Kais Bouslah & Lawrence Kryzanowski & Bouchra M’Zali, 2018. "Social Performance and Firm Risk: Impact of the Financial Crisis," Journal of Business Ethics, Springer, vol. 149(3), pages 643-669, May.
    11. Bradley W. Benson & Wallace N. Davidson, 2010. "The Relation between Stakeholder Management, Firm Value, and CEO Compensation: A Test of Enlightened Value Maximization," Financial Management, Financial Management Association International, vol. 39(3), pages 929-964, September.
    12. Mark J. Garmaise, 2011. "Ties that Truly Bind: Noncompetition Agreements, Executive Compensation, and Firm Investment," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 27(2), pages 376-425.
    13. ., 2001. "Corporate Governance in Islamic Banking," Chapters, in: Islamic Banking, chapter 7, Edward Elgar Publishing.
    14. Chahine, Salim & Fang, Yiwei & Hasan, Iftekhar & Mazboudi, Mohamad, 2019. "Entrenchment through corporate social responsibility: Evidence from CEO network centrality," International Review of Financial Analysis, Elsevier, vol. 66(C).
    15. Henri Servaes & Ane Tamayo, 2013. "The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness," Management Science, INFORMS, vol. 59(5), pages 1045-1061, May.
    16. Hossain, Ashrafee Tanvir & Kryzanowski, Lawrence, 2021. "Political corruption and Corporate Social Responsibility (CSR)," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    17. Kim, Yongtae & Li, Haidan & Li, Siqi, 2014. "Corporate social responsibility and stock price crash risk," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 1-13.
    18. Charles Cho, 2009. "Legitimation Strategies Used in Response to Environmental Disaster: A French Case Study of Total SA's Erika and AZF Incidents," European Accounting Review, Taylor & Francis Journals, vol. 18(1), pages 33-62.
    19. Borghesi, Richard & Houston, Joel F. & Naranjo, Andy, 2014. "Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 164-181.
    20. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    21. Jiao, Yawen, 2010. "Stakeholder welfare and firm value," Journal of Banking & Finance, Elsevier, vol. 34(10), pages 2549-2561, October.
    22. Dyck, Alexander & Lins, Karl V. & Roth, Lukas & Wagner, Hannes F., 2019. "Do institutional investors drive corporate social responsibility? International evidence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 693-714.
    23. Baron David P & Agus Harjoto Maretno & Jo Hoje, 2011. "The Economics and Politics of Corporate Social Performance," Business and Politics, De Gruyter, vol. 13(2), pages 1-48, August.
    24. Borgers, Arian C.T. & Pownall, Rachel A.J., 2014. "Attitudes towards socially and environmentally responsible investment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 1(C), pages 27-44.
    25. Goss, Allen & Roberts, Gordon S., 2011. "The impact of corporate social responsibility on the cost of bank loans," Journal of Banking & Finance, Elsevier, vol. 35(7), pages 1794-1810, July.
    26. Gul, Ferdinand A. & Krishnamurti, Chandrasekhar & Shams, Syed & Chowdhury, Hasibul, 2020. "Corporate social responsibility, overconfident CEOs and empire building: Agency and stakeholder theoretic perspectives," Journal of Business Research, Elsevier, vol. 111(C), pages 52-68.
    27. Bae, Kee-Hong & El Ghoul, Sadok & Gong, Zhaoran (Jason) & Guedhami, Omrane, 2021. "Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic," Journal of Corporate Finance, Elsevier, vol. 67(C).
    28. Matias Busso & John DiNardo & Justin McCrary, 2014. "New Evidence on the Finite Sample Properties of Propensity Score Reweighting and Matching Estimators," The Review of Economics and Statistics, MIT Press, vol. 96(5), pages 885-897, December.
    29. Coles, Jeffrey L. & Daniel, Naveen D. & Naveen, Lalitha, 2006. "Managerial incentives and risk-taking," Journal of Financial Economics, Elsevier, vol. 79(2), pages 431-468, February.
    30. Carmelo Reverte, 2009. "Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms," Journal of Business Ethics, Springer, vol. 88(2), pages 351-366, August.
    31. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    32. Yin‐hua Yeh & Tsun‐siou Lee & Tracie Woidtke, 2001. "Family Control and Corporate Governance: Evidence from Taiwan," International Review of Finance, International Review of Finance Ltd., vol. 2(1‐2), pages 21-48.
    33. Buchanan, Bonnie & Cao, Cathy Xuying & Chen, Chongyang, 2018. "Corporate social responsibility, firm value, and influential institutional ownership," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 73-95.
    34. Videras Julio R & Owen Ann L, 2006. "Public Goods Provision and Well-Being: Empirical Evidence Consistent with the Warm Glow Theory," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 5(1), pages 1-40, April.
    35. Lys, Thomas & Naughton, James P. & Wang, Clare, 2015. "Signaling through corporate accountability reporting," Journal of Accounting and Economics, Elsevier, vol. 60(1), pages 56-72.
    36. Jeremy C. Stein, 1989. "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 104(4), pages 655-669.
    37. Fama, Eugene F. & French, Kenneth R., 1997. "Industry costs of equity," Journal of Financial Economics, Elsevier, vol. 43(2), pages 153-193, February.
    38. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
    39. Ing-Haw Cheng & Harrison Hong & Kelly Shue, 2013. "Do Managers Do Good with Other People's Money?," NBER Working Papers 19432, National Bureau of Economic Research, Inc.
    40. Hasan, Mostafa Monzur & Habib, Ahsan, 2017. "Corporate life cycle, organizational financial resources and corporate social responsibility," Journal of Contemporary Accounting and Economics, Elsevier, vol. 13(1), pages 20-36.
    41. Krüger, Philipp, 2015. "Corporate goodness and shareholder wealth," Journal of Financial Economics, Elsevier, vol. 115(2), pages 304-329.
    42. Price, Joseph M. & Sun, Wenbin, 2017. "Doing good and doing bad: The impact of corporate social responsibility and irresponsibility on firm performance," Journal of Business Research, Elsevier, vol. 80(C), pages 82-97.
    43. Jinhua Cui & Hoje Jo & Yan Li, 2015. "Corporate Social Responsibility and Insider Trading," Journal of Business Ethics, Springer, vol. 130(4), pages 869-887, September.
    44. Toni M. Whited & Guojun Wu, 2006. "Financial Constraints Risk," The Review of Financial Studies, Society for Financial Studies, vol. 19(2), pages 531-559.
    45. Ron Bird & Anthony D. Hall & Francesco Momentè & Francesco Reggiani, 2007. "What Corporate Social Responsibility Activities are Valued by the Market?," Journal of Business Ethics, Springer, vol. 76(2), pages 189-206, December.
    46. Nicholas Barberis & Ming Huang, 2001. "Mental Accounting, Loss Aversion, and Individual Stock Returns," Journal of Finance, American Finance Association, vol. 56(4), pages 1247-1292, August.
    47. Hoje Jo & Maretno Harjoto, 2012. "The Causal Effect of Corporate Governance on Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 106(1), pages 53-72, March.
    48. David A Waldman & Mary Sully de Luque & Nathan Washburn & Robert J House & Bolanle Adetoun & Angel Barrasa & Mariya Bobina & Muzaffer Bodur & Yi-Jung Chen & Sukhendu Debbarma & Peter Dorfman & Rosemar, 2006. "Cultural and leadership predictors of corporate social responsibility values of top management: a GLOBE study of 15 countries," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 37(6), pages 823-837, November.
    49. Roberts, Michael R. & Whited, Toni M., 2013. "Endogeneity in Empirical Corporate Finance1," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 493-572, Elsevier.
    50. Cheung, Adrian (Wai Kong), 2016. "Corporate social responsibility and corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 412-430.
    51. Kubick, Thomas R. & Lockhart, G. Brandon, 2016. "Do external labor market incentives motivate CEOs to adopt more aggressive corporate tax reporting preferences?," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 255-277.
    52. Grover, Purva & Kar, Arpan Kumar & Ilavarasan, P. Vigneswara, 2019. "Impact of corporate social responsibility on reputation—Insights from tweets on sustainable development goals by CEOs," International Journal of Information Management, Elsevier, vol. 48(C), pages 39-52.
    53. Di Giuli, Alberta & Kostovetsky, Leonard, 2014. "Are red or blue companies more likely to go green? Politics and corporate social responsibility," Journal of Financial Economics, Elsevier, vol. 111(1), pages 158-180.
    54. Jayant R. Kale & Ebru Reis & Anand Venkateswaran, 2009. "Rank‐Order Tournaments and Incentive Alignment: The Effect on Firm Performance," Journal of Finance, American Finance Association, vol. 64(3), pages 1479-1512, June.
    55. Caroline Flammer, 2015. "Does product market competition foster corporate social responsibility? Evidence from trade liberalization," Strategic Management Journal, Wiley Blackwell, vol. 36(10), pages 1469-1485, October.
    56. Abagail McWilliams & Donald Siegel, 2000. "Corporate social responsibility and financial performance: correlation or misspecification?," Strategic Management Journal, Wiley Blackwell, vol. 21(5), pages 603-609, May.
    57. Tu Nguyen & Jing Zhao, 2021. "Industry tournament incentives and corporate innovation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 1797-1845, October.
    58. McCarthy, Scott & Oliver, Barry & Song, Sizhe, 2017. "Corporate social responsibility and CEO confidence," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 280-291.
    59. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004. "How Much Should We Trust Differences-In-Differences Estimates?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 249-275.
    60. Bengt Holmström, 1999. "Managerial Incentive Problems: A Dynamic Perspective," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(1), pages 169-182.
    61. Baron, David P. & Agus Harjoto, Maretno & Jo, Hoje, 2011. "The Economics and Politics of Corporate Social Performance," Business and Politics, Cambridge University Press, vol. 13(2), pages 1-46, August.
    62. Huang, Jian & Jain, Bharat A. & Kini, Omesh, 2019. "Industry Tournament Incentives and the Product-Market Benefits of Corporate Liquidity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(2), pages 829-876, April.
    63. Nicholas Barberis & Ming Huang, 2001. "Mental Accounting, Loss Aversion, and Individual Stock Returns," NBER Working Papers 8190, National Bureau of Economic Research, Inc.
    64. Deng, Xin & Kang, Jun-koo & Low, Buen Sin, 2013. "Corporate social responsibility and stakeholder value maximization: Evidence from mergers," Journal of Financial Economics, Elsevier, vol. 110(1), pages 87-109.
    65. Sudheer Chava, 2014. "Environmental Externalities and Cost of Capital," Management Science, INFORMS, vol. 60(9), pages 2223-2247, September.
    66. Hong, Harrison & Kacperczyk, Marcin, 2009. "The price of sin: The effects of social norms on markets," Journal of Financial Economics, Elsevier, vol. 93(1), pages 15-36, July.
    67. Adrian R Pagan & Anthony D Hall, 1983. "Diagnostic tests as residual analysis," Published Paper Series 1983-1, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    68. Yin-hua Yeh & Tsun-siou Lee & Tracie Woidtke, 2001. "Family Control and Corporate Governance: Evidence from Taiwan," International Review of Finance, International Review of Finance Ltd., vol. 2(1&2), pages 21-48.
    69. Amir Barnea & Amir Rubin, 2010. "Corporate Social Responsibility as a Conflict Between Shareholders," Journal of Business Ethics, Springer, vol. 97(1), pages 71-86, November.
    70. Ronald W. Masulis & Syed Walid Reza, 2015. "Agency Problems of Corporate Philanthropy," The Review of Financial Studies, Society for Financial Studies, vol. 28(2), pages 592-636.
    71. David Eberle & Guido Berens & Ting Li, 2013. "The Impact of Interactive Corporate Social Responsibility Communication on Corporate Reputation," Journal of Business Ethics, Springer, vol. 118(4), pages 731-746, December.
    72. Graham, John R. & Harvey, Campbell R. & Puri, Manju, 2015. "Capital allocation and delegation of decision-making authority within firms," Journal of Financial Economics, Elsevier, vol. 115(3), pages 449-470.
    73. Yiqing Tan, 2021. "Industry tournament incentives and audit fees," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(3-4), pages 587-612, March.
    74. Adhikari, Binay K., 2016. "Causal effect of analyst following on corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 201-216.
    75. Hoje Jo & Haejung Na, 2012. "Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors," Journal of Business Ethics, Springer, vol. 110(4), pages 441-456, November.
    76. Hannah Oh & John Bae & Sang-Joon Kim, 2017. "Can Sinful Firms Benefit from Advertising Their CSR Efforts? Adverse Effect of Advertising Sinful Firms’ CSR Engagements on Firm Performance," Journal of Business Ethics, Springer, vol. 143(4), pages 643-663, July.
    77. Ding, David K. & Ferreira, Christo & Wongchoti, Udomsak, 2016. "Does it pay to be different? Relative CSR and its impact on firm value," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 86-98.
    78. Weichieh Su & Mike W. Peng & Weiqiang Tan & Yan-Leung Cheung, 2016. "The Signaling Effect of Corporate Social Responsibility in Emerging Economies," Journal of Business Ethics, Springer, vol. 134(3), pages 479-491, March.
    79. Jeffrey L Coles & Zhichuan (Frank) Li & Albert Y Wang, 2018. "Industry Tournament Incentives," The Review of Financial Studies, Society for Financial Studies, vol. 31(4), pages 1418-1459.
    80. Michele Fabrizi & Christine Mallin & Giovanna Michelon, 2014. "The Role of CEO’s Personal Incentives in Driving Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 124(2), pages 311-326, October.
    81. Paul C. Godfrey & Craig B. Merrill & Jared M. Hansen, 2009. "The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis," Strategic Management Journal, Wiley Blackwell, vol. 30(4), pages 425-445, April.
    82. Cronqvist, Henrik & Yu, Frank, 2017. "Shaped by their daughters: Executives, female socialization, and corporate social responsibility," Journal of Financial Economics, Elsevier, vol. 126(3), pages 543-562.
    83. Bengt Holmström, 1999. "Managerial Incentive Problems: A Dynamic Perspective," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 66(1), pages 169-182.
    84. Bodnaruk, Andriy & Östberg, Per, 2013. "The Shareholder Base and Payout Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 48(3), pages 729-760, June.
    85. Kini, Omesh & Williams, Ryan, 2012. "Tournament incentives, firm risk, and corporate policies," Journal of Financial Economics, Elsevier, vol. 103(2), pages 350-376.
    86. John Core & Wayne Guay, 2002. "Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility," Journal of Accounting Research, Wiley Blackwell, vol. 40(3), pages 613-630, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Han, Feng & Tee, Kienpin & Hao, Siyuan & Xiong, Rancen, 2024. "Does unfairness reduce efficiency? Within-industry CEO pay inequity and firm efficiency in China," Finance Research Letters, Elsevier, vol. 62(PA).
    2. Ding, Hui & Jiang, Fuwei & Zhang, Shan & Zhang, Zhining, 2024. "Managerial myopia and corporate social responsibility：Evidence from the textual analysis of Chinese earnings communication conferences," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhang, Zhuang & Chizema, Amon & Kuo, Jing-Ming & Zhang, Qingjing, 2022. "Managerial risk-reducing incentives and social and exchange capital," The British Accounting Review, Elsevier, vol. 54(6).
    2. Hans B. Christensen & Luzi Hail & Christian Leuz, 2021. "Mandatory CSR and sustainability reporting: economic analysis and literature review," Review of Accounting Studies, Springer, vol. 26(3), pages 1176-1248, September.
    3. Yiqing Tan, 2024. "Local Tournament Incentives and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 194(1), pages 211-228, September.
    4. Bu, Luofan & Chan, Kam C. & Choi, Ahrum & Zhou, Gaoguang, 2021. "Talented inside directors and corporate social responsibility: A tale of two roles," Journal of Corporate Finance, Elsevier, vol. 70(C).
    5. Dunbar, Craig & Li, Zhichuan (Frank) & Shi, Yaqi, 2020. "CEO risk-taking incentives and corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 64(C).
    6. Boubaker, Sabri & Chebbi, Kaouther & Grira, Jocelyn, 2020. "Top management inside debt and corporate social responsibility? Evidence from the US," The Quarterly Review of Economics and Finance, Elsevier, vol. 78(C), pages 98-115.
    7. Li, Chengcheng & Wang, Xiaoqiong, 2022. "Local peer effects of corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 73(C).
    8. Hui-Ju Tsai & Yangru Wu, 2022. "Changes in Corporate Social Responsibility and Stock Performance," Journal of Business Ethics, Springer, vol. 178(3), pages 735-755, July.
    9. Amin, Abu & Chourou, Lamia & Kamal, Syed & Malik, Mahfuja & Zhao, Yang, 2020. "It’s who you know that counts: Board connectedness and CSR performance," Journal of Corporate Finance, Elsevier, vol. 64(C).
    10. Buchanan, Bonnie G. & Cao, Cathy Xuying & Wang, Shuhui, 2021. "Corporate social responsibility and inside debt: The long game," International Review of Financial Analysis, Elsevier, vol. 78(C).
    11. 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.
    12. Kim, Hyun-Dong & Kim, Taeyeon & Kim, Yura & Park, Kwangwoo, 2019. "Do long-term institutional investors promote corporate social responsibility activities?," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 256-269.
    13. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
    14. Champagne, Claudia & Coggins, Frank & Sodjahin, Amos, 2022. "Can extra-financial ratings serve as an indicator of ESG risk?," Global Finance Journal, Elsevier, vol. 54(C).
    15. Liu, Xianda & Hou, Wenxuan & Main, Brian G.M., 2022. "Anti-market sentiment and corporate social responsibility: Evidence from anti-Jewish pogroms," Journal of Corporate Finance, Elsevier, vol. 76(C).
    16. Gillan, Stuart L. & Koch, Andrew & Starks, Laura T., 2021. "Firms and social responsibility: A review of ESG and CSR research in corporate finance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    17. Yi, Yuyang & Zhang, Zongyi & Xiang, Cheng, 2022. "The value of CSR during the COVID-19 crisis: Evidence from Chinese firms," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    18. Jie Chen & Xicheng Liu & Wei Song, 2018. "CEO general managerial skills and corporate social responsibility," Working Papers 2018-16, Swansea University, School of Management.
    19. Hossain, Ashrafee Tanvir & Kryzanowski, Lawrence, 2021. "Political corruption and Corporate Social Responsibility (CSR)," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
    20. Sun, Xian & Gunia, Brian C., 2018. "Economic resources and corporate social responsibility," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 332-351.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:beexfi:v:33:y:2022:i:c:s221463502100160x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/journal-of-behavioral-and-experimental-finance .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.