Chief executive officer ability, corporate social responsibility, and financial performance: The moderating role of the environment
研究了CEO能力如何影响企业社会责任与财务绩效的关系，发现高能力CEO的社会责任投资能提升财务绩效，而低能力CEO可能机会主义投资损害股东利益，且环境宽松时这种效应更显著。
Abstract This paper seeks to explore how chief executive officer (CEO) ability influences the economic impact of corporate social responsibility strategic decisions. Currently, the evidence on the impact of corporate social responsibility on the value of the company is mixed; in this paper, we aim to observe the moderate role played by this particularity of the CEO in the relationship between socially responsible commitment and financial performance. Our results identify that the most able CEOs make investments in social and environmental practices that lead to greater financial performance; in contrast, the less able CEOs can overinvest or underinvest in an opportunistic way for personal benefit at shareholders' expense. In addition, the role that CEO ability plays in social and environmental strategies is particularly pertinent in munificent environments that foment managerial discretion; in these contexts, high managerial ability leads to investment in socially responsible performance, which benefits shareholders by alleviating moral hazard.