CEO Materialism and Corporate Social Responsibility
研究发现CEO个人特征能解释企业社会责任评分59%的变异，物质主义倾向的CEO所在企业CSR评分更低，且CSR评分与财务绩效的正向关系仅存在于非物质主义CEO的企业中。
ABSTRACT We study the role of individual CEOs in explaining corporate social responsibility (CSR) scores. We find that CEO fixed effects explain 59 percent of the variation in CSR scores, whereas firm fixed effects explain 23 percent of the variation in CSR scores. Specifically, firms led by materialistic CEOs have lower CSR scores, fewer strengths, and more weaknesses. Finally, we document that CSR scores in firms with non-materialistic CEOs are positively associated with accounting and stock price performance. In contrast, CSR scores in firms with materialistic CEOs are unrelated to profitability. JEL Classifications: G30; G34; G38.