Internal governance and corporate social responsibility performance
研究了副总裁对CEO的影响力（内部治理）如何影响企业社会责任绩效，发现内部治理越有效，CSR绩效越好，且该效应在CEO受更严格监督、副总裁更有权力、短期财务压力小和产品市场竞争强时更显著。
Abstract Internal governance is the process by which vice presidents (VPs) use their influence with the chief executive officer (CEO) to impact the firm's direction and policy. This study examines the effect of internal governance on corporate social responsibility (CSR) performance. Based on a large sample of US firms and after controlling for various CEO incentives, corporate governance and other determinants of CSR performance, we find that more effective internal governance is associated with a better CSR performance. These results are robust to alternative internal governance and CSR measures, alternative samples and various approaches that mitigate potential endogeneity problems. Further analysis shows that the effect of internal governance on CSR performance is more pronounced when (a) the CEO is subject to more intensive monitoring, (b) VPs are more powerful, (c) firms experience less short‐term financial performance pressure and (d) they face stronger product market competition. This study advances our understanding of corporate governance's effect on CSR by showing the importance of internal governance.