WITHDRAWN: Heterogeneity in the integration of ESG measures in executive compensation: Determinants, contracting details and outcomes
基于59个国家2002-2019年数据，研究发现企业采用ESG薪酬合同受国家ESG法规、行业采纳率和企业过去ESG表现影响，且合同细节存在跨国差异。ESG合同仅在法规严格的国家提升财务绩效，但对ESG绩效的改善普遍有效。
Corporate social responsibility (CSR) contracting incorporates environmental, social, and governance (ESG) related measures in executive compensation plans. Current research on this practice is limited to a US setting, despite global adoption. We investigate heterogeneity in CSR contracting using data from 59 countries between 2002 and 2019. We find that besides firm-level past ESG performance and the industry-level adoption rate, country-level ESG regulations have significant explanatory power in firms’ tendencies to adopt CSR contracting. Hand-collected data reveal significant cross-country differences in CSR contracting details. Finally, CSR contracting is positively associated with subsequent financial performance only in countries with more stringent ESG regulations and stronger legal enforcement. In contrast, CSR contracting is associated with subsequent ESG performance regardless of country-level factors.