CEO charity involvement and corporate performance in promoting stakeholders’ interest
研究S&P 1500公司CEO的慈善参与是否促进利益相关者利益，发现这类CEO领导的企业CSR绩效更高、财务错报更少、管理层预测质量更高，且该效应源于CEO的亲社会身份。
This paper examines whether CEOs of S&P 1500 firms who are involved with charity outside of their daily jobs are more committed to advancing the interests of various stakeholders. We show that firms led by CEOs with charity involvement are associated with higher corporate socially responsible (CSR) performance. Furthermore, these CEOs consistently influence other corporate matters to enhance the interests of stakeholders. More specifically, we find that firms led by CEOs with charity involvement are less likely to be involved in financial misreporting, and that these CEOs provide higher-quality management forecasts about their firms’ future performance. We also demonstrate that firms with an imminent need to improve CSR performance or reporting quality have a greater incentive to appoint CEOs involved in charity. A battery of tests show that our findings are related to the prosocial identity of these CEOs rather than to strategic firm-level motivations or CEOs’ desire to advance their social status. Overall, CEOs who engage with charitable organisations exhibit consistent prosocial behaviour in decision-making.