CEO Image Presentation and Features of Corporate Social Responsibility Reports: An Experimental Study of Investors’ Judgments
通过实验研究，发现CEO着装（休闲vs正式）与企业CSR战略框架（全球vs社区）的匹配会影响投资者对CSR信息的重视程度和投资意愿。
ABSTRACT The growing demand for CSR information has made CSR reporting an important component of corporate disclosure. This study investigates two prevalent features of CSR reports. Using experimental methodology, we examine whether CEO image presentation, specifically casual versus formal attire, interacts with a firm’s CSR strategy frame (global versus community) to influence investors’ information processing and investment intentions. We find that portraying a CEO in casual attire alongside a globally focused CSR strategy increases investors’ CSR information weighting, which in turn enhances their willingness to invest. We also discuss potential mechanisms that underlie this relationship. Overall, this study demonstrates that CEO image presentation is a consequential visual cue in CSR disclosures, shaping investor perceptions, information weighting, and investment decisions, and provides practical implications for firms and market participants.