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Corporate social responsibility (CSR) and CEO luck: are lucky CEOs socially responsible?

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  • P. Jiraporn
  • P. Chintrakarn

Abstract

‘Lucky’ CEOs are given stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing, severe agency problems and poor corporate governance. We find that lucky (opportunistic) CEOs invest significantly less in CSR. The evidence thus does not support the notion that CSR is primarily used to enhance managers’ private benefits at the expense of shareholders. Rather, lucky CEOs appear to view CSR investments as depriving them of the free cash flow they could otherwise exploit.

Suggested Citation

  • P. Jiraporn & P. Chintrakarn, 2013. "Corporate social responsibility (CSR) and CEO luck: are lucky CEOs socially responsible?," Applied Economics Letters, Taylor & Francis Journals, vol. 20(11), pages 1036-1039, July.
    • Handle: RePEc:taf:apeclt:v:20:y:2013:i:11:p:1036-1039
    DOI: 10.1080/13504851.2013.772291
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    Cited by:

    1. Suham Cahyono & Iman Harymawan & Khairul Anuar Kamarudin, 2023. "The impacts of tenure diversity on boardroom and corporate carbon emission performance: Exploring from the moderating role of corporate innovation," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2507-2535, September.
    2. Nopparat Wongsinhirun & Pattanaporn Chatjuthamard & Pornsit Jiraporn & Piyachart Phiromswad, 2022. "Do takeover threats influence corporate social responsibility? Evidence from hostile takeover vulnerability," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1203-1213, September.
    3. Qinlin Zhong & Fuxiu Jiang & Dan Li & Chun Yuan, 2023. "How does mandatory CSR reporting affect supply chain? A new perspective from suppliers," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(1), pages 199-227, March.
    4. María Consuelo Pucheta‐Martínez & Isabel Gallego‐Álvarez, 2019. "An international approach of the relationship between board attributes and the disclosure of corporate social responsibility issues," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(3), pages 612-627, May.
    5. Kerstin Lopatta & Thomas Kaspereit & Sebastian A. Tideman & Anna R. Rudolf, 2022. "The moderating role of CEO sustainability reporting style in the relationship between sustainability performance, sustainability reporting, and cost of equity," Journal of Business Economics, Springer, vol. 92(3), pages 429-465, April.
    6. Zhaocheng Xu & Jingchuan Hou, 2021. "Effects of CEO Overseas Experience on Corporate Social Responsibility: Evidence from Chinese Manufacturing Listed Companies," Sustainability, MDPI, vol. 13(10), pages 1-24, May.
    7. Kuang-Hua Hu & Sin-Jin Lin & Ming-Fu Hsu, 2018. "A Fusion Approach for Exploring the Key Factors of Corporate Governance on Corporate Social Responsibility Performance," Sustainability, MDPI, vol. 10(5), pages 1-18, May.

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