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

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

'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...

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Main Authors: P. Jiraporn, P. Chintrakarn
Other Authors: Pennsylvania State University
Format: Article
Published: 2018
Subjects:
Economics, Econometrics and Finance
Online Access:https://repository.li.mahidol.ac.th/handle/123456789/31704
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spelling th-mahidol.317042018-10-19T11:53:52Z Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible? P. Jiraporn P. Chintrakarn Pennsylvania State University Thammasat University Mahidol University Thailand National Institute of Development Administration Economics, Econometrics and Finance '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. © 2013 Taylor & Francis. 2018-10-19T04:53:52Z 2018-10-19T04:53:52Z 2013-05-31 Article Applied Economics Letters. Vol.20, No.11 (2013), 1036-1039 10.1080/13504851.2013.772291 14664291 13504851 2-s2.0-84878257154 https://repository.li.mahidol.ac.th/handle/123456789/31704 Mahidol University SCOPUS https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84878257154&origin=inward
institution Mahidol University
building Mahidol University Library
continent Asia
country Thailand
Thailand
content_provider Mahidol University Library
collection Mahidol University Institutional Repository
topic Economics, Econometrics and Finance
spellingShingle Economics, Econometrics and Finance
P. Jiraporn
P. Chintrakarn
Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?
description '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. © 2013 Taylor & Francis.
author2 Pennsylvania State University
author_facet Pennsylvania State University
P. Jiraporn
P. Chintrakarn
format Article
author P. Jiraporn
P. Chintrakarn
author_sort P. Jiraporn
title Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?
title_short Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?
title_full Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?
title_fullStr Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?
title_full_unstemmed Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?
title_sort corporate social responsibility (csr) and ceo luck: are lucky ceos socially responsible?
publishDate 2018
url https://repository.li.mahidol.ac.th/handle/123456789/31704
_version_ 1763489887159320576

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