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

• 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
• Institution: Mahidol University

'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...