ESG Ratings and CEO Charitable Stock Donations: Is Firm ESG Aligned With CEO Personal Philanthropy?

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Corporate Accounting and Finance Pub Date : 2024-12-09 DOI:10.1002/jcaf.22773

Han Dai, Daeun Lee, Ying Liang, Barri Litt

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引用次数: 0

Abstract

In the evolving landscape of sustainable investing, with unprecedented market attention on environmental, social, and governance (ESG) information, our study delves into the relationship between a firm's ESG ratings and the philanthropic behavior of its chief executive officer (CEO), particularly in terms of charitable stock donations. Examining US firms and utilizing comprehensive ESG data from Refinitiv, we find that ESG-rated firm CEOs engage in greater personal stock donation activity as compared to their non-ESG counterparts. They also appear to time donations in a less self-serving manner. When we isolate ESG firms, we find CEOs of the strongest ESG performers exhibit no self-interested timing behavior. Our study contributes to the sparse literature on CEO charitable behavior, shedding light on the potential alignment between ESG performance at the firm level and genuine, altruistic giving at the CEO level. Such alignment provides valuable insight for investors, policymakers, nonprofit organizations, and researchers interested in the intersection of sustainable investing and executive action.

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ESG评级与CEO慈善股票捐赠：企业ESG与CEO个人慈善是否一致？

随着市场对环境、社会和治理（ESG）信息的空前关注，在可持续投资领域不断发展的背景下，我们的研究深入探讨了公司ESG评级与其首席执行官（CEO）慈善行为之间的关系，特别是在慈善股票捐赠方面。研究美国公司并利用Refinitiv的全面ESG数据，我们发现，与非ESG公司的ceo相比，ESG评级公司的ceo参与了更多的个人股票捐赠活动。他们在选择捐赠时间时似乎也不那么自私。当我们孤立ESG公司时，我们发现ESG表现最好的公司的ceo没有表现出自利的择时行为。我们的研究补充了关于CEO慈善行为的稀少文献，揭示了公司层面的ESG绩效与CEO层面的真实利他捐赠之间的潜在一致性。这种一致性为投资者、政策制定者、非营利组织和对可持续投资与行政行为的交叉点感兴趣的研究人员提供了有价值的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Corporate Accounting and Finance BUSINESS, FINANCE-

CiteScore

2.30

自引率

7.10%

发文量