Empirical examination of the direct and moderating role of corporate social responsibility in top executive compensation

IF 2.1 Q2 BUSINESS, FINANCE

Pacific Accounting Review Pub Date : 2022-05-13 DOI:10.1108/par-09-2021-0162

M. Malik, E. D. Shim

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引用次数: 4

Abstract

Purpose The purpose of this study is to examine the direct association between firms’ corporate social responsibility (CSR) scores, CSR disclosures and executive compensation. This study further investigates the moderating role of CSR in the association between executive compensation and firms’ stock market and accounting performances. Design/methodology/approach This study collects CEO compensation information from the Execucomp database and CSR performance information from the MSCI ESG database. The final sample consists of 4,193 firm-year observations for 1,318 US public firms for the period 2009–2013. This study uses lagged regression analysis to test the direct and moderating roles of CSR in executive compensation. Findings Regarding the direct role of CSR, this study finds that CEO compensation is positively related to CSR performance but not to firms’ issuance of CSR reports. This study also finds a positive moderating role of CSR in the relationship between CEO compensation and firms’ stock performance. However, the authors do not identify any role for CSR in the relationship between CEO compensation and accounting performance. The results also show a negative association of CSR in the relationship between CEO compensation and firm size. Originality/value This study fills a gap in the literature by providing empirical evidence on the direct association between CSR and CEO compensation and how the association between CEO compensation and firm performance is moderated by CSR scores. The novel findings of this study will benefit managers, boards of directors, shareholders and other stakeholders, including regulators and policymakers.

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企业社会责任对高管薪酬的直接调节作用的实证检验

目的研究企业社会责任(CSR)得分、企业社会责任披露与高管薪酬之间的直接关系。本研究进一步探讨了企业社会责任在高管薪酬与公司股票市场和会计绩效之间的关系中的调节作用。设计/方法/方法本研究从Execucomp数据库收集CEO薪酬信息，从MSCI ESG数据库收集CSR绩效信息。最后的样本包括2009-2013年期间对1318家美国上市公司的4193个公司年度观察结果。本研究采用滞后回归分析检验企业社会责任对高管薪酬的直接和调节作用。关于企业社会责任的直接作用，本研究发现CEO薪酬与企业社会责任绩效呈正相关，而与企业社会责任报告的发布无关。本研究还发现企业社会责任在CEO薪酬与公司股票绩效的关系中具有正向调节作用。然而，作者没有发现企业社会责任在CEO薪酬和会计绩效之间的关系中的任何作用。研究结果还显示，企业社会责任在CEO薪酬与企业规模的关系中呈负相关。原创性/价值本研究填补了文献的空白，提供了企业社会责任与CEO薪酬之间直接关联的实证证据，以及CEO薪酬与公司绩效之间的关联如何被企业社会责任得分调节。本研究的新发现将有利于管理者、董事会、股东和其他利益相关者，包括监管机构和政策制定者。

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

Pacific Accounting Review BUSINESS, FINANCE-

CiteScore

3.80

自引率

9.50%

发文量

期刊介绍： Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.