Does CEO debt-like compensation mitigate corporate social irresponsibility?

IF 2.8 4区管理学 Q2 BUSINESS, FINANCE

Accounting Forum Pub Date : 2023-04-27 DOI:10.1080/01559982.2023.2195983

Long Chen, G. He, Gopal V. Krishnan

引用次数: 0

Abstract

Corporate social irresponsibility (CSI) is an increasingl rele ant topic to toda s b siness as CSI may exert stronger impacts on firms than corporate social responsibility (CSR). However, little is known about mechanisms through which to curb such irresponsible actions. We examine whether CEO debt-like compensation (i.e., pension and deferred compensation granted to the CEO of a firm) mitigates CSI, which is proxied by environmental, social, and governance (ESG) risk exposure. Using a measure of ESG risk exposure based on media coverage of ESG incidents, we find that CEO inside debt is negatively related to ESG risk exposure. Further, this relation is stronger when firms are confronted with financial constraints, have larger outside debt or lower credit ratings, and have younger or shorter-tenured CEOs.

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CEO类似债务的薪酬是否减轻了企业的社会不负责任?

企业社会不负责任(CSI)是当今企业日益关注的话题，因为CSI对企业的影响可能比企业社会责任(CSR)更大。然而，人们对遏制这种不负责任行为的机制知之甚少。我们研究了CEO债务类薪酬(即公司CEO的养老金和递延薪酬)是否会减轻CSI, CSI是由环境、社会和治理(ESG)风险暴露所代表的。采用基于ESG事件媒体报道的ESG风险暴露度量，我们发现CEO内部债务与ESG风险暴露呈负相关。此外，当企业面临财务约束、拥有较大的外部债务或较低的信用评级、以及拥有较年轻或任期较短的首席执行官时，这种关系会更强。

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

Accounting Forum BUSINESS, FINANCE-

CiteScore

5.20

自引率

6.50%

发文量

期刊介绍： Accounting Forum publishes authoritative yet accessible articles which advance our knowledge of theory and practice in all areas of accounting, business finance and related subjects. The journal both promotes greater understanding of the role of business in the global environment, and provides a forum for the intellectual exchange of academic research in business fields, particularly in the accounting profession. Covering a range of topical issues in accounting, business finance and related fields, Accounting Forum''s main areas of interest are: accounting theory; auditing; financial accounting; finance and accounting education; management accounting; small business; social and environmental accounting; and taxation. Of equal interest to practitioners, academics, and students, each issue of the journal includes peer-reviewed articles, notes and comments section.