CEO tenure and corporate social responsibility performance
In this study, we examine whether and how CEO tenure affects firms' corporate social responsibility (CSR) performance. Using a sample of U.S. firms for the 1999–2013 period, we find that firms' CSR performance is significantly higher in CEOs' early tenure than in their later tenure. W...
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Published in | Journal of business research Vol. 95; pp. 292 - 302 |
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Main Authors | , , |
Format | Journal Article |
Language | English |
Published |
Elsevier Inc
01.02.2019
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Abstract | In this study, we examine whether and how CEO tenure affects firms' corporate social responsibility (CSR) performance. Using a sample of U.S. firms for the 1999–2013 period, we find that firms' CSR performance is significantly higher in CEOs' early tenure than in their later tenure. We also find that the relationship between CEO tenure and CSR performance is stronger when the board is more independent and CEOs have a longer expected employment period, supporting both the signaling interpretation of the career concern hypothesis and the career horizon hypothesis. Consistent with the trend of increasing awareness of the importance of CSR, we find that the relationship between CEO tenure and CSR performance has become more significant in recent years. Finally, we show that better CSR performance in a CEO's early tenure is associated with a lower CEO turnover probability, suggesting that commitment to CSR during CEOs' early tenure could enable them to mitigate career concerns.
•Firms’ CSR performance is significantly higher in CEOs’ early tenure than in their later tenure.•The relationship between CEO tenure and CSR performance is stronger when the board is more independent.•The relationship between CEO tenure and CSR performance is stronger when CEOs have a longer expected employment period.•The relationship between CEO tenure and CSR performance has become more significant in recent years.•Better CSR performance in a CEO’s early tenure is associated with a lower CEO turnover probability. |
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AbstractList | In this study, we examine whether and how CEO tenure affects firms' corporate social responsibility (CSR) performance. Using a sample of U.S. firms for the 1999–2013 period, we find that firms' CSR performance is significantly higher in CEOs' early tenure than in their later tenure. We also find that the relationship between CEO tenure and CSR performance is stronger when the board is more independent and CEOs have a longer expected employment period, supporting both the signaling interpretation of the career concern hypothesis and the career horizon hypothesis. Consistent with the trend of increasing awareness of the importance of CSR, we find that the relationship between CEO tenure and CSR performance has become more significant in recent years. Finally, we show that better CSR performance in a CEO's early tenure is associated with a lower CEO turnover probability, suggesting that commitment to CSR during CEOs' early tenure could enable them to mitigate career concerns.
•Firms’ CSR performance is significantly higher in CEOs’ early tenure than in their later tenure.•The relationship between CEO tenure and CSR performance is stronger when the board is more independent.•The relationship between CEO tenure and CSR performance is stronger when CEOs have a longer expected employment period.•The relationship between CEO tenure and CSR performance has become more significant in recent years.•Better CSR performance in a CEO’s early tenure is associated with a lower CEO turnover probability. |
Author | Zhu, Xindong (Kevin) Zhou, Gaoguang (Stephen) Chen, Wanyu (Tina) |
Author_xml | – sequence: 1 givenname: Wanyu (Tina) orcidid: 0000-0003-2871-8711 surname: Chen fullname: Chen, Wanyu (Tina) email: wychen@hksyu.edu organization: Department of Accounting, Hong Kong Shue Yan University, Hong Kong, China – sequence: 2 givenname: Gaoguang (Stephen) orcidid: 0000-0003-2298-4226 surname: Zhou fullname: Zhou, Gaoguang (Stephen) email: stephenzhou@hkbu.edu.hk organization: Department of Accountancy and Law, Hong Kong Baptist University, Hong Kong, China – sequence: 3 givenname: Xindong (Kevin) orcidid: 0000-0003-2521-1384 surname: Zhu fullname: Zhu, Xindong (Kevin) email: xindozhu@cityu.edu.hk organization: Department of Accountancy, City University of Hong Kong, Hong Kong, China |
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Title | CEO tenure and corporate social responsibility performance |
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