The choice for corporate social responsibility (CSR) as a strategic tool remains a debatable issue. While past studies suggest that the financial performance of a firm is the primary driver of CEO turnover; we found that a firm's CSR performance also has a relationship with CEO turnover, a negative relationship. Consistent with the hypotheses, our findings suggest that firm's CSR performance positively moderates the firm's financial performance–CEO turnover relationship. The firm's negative CSR performance–CEO turnover relationship is more pronounced in highCSR‐ranked firms. Precisely, the findings posit that CSR appears to (a) reduce likelihood of CEO turnover in general, (b) somewhat increases the likelihood of CEO turnover in case of poor financial performance, and (c) greatly reduces the likelihood of CEO turnover in case of better financial performance is good. Therefore, a CEO who is motivated to deliver profits in a socially responsible way may face both positive and negative personal consequences. Given the importance of the board gender diversity/gender critical mass, our findings show that the presence of gender critical mass moderates the firm's negative performance (CSR and ROA)–CEO turnover relationship. Further, we split the sample into low and highCSR‐ranked firms, and the findings show that the presence of gender critical mass substitutes the firm's negative performance (CSR and ROA)–CEO turnover relation in highCSR‐ranked firms; whereas, it moderates the relation in lowCSR‐ranked firms. Therefore, the presence of gender critical mass supports the statement that “CSR—combined with board gender diversity—is the new competitive environment for CEOs.”

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企业社会责任是否是CEO的新竞争环境？CEO离职，企业社会责任与董事会性别多样性之间的关联：亚洲证据

选择企业社会责任（CSR）作为战略工具仍然是一个有争议的问题。以往的研究表明，公司的财务绩效是首席执行官离职的主要驱动力。我们发现，企业的CSR表现也与CEO流动率有负相关关系。与假设一致的是，我们的发现表明，企业的CSR绩效积极地缓和了企业的财务绩效与CEO的离职率之间的关系。在高企业社会责任等级的企业中，企业负面的企业社会责任表现与首席执行官的离职关系更为明显。准确地说，调查结果表明，企业社会责任似乎（a）总体上降低了CEO换岗的可能性，（b）在财务状况不佳的情况下，CEO换岗的可能性有所提高，（c）在财务业绩较好的情况下，可以大大降低首席执行官离职的可能性。因此，积极地以对社会负责的方式实现利润的首席执行官可能会面临正面和负面的个人后果。考虑到董事会性别多样性/性别临界人数的重要性，我们的发现表明，性别临界人数的存在减轻了公司的负面绩效（CSR和ROA）-CEO流动率关系。此外，我们将样本分为CSR等级低和高的公司，研究结果表明，性别临界质量的存在替代了CSR等级高的公司的负绩效（CSR和ROA）-CEO营业额关系。相反，它在CSR排名较低的公司中缓和了这种关系。所以，