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Talented inside directors and corporate social responsibility: A tale of two roles
Journal of Corporate Finance ( IF 5.107 ) Pub Date : 2021-07-14 , DOI: 10.1016/j.jcorpfin.2021.102044
Luofan Bu 1 , Kam C. Chan 2 , Ahrum Choi 1 , Gaoguang Zhou 1
Affiliation  

We examine the effect of inside directors with outside directorship, denoted as talented inside directors (TIDs), on corporate social responsibility (CSR) using 17,668 U.S. firm-year observations from 1998 to 2016. We find a significantly negative association between TIDs and excessive CSR and the result remains unchanged after correcting for endogeneity concern. We further shed light on how TIDs reduce excessive CSR through playing monitoring and advisory roles. The result showing a high sensitivity of CEO turnover to excessive CSR in firms with TIDs renders support to the monitoring hypothesis of TIDs. We further demonstrate that the baseline result is more pronounced for TIDs who are more likely to replace CEOs, for positive CSR activities that are more likely to enhance CEOs' personal benefits, and in firms that agency problems are more severe, providing additional evidence to support the monitoring hypothesis. This study also supports the advisory role of TIDs by showing that the baseline result is more pronounced in firms with high demand for board advice. Finally, we show that investors perceive that TIDs improve the value of CSR. Taken together, this study provides promising evidence that TIDs improve the efficiency of CSR investment by monitoring and advising CEOs.



中文翻译:

才华横溢的内部董事与企业社会责任:两个角色的故事

我们使用从 1998 年到 2016 年的 17,668 个美国公司年度观察结果研究了具有外部董事职位的内部董事(表示为有才能的内部董事 (TID))对企业社会责任 (CSR) 的影响。我们发现 TID 与过度的 CSR 之间存在显着的负相关校正内生性问题后,结果保持不变。我们进一步阐明了 TID 如何通过发挥监督和咨询作用来减少过度的 CSR。结果表明,在 TIDs 的公司中,CEO 更替对过度的 CSR 具有高度敏感性,这支持了 TIDs 的监控假设。我们进一步证明,对于更有可能取代 CEO 的 TID,对于更有可能提高 CEO 个人利益的积极 CSR 活动,基线结果更为明显,在代理问题更严重的公司中,提供了额外的证据来支持监控假设。本研究还通过表明基线结果在对董事会建议有很高需求的公司中更为明显,从而支持 TID 的咨询作用。最后,我们表明投资者认为 TID 提高了 CSR 的价值。总而言之,这项研究提供了有希望的证据,证明 TID 通过监督和建议 CEO 来提高 CSR 投资的效率。

更新日期:2021-08-03
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