Executive compensation linked to corporate social responsibility and firm risk

高管薪酬 企业社会责任 内生性 业务 激励 企业价值 补偿(心理学) 会计 精算学 系统性风险 计量经济学 微观经济学 经济 财务 心理学 公共关系 社会心理学 政治学
作者
Lucia Silva Gao,Shahbaz Sheikh,Hong Zhou
出处
期刊:International Journal of Managerial Finance [Emerald Publishing Limited]
卷期号:19 (2): 269-290 被引量:9
标识
DOI:10.1108/ijmf-10-2021-0511
摘要

Purpose The purpose of this study is to empirically examine the relationship between executive compensation linked to corporate social responsibility (CSR) and firm risk. It also explores the moderating role of CSR-linked compensation on the relationship between risk-taking incentives provided in executive compensation and firm risk. Design/methodology/approach This study uses Ordinary Least Squares (OLS) and firm-fixed effects regressions to estimate the association between CSR-linked compensation and firm risk. Furthermore, it employs instrumental variable, propensity score matching and first-order difference approaches to address concerns about endogeneity and sample selection. Findings Benchmark results show that CSR-linked compensation reduces both total and idiosyncratic measures of risk. Further results indicate that CSR-linked compensation reduces firm risk only when risk is above the optimal level and has no significant effect when risk is below the optimal level. Additionally, tests show that CSR-linked compensation also mitigates the positive effect of Vega of executive compensation on risk and this mitigation effect is significant only when risk is above the optimal level. Practical implications The empirical results of this study show that boards can use CSR-linked compensation not only to induce higher social performance but also as a risk management tool to manage risk, especially when risk is above value increasing optimal levels. Furthermore, boards can use CSR-linked compensation to mitigate excessive risk-taking induced by option compensation. Originality/value This study contributes to the emerging literature on CSR-linked compensation and firm risk. To our knowledge, this is the first study that documents the direct risk-reducing effect of CSR-linked compensation and its mitigating effect on the relation between Vega of executive compensation and firm risk.
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