期刊名称：ACRN Journal of Finance and Risk Perspectives
电子版ISSN：2305-7394
出版年度：2020
卷号：9
期号：1
页码：15-31
DOI：10.35944/jofrp.2020.9.1.002
出版社：ACRN Publishing
摘要：This research develops a new argument that departs from traditional theories that explain the potential impact of Corporate Social Responsibility (CSR) on Chiefs Executive Officers (CEOs) compensation. More specifically, we argue that if CSR investments provide value for firm’s shareholders and stakeholders, they can also decrease firm’s competitors’ value (negative externality hypothesis). As a result, inefficient CEO compensation may arise even if CSR choice allows managers to act in the best interest of firm’s shareholders and non-investing stakeholders. In sum, our new perspective indicates that excessive levels of CEO compensation are more than a principal-agent-stakeholder problem. In addition, our new theoretical argument suggests that voluntarily CSR should not be a relevant factor for achieving efficient levels of CEO compensation.
关键词：Corporate social responsibility CEO compensation Negative externality Market failure Stakeholder`s management Public interest theory
