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The Effects of CEO Awards on Corporate Social Responsibility Focus

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A Correction to this article was published on 06 September 2023

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Abstract

Integrating stakeholder agency theory with the instrumental corporate social responsibility (CSR) literature, this study explores how award-winning CEOs consider personal interests and balance competing stakeholder demands when they decide between external and internal CSR, or CSR focus. Using a difference-in-differences research design, we find that after winning a prestigious media award, CEOs engage in more external CSR, which is more visible to the public, and less internal CSR, which is less likely to attract public attention. We find that such an influence on CSR focus is more salient for award-winning CEOs with lower stock ownership (i.e. a stronger self-serving motivation) than for CEOs with higher stock ownership. Furthermore, we explore the role of stakeholder salience in modifying award-winning CEOs’ decisions about CSR focus. When external stakeholder salience is higher (e.g. higher media coverage), award-winning CEOs' manipulation of CSR focus by increasing external CSR and decreasing internal CSR is more salient. However, such effects can be dampened when internal stakeholder salience is higher (e.g. higher human capital intensity). Our study contributes to the instrumental CSR literature by demonstrating the underlying processes and boundary conditions of how awards affect CEOs' balance of stakeholder salience.

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Data availability

The raw data required to reproduce the above findings are available to download from CSMAR database. The processed data required to reproduce the above findings are available upon request.

Change history

  • 06 September 2023

    The original version of this article was revised: A grant number was missing in the Funding information.

  • 06 September 2023

    A Correction to this paper has been published: https://doi.org/10.1007/s10551-023-05529-3

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Acknowledgements

We are grateful to Professor Ming Jia at Northwestern Polytechnical University, Professor Xinchun Li and Professor Weiwen Li at Sun Yat-sen University for their support in improving this study. We also wish to acknowledge the constructive suggestions provided by section editor Professor Assaad El Akremi and three anonymous reviewers throughout the review process.

Funding

National Natural Science Foundation of China (Nos. 72072188, 71902197, 72372014, 71810107002, and 72102088), The State-owned Assets Supervision and Administration Commission of the State Council (No. 700004-22ZB0002/27), and China Postdoctoral Science Foundation (No. 2022M720560).

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  1. School of Business, Sun Yat-Sen University, Haizhu District, Guangzhou, People’s Republic of China

    Juelin Yin

  2. School of Economics and Business Administration, Chongqing University, Shapingba District, Chongqing, People’s Republic of China

    Jiangyan Li

  3. School of Business, Jiangnan University, Binhu District, Wuxi, People’s Republic of China

    Jun Ma

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The original version of this article was revised: A grant number was missing in the Funding information. The Funding information should have read: 'National Natural Science Foundation of China (Nos. 72072188, 71902197, 72372014, 71810107002, and 72102088), The State-owned Assets Supervision and Administration Commission of the State Council (No. 700004-22ZB0002/27), and China Postdoctoral Science Foundation (No. 2022M720560)' The original article has been corrected.

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Yin, J., Li, J. & Ma, J. The Effects of CEO Awards on Corporate Social Responsibility Focus. J Bus Ethics 190, 897–916 (2024). https://doi.org/10.1007/s10551-023-05411-2

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