This study examines the impact of chief executive officer ability on firms’ corporate social responsibility performance. We find that firms’ CSR performance increases with CEO ability. Specifically, firms with more able CEOs are associated with more socially responsible activities and fewer socially irresponsible activities, and are associated with more stakeholder CSR rather than third-party CSR. We further find that the positive relation between CEO ability and CSR is weakened for CEO who is also the chair of the board and for (...) CEO who is close to retirement; and is weakened when the CSR emphasis exerted by a firm’s external environment is high. Our results are robust after controlling for firm fixed effects and to the use of multiple measures of CSR performance and CEO ability. Overall, our evidence is consistent with our conjecture that more able CEOs have less career concerns so that these CEOs are more willing to undertake long-term investments in socially beneficial activities, leading to better CSR performance. (shrink)
This study examines the relation between a firm’s business strategy and its corporate social responsibility performance. Using a comprehensive measure of business strategy based on the Miles and Snow theoretical framework, we find that firms following an innovation-oriented strategy are associated with better CSR performance than those following an efficiency-oriented strategy. Specifically, compared with defenders, prospectors engage in more socially responsible activities, fewer socially irresponsible activities, and perform better in both stakeholder- and third-party-related CSR areas. Taken together, our results suggest (...) that business strategy is an important determinant of CSR performance. Prospectors take advantage of CSR, as their innovation-oriented strategy allows them not only to benefit more from CSR, but also to have more tolerance for the uncertainty, risk, and long time-horizon associated with CSR engagement. (shrink)
Editor's Note: Over a long period of time, the evil bourgeois reactionary line has created antagonism between two groups of students in schools—antagonism on the basis of one's family background. This antagonism became very obvious during the initial stage of the Cultural Revolution, and has lasted to this day. It has prevented further criticism of the bourgeois reactionary line and hindered further development of the Cultural Revolution.
The Rising Sun Battlefield Journal published by the East-Is-Red Commune of the Beijing Institute of Light Industry devoted as many as six pages to an all-out attack of "On Family Background" in a long and despicable article titled "The Big Poisonous Weed ‘On Family Background’ Must Be Torn Up by the Roots." In their own words, the appearance of this article was inevitable at a time when the Cultural Revolution reached the stage of great alliance [of mass rebel organizations] and (...) the great power seizure [from capitalist-roaders within the Party]. (shrink)
In December of last year, a few clowns appeared on the grand and spectacular stage of the Great Proletarian Cultural Revolution. These clowns were the reincarnated ghosts from the Capital Red Guard West City, East City, and Haidian Districts Pickets. They viciously attacked Chairman Mao's revolutionary line, engaged in slander on the Central Cultural Revolution Group, called dear Comrade Jiang Qing names, and sabotaged the organizations under the proletarian dictatorship. They provoked violence, created chaos, searched and confiscated the possessions of (...) revolutionary organizations, and spread reactionary declarations. The crimes they committed are simply too numerous to mention. These clowns were none other than the "Capital Red Guards United Action Committee.". (shrink)