Publication:
Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?

Issued Date

2013-05-31

Resource Type

Article

ISSN

14664291
13504851

DOI

10.1080/13504851.2013.772291

Other identifier(s)

2-s2.0-84878257154

Rights

Mahidol University

Rights Holder(s)

SCOPUS

Bibliographic Citation

Applied Economics Letters. Vol.20, No.11 (2013), 1036-1039

Suggested Citation

P. Jiraporn, P. Chintrakarn Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?. Applied Economics Letters. Vol.20, No.11 (2013), 1036-1039. doi:10.1080/13504851.2013.772291 Retrieved from: https://repository.li.mahidol.ac.th/handle/20.500.14594/31704

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Title

Corporate social responsibility (CSR) and CEO luck: Are lucky CEOs socially responsible?

Author(s)

P. Jiraporn
 P. Chintrakarn

Other Contributor(s)

Pennsylvania State University
 Thammasat University
 Mahidol University
 Thailand National Institute of Development Administration

Abstract

'Lucky' CEOs are given stock option grants on days when the stock price is the lowest in the month of the grant, implying opportunistic timing, severe agency problems and poor corporate governance. We find that lucky (opportunistic) CEOs invest significantly less in CSR. The evidence thus does not support the notion that CSR is primarily used to enhance managers' private benefits at the expense of shareholders. Rather, lucky CEOs appear to view CSR investments as depriving them of the free cash flow they could otherwise exploit. © 2013 Taylor & Francis.

Keyword(s)

Economics, Econometrics and Finance

Availability

URI

https://repository.li.mahidol.ac.th/handle/20.500.14594/31704

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Scopus 2011-2015