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首页> 外文期刊>Strategic Management Journal >Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes
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Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes

机译：企业治理和在执行薪酬中整合企业社会责任标准的兴起：坚定的成果的有效性和影响

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Research SummaryThis study examines the integration of corporate social responsibility (CSR) criteria in executive compensation, a relatively recent practice in corporate governance. We construct a novel database of CSR contracting and document that CSR contracting has become more prevalent over time. We further find that the adoption of CSR contracting leads to (a) an increase in longterm orientation; (b) an increase in firm value; (c) an increase in social and environmental initiatives; (d) a reduction in emissions; and (e) an increase in green innovations. These findings are consistent with our theoretical arguments predicting that CSR contracting helps direct management's attention to stakeholders that are less salient but financially material to the firm in the long run, thereby enhancing corporate governance.Managerial SummaryThis paper examines the effectiveness and implications of integrating environmental and social performance criteria in executive compensation (CSR contracting)a recent practice in corporate governance that is becoming more and more prevalent. We show that CSR contracting mitigates corporate shorttermism and improves business performance. Firms that adopt CSR contracting experience a significant increase in firm value, which foreshadows an increase in longterm operating profits. Furthermore, firms that adopt CSR contracting improve their environmental and social performance, especially with respect to the environment and local communities. Overall, our findings suggest that CSR contracting directs management's attention to stakeholders that are less salient but financially material to the firm in the long run, thereby improving a firm's governance and its impact on society and the natural environment.
机译：研究摘要研究审查了企业社会责任（CSR）标准在执行赔偿中的整合，是企业治理的相对近期的实践。我们构建了一部小型企业社会责任签约和文件数据库，即CSR承包随着时间的推移变得更为普遍。我们进一步发现，采用CSR承包导致（a）长期取向增加; （b）稳定价值的增加; （c）增加社会和环境举措; （d）减少排放; （e）增加绿色创新。这些调查结果与我们的理论论点一致，预测CSR缔约方有助于直接管理人员对较大但经济上的利益攸关方的关注，从而长期运行，从而加强企业治理。管理员总结本文审查整合环境的有效性和影响执行赔偿的社会绩效标准（CSR承包）最近的公司治理的做法越来越普遍。我们展示了CSR承包的缩短公司短期，提高了业务绩效。采用企业社会责任承包的公司经历了公司价值的显着增加，该价值预计将增加长期营业利润。此外，采用企业社会责任承包的公司改善了他们的环境和社会绩效，特别是对环境和当地社区的环境和社会绩效。总体而言，我们的调查结果表明，CSR缔约方将管理层注意到长期以来对该公司的突出而且经济上的资金材料的利益相关者，从而改善了公司的治理及其对社会和自然环境的影响。

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