We show a positive relation between insider horizon and a firm's corporate social responsibility (CSR) performance. This positive relation is likely driven by good internal governance rather than agency problems. To support a causal interpretation, we adopt managerial career horizon reductions and the rejection of inevitable disclosure doctrine as exogenous shocks to insider horizon. We find that the observed positive effects are stronger when firms have higher ownership of long-term and socially responsible institutional investors, when insiders sign long-term compensation contracts, and when firms face less takeover pressure. We document the real effects of long-horizon insiders using various raw CSR metrics. Overall, our results indicate that insiders' long-term orientation can promote CSR.

This paper examines the impact of geographic proximity on suppliers' decisions to provide trade credit to their customers. To establish a causal relationship, we utilize the implementation of high-speed rail (HSR) services in China as a quasi-natural experiment. Our findings reveal a significant increase in trade credit received by firms after introducing HSR services. We propose and test three mechanisms to elucidate the influence of proximity on trade credit provision: the enhanced convenience for acquiring soft information, heightened competition among suppliers, and the potential development of social trust. Empirical evidence strongly supports the first two mechanisms, underscoring their importance in shaping trade credit decisions. However, limited evidence is found regarding the role of social trust. These findings contribute to understanding the complex interplay between geographic proximity, trade credit, and supplier decision-making processes.