Journal of Financial Economics Vol. 126 No. 3 2017
Shaped by their daughters: Executives, female socialization, and corporate social responsibility
Abstract
Corporate executives managing some of the largest public companies in the U.S. are shaped by their daughters. When a firm’s chief executive officer (CEO) has a daughter, the corporate social responsibility rating (CSR) is about 9.1% higher, compared to a median firm. The results are robust to confronting several sources of endogeneity, e.g., examining first-born CEO daughters and CEO changes. The relation is strongest for diversity, but significant also for broader pro-social practices related to the environment and employee relations. Our study contributes to research on female socialization, heterogeneity in CSR policies, and plausibly exogenous determinants of CEOs’ styles.
- DOI
- 10.1016/j.jfineco.2017.09.003
- Volume
- 126
- Issue
- 3
- Pages
- 543-562
- Language
- en
- Sources
- crossref openalex bibtex:phds-export.bib