{"id":18142,"date":"2024-05-13T16:14:09","date_gmt":"2024-05-13T14:14:09","guid":{"rendered":"https:\/\/thesmartcityjournal.cibeles.net\/sin-categoria\/ceos-invest-less-in-corporate-social-responsibility-when-their-own-money-is-at-stake\/"},"modified":"2024-05-13T16:15:58","modified_gmt":"2024-05-13T14:15:58","slug":"ceos-invest-less-in-corporate-social-responsibility-when-their-own-money-is-at-stake","status":"publish","type":"post","link":"https:\/\/www.thesmartcityjournal.com\/en\/business\/ceos-invest-less-in-corporate-social-responsibility-when-their-own-money-is-at-stake","title":{"rendered":"CEOs Invest Less in Corporate Social Responsibility When Their Own Money Is At Stake"},"content":{"rendered":"

A study co-authored by Yale SOM\u2019s Kelly Shue finds that when CEOs have a larger financial stake in their companies, or when they face stronger shareholder oversight, they cut back spending on corporate social responsibility efforts<\/p>\n

Should corporations invest in green production methods, offer employees generous health benefits, or allow employees time during the work week to volunteer? Whether and how for-profit companies should invest in corporate social responsibility (CSR) and other forms of socially motivated spending is hotly debated. Some argue that companies have a responsibility to their broader society. Others insist that the sole focus of the corporation should be shareholder value.<\/p>\n

Kelly Shue, a professor of finance at Yale SOM, says that both these arguments overlook a key factor: the incentives of the CEO. Shue studies the intersection of behavior and corporate finance; her research has found plenty of evidence that corporations are run by human beings with opinions and preferences who don\u2019t always make management decisions that are in the best interest of the firm\u2019s investors.<\/p>\n

In a new paper written with Ing-Haw Cheng of the University of Toronto and Harrison Hong of Columbia University and NBER, Shue shows that when corporate do-gooding starts to affect the managers\u2019 own personal income, or their standing with shareholders, their CSR efforts slow down considerably.<\/p>\n

In other words, it\u2019s much easier to do good when you\u2019re spending other people\u2019s money.<\/p>\n

Shue and her fellow researchers approached their study with the view that CEOs are human beings, not robots. \u201cOften managers want to be nice people,\u201d she says. \u201cLeft to their own devices, it\u2019s not obvious that they would pay workers low wages and be mean.\u201d<\/p>\n

In addition, CEOs may often have closer interactions with their workers than other stakeholders, which encourages them to see the workers as real people, not corporate assets. They want them to be happy, which in general, means higher wages and better benefits. CEOs also have definite preferences when it comes to CSR, and may see the opportunity to invest corporate money in a social or environmental cause as another perk that comes with the job.<\/p>\n

The researchers conducted two tests to determine at what point managers cut back on CSR efforts in favor of making more money for the company.<\/p>\n

The first used a mathematical model to examine the aftermath of the 2003 Dividend Tax Cut, which reduced the marginal federal dividend income tax rate from 38.6% to 15%. After that tax cut, Shue says, CEO after-tax ownership of the firm increased. Their model predicted that CEOs who owned moderate levels of stock in their companies would be the most strongly motivated by the dividend tax cut to maximize the businesses\u2019 value, often at the expense of doing good.<\/p>\n

Using MSCI ratings to determine levels of \u201cgoodness,\u201d the researchers found that in 2003 and 2004, companies where managers owned a moderate amount of stock saw a sharp decline in CSR. There was less of a change in companies where CEOs either owned large amounts of stock or none at all, suggesting that CEOs who were major shareholders were already watching spending because they had a big stake in the outcome, while CEOs with no stock saw no change in their own dividends and therefore no reason to make any changes in the company\u2019s CSR efforts.<\/p>\n

In the second phase of their study, Shue and her fellow researchers compared shareholder proposals that narrowly passed to shareholder proposals that narrowly failed. They found that firms in which proposals narrowly passed experienced slower growth in \u201cgoodness\u201d than the firms in which the proposals narrowly failed. This, they speculate, is because CEOs sense that shareholders are more closely monitoring their actions and watching to see how they perform their main job: maximizing profit.<\/p>\n

\u201cWhen a firm is well-governed, the CEO has the incentive to run a tight ship,\u201d says Shue. \u201cThey negotiate hard against labor. They want to make the firm more profitable.\u201d<\/p>\n

Shue was not especially surprised by the findings. \u201cIt\u2019s easier to be generous when it\u2019s not your own money,\u201d she says.<\/p>\n

But these findings also advance the view that Shue and her coauthors have of CEOs as human beings. \u201cWe wrote this to challenge what we thought was the dominant narrative out there,\u201d she says, \u201cthat CEOs are pure profit-maximizing machines that don\u2019t have social preferences.\u201d<\/p>\n

Source: <\/p>\n

Kelly Shue<\/a>, Professor of Finance<\/p>\n

Written by Aimee Levitt<\/p>\n

https:\/\/insights.som.yale.edu\/insights\/ceos-invest-less-in-corporate-social-responsibility-when-their-own-money-is-at-stake<\/a><\/p>\n

Image: Sean Davis Williams<\/p>\n","protected":false},"excerpt":{"rendered":"

A study co-authored by Yale SOM\u2019s Kelly Shue finds that when CEOs have a larger financial stake in their companies, or when they face stronger shareholder oversight, they cut back spending on corporate social responsibility efforts Should corporations invest in green production methods, offer employees generous health benefits, or allow employees time during the work\u2026<\/p>\n","protected":false},"author":2,"featured_media":18141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_scj_primary_category_id":128,"_scj_featured":false,"_scj_featured_from":"","_scj_featured_until":"","_scj_featured_order":0,"_scj_visibility_class":"current","_scj_layout_family":"standard","_scj_article_style":"","_scj_display_overrides":[],"_scj_intro_image_id":18141,"_scj_intro_alt":"CEOs Invest Less in Corporate Social Responsibility When Their Own Money Is At Stake","_scj_intro_caption":"","_scj_intro_class":"","_scj_intro_float":"","_scj_full_image_id":18141,"_scj_full_alt":"CEOs Invest Less in Corporate Social Responsibility When Their Own Money Is At Stake","_scj_full_caption":"","_scj_full_class":"","_scj_full_float":"","_scj_media_type":"","_scj_media_provider":"","_scj_media_external_id":"","_scj_media_url":"","_scj_media_poster_id":0,"_scj_media_width":0,"_scj_media_height":0,"_scj_media_aspect_ratio":"","_scj_media_description":"","_scj_gallery_items":[],"_scj_related_post_ids":[],"_scj_additional_authors":[],"scj_layout_family":"standard","scj_media_provider":"","scj_media_url":"","scj_full_caption":"","footnotes":""},"categories":[128],"tags":[],"class_list":["post-18142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nCEOs Invest Less in Corporate Social Responsibility When Their Own Money Is At Stake - thesmartcityjournal.com<\/title>\n<meta name=\"description\" content=\"Should corporations invest in green production methods, offer employees generous health benefits, or allow employees time during the work week to volunteer? 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