Journal
JOURNAL OF FINANCIAL ECONOMICS
Volume 126, Issue 3, Pages 543-562Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2017.09.003
Keywords
CEOs; Family environment; Female socialization; Corporate social responsibility
Categories
Funding
- Swedish Institute
- China Europe International Business School
- University of Miami
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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. (C) 2017 Elsevier B.V. All rights reserved.
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