Does CEO emotion matter? CEO affectivity and corporate social responsibility

Linlin Wang, Ya Lin, Wan Jiang, Haibin Yang and Huazhong Zhao

Strategic Management Journal, 2023, vol. 44, issue 7, 1820-1835

Abstract: Research Summary While prior research has generated meaningful insights into the antecedents of firms' corporate social responsibility (CSR), little attention has been devoted to examining the influence of CEO affectivity—a relatively stable tendency to experience positive or negative emotions. This study explores how CEO positive affectivity (PA) and negative affectivity (NA) may be related to firms' CSR activities. Specifically, we contend that CEO PA is positively related to CSR, whereas CEO NA is negatively related to CSR. We further investigate how CEO social capital may moderate the relationship between CEO affectivity and CSR. Our results support our hypotheses, suggesting the unique role of CEO emotions in CSR research. Managerial Summary Does CEO emotion affect firms' CSR activities? Our study finds that CEO PA increases a firm's engagement in CSR, while CEO NA decreases a firm's engagement in CSR. The above relationships are also subject to the influence of CEO social capital. Our findings suggest that CEOs should be aware of how their affective tendencies can influence their firm's CSR strategy and consider avenues to utilize emotional influence advantageously while avoiding potential affective bias.

Date: 2023
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