Executives' regulatory experiences and corporate social responsibility

Ping Wang, Xiaochun Wang and Jie Wu

Finance Research Letters, 2023, vol. 55, issue PB

Abstract: This paper investigates the impact of executives' regulatory experience on corporate social responsibility (CSR). Based on manually collected executive work experience, we find that executive regulatory experience has a significant negative impact on corporate CSR. To establish causality, we introduce a policy exogenous shock to construct a difference-in-differences design and show that the results remain unchanged. Finally, heterogeneity analysis shows that the above effect is more significant in non-state-owned enterprises. Mechanism analysis suggests that companies with executives who have regulatory experience may receive more government resources, thereby reducing the need to obtain resources through social responsibility activities.

Keywords: Regulatory experiences; CEOs; Corporate social responsibility; China (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:55:y:2023:i:pb:s1544612323003562

DOI: 10.1016/j.frl.2023.103984

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