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Shaped by their daughters: Executives, female socialization, and corporate social responsibility

Henrik Cronqvist and Frank Yu

Journal of Financial Economics, 2017, vol. 126, issue 3, 543-562

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.

Keywords: CEOs; Family environment; Female socialization; Corporate social responsibility (search for similar items in EconPapers)
JEL-codes: G00 G30 G32 G34 J16 M14 (search for similar items in EconPapers)
Date: 2017
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