Integration of CSR into CEOs’ compensation: effects on social and financial performance of French listed firms

Effets de l’intégration de critères RSE dans la rémunération des dirigeants sur la performance sociale et financière des entreprises françaises cotées

Laurence Godard () and Souhir Khemir ()
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Laurence Godard: CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]
Souhir Khemir: CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]

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Abstract: Based on the stakeholder model of corporate governance, this research analyzes the relationship between the integration of corporate social responsibility (CSR) into CEO compensation and corporate social and financial performance, in firms listed on France's SBF 120 stock market between 2015 and 2019. The results of panel data regressions show that indexing CEO compensation on CSR criteria only influence corporate social performance Moreover, social performance has a positive impact on financial performance and a mediating effect between the integration of CSR criteria into CEO compensation and financial performance.

Keywords: Stakeholder-based governance approach; Corporate social responsibility; CEOs’ compensation; Social performance; Financial performance; Gouvernance partenariale; Responsabilité sociale de l’entreprise; Rémunération des dirigeants; Performance sociale; Performance financière (search for similar items in EconPapers)
Date: 2023
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Published in Finance Contrôle Stratégie, 2023, 26 (2)

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04150624

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