THREE ESSAYS ON CORPORATE SOCIAL RESPONSIBILITY

Abstract

This thesis encompasses three empirical chapters, each focusing on a distinct aspect of corporate social responsibility (CSR) and examining both its drivers and outcomes at organizational and individual levels.
The first empirical chapter investigates the role of gender diversity in top management teams and its relationship with firms’ CSR engagement. Drawing on resource dependence theory, the primary findings indicate that female directors significantly enhance firm's CSR performance by contributing to board diversity. Furthermore, the results reveal that social trust bolsters the effectiveness of female directors.
The second empirical chapter explores the environmental issues and their driving factor, specifically institutional investors. The analysis demonstrates that institutional investors contribute to a reduction in greenhouse gas emissions among Chinese listed firms. The mechanism operates through the investors’ use of their voice in shareholder proposals.
The final empirical chapter delves into external experiences that influence CEOs' attitudes towards their firms' CSR profiles. The findings suggest that CEOs, motivated by a desire to enhance their reputation, tend to engage more in CSR activities following the receipt of an award. Concurrently, the easing of financial constraints facilitates these decisions. Ultimately, the results support the notion that CSR agency problems can lead to decisions made by awarded CEOs that adversely impact firm value.