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

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32 Scopus citations

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.

Original languageEnglish (US)
Pages (from-to)543-562
Number of pages20
JournalJournal of Financial Economics
Volume126
Issue number3
DOIs
StatePublished - Dec 1 2017

Keywords

  • CEOs
  • Corporate social responsibility
  • Family environment
  • Female socialization

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics
  • Strategy and Management

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