Relationship Between a CEO’s Level of Education and Corporate Social Responsibility: Evidence from Chinese Listed Firms
International Journal of Business and Economics Research
Volume 8, Issue 4, August 2019, Pages: 232-244
Received: May 13, 2019; Published: Jul. 29, 2019
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Authors
Yiming Ma, Chinese Academy of Finance and Development, Central University of Finance and Economics, Beijing, P. R. China
Juncheng Li, School of Finance, Central University of Finance and Economics, Beijing, P. R. China
Lu Yang, School of Economics, Qingdao University, Qingdao, P. R. China
Yafeng Hu, China Academy of Public Finance and Public Policy, Central University of Finance and Economics, Beijing, P. R. China
Ke Gao, Development Research Center of Shandong Provincial People’s Government, Jinan, P. R. China
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Abstract
This study investigates the influence of a CEO’s level of education on the Corporate Social Responsibility (CSR) of listed firms in China. We find a significant and positive impact of the CEO’s level of education on the CSR of a firm, one level promotion of CEOs' education will increase 0.1630 CSR scores of a firm and increase the probability of CSR disclosure by 10.75%. This finding is robust for the univariable analysis and for sub-items and the forward performance of CSR. Further, we find that the positive relationship between the CEO’s level of education and CSR is more pronounced for CEOs who also chair the board, state-owned firms and CEOs who have overseas experience. More concretely, when the CEO is also the chairman, the CEO’s level of education has a greater positive effect on CSR than those are not chairman. In state-owned enterprises, the CEO’s level of education plays a greater role in the positive promotion of the CSR than non-stated-owned enterprises. When the CEO has studied or worked abroad, the CEO’s level of education has a greater positive effect on the CSR than those who do not have overseas experience. Our findings shed light on the role of the CEO’s level of education in CSR, and our research on Chinese listed companies enriches the relevant research on CSR in developing countries.
Keywords
Corporate Social Responsibility, CEO’s Level of Education, CEO Duality, State Ownership, Overseas Experience
To cite this article
Yiming Ma, Juncheng Li, Lu Yang, Yafeng Hu, Ke Gao, Relationship Between a CEO’s Level of Education and Corporate Social Responsibility: Evidence from Chinese Listed Firms, International Journal of Business and Economics Research. Vol. 8, No. 4, 2019, pp. 232-244. doi: 10.11648/j.ijber.20190804.18
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