Abstract
Hong, Li, Minor (2015) paper studied that agency cost perspective of Corporate Social Responsibility (CSR) and concluded CSR activities are beneficial to both firm and shareholders. And there is existence of Executive compensation contract has incentive for CSR. But does CSR provide incentive for CEO? If it does, then more power the CEO of the firm has, the more likelihood the CSR will contain in executive compensation contract. With consideration of Endogeneity problem, we found that there is strong evidence support our hypothesis which concludes our findings that CSR provide incentive to CEO.
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