簡易檢索 / 詳目顯示

研究生: 陳俊廷
Chen, Chun-Ting
論文名稱: 經理人人格特質對企業社會責任之影響-以機構投資人為調節變數
The Relationship between CEO’s Personality and Corporate Social Responsibility: the Moderating Effect of Institutional Investors
指導教授: 張紹基
Chang, Shao-Chi
學位類別: 碩士
Master
系所名稱: 管理學院 - 國際企業研究所
Institute of International Business
論文出版年: 2024
畢業學年度: 112
語文別: 英文
論文頁數: 69
中文關鍵詞: 五大人格特質經理人企業社會責任機構投資人
外文關鍵詞: The Big Five personality, CEO, CSR, Institutional investors, Institutional ownership
相關次數: 點閱:102下載:32
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報
  • 本研究討論了經理人的五大人格特質與企業社會責任(CSR)之間的關係,以及機構投資人持股的調節效果,以了解經理人人格特質如何影響企業有關社會責任的決策,以及投資者是否可以監督、影響管理階層決策。本研究採用了 2004 年至 2018 年S&P 1500 家公司的資料。根據實證結果表明,經理人的盡責性與企業社會責任呈正向相關,因此高盡責性的經理人具有更好的企業社會責任績效。

    This study discussed the relationships between the CEO's Big Five personality traits and corporate social responsibility and the moderation of institutional ownership to understand how executive-level factors, such as personality, influence corporate decisions regarding social responsibility and whether investors can oversee managerial decision-making. The study employs data from S&P 1500 companies, ranging from 2004 to 2018.
    The empirical result indicates that more conscientious CEOs tend to have better CSR performance.

    ABSTRACT I 中文摘要 II LIST OF TABLES V LIST OF FIGURES VI 1. INTRODUCTION 1 1.1 The objective of this research 3 2. LITERATURE REVIEW & HYPOTHESES DEVELOPMENT 6 2.1 Upper echelons theory & the CEO characteristics 6 2.2 Personality traits & corporate social responsibility 9 2.3 The moderating effect of institutional ownership 12 2.4 Hypotheses Development 15 2.4.1 Openness 15 2.4.2 Conscientiousness 17 2.4.3 Extraversion 19 2.4.4 Agreeableness 21 2.4.5 Neuroticism 23 3. DATA & METHODOLOGY 26 3.1 Data 26 3.2 Variables 27 3.2.1 Independent variables 27 3.2.2 Dependent variable 28 3.2.3 Moderator 28 3.2.4 Control variables 29 3.3 Empirical models 30 3.4 Sample selection 31 4. RESULTS 33 4.1 Descriptive statistics 33 4.2 Regression result 36 4.3 Summary of hypothesis 48 5. CONCLUSION & DISCUSSION 50 5.1 Conclusion 50 5.2 Managerial implication 52 5.3 Limitation and future research 53 6. REFERENCES 55

    - Al-Shammari, M., Rasheed, A., & Al-Shammari, H. A. (2019). CEO narcissism and corporate social responsibility: does CEO narcissism affect CSR focus?. Journal of Business Research, 104, 106-117.
    - Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial analysts journal, 74(3), 87-103.
    - Ashton, M. C., Lee, K., & Paunonen, S. V. (2002). What is the central feature of extraversion? Social attention versus reward sensitivity. Journal of personality and social psychology, 83(1), 245.
    - Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97, 71-86.
    - Benischke, M. H., Martin, G. P., & Glaser, L. (2019). CEO equity risk bearing and strategic risk taking: The moderating effect of CEO personality. Strategic Management Journal, 40(1), 153-177.
    - Bono, J. E., & Judge, T. A. (2004). Personality and transformational and transactional leadership: A meta-analysis. Journal of Applied Psychology, 89(5), 901–910.
    - Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
    - Bromiley, P. (1991). Testing a causal model of corporate risk taking and performance. Academy of Management journal, 34(1), 37-59.
    - Busic-Sontic, A., Czap, N. V., & Fuerst, F. (2017). The role of personality traits in green decision-making. Journal of Economic Psychology, 62, 313-328.
    Financial Analysts Journal, 54(3), 14–30.
    - Caspi, A., Roberts, B. W., & Shiner, R. L. (2005). Personality development: Stability and change. Annu. Rev. Psychol., 56, 453-484.
    - Cella, C. (2020). Institutional investors and corporate investment. Finance Research Letters, 32, 101169.
    - Chatterjee, A., & Hambrick, D. C. (2007). It's all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative science quarterly, 52(3), 351-386.
    - Chen, T., Dong, H., & Lin, C. (2020). Institutional shareholders and corporate social responsibility. Journal of Financial Economics, 135(2), 483-504.
    - Chung, C. Y., Cho, S. J., Ryu, D., & Ryu, D. (2019). Institutional blockholders and corporate social responsibility. Asian Business & Management, 18, 143-186.
    - Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634.
    - Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of financial economics, 131(3), 693-714.
    - El Ghoul, S., Guedhami, O., Kwok, C., & Mishra, D. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406.
    - Escrig-Olmedo, E., Muñoz-Torres, M. J., & Fernandez-Izquierdo, M. A. (2010). Socially responsible investing: sustainability indices, ESG rating and information provider agencies. International journal of sustainable economy, 2(4), 442-461.
    - Fairchild, A. J., & McQuillin, S. D. (2010). Evaluating mediation and moderation effects in school psychology: A presentation of methods and review of current practice. Journal of school psychology, 48(1), 53-84.
    - Gottesman, A. A., & Morey, M. R. (2010). CEO educational background and firm financial performance. Journal of Applied Finance (Formerly Financial Practice and Education), 20(2).
    - Gond, J. P., El Akremi, A., Swaen, V., & Babu, N. (2017). The psychological microfoundations of corporate social responsibility: A person‐centric systematic review. Journal of Organizational Behavior, 38(2), 225-246.
    - Hrazdil, K., Mahmoudian, F., & Nazari, J. A. (2021). Executive personality and sustainability: Do extraverted chief executive officers improve corporate social responsibility?. Corporate Social Responsibility and Environmental Management, 28(6), 1564-1578.
    - Harrison, J. S., Thurgood, G. R., Boivie, S., & Pfarrer, M. D. (2019). Measuring CEO personality: Developing, validating, and testing a linguistic tool. Strategic Management Journal, 40(8), 1316-1330.
    - Herrmann, P., & Nadkarni, S. (2014). Managing strategic change: The duality of CEO personality. Strategic management journal, 35(9), 1318-1342.
    - Hirsh, J. B. (2010). Personality and environmental concern. Journal of Environmental Psychology, 30(2), 245-248.
    - Hong, J. K., Lee, J. H., & Roh, T. (2022). The effects of CEO narcissism on corporate social responsibility and irresponsibility. Managerial and Decision Economics, 43(6), 1926-1940.
    - Judge, T. A., Bono, J. E., Erez, A., & Locke, E. A. (2005). Core self-evaluations and job and life satisfaction: the role of self-concordance and goal attainment. Journal of applied psychology, 90(2), 257.
    - Judge, T. A., & Cable, D. M. (1997). Applicant personality, organizational culture, and organization attraction. Personnel psychology, 50(2), 359-394.
    - Kim, H. D., Kim, T., Kim, Y., & Park, K. (2019). Do long-term institutional investors promote corporate social responsibility activities?. Journal of Banking & Finance, 101, 256-269.
    - Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
    LePine, J. A., Colquitt, J. A., & Erez, A. (2000). Adaptability to changing task contexts: Effects of general cognitive ability, conscientiousness, and openness to experience. Personnel psychology, 53(3), 563-593.
    - Li, Q., Luo, W., Wang, Y., & Wu, L. (2013). Firm performance, corporate ownership, and corporate social responsibility disclosure in China. Business Ethics: A European Review, 22(2), 159-173.
    - McCarthy, S., Oliver, B., & Song, S. (2017). Corporate social responsibility and CEO confidence. Journal of Banking & Finance, 75, 280-291.
    - McCrae, R. R., & Costa, P. T. (1987). Validation of the five-factor model of personality across instruments and observers. Journal of personality and social psychology, 52(1), 81.
    - Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The journal of finance, 60(6), 2661-2700.
    - McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99.
    - Miller, D., Kets de Vries, M. F., & Toulouse, J. M. (1982). Top executive locus of control and its relationship to strategy-making, structure, and environment. Academy of Management journal, 25(2), 237-253.
    - Mahmoudian, F., Nazari, J. A., Gordon, I. M., & Hrazdil, K. (2021). CEO personality and language use in CSR reporting. Business Ethics, the Environment & Responsibility, 30(3), 338-359.
    - Milfont, T. L., & Sibley, C. G. (2012). The big five personality traits and environmental engagement: Associations at the individual and societal level. Journal of Environmental Psychology, 32(2), 187-195.
    - Minor, D., & Morgan, J. (2011). CSR as reputation insurance: Primum non nocere. California Management Review, 53(3), 40-59.
    - Myung, J. K., Choi, Y. H., & Kim, J. D. (2017). Effects of CEOs’ negative traits on corporate social responsibility. Sustainability, 9(4), 543.
    - Nadkarni, S., & Herrmann, P. O. L. (2010). CEO personality, strategic flexibility, and firm performance: The case of the Indian business process outsourcing industry. Academy of Management Journal, 53(5), 1050-1073.
    - Peterson, R. S., Smith, D. B., Martorana, P. V., & Owens, P. D. (2003). The impact of chief executive officer personality on top management team dynamics: one mechanism by which leadership affects organizational performance. Journal of Applied Psychology, 88(5), 795.
    - Petrenko, O. V., Aime, F., Ridge, J., & Hill, A. (2016). Corporate social responsibility or CEO narcissism? CSR motivations and organizational performance. Strategic management journal, 37(2), 262-279.
    - Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.
    - Posner, E. A., Scott Morgan, F. M., & Weyl, E. G. (2016). A proposal to limit the anticompetitive power of institutional investors. Antitrust LJ, 81, 669.
    - Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of financial economics, 20, 237-265.
    - Quintelier, E. (2014). The influence of the Big 5 personality traits on young people’s political consumer behavior. Young Consumers.
    - Tang, Y., Qian, C., Chen, G., & Shen, R. (2015). How CEO hubris affects corporate social (ir) responsibility. Strategic Management Journal, 36(9), 1338-1357.
    - Thoresen, C. J., Bradley, J. C., Bliese, P. D., & Thoresen, J. D. (2004). The big five personality traits and individual job performance growth trajectories in maintenance and transitional job stages. Journal of applied psychology, 89(5), 835.

    下載圖示 校內:立即公開
    校外:立即公開
    QR CODE