Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • 2019
  • Article
  • Accounting Review

CEO Materialism and Corporate Social Responsibility

By: Robert Davidson, Aiyesha Dey and Abbie Smith
  • Format:Print
ShareBar

Abstract

We study the role of individual CEOs in explaining corporate social responsibility (CSR) scores. We find that CEO fixed effects explain 59% of the variation in CSR scores, whereas firm fixed effects explain 2% of the variation in CSR scores. Specifically, firms led by materialistic CEOs have lower CSR scores, fewer strengths, and more weaknesses. Finally, we document that CSR scores in firms with non-materialistic CEOs are positively associated with accounting and stock price performance. In contrast, CSR scores in firms with materialistic CEOs are unrelated to profitability.

Keywords

Corporate Social Responsibility; Firm Performance; CEOs; Corporate Social Responsibility and Impact; Organizations; Performance

Citation

Davidson, Robert, Aiyesha Dey, and Abbie Smith. "CEO Materialism and Corporate Social Responsibility." Accounting Review 94, no. 1 (January 2019): 101–126.
  • Find it at Harvard

About The Author

Aiyesha Dey

Accounting and Management
→More Publications

More from the Authors

    • Harvard Business Review

    When Hiring CEOs, Focus on Character

    By: Aiyesha Dey
    • March 2022
    • Faculty Research

    Scott Tucker (A) and (B)

    By: Aiyesha Dey
    • March 2022
    • Faculty Research

    Corporate Governance: A Three Pillar Framework

    By: Aiyesha Dey
More from the Authors
  • When Hiring CEOs, Focus on Character By: Aiyesha Dey
  • Scott Tucker (A) and (B) By: Aiyesha Dey
  • Corporate Governance: A Three Pillar Framework By: Aiyesha Dey
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College