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Corporate Social Responsibility and Executive Compensation Defense
Pages: 116-125
Year: Issue:  6
Journal: Journal of Xiamen University(Arts & Social Sciences)

Keyword:  corporate social responsibilityexecutive compensationcompensation defenseinternal pay gapmanagerial power;
Abstract: Using a sample of A- share listed companies from the period of 2009- 2013,we empirically examine the effects of corporate social responsibility( CSR) on executive compensation. Based on the pay defense hypothesis,we further examine the effects of the internal pay gap and managerial power on the relationship between CSR and executive compensation. The results show that CSR is an important non-financial indicator of executive performance evaluation and tends to lead to higher executive compensation. Also,when the internal income gap is wider,executives have stronger incentives to defend themselves for their high pay and put more weight on CSR in their compensation agreements. The pressure to defend increases and defense behavior becomes more obvious in state-owned companies and in companies where managers enjoy greater power. Our study not only provides new evidence for pay defense,but also enriches the research on the motivation of CSR.
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