How Do Powerful CEOs View Corporate Social Responsibility (CSR)? An Empirical Note

We explore how powerful CEOs view investments in corporate social responsibility (CSR). The agency view suggests that CEOs invest in CSR to enhance their own private benefits. On the contrary, the conflict resolution view argues that CSR investments are made to resolve the conflicts among various stakeholders. Using Bebchuk, Cremers, and Peyer’s (2011) CEO Pay Slice (CPS) to measure CEO power, we show that the association between CEO power and...