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      Corporate Social Responsibility and Compensational Incentives

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      YANG-THESIS.pdf (750.3Kb)
      Date
      2015-09-29
      Author
      Yang, Feiyi
      Type
      Thesis
      Degree Level
      Masters
      Metadata
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      Abstract
      We construct a measure of CEO concern for non-equity stakeholders based on corporate social responsibility (CSR) scores, and we investigate how such incentives affect firm leverage and cash holding. In general, we find that non-equity stakeholder incentives decrease leverage and increase cash holding, after controlling for CEO managerial incentives and other firm characteristics. Our findings suggest that corporate social responsibility benefit non-equity stakeholders, which may come at the expense of shareholders.
      Degree
      Master of Science (M.Sc.)
      Department
      Edwards School of Business
      Program
      Finance
      Supervisor
      Maung, Min; Wilson, Craig
      Committee
      Yang, Fan; Zhang, Ying; Mamun, Abdullah
      Copyright Date
      August 2015
      URI
      http://hdl.handle.net/10388/ETD-2015-08-2209
      Subject
      Managerial incentives
      Corporate social responsibility
      Shareholder interests
      Non-equity stakeholder
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