Maung, MinWilson, Craig2015-09-302015-09-302015-082015-09-29August 201http://hdl.handle.net/10388/ETD-2015-08-2209We 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.engManagerial incentivesCorporate social responsibilityShareholder interestsNon-equity stakeholdertext