Faculty of Management & Social Sciences, Capital University of Science and Technology, Islamabad, Pakistan.
Cardiff School of Management, Cardiff Metropolitan University, Cardiff, United Kingdom.
PLoS One. 2023 Aug 3;18(8):e0289037. doi: 10.1371/journal.pone.0289037. eCollection 2023.
This study aims to explore the link between corporate social responsibility (CSR) and firm performance in the presence of the moderating role of CEO chair duality. It is widely believed that CSR initiatives and firm performance are largely influenced by psychological factors and the behavior of the decision maker (manager/CEO). Hence, CEO chair duality may play an instrumental role in shaping CSR initiatives to enhance firm performance. For empirical investigation, the study used the dynamic panel data method with generalized method of moment (GMM) parameters. The study considered 131 firms listed on the Pakistan Stock Exchange (PSX), yielding 1508 firm-year observations, over the period 2006 to 2020. Our results reveal that the impact of CSR on book-based and market-based measures differs due to the asymmetry of information in the market. The market discounts CEO chair duality due to the concentration of power and translates it into negative impact of CSR on firm performance. Thus, firms should not only improve CSR activities but also take steps to reduce asymmetry in markets because the impact on book-based measures and market-based measures of performance are not consistent. Society should also play a role to convince firms in a better way to take CSR initiatives. The perception of transparency should also be improved as CEO chair duality is being negatively seen by the market.
本研究旨在探讨企业社会责任（CSR）与企业绩效之间的联系，同时考虑首席执行官两职合一的调节作用。人们普遍认为，CSR 举措和企业绩效在很大程度上受到心理因素和决策者（经理/首席执行官）行为的影响。因此，首席执行官两职合一可能在塑造 CSR 举措以提高企业绩效方面发挥重要作用。为了进行实证研究，本研究使用了具有广义矩法（GMM）参数的动态面板数据方法。该研究考虑了在 2006 年至 2020 年期间在巴基斯坦证券交易所（PSX）上市的 131 家公司，共产生了 1508 个公司-年度观测值。我们的结果表明，由于市场信息不对称，CSR 对基于账册和基于市场的衡量标准的影响存在差异。市场由于权力集中而对首席执行官两职合一产生折扣效应，并将其转化为 CSR 对企业绩效的负面影响。因此，公司不仅应提高 CSR 活动水平，还应采取措施减少市场不对称性，因为对基于账册的衡量标准和基于市场的衡量标准的绩效影响并不一致。社会也应该发挥作用，以更好的方式说服公司采取 CSR 举措。由于市场对首席执行官两职合一持负面看法，因此透明度的认知也应该得到提高。
