CEO贪婪、企业社会责任和应对系统性冲击时的组织弹性

CEO Greed, Corporate Social Responsibility, and Organizational Resilience to Systemic Shocks

【摘要】在这项研究中，作者探讨了高管人员如何影响多个利益相关者的幸福感和长期的组织绩效。在2008年全球金融危机背景下，作者考察了CEO贪婪是如何影响企业在金融危机爆发前对社会责任的态度，以及这又会如何形塑企业在金融危机期间及之后的命运。文章认为，CEO贪婪与企业社会责任负相关，因为贪婪的CEO在无节制地追求个人财富的过程中，更容易表现出短视行为，而忽视对企业社会责任的投资。文章也采用了“个人-薪酬”互动逻辑来阐述贪婪高管对企业社会责任的投资意愿，对于不同类型的薪酬安排尤其敏感。接着，基于最近关于企业社会责任的研究发现，即利益相关者的参与是弹性组织的一个决定性特征，作者预计，由于企业社会责任投资较低，由贪婪的CEO所领导的企业在短期内将经历更多的亏损，并需要更长时间才能从2008年的全球金融危机中复苏过来。以301名美国上市公司的CEO为样本，作者分析其股票价格，发现上述假设得到了普遍支持。

Abstract: In this study, we explore how top executives affect the well-being of multiple stakeholders and long-run organizational outcomes. In the context of the 2008 global financial crisis (GFC), we examine how CEO greed impacts firms’ stance toward corporate social responsibility (CSR) prior to the onset of the GFC and how this, in turn, shapes firms’ fate during and after the GFC. We argue that CEO greed will be negatively associated with CSR, because in their unbridled pursuit of personal wealth, greedy CEOs are more likely to exhibit myopic behaviors and neglect investment in CSR. We also adopt a person-pay interactionist logic to theorize that the willingness of greedy executives to invest in CSR will be especially sensitive to different types of pay instruments. Next, we build on recent findings from research on CSR that suggest that stakeholder engagement is a defining feature of resilient organizations. We expect that, due to low CSR investment, firms led by greedy CEOs will experience greater losses in the short run and will take longer time to recover from the 2008 GFC. For a sample of 301 CEOs of public U.S. organizations, we analyzed the stock prices and found general support for our hypotheses.

论文原文：

Sajko, M., Boone, C., & Buyl, T. 2020. CEO Greed, Corporate Social Responsibility, and Organizational Resilience to Systemic Shocks. Journal of Management, 47(4): 957-992. 

DOI: 10.1177/0149206320902528