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Shaped by Their Daughters: Executives, Female Socialization, and Corporate Social Responsibility

51 Pages Posted: 16 Jun 2015 Last revised: 14 Dec 2017

Henrik Cronqvist

University of Miami - Department of Finance

Frank Yu

China Europe International Business School

Date Written: September 3, 2017

Abstract

Corporate executives managing some of the largest public companies in the U.S. are shaped by their daughters. When a firm's CEO has a daughter, the corporate social responsibility rating is about 9.1% higher, compared to a median firm. The results are robust to confronting several sources of endogeneity, e.g., examining first-born CEO daughters and CEO changes. The relation is strongest for diversity, but significant also for broader pro-social practices related to the environment and employee relations. Our study contributes to research on female socialization, heterogeneity in CSR policies, and plausibly exogenous determinants of CEOs' styles.

Keywords: CEOs, Family environment, Female socialization, Corporate social responsibility

JEL Classification: G02, G30, G32, G34, J16, M14

Suggested Citation

Cronqvist, Henrik and Yu, Frank, Shaped by Their Daughters: Executives, Female Socialization, and Corporate Social Responsibility (September 3, 2017). Journal of Financial Economics (JFE), 2017. Available at SSRN: https://ssrn.com/abstract=2618358 or http://dx.doi.org/10.2139/ssrn.2618358

Henrik Cronqvist (Contact Author)

University of Miami - Department of Finance ( email )

P.O. Box 248094
Coral Gables, FL 33124-6552
United States
(305) 515-5898 (Phone)

HOME PAGE: http://sites.google.com/site/henrikcronqvist/

Fang Yu

China Europe International Business School ( email )

Shanghai-Hongfeng Road
Shanghai 201206
Shanghai 201206
China

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