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Corporate social responsibility and managerial compensation: further evidence from spanish listed companies

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Corporate social responsibility and managerial compensation: further evidence from spanish listed companies

dc.contributor.author	Blanes, Fabián
dc.contributor.author	De Fuentes Barberá, Cristina
dc.contributor.author	Porcuna Enguix, Rubén
dc.date.accessioned	2022-04-24T16:12:22Z
dc.date.available	2022-04-25T04:45:06Z
dc.date.issued	2021	es_ES
dc.identifier.citation	Blanes F, De Fuentes C, Porcuna R. Corporate Social Responsibility and Managerial Compensation: Further Evidence from Spanish Listed Companies. Sustainability. 2021; 13(13):7341.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/82357
dc.description.abstract	Ongoing regulatory efforts aim to link managerial compensation with a firm’s performance. However, little is known about whether and how Corporate Social Responsibility (CSR) goals are considered in the design of the managerial compensation scheme. This paper addresses this research question by analyzing a sample of Spanish listed firms for the period spanning 2013–2018. The outcomes of the regressions suggest that there is a positive relationship between CSR and the managerial compensation, but this relationship is significant only with lower levels of CSR. The study also reveals that CSR is positively associated with the proportion of equity-based compensation and, therefore, negatively associated with the proportion of cash-based compensation. In all, our results suggest that firms with lower levels of CSR, likely following social pressures, seek to improve their investments in CSR; and, in doing so, they design a managerial compensation scheme that incentivizes the manager to meet the firm’s goals related to CSR investments. Hence, since CSR is associated with an increase in the long-term firm’s value, the equity-based component of the managerial scheme is higher than in the remaining firms. However, the high proportion of cash-based compensation is far from the desirable goals promoted by the Governance Codes.	es_ES
dc.language.iso	en	es_ES
dc.subject	managerial compensation	es_ES
dc.subject	corporate social responsibility	es_ES
dc.subject	ceo compensation	es_ES
dc.subject	executive compensation	es_ES
dc.subject	compensation structure	es_ES
dc.title	Corporate social responsibility and managerial compensation: further evidence from spanish listed companies	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.3390/su13137341	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES