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Are better-connected CEOs more socially responsible? Evidence from the U.S. restaurant industry
Chen, Jean J.; Ko, Stanley I.M.; Li, Leona S.Z.; Yang, Fiona X.
2021-08-01
Source PublicationTourism Management
ABS Journal Level4
ISSN0261-5177
Volume85Pages:104304
Abstract

Extensive research has documented how corporate social responsibility (CSR) outcomes are determined by CEOs' intrinsic characteristics, while their social network status has been under-researched. Building on impression management theory and resource-based theory, the current study analyzes the association between CSR activities and top management's position in the social hierarchy, i.e., network centrality. The heterogeneous effects across different restaurant and CSR types are examined based on stakeholder theory. Using a panel dataset of publicly traded U.S. restaurant companies and a novel dataset of CEO network centrality, we find that firms with highly connected CEOs are involved in more socially responsible activities. In addition, the marginal effect of network centrality on CSR is stronger for fast-food than for full-service restaurants and more prominent for external than internal stakeholder subcategories. The results advance the determinant analysis of CSR and provide managerial implications for CEO selection and policy suggestions on CSR promotion.

KeywordCeo Corporate Social Responsibility Impression Management Theory Network Centrality Resource-based Theory Restaurant Industry Stakeholder Theory
DOI10.1016/j.tourman.2021.104304
URLView the original
Indexed BySSCI
Language英語English
WOS Research AreaEnvironmental Sciences & Ecology ; Social Sciences - Other Topics ; Business & Economics
WOS SubjectEnvironmental Studies ; Hospitality, Leisure, Sport & Tourism ; Management
WOS IDWOS:000642477200010
CSCD IDCSCD:ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND
Scopus ID2-s2.0-85101555292
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Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorYang, Fiona X.
AffiliationFaculty of Business Administration, University of Macau, Macao, China
First Author AffilicationFaculty of Business Administration
Corresponding Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Chen, Jean J.,Ko, Stanley I.M.,Li, Leona S.Z.,et al. Are better-connected CEOs more socially responsible? Evidence from the U.S. restaurant industry[J]. Tourism Management, 2021, 85, 104304.
APA Chen, Jean J.., Ko, Stanley I.M.., Li, Leona S.Z.., & Yang, Fiona X. (2021). Are better-connected CEOs more socially responsible? Evidence from the U.S. restaurant industry. Tourism Management, 85, 104304.
MLA Chen, Jean J.,et al."Are better-connected CEOs more socially responsible? Evidence from the U.S. restaurant industry".Tourism Management 85(2021):104304.
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