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<p>This study distinguishes between two types of corporate social responsibility (CSR), internal CSR and external CSR, and investigates whether firms (family vs. non-family firms) reward CSR performance via CEO compensation. Analysis of Chinese listed firms reveals an interesting yet complicated association between CSR performance and CEO compensation. The results show that internal CSR contributes to CEO compensation in general, yet no effect of external CSR is detected. When comparing the effects of internal CSR and external CSR on CEO compensation in family vs. non-family firms, we find that the effects of both internal and external CSR on CEO compensation are weaker in family firms than in non-family firms, which is contrary to our prediction. Additionally, examining the subgroup of family firms, we show that family involvement in management strengthens this CSR-CEO compensation relationship, which aligns with family entrepreneurs' socioemotional wealth needs. Finally, we discuss the theoretical and practical implications of our findings, as well as the limitations of the study, offering directions for future research.</p>

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The impact of corporate social responsibility on executive remuneration: A comparative analysis of family and non-family firms

  • 期刊论文

  • 发表日期：

    2026年1月3日

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  • Chenli Yin,
  • Maria Paz Salmador,
  • Dan Li

摘要

This study distinguishes between two types of corporate social responsibility (CSR), internal CSR and external CSR, and investigates whether firms (family vs. non-family firms) reward CSR performance via CEO compensation. Analysis of Chinese listed firms reveals an interesting yet complicated association between CSR performance and CEO compensation. The results show that internal CSR contributes to CEO compensation in general, yet no effect of external CSR is detected. When comparing the effects of internal CSR and external CSR on CEO compensation in family vs. non-family firms, we find that the effects of both internal and external CSR on CEO compensation are weaker in family firms than in non-family firms, which is contrary to our prediction. Additionally, examining the subgroup of family firms, we show that family involvement in management strengthens this CSR-CEO compensation relationship, which aligns with family entrepreneurs' socioemotional wealth needs. Finally, we discuss the theoretical and practical implications of our findings, as well as the limitations of the study, offering directions for future research.