CEO overseas experience and sustainability report disclosure: Evidence from Indonesia

IF 8.3 2区管理学 Q1 BUSINESS Corporate Social Responsibility and Environmental Management Pub Date : 2024-06-29 DOI:10.1002/csr.2883

Siti Nur Aini, Iman Harymawan, Mohammad Nasih, Khairul Anuar Kamarudin

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Abstract

This study examines the relationship between chief executive officers' (CEOs) overseas experience and social responsibility (SR) disclosure, as well as how CEOs from reputable universities can moderate this relationship. Using 488 firm‐year observations from firms listed on the Bursa Efek Indonesia (Indonesian Stock Exchange) and data from the Global Reporting Initiative databases from 2010 to 2021, this study finds a significant negative association between foreign‐educated CEOs (CEO overseas experience) and SR disclosure. This study also finds that CEOs from reputable universities can weaken this relationship. The results are robust to endogeneity tests using the coarsened exact match (CEM) and Heckman's two‐stage regressions. Furthermore, overseas experience CEOs have a significantly negative impact on all dimensions of SR disclosure, except for the environmental and product dimensions. Investors may consider CEOs' foreign education as an additional factor in their investment decisions. This study suggests that firms with CEOs with international exposure tend to exhibit lower levels of SR disclosures. This insight can aid investors in evaluating sustainability and ethical performance by aligning their investment portfolios with CSR objectives and preferences.

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首席执行官的海外经历与可持续发展报告的披露：印度尼西亚的证据

本研究探讨了首席执行官（CEO）的海外经历与社会责任（SR）披露之间的关系，以及来自知名大学的首席执行官如何缓和这种关系。本研究利用印度尼西亚证券交易所（Bursa Efek Indonesia）上市公司的 488 个公司年度观察数据和全球报告倡议组织数据库中 2010 年至 2021 年的数据，发现受过外国教育的首席执行官（首席执行官的海外经历）与社会责任信息披露之间存在显著的负相关关系。本研究还发现，来自知名大学的首席执行官会削弱这种关系。使用粗化精确匹配（CEM）和赫克曼两阶段回归进行内生性检验，结果是稳健的。此外，除环境和产品维度外，有海外经历的首席执行官对企业社会责任信息披露的所有维度都有显著的负面影响。投资者在做出投资决策时，可能会将首席执行官的海外教育经历作为一个额外因素。这项研究表明，首席执行官具有国际视野的企业往往会表现出较低的社会责任披露水平。这一洞察力可以帮助投资者根据企业社会责任目标和偏好调整投资组合，从而评估企业的可持续发展和道德表现。

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来源期刊

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.