Corporate social responsibility (CSR) contracting incorporates environmental, social, and governance (ESG) related measures in executive compensation plans. Current research on this practice is limited to a US setting, despite global adoption. We investigate heterogeneity in CSR contracting using data from 59 countries between 2002 and 2019. We find that besides firm-level past ESG performance and the industry-level adoption rate, country-level ESG regulations have significant explanatory power in firms’ tendencies to adopt CSR contracting. Hand-collected data reveal significant cross-country differences in CSR contracting details. Finally, CSR contracting is positively associated with subsequent financial performance only in countries with more stringent ESG regulations and stronger legal enforcement. In contrast, CSR contracting is associated with subsequent ESG performance regardless of country-level factors.

中文翻译：

---

高管薪酬中 ESG 措施整合的异质性：决定因素、合同细节和结果


企业社会责任（CSR）合同将环境、社会和治理（ESG）相关措施纳入高管薪酬计划中。尽管这种做法在全球范围内得到采用，但目前对这种做法的研究仅限于美国。我们使用 2002 年至 2019 年间 59 个国家的数据来调查 CSR 合同的异质性。我们发现，除了公司层面过去的 ESG 绩效和行业层面的采用率之外，国家层面的 ESG 法规对公司采用 CSR 的倾向具有显着的解释力承包。手工收集的数据揭示了企业社会责任合同细节的显着跨国差异。最后，只有在 ESG 法规更严格、执法力度更强的国家，企业社会责任承包才与后续财务绩效呈正相关。相比之下，无论国家层面的因素如何，企业社会责任承包都与后续的 ESG 绩效相关。