This paper examines whether social disclosures impact CEO compensation considering various CEO and board controls. By categorizing CEO‐specific attributes into CEO duality, CEO academic diversity, and insider CEO, as well as including board size and board independence as board‐specific controls, the study tests their effects on CEO compensation. This research further explores whether board gender diversity moderates the association between social disclosures and CEO compensation. The paper uses a balanced panel dataset of 67 firms extracted from the NSE Nifty 100 ESG index and applies the panel‐corrected standard error (PCSE) model as a baseline methodology. The findings revealed that the environmental, social, and governance (ESG) disclosure score significantly impacted the CEO compensation, whereas social disclosure scores assessed independently failed to create a significant association with the same. Subsequent investigation also showed a significant positive relationship between the number of female directors on the board and CEO compensation. However, female directors on the board could not amplify the firm's social disclosure practices, leading to an insignificant impact on CEO compensation. While board independence, board size, ownership structure, and CEO duality significantly affected the above relationship, insider CEO status could not. Furthermore, robustness checks using the propensity score matching (PSM) and generalized method of moments (GMM) models were also conducted to test the validity of the above results. The findings of the work offer insights to help managers, organizations, and policy planners make decisions concerning women directors, social disclosures, and CEO compensation.

中文翻译：

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ESG 的社会维度如何影响 CEO 薪酬：CEO 和董事会特征的作用


本文研究了考虑到各种 CEO 和董事会控制措施，社会责任披露是否会影响 CEO 薪酬。通过将 CEO 的特定属性分为 CEO 二元性、CEO 学术多样性和 Insider CEO，并将董事会规模和董事会独立性作为董事会特定的控制措施，该研究测试了它们对 CEO 薪酬的影响。本研究进一步探讨了董事会性别多样性是否调节了社交披露与 CEO 薪酬之间的关联。该论文使用从 NSE Nifty 100 ESG 指数中提取的 67 家公司的平衡面板数据集，并应用面板校正标准误差 （PCSE） 模型作为基线方法。研究结果表明，环境、社会和治理 （ESG） 披露分数显着影响了 CEO 的薪酬，而独立评估的社会披露分数未能与之产生显着关联。随后的调查还显示，董事会中女性董事的数量与 CEO 薪酬之间存在显著的正相关关系。然而，董事会中的女性董事无法扩大公司的社交披露做法，导致对 CEO 薪酬的影响微不足道。虽然董事会独立性、董事会规模、所有权结构和 CEO 二元性对上述关系产生了重大影响，但内部 CEO 地位却没有。此外，还使用倾向得分匹配 （PSM） 和广义矩量法 （GMM） 模型进行了稳健性检查，以检验上述结果的有效性。研究结果为管理者、组织和政策制定者提供了见解，帮助他们做出有关女性董事、社会披露和 CEO 薪酬的决策。