Abstracts
Abstract
This article looks at how company disclosure of corporate social responsibility (CSR) information affects executive compensation through an empirical study of a sample of French companies listed on the SBF 120 index from 2007 to 2011. The focus is on short-term incentive compensation and total incentive compensation. These two components are not correlated with the total CSR disclosure score (comprising environmental, social, and governance factors). The study reveals that only the environmental disclosure score is correlated with (short term and total) executive incentive compensation. Social and governance disclosure do not have any effect on executive incentive compensation.
Keywords:
- Corporate social responsibility,
- environmental, social, and governance (ESG) disclosure,
- incentive compensation,
- financial performance
Résumé
Cet article examine l’effet de la divulgation des informations relatives à la responsabilité sociale et environnementale sur la rémunération des dirigeants à partir d’une étude empirique d’un échantillon de sociétés françaises cotées à l’indice SBF 120 de 2007 à 2011. Il porte essentiellement sur la rémunération incitative à court terme et la rémunération incitative totale. Ces deux composantes ne sont pas corrélées au score total de divulgation d’informations RSE (comprenant les facteurs environnementaux, sociaux et de gouvernance). L’étude révèle que seul le score de divulgation d’informations environnementales est corrélé à la rémunération incitative (à court terme et totale) des dirigeants. Les scores de divulgation d’informations sociales et de gouvernance n’ont pas d’effet sur la rémunération des dirigeants.
Mots-clés :
- responsabilité sociale des entreprises,
- divulgation d’informations environnementales, sociales et de gouvernance (ESG),
- rémunération incitative,
- performance financière
Resumen
Este artículo examina el efecto de la divulgación de informaciones relativas a la responsabilidad social y ambiental sobre la remuneración de los directivos a partir de un estudio empírico de una muestra de empresas francesas cotizadas en el índice SBF en el período 2007-2011. Se centra en la remuneración incitativa de corto plazo y la remuneración incitativa total. Estos dos elementos no están correlacionados a la puntuación total de divulgación de informaciones RSE (incluyendo factores ambientales, sociales y de gobernanza). El estudio muestra que sólo la puntuación de divulgación de informaciones ambientales está correlacionada a la remuneración incitativa (de corto plazo y total) de los directivos. Las puntuaciones de divulgación de informaciones sociales y de gobernanza no afectan la remuneración de los directivos.
Palabras clave:
- responsabilidad social corporativa,
- divulgación de informaciones ambientales, sociales y de gobernanza (ESG),
- remuneración incitativa,
- rendimiento financiero
Appendices
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