Do CEO’s Personal Traits Influence Corporate Charitable Giving?

As an important way to realize the third distribution and common prosperity,corporate charitable donation has become the focus of attention in the field of organizational behavior and corporate governance.According to the Upper Echelons theory,the strategy and behavior of an organization are a reflection of the values and cognitive foundations of the powerful actors in the organization,how their personal characteristics affect corporate charitable giving behavior,this is a very noteworthy issue.Based on the data of a-share listed companies in Shanghai and Shenzhen from 2010 to 2019,this paper empirically discusses the influence of CEO demographic characteristics(gender and overseas background-RRB-CEO CEO psychological characteristics(narcissism)on corporate charitable donation behavior,on this basis,further explore the level of corporate governance(the proportion of shares held by supervisors and the nature of equity)on the regulation of the relationship.The empirical research shows that female ceos have a positive impact on the level of corporate charitable donations;companies with overseas returnees are more likely to make charitable donations;corporate charitable donations are influenced by narcissistic personality traits of Ceos;When the degree of CEO narcissism was high,the level of corporate charitable donations decreased significantly;the negative effect of CEO narcissism on corporate charitable donations decreased with the increase of the proportion of Supervisors’ shareholding;compared with other enterprises,the negative effect of CEO narcissism on corporate charitable donations decreased with the increase of the proportion of Supervisors’ shareholding,c EO narcissism of state-owned enterprises has a stronger inhibitory effect on charitable donations.The results of this study provide a new perspective for the study of the motivation of charitable donations,CEO’s objective demographic characteristics and psychological characteristics of executives can have an impact on corporate charitable donation behavior.This provides a theoretical basis for the government to promote the implementation of the third distribution,the formulation of charity and other related policies.