Companies whose CEOs have daughters are more socially responsible and more positive about diversity issues, according to a new US study.
The study in the Journal of Financial Economics is by academics including Henrik Cronqvist, chair of the department of finance at the University of Miami School of Business Administration, found that corporate executives managing some of the largest public companies in the US are shaped by their daughters.
It says that when a firm’s chief executive officer has a daughter, the corporate social responsibility rating (CSR) is about 9.1% higher, compared to a median firm. The study is based on familial information of 416 CEOs from S&P 500 companies.
The relation is strongest for diversity, but significant also for broader pro-social practices related to the environment and employee relations.