Paper Title
Corporate Social Performance And Disclosure: The Impact Of Board Characteristics And Executive Compensation

Abstract
This paper explores the relationship of board characteristics (structure and diversity) and executive compensation linked to ESG (Environmental � Social - Governance) on corporate social performance and disclosure. Based on data for S&P 500 companies retrieved from Bloomberg, we use hierarchical regression to explore sequentially the effects of three sets of independent variables (firm characteristics, board characteristics, and executive compensation) on social performance and disclosure. Our results indicate that the number of independent directors on the board and executive compensation linked to ESG are the most influential predictor variables (significantly and positively affecting both social performance and disclosure). Board gender diversity is significantly (and positively) associated with social performance, but not with social disclosure. Our results are generally consistent with prior studies but also indicate the importance of financially incentivizing goals related to ESG. Index Terms - ESG, Compensation, Governance, Social Disclosure, Social Performance