Kurumsal sosyal sorumluluk (KSS), yönetsel aşırı özgüven ve risk alma teşvikleri

The importance of corporate social responsibility (CSR) in firm management has grown substantially. Although research on managerial overconfidence and risk-taking incentives has expanded since the early 2000s, it has largely overlooked the role of Chief Financial Officers (CFOs). Another underexplored area is managerial pessimism, as most studies focus solely on CEO overconfidence. This dissertation, comprising two studies on corporate CSR performance based on firm and fixed effects models, addresses these gaps by integrating the roles of CFOs and managerial pessimism into the analysis. The first study investigates the independent and joint effects of CEO and CFO overconfidence and pessimism on CSR performance. The second study investigates the effect of CEO and CFO risk-taking incentives (delta and vega) on CSR performance, with overconfidence and pessimism introduced as moderating variables. Both studies span the period from 2006 to 2022 and a sub-sample from 2011 to 2019 to isolate the effects of the post-global financial crisis (GFC) and the COVID-19 pandemic. They contribute to the literature by demonstrating the significant effect of CFOs in CSR policymaking. Furthermore, balanced executive teams, comprising an overconfident and pessimistic executive exhibit a negative effect on environmental (E) scores but a positive effect on social (S) and overall ESG scores. The findings also reveal that executive vega, when interacted with overconfidence, negatively affects CSR performance, whereas it has a positive effect when interacted with pessimism.