| Summary: | 碩士 === 國立成功大學 === 會計學系 === 103 === As the importance of corporate social responsibility (CSR) growing bigger in China recent years, increasing number of firms take efforts to integrate it. CSR, however, remains a highly contentious debates on its purpose and value. Many previous literatures have documented that the financial performance may impact the probability of CEO turnover and that firm’s social performance may positively correlate with the financial performance. In this study, we examine whether the CEO turnover would be effected by corporate social performance. Base on prior literatures’ theory we set two competing hypothesis to test the effect of CSR on CEO turnover. Moreover, we investigate the confounding effects of CSR and financial performance on CEO turnover. Using sample of China listed firms from 2009 to 2012, the empirical results show positive relationship between CSR and CEO turnover. This phenomenon may due to that stakeholders consider decision of CSR investment is a tool for CEO to improve their reputation instead of a beneficial behavior to the firm. Or stakeholders in China are lack of the awareness that CSR investment are for firm’s long term development. Thus, they consider CSR engagement, sometimes not financial beneficial, a value-harm behavior which results in CEO replacement.
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