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Article summary:
1. This study examines the integration of corporate social responsibility (CSR) criteria in executive compensation, a relatively recent practice in corporate governance.
2. The adoption of CSR contracting leads to an increase in long-term orientation, firm value, social and environmental initiatives, reduction in emissions, and green innovations.
3. CSR contracting helps direct management's attention to stakeholders that are less salient but financially material to the firm in the long run, thereby enhancing corporate governance.
Article analysis:
The article is generally reliable and trustworthy as it provides evidence for its claims through a novel database of CSR contracting and empirical findings that support its theoretical arguments. The authors also provide a detailed discussion of their results and implications for future research.
However, there are some potential biases that should be noted. First, the article focuses solely on the positive effects of CSR contracting without exploring any potential risks or drawbacks associated with this practice. Second, the article does not present both sides equally; while it discusses the benefits of CSR contracting from a theoretical perspective, it does not explore any counterarguments or alternative perspectives on this issue. Finally, there is some promotional content in the article as it highlights examples of companies that have adopted CSR contracting and view it as good governance.