Corporate social responsibility and types of CEO turnover

This study examines the relationship between corporate social responsibility (CSR) and different types of chief executive officer (CEO) turnover. Our findings, based on a sample of over 2500 US firms, clarify how CSR engagement relates to CEO turnover by reason and source of new CEO. Firms with higher CSR measures are positively associated with the firing of CEOs and negatively associated with normal retirements. Low-CSR firms are more likely to experience contender successions that indicate a power struggle within the firm's management. This relationship becomes stronger when other members of the top management team (TMT) leave the firm at the time of CEO turnover. The results suggest that CSR is an indicator of good corporate governance.