Various corporate social activities were regressed on self-report measures of stakeholder-orientations from 220 CEOs from large Fortune 500 industrial and service firms. Overall, the relationship between who CEOs say is important and corporate activities toward those stakeholders is much weaker than anticipated. Of the expected relationships, only corporate philanthropy was positively related to CEO community orientation. The few other significant findings were less straightforward. Return on equity (ROE) of the company was related to the CEO's customer orientation rather than the CEO's stockholder orientation, and liberal HRM programs were positively associated with a CEO's stockholder orientation rather than employee orientation.
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Lerner et al. (1994) studied this question.
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