Local Boy Does Good : CEO Birthplace Identity and Corporate Social Responsibility

We examine how CEO birthplace identity affects firm corporate social responsibility (CSR)activities. CEOs heading firms located in their home birth counties are associated with higherlevels of CSR. The relation is more pronounced for CEOs with deeper home connections.Importantly, CSR activities by home CEOs are associated with significant increases in firm valuerelative to non-home CEOs. Additionally, home CEOs do not appear to extract private benefits,either directly or indirectly, from these activities. Overall, our results suggest that engaging in CSRwill not necessarily increase levels of social trust and firm value. The place identity of the CEOalso matters