This paper studies how managerial compensation is shaped by the risk preference of shareholders. Firms with a large ownership held by "dual holders'' -- institutional investors that simultaneously hold equity and bonds of the company -- choose a less risk-inducing compensation structure....

Using a sample of U.S listed firms from 1994 to 2015, we examine how the geographic dispersion of a firm affects corporate social responsibility (CSR). We find that corporate geographic dispersion is negatively associated with CSR scores. We further find that this robust negative relationship is...