Abstract：The chief executive officer (CEO) plays an irreplaceable role in the corporate social responsibility (CSR) decision-making and implementation process, but the effect of CEO's power relationships on corporate social performance is less mentioned. A-share listed companies who released CSR reports from 2009 to 2011 were studied using the OLS (ordinary least squares) method to test the relationships among CEO power, CSR and corporate finance performance (CFP). The results show that structural power can help CEOs more effectively solve social-environmental problems, but it is not sufficient to improve CFP with the influence of ownership power having opposite effects on CSR and CFP. CEOs with prestige power and expert power can better relate social and business interests. The results show that companies should carefully structure the CEO's power with effective power restrictions to protect the owner's equity and maintain sustainable development.
陶文杰, 金占明. CEO权力、企业社会责任和企业绩效的关系[J]. 清华大学学报（自然科学版）, 2015, 55(12): 1354-1360.
TAO Wenjie, JIN Zhanming. CEO power, corporate social responsibility, and corporate performance. Journal of Tsinghua University(Science and Technology), 2015, 55(12): 1354-1360.
 Quinn L, Dalton M. Leading for sustainability: Implementing the tasks of leadership [J]. Corporate Governance, 2009, 9(1): 21-38.
 Finkelstein S. Power in top management teams: Dimensions, measurement, and validation [J]. Academy of Management Journal, 1992 (35): 505 -538.
 Fredrickson J W, Hambrick D C, Baumrin S. A model of CEO dismissal [J]. The Academy of Management Review, 1988, 13(2): 255-270.
 Hambrick D C. Environment, strategy, and power within top management teams [J]. Administrative Science Quarterly, 1981, 26: 253-271.
 Porter M E, Kramer M R . Strategy and society: The link between competitive advantage and corporate social responsibility [J]. Harvard Business Review, 2006, 84(12): 78-92.
 Russell E O. CEO and CSR: Business leaders and corporate social responsibility . (2014-03-01), http://openair.rgu.ac.uk, 2010.
 D'Amato A, Roome N. Toward an integrated model of leadership for corporate responsibility and sustainable development: A process model of corporate responsibility beyond management innovation [J]. Corporate Governance, 2009, 9(4): 421-434.
 Arrow K J. Social Choices and Individual Values [M]. New Haven, USA: Yale University Press, 1951.
 韩立岩, 李慧. CEO权力与财务危机--中国上市公司的经验证据 [J]. 金融研究, 2009, 343( 1): 179-193.HAN Liya, LI Hui. CEO power and financial crisis: Empirical evidence from listed firms in China [J]. Journal of Finance Research, 2009, 343(1): 179-193. (in Chinese)
 Haleblian J, Finkelstein S. Top management team size, CEO dominance, and firm performance: The moderating roles of environmental turbulence and discretion [J]. Academy of Management Journal, 1993, 36(4): 844-863.
 Daily C M, Johnson J L. Sources of CEO power and firm financial performance: A longitudinal assessment [J]. Journal of Management, 1997, 23 (20): 97-117.
 Adams R B, Almeida H, Ferreira D. Powerful CEOs and their impact on corporate performance [J]. Review of Financial Studies, 2005, 18(4): 1403-1432.
 Barney J B, Wright M, Ketchen Jr D J. The resource-based view of the firm: Ten years after 1991 [J]. Journal of Management, 2001, 27(6): 625-641.
 Hooghiemstra R. Corporate communication and impression management-New perspectives why companies engage in corporate social reporting [J]. Journal of Business Ethics, 2000, 27: 55-68.
 Gray R H, Owen D, Maunders K. Accountability, corporate social reporting, and the external social audits [J]. Advances in Public Interest Accounting, 1991, 4: 1-21.
 Hind P A, Wilson A, Lenssen G. Developing leaders for sustainable business [J]. Corporate Governance, 2009, 9(1): 7-20.
 Waldman D A, Siegel D. Defining the socially responsible leader [J]. The Leadership Quarterly, 2008, 19(1): 117-131.
 Waldman D A, Siegel D, Javidan M. Components of CEO transformational leadership and corporate social responsibility [J]. Journal of Management Studies, 2006, 43(8) : 1703-1725.
 权小锋, 吴世农. CEO权力强度_信息披露质量与公司业绩的波动性_基于深交所上市公司的实证研究 [J]. 南开管理评论, 2010, 13(4): 142-153.QUAN Xiaofeng, WU Shinong. CEO power, information disclosure quality and corporate performance variability: Empirical evidence from listed companies in SZSE [J]. Nankai Business Review, 2010, 13(4): 142-153.(in Chinese)
 中华人民共和国环境保护部. 上市公司环境信息披露指南(征求意见稿)[Z/OL]. (2014-03-01), http://wfs.mep.gov.cn/gywrfz/hbhc/zcfg/201009/W020100914403449464600.pdf.Ministry of Environmental Protection of the People's Republic of China. Guide for environmental information release of listed companies (Draft for comment) [Z/OL]. (2014-03-01), http://wfs.mep.gov.cn/gywrfz/hbhc/zcfg/201009/W020100914403449464600.pdf.
 Baron R M, Kenny D A. The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations [J]. Journal of Personality and Social Psychology, 1986, 51(6): 1173-1182.
 Judd C M, Kenny D A. Process analysis: Estimating mediation in treatment evaluations [J]. Evaluation Review, 1981, 5(5): 602-619.