The objective of this research is to investigate the impact of executive equity-based compensation on corporate social performance. The sample includes U.S. listed companies from 1995 to 2013. The empirical results show that CEO equity incentives have a positive impact on corporate social performance. To distinguish between overinvestment hypothesis and stakeholder theory, we further test whether CSR performance is positively related to CEO excess compensation. We do not find evidence of such a positive association, suggesting that CEOs do not engage in CSR for self-dealing but to increase stakeholder interests.