We show that CEOs with charity involvement (hereafter, charitable CEOs) are associated with higher CSR performance in advancing the interests of a broad set of stakeholders both inside and outside their firms. Further, charitable CEOs behave ethically in the fulfillment of their corporate responsibilities, such as preparing financial statements and forecasting the firm’s future performance. We further show that firms in imminent need for improving CSR performance or reporting quality have a particularly strong incentive to seek out charitable CEOs. We use a battery of tests to show that our findings are related to the prosocial identity of these CEOs rather than firm-level strategies or the CEOs’ desire to advance their own social status. Overall, our study is important for corporate boards, policy makers, and other stakeholders as we show that CEOs who engage in charitable activities exhibit consistent prosocial behavior, and this CEO characteristic significantly affects corporate-level outcomes.