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There's not a straightforward answer to this because it's far too context dependent, and even a CEO at a small company won't have absolute control over the culture of that company; I've seen company culture turn from amazing to toxic after losing only a couple key employees (good managers are gold dust).
To draw a comparison: staff pizza parties are so widely scoffed at not because people hate pizza, but because, when set against a backdrop of employees not actually being respected or valued, it makes them feel worse. Good will can't be bought, whether by pizza, extra days off, or field trips. Some of those things can help, but much more important is the cumulative culture that's built at the company.
Most decisions like discretionarily giving someone time off to look after family are going to be made at a level lower than CEO. Sometimes great policy ideas arise from a great manager using their discretion to make a sensible call, and then going "maybe we could put [idea] in place for future".