ESG and CEO Turnover

Gonul Colak, Timo Korkeamaki, Niclas Meyer

Research output: Chapter in Book/Report/Conference proceedingConference contributionScientificpeer-review


We investigate whether CEOs are more likely to be replaced position following incidences related to Environmental, Social, and Governance (ESG) events. Utilizing a sample of large European firms, which allows us to consider covariates at individual-, firm-, industry-, and country-levels, we find that ESG-related news has a statistically and economically significant and robust impact on CEO turnover. The impact is proportional to the severity of an event. Consistent with prior literature, we find some evidence that common-law countries rely more on market-based (ex post) penalties to CEOs to deter stakeholder-related ESG misconduct than civil-law countries.
Original languageEnglish
Title of host publicationProceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC
Publication date2020
Publication statusPublished - 2020
MoE publication typeA4 Article in conference proceedings

Publication series

NameSSRN Working Paper Series
PublisherSocial Science Research Network


  • 512 Business and Management
  • CEO Turnover
  • Environmental
  • Social and Governance (ESG)
  • Firm Misbehavior
  • Legal Origin
  • Shareholder
  • Shareholder Value Maximization
  • Stakeholder Society Approach

Areas of Strength and Areas of High Potential (AoS and AoHP)

  • AoS: Financial management, accounting, and governance


Dive into the research topics of 'ESG and CEO Turnover'. Together they form a unique fingerprint.

Cite this