ESG and CEO Turnover

Gonul Colak, Timo Korkeamaki, Niclas Meyer

Forskningsoutput: Kapitel i bok/rapport/konferenshandlingKonferensbidragVetenskapligPeer 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.
Titel på värdpublikationProceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC
StatusPublicerad - 2020
MoE-publikationstypA4 Artikel i en konferenspublikation


NamnSSRN Working Paper Series
FörlagSocial Science Research Network


  • 512 Företagsekonomi

Styrkeområden och områden med hög potential (AoS och AoHP)

  • AoS: Finansiering, redovisning och företagsstyrning


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