ESG and CEO turnover around the world

Gonul Colak, Timo Korkeamäki*, Niclas Meyer

*Motsvarande författare för detta arbete

Forskningsoutput: TidskriftsbidragArtikelVetenskapligPeer review


We investigate whether CEOs around the world are held accountable for stakeholder-related corporate misbehavior. The likelihood of CEO turnover increases significantly when the media coverage of the ESG incidents reaches extreme levels. CEO turnovers occur even in the cases where an incident does not lead to a stock price decline. In such cases, the board likely has a non-pecuniary motive for the turnover. This suggests that such non-pecuniary reputational concerns are an important determinant of CEO turnover decisions around the world, especially when the firm is facing intense public pressure due to stakeholder-related corporate misbehavior. This effect is more pronounced when firms are headquartered in stakeholder-oriented countries like many European countries.
Referentgranskad vetenskaplig tidskriftJournal of Corporate Finance
StatusPublicerad - 01.02.2024
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift


  • 512 Företagsekonomi

Styrkeområden och områden med hög potential (AoS och AoHP)

  • AoS: Finansiering, redovisning och företagsstyrning


Fördjupa i forskningsämnen för ”ESG and CEO turnover around the world”. Tillsammans bildar de ett unikt fingeravtryck.

Citera det här