ESG Issues and Career Prospects of Directors: Evidence from the International Director Labor Market

Gonul Colak*, Kent Hickman, Timo Korkeamäki, Niclas Meyer

*Motsvarande författare för detta arbete

Forskningsoutput: TidskriftsbidragArtikelVetenskapligPeer review

Sammanfattning

Using an international sample of firms, we investigate the career prospects of directors of firms experiencing negative ESG issues. By tracking the same director at the same firm over time, we document a significant drop in seats held at other public firms’ boards following intense negative media coverage of an ESG problem occurring at a given director's focal firm. Losses of seats at other firms are concentrated among executive directors, among directors of firms located in countries with high environmental and social norms, and among directors of firms located in countries with bank-based systems. Nonexecutive directors and directors of firms located in less stakeholder-oriented countries are not penalized for ESG issues by the director labor market.
OriginalspråkEngelska
Referentgranskad vetenskaplig tidskriftFinancial Markets, Institutions & Instruments
Volym31
Utgåva2-3
Sidor (från-till)1-57
Antal sidor57
ISSN0963-8008
DOI
StatusPublicerad - 24.06.2022
MoE-publikationstypA1 Originalartikel i en vetenskaplig tidskrift

Nyckelord

  • 512 Företagsekonomi

Styrkeområden och områden med hög potential (AoS och AoHP)

  • AoS: Finansiering, redovisning och företagsstyrning

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