Domenico Rocco Cambrea, Fabio Quarato, Giorgia Maria D'Allura, Francesco Paolone
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引用次数: 0
Abstract
Purpose
The purpose of the paper is to examine the effect of chief executive officer (CEO) succession on environmental, social and governance (ESG) performance and whether the characteristics of the incoming CEO, in terms of both gender and career horizon, are able to affect the relationship between CEO succession and ESG score.
Design/methodology/approach
The paper investigates a sample of European-listed companies between 2010 and 2021. Difference-in-difference and fixed-effects regressions are employed as the base empirical methodology. In addition, the robustness of the empirical findings is assessed by employing alternative methodologies and a different ESG proxy.
Findings
The empirical findings show the existence of a positive link between CEO succession and ESG performance and that this relationship is affected by two characteristics of the incoming CEO. Specifically, the empirical evidence indicates that the positive effect is magnified by the gender and the career horizon of the incoming CEO.
Originality/value
Considering the lack of research, this paper is the first one that opens a debate about the effects of CEO succession on corporate ESG performance in several European countries. By employing a unique sample of European listed firms, which has never been examined in other empirical research, this study highlights the importance of the demographic features of the incoming CEOs that should be taken into consideration during their selection process.
本文旨在研究首席执行官(CEO)继任对环境、社会和治理(ESG)绩效的影响,以及继任 CEO 在性别和职业生涯方面的特征是否会影响 CEO 继任与 ESG 分数之间的关系。采用差分回归和固定效应回归作为基本实证方法。结果实证研究结果表明,CEO 继任与 ESG 业绩之间存在正向联系,而且这种关系受到继任 CEO 两个特征的影响。具体而言,实证证据表明,新任首席执行官的性别和职业生涯期限会放大这种积极影响。原创性/价值考虑到研究的缺乏,本文是第一篇就欧洲多个国家首席执行官继任对企业环境、社会和公司治理绩效的影响展开讨论的论文。通过采用其他实证研究从未考察过的欧洲上市公司的独特样本,本研究强调了新任首席执行官的人口特征的重要性,这些特征应在其选择过程中加以考虑。
期刊介绍:
■In-depth studies of major issues ■Operations management ■Financial management ■Motivation ■Entrepreneurship ■Problem solving and proactivity ■Serious management argument ■Strategy and policy issues ■Tactics for turning around company crises Management Decision, considered by many to be the best publication in its field, consistently offers thoughtful and provocative insights into current management practice. As such, its high calibre contributions from leading management philosophers and practitioners make it an invaluable resource in the aggressive and demanding trading climate of the Twenty-First Century.