EXPRESS: How does CEO duality influence ESG scores in hospitality and tourism companies? Confounding roles of governance mechanisms and financial indicators

Hasan Evrim Arici, Omer Aladag, Mehmet Ali Koseoglu
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Abstract

Previous studies have yielded inconsistent results about the impact of CEO duality on corporate performance in the hospitality and tourism (H&T) industry. To further delve into this relationship, we investigate the causal relationship between CEO duality and environmental, social and governance (ESG) performance under various board characteristics and financial indicators. The data from Thomson Reuters Eikon database were evaluated using a machine learning technique that included targeted maximum likelihood estimation (TMLE), augmented inverse probability weighting (AIPW), and neural network analysis, all of which are doubly robust estimators with cross-fitting. The findings suggest that CEO duality negatively impacts environmental pillar scores but not other outcomes (i.e., governance and social pillar scores). Among the governance practices and financial indicators, policy executive compensation performance, policy executive compensation ESG performance, and return on capital investment (ROIC) have a positive relation with total ESG scores.
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快讯:首席执行官双重身份如何影响酒店和旅游公司的环境、社会和公司治理得分?治理机制和财务指标的混合作用
关于首席执行官双重性对酒店和旅游业(H&T)企业绩效的影响,以往的研究得出的结果并不一致。为了进一步深入探讨这种关系,我们研究了在各种董事会特征和财务指标下,CEO 双重性与环境、社会和治理(ESG)绩效之间的因果关系。我们使用机器学习技术对汤森路透 Eikon 数据库中的数据进行了评估,该技术包括目标最大似然估计(TMLE)、增强反概率加权(AIPW)和神经网络分析,所有这些技术都是交叉拟合的双重稳健估计器。研究结果表明,CEO 双重性对环境支柱得分有负面影响,但对其他结果(即治理和社会支柱得分)没有影响。在治理实践和财务指标中,政策性高管薪酬绩效、政策性高管薪酬的环境、社会和治理绩效以及资本投资回报率(ROIC)与环境、社会和治理总分呈正相关。
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