CEO age and corporate environmental policies

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-10-30 DOI:10.1016/j.intfin.2024.102076

Huong Le , Tung Nguyen , Andros Gregoriou

引用次数: 0

Abstract

This study examines the link between CEO age and firm environmental performance. Building on the upper echelons theory, we predict that a firm is more environmentally friendly if CEOs are younger. Using hand-collected data of a total 12,512 plant-year observations for 1,074 individual firms in the period from 2010 to 2022, we document evidence that younger CEOs release significantly less greenhouse gas emissions, consistent with our conjecture. Additionally, we note that younger CEOs outperform older CEOs in terms of greenhouse gas emissions by investing more in abatement initiatives, increasing manufacturing efficiency, and increasing their use of ecologically friendly fuel. Our evidence of CEO age offers relevant implications for directors, shareholders, and financial regulators.

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首席执行官年龄与企业环境政策

本研究探讨了首席执行官年龄与企业环境绩效之间的联系。在高层理论的基础上，我们预测如果首席执行官比较年轻，企业就会更加环保。利用手工收集的 2010 年至 2022 年期间 1,074 家公司共计 12,512 个工厂年的观测数据，我们记录了年轻 CEO 排放的温室气体显著减少的证据，这与我们的猜想一致。此外，我们还注意到，年轻的首席执行官在温室气体排放方面的表现优于年长的首席执行官，他们在减排措施、提高生产效率和增加使用生态友好型燃料方面投入更多。我们关于首席执行官年龄的证据为董事、股东和金融监管机构提供了相关启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.