不同管理自由裁量权背景下首席执行官声誉对环境、社会和治理绩效的影响

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-10-28 DOI:10.1016/j.frl.2024.106368

Shiwei Lin , Yiru Zhang , Yanuo Wang , Haipeng Geng

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引用次数: 0

摘要

尽管人们对环境、社会和公司治理的先决条件给予了极大关注，但现有研究却忽视了首席执行官的声誉在决定公司环境、社会和公司治理绩效方面的关键作用。我们提出，ESG 表现受声誉卓著的首席执行官为保持其名人地位而进行的印象管理动机的影响。利用 2014 年至 2020 年 A 股上市公司的纵向数据集，我们发现，与声誉较低的首席执行官领导的公司相比，声誉较高的首席执行官领导的公司在环境、社会和公司治理方面表现更优，尤其是在不确定性和慷慨的背景下。异质性分析表明，有政治关系的首席执行官和国有企业的首席执行官可能更看重自己的声誉。我们的研究结果为旨在提高环境、社会和公司治理绩效的公司提供了宝贵的见解。

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The impact of CEO reputation on ESG performance in varying managerial discretion contexts

Despite considerable attention being devoted to the antecedents of ESG, existing research has overlooked the pivotal role of CEO reputation in determining a firm's ESG performance. We propose that ESG performance is influenced by reputable CEOs’ impression management motive to maintain their status as celebrity. Utilizing a longitudinal data set of A-share listed firms from 2014 to 2020, we find that firms led by highly reputable CEOs demonstrate superior ESG performance compared to those led by less reputable counterparts, particularly in contexts featured by uncertainty and munificence. Heterogeneity analyses reveal that CEOs with political connections and those in state-owned enterprises (SOEs) are likely to place a higher value on their reputation. Our findings provide valuable insights for firms aiming to enhance ESG performance.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance