ESG and CEO turnover around the world

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dc.contributorAalto-yliopistofi
dc.contributorAalto Universityen
dc.contributor.authorColak, Gonulen_US
dc.contributor.authorKorkeamäki, Timoen_US
dc.contributor.authorMeyer, Niclasen_US
dc.contributor.departmentSchool Services, BIZen
dc.contributor.organizationUniversity of Sussexen_US
dc.contributor.organizationHanken School of Economicsen_US
dc.date.accessioned2024-03-06T10:36:59Z
dc.date.available2024-03-06T10:36:59Z
dc.date.issued2024-02en_US
dc.description.abstractWe investigate whether CEOs around the world are held accountable for stakeholder-related corporate misbehavior. The likelihood of CEO turnover increases significantly when the media coverage of the ESG incidents reaches extreme levels. CEO turnovers occur even in the cases where an incident does not lead to a stock price decline. In such cases, the board likely has a non-pecuniary motive for the turnover. This suggests that such non-pecuniary reputational concerns are an important determinant of CEO turnover decisions around the world, especially when the firm is facing intense public pressure due to stakeholder-related corporate misbehavior. This effect is more pronounced when firms are headquartered in stakeholder-oriented countries like many European countries.en
dc.description.versionPeer revieweden
dc.format.extent30
dc.format.mimetypeapplication/pdfen_US
dc.identifier.citationColak, G, Korkeamäki, T & Meyer, N 2024, 'ESG and CEO turnover around the world', Journal of Corporate Finance, vol. 84, 102523. https://doi.org/10.1016/j.jcorpfin.2023.102523en
dc.identifier.doi10.1016/j.jcorpfin.2023.102523en_US
dc.identifier.issn0929-1199
dc.identifier.issn1872-6313
dc.identifier.otherPURE UUID: 74d427b7-e3fa-4632-8670-5e13332e545aen_US
dc.identifier.otherPURE ITEMURL: https://research.aalto.fi/en/publications/74d427b7-e3fa-4632-8670-5e13332e545aen_US
dc.identifier.otherPURE LINK: http://www.scopus.com/inward/record.url?scp=85181035531&partnerID=8YFLogxK
dc.identifier.otherPURE FILEURL: https://research.aalto.fi/files/137138733/1-s2.0-S0929119923001724-main.pdfen_US
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/126916
dc.identifier.urnURN:NBN:fi:aalto-202403062551
dc.language.isoenen
dc.publisherElsevier
dc.relation.ispartofseriesJournal of Corporate Financeen
dc.relation.ispartofseriesVolume 84en
dc.rightsopenAccessen
dc.titleESG and CEO turnover around the worlden
dc.typeA1 Alkuperäisartikkeli tieteellisessä aikakauslehdessäfi
dc.type.versionpublishedVersion

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