ESG-Linked Compensation, CEO Skills, and Shareholder Welfare
研究了瑞典CEO的薪酬合同，发现ESG目标与财务目标存在竞争，ESG挂钩薪酬在治理良好的公司和技能更全面的CEO中更常见，且能提升ESG评分但不影响盈利能力。
Abstract Executive compensation is increasingly being linked to ESG outcomes. This paper examines whether ESG targets are consistent with shareholder welfare. Using granular information on compensation contracts of Swedish CEOs, we show that ESG and financial targets are competing. ESG-linked compensation is 5 percentage points more common in well-governed firms and 6.3 percentage points more likely for CEOs with broader skill sets (generalist CEOs). ESG scores of well-governed firms improve when generalist CEOs have ESG-linked pay, but there is no effect on profitability. These results suggest that boards set ESG contracts because shareholders derive utility from ESG in addition to wealth, and ESG may not be produced without these incentives. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.