ESG and CEO turnover around the world
研究了全球CEO是否因利益相关者相关的企业不当行为而被问责，发现媒体对ESG事件的极端报道显著增加CEO更替概率，即使股价未下跌时也会发生，表明非金钱的声誉考量是重要因素。
We 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.