Too Old to Bother: CEO Age and Corporate Stakeholder Engagement
研究CEO年龄如何影响企业利益相关者参与，发现年长CEO因保守、短视和风险规避而参与更少，且企业社会责任表现更差，对董事会、投资者和政策制定者有参考价值。
ABSTRACT We examine how CEO age, a key demographic attribute, affects corporate stakeholder engagement. Drawing on Upper Echelons Theory, we argue that older CEOs are less responsive to stakeholder concerns because of heightened conservatism, shorter time horizons, and greater risk aversion. Using a panel of French listed firms from 2006 to 2023, we show that CEO age is negatively associated with both the likelihood and intensity of stakeholder engagement. This relationship is robust across multiple specifications and alternative engagement indicators, including CSR strategy formalization, participation in the UN Global Compact, and board‐level sustainability oversight. We further document that older CEOs are associated with weaker CSR performance, particularly in areas such as resource use and emissions. These findings highlight the behavioral constraints of executive aging and suggest that CEO age should be a consideration for boards, investors, and policymakers aiming to promote effective stakeholder and sustainability strategies.