Executive Changes and ESG Disclosure in S&P 500 Firms: The Moderating Role of Strategic Dynamism
研究了2017至2023年间标普500公司高管变动次数如何影响ESG及环境披露，发现高管变动会减少披露，且在战略动态性高时影响更强，环境披露尤其脆弱。
ABSTRACT The strategic importance of environmental, social, and governance (ESG) disclosure has sparked academic interest, yet the role of top management team (TMT) dynamics remains underexplored. This study examines how the number of executive changes, as a proxy for TMT instability, affects ESG and environmental (ENV) disclosure in S&P 500 firms from 2017 to 2023. Drawing on upper echelons theory, we argue that frequent turnover disrupts disclosure routines and weakens credibility, especially in voluntary settings like the US. Based on 2178 firm‐year observations, we find that executive changes reduce ESG and ENV disclosure. This effect intensifies under high strategic dynamism, where shifting priorities hinder transparency. ENV disclosure is particularly vulnerable due to its complexity and long‐term nature. Our study contributes by shifting focus from static governance to dynamic leadership, incorporating strategic dynamism as a contextual factor, and resolving mixed findings by demonstrating TMT instability weakens ESG disclosure in voluntary, market‐based systems.