Search Results (93)

In the context of pursuing the goal of strategic imperatives of sustainable development, the ESG performance of enterprises has become a key yardstick for measuring their comprehensive environmental contribution and economic efficiency. Enhancing ESG performance has far-reaching significance in promoting green and sustainable development of enterprises and society. Drawing on the upper echelons theory, this paper investigates the impact of the chief executive officer’s (CEO’s) green experience on corporate environmental, social, and governance (ESG) performance, utilizing a sample of publicly listed Chinese companies from 2011 to 2023. The study demonstrates that CEOs with green experience significantly enhance corporate ESG performance, a conclusion that remains consistent following a series of rigorous robustness checks. Mechanistic analysis reveals that CEOs’ green experience primarily facilitates corporate ESG performance enhancement through green innovation initiatives. Furthermore, CEO discretion amplifies the positive influence of green experience on ESG performance. Heterogeneity analysis demonstrates that the influence of the CEOs’ green experience on ESG performance is more pronounced in high-tech enterprises, in markets characterized by lower levels of competition, and in firms situated in regions exhibiting higher degrees of social trust. These findings impart both theoretical and practical implications for enhancing corporate ESG performance and offer novel strategic perspective to advance environmental stewardship, social responsibility, and corporate governance frameworks. Full article

The objective of the study is to demonstrate how cognitive chief executive officers (CEOs) influence corporate social and environmental performance under the moderating impact of innovation, supervisors and cash holdings. Significantly, we have formulated cognitive CEOs using data envelope analysis while considering the specific attributes of the incumbent CEO (by considering the age, tenure, goodwill, education and tacit knowledge of CEOs). The research approach aims to elucidate that cognitive CEOs strongly invigorate social and environmental performance. However, the moderating role of corporate innovation weakens this connection, whereas the moderating role of supervisors invigorates this relationship. In contrast, cash hoarding deters social and environmental performance through its moderating effectiveness. Conclusively, theoretical contribution illuminates the stakeholder theory frame of reference while emphasizing the identification of corporate social and environmental performance. Specifically, the role of cognitive CEOs has been signified as a promoter of such strategies, which indicate their orientation toward social responsibility. Empirical underpinnings illustrate the impact of corporate innovation, supervisors and cash holdings, which asymmetrically influence social and environmental performance. The recommendations of the research results refer to the characterization of the optimal attributes of cognitive CEOs that are essential to enhance social and environmental performance. Full article

Sustained green innovation in firms is a crucial driver of sustainable economic development. Chief executive officer (CEO) openness, as a key personality trait related to leadership effectiveness, has an important but largely overlooked impact on sustained green innovation. This study aims to explore the impact of CEO openness on sustained green innovation and its boundary conditions. Using data from Chinese A-share-listed firms between 2011 and 2023, we find that CEO openness has a significant positive impact on sustained green innovation in firms. The moderating effects reveal that both digitalization level and CEO shareholding strengthen the positive effect of CEO openness on sustained green innovation. Heterogeneity analysis indicates that this positive effect is more pronounced in state-owned enterprises, firms in non-heavily polluting industries, and those with high analyst coverage. These findings provide theoretical support for understanding the determinants of sustained green innovation through the lens of CEO personality. They also enrich the growing literature on the impact of CEO openness on corporate decision-making. Furthermore, this study recommends that firms prioritize CEO openness in selection, enhance digital infrastructure, and improve equity incentive measures to ultimately foster sustained green innovation. Full article

The coronavirus disease of 2019 (COVID-19) presented hospitals not only with significant clinical challenges but also with organizational obstacles, forcing hospitals to adapt their operations to ensure continuity of care. This study aims to explore the challenges that Nebraska hospitals encountered during COVID-19. To achieve this goal, the study draws on data collected through semi-structured interviews with the Chief Executive Officers (CEOs) and Chief Nurse Officers (CNOs) of eight hospitals in the state of Nebraska. These incident commanders held pivotal decision-making positions in their associated hospitals during the COVID-19 pandemic and its surge times. Data were analyzed using inductive thematic analysis, revealing nine key themes related to the challenges faced by hospital leaders. The main challenges included difficulties with hospital operational procedures, issues related to physical layout design, concerns over insufficient capacity to meet patient demand, disruptions in the supply chain affecting essential resources, challenges in managing hospital staff effectively, barriers in communication within and across departments, infrastructure deficiencies that impacted functionality, financial constraints, and complexities in organizational management. These themes are accompanied by their respective sub-themes and supporting quotes from interview transcripts within this paper. The insights from this study can inform healthcare leaders to develop more efficient operational frameworks to navigate public health crises. Full article

This study examines whether Chief Executive Officers (CEOs) exercise a greater proportion of their exercisable options in response to firm-specific stock price bubbles. For a sample of U.S. firms from 1992 to 2021, the study identifies stock price bubble periods using the Generalized Sup Augmented Dickey-Fuller (GSADF) method. A bubble is a statistical measure that detects an ex-post firm-specific stock price exuberance that creates abnormally high variation in stock prices arising from changes in discount rates, R&D and market liquidity. If executives have private information and can infer firm-specific bubbles, they are likely to exercise a greater proportion of their exercisable stock options during bubbles to benefit from their firms’ stock price exuberance. Using data aggregated at the CEO-year level, we find that executives are prone to exercising a larger portion of their vested stock options during market bubbles, with the aim of monetizing on the exuberance in the firm’s stock price. They leverage their expertise and their acquired price-sensitive private information to identify these bubbles. We also find that CEOs’ option exercise activity increases as the duration of the bubble increases to capture the price momentum. Full article

While outside chief executive officers (CEOs) are often viewed as catalysts for strategic change compared to their inside counterparts, this study reveals their potential to undermine firms’ environmental responsibility. Integrating agency theory with social capital theory, we investigate whether and how board-level social capital can moderate the sustainability risks associated with outside CEO succession. Using a panel dataset of 989 pollution-intensive Chinese firms from 2010 to 2022, we apply propensity score matching (PSM) to reduce endogeneity in CEO succession decisions, followed by fixed-effects regressions. The empirical results show that outside CEOs, particularly during their early tenure, are more likely to prioritize short-term financial performance over environmental goals—due to limited firm-specific knowledge and heightened external pressure. However, external board social capital (e.g., ties to government and industry associations) enhances resource access and post-appointment accountability, while internal social capital (e.g., co-working experience among directors) establishes common norms that facilitate strategic continuity. This study positions board social capital as a relational governance mechanism that complements formal oversight. The findings contribute to succession and environmental research by linking executive origin to sustainability outcomes and provide practical guidance on leveraging board networks to support leadership transitions. Full article

The impact of the chief executive officer (CEO) narcissism on a firm’s performance has gained attention from the academic community. However, the extant literature has largely ignored the mediating mechanism of research and development (R&D) investment and the moderating roles of managerial discretion. Additionally, the measurement of CEO narcissism is rarely disclosed in the public database. Compiling a CEO narcissism index from a video survey, we systematically explore the effect of CEO narcissism on firm performance, the mediating role of R&D investment, and the moderating role of managerial discretion. Based on the upper echelons theory, using a sample of 183 Chinese A-share listed manufacturing firms from 2011 to 2019, we found that CEO narcissism positively and significantly impacts R&D investment and firm performance, and then R&D investment mediated the relationships between CEO narcissism and firm performance. In addition, we found that managerial discretion could affect the relationship between CEO narcissism and R&D investment. Specifically, CEO duality and CEO ownership will strengthen the positive influence of a CEO’s narcissism in corporate R&D investment. Our results suggest that CEO narcissism appears to be a stimulus to corporate R&D investment; thus, in recruiting top executives, their psychological traits, especially narcissism, should be given special consideration. Full article

While there has been a steady stream of research on chief technology officers (CTOs), studies specifically examining the expanding role of CTOs, particularly in the areas of environmental, social, and governance (ESG), remain scarce. Despite extensive research on boards of directors (BODs), chief executive officers (CEOs), and corporate social responsibility (CSR) committees, there is a significant lack of research on the role of CTOs in integrating ESG considerations into technology development and operations. To fill this gap, this study investigated the impact of CTO characteristics (personal, positional, and career-related) on corporate ESG performance. Based on previous studies, we created a conceptual model and proposed 12 hypotheses. A sample of 218 publicly traded corporations in Korea was selected, and a structural equation model was used to test the fit of the research model and hypotheses. The results indicate that the positional characteristics of the CTO positively affect a corporation’s ESG performance, whereas the career-related characteristics of the CTO negatively affect it. However, personal characteristics did not exhibit significant effects. Therefore, this study underscores the need for corporations to empower technology leaders, such as the CTO, and enable them to play an important role in strategic decision-making. By doing so, organizations can enhance their social responsibility, improve environmental sustainability, and maintain competitiveness. Full article

The growing presence of women at the top of companies has sparked interest in examining their role in the remuneration gap between senior managers and employees. This article analyses the traditional Chief Executive Officer (CEO)-to-employee pay ratio but includes a new relation, the senior-management-to-employee pay ratio, and extends the research by including six positions for women in company management: on the board of directors, executive directors, CEOs, proprietary directors, independent directors, and senior managers. The study is based on a sample of 77 listed companies in Spain from 2015 to 2022 and the panel data models have been estimated using the Generalised Method of Moments (GMM). The main findings indicate that the proportion of women in different categories of board and senior management positions has a positive effect on the CEO-to-employee pay ratio, especially in companies with higher market capitalisation. In contrast, the proportion of women in senior management positions has a negative effect on the CEO-to-employee pay ratio in all the samples analysed. Government agencies should prioritise the participation of women in non-board senior management positions in order to at least reduce the pay gap between senior managers and employees. Full article

The integration of artificial intelligence (AI) with environmental, social, and governance (ESG) factors is impacting the direction of enterprises and society in our swiftly expanding world. This collaboration has significant potential to tackle critical issues such as reducing the impact of climate change, fostering social integration, and improving corporate governance. Nevertheless, the implementation of AI gives rise to intricate matters and apprehensions, as it brings out a distinct array of hazards and ethical quandaries for ESG performance. The objective of the present research is to fill this gap by gathering and offering a contemporary evaluation of the influence of advancing technologies on the strategic leadership’s role in fulfilling the business goal within the context of ESG considerations. We used bibliometric analysis to investigate the study subject using R Studio version 4.2.0 and the bibliometric applications VOSviewer version 1.6.20 and Biblioshiny version 4.2.0. We obtained data from the Scopus database and used the PRISMA approach to suitably choose 205 research publications. The results suggest that it is essential to use AI and ESG to digitize the boardroom. Additionally, it is crucial to guarantee its security using an advanced detection system. Therefore, chief executive officers (CEOs) must give priority to the issues of transparency and cybersecurity to reduce risks and successfully inspire trust in business activities. Full article

This study examines the crucial role of chief executive officers (CEOs) in post-acquisition integration, focusing on Chegg, a prominent ed-tech company in a rapidly evolving industry. Analyzing CEO actions post-acquisition through interviews and metrics, we find that a three-year CEO retention period significantly contributes to successful integration at Chegg. This research emphasizes the importance of understanding ideal CEO retention and their strategic actions, offering insights for more successful post-acquisition integration and long-term economic benefits. Full article

This study investigates the relationship between market power and bank profitability, and the impacts of CEOs’ personality traits, in Vietnam from 2007 to 2020. The analysis of CEOs’ signatures is used to determine their characteristics. The findings support the quiet-life hypothesis, which suggests that the negative relationship between market power and bank profitability may depend on CEOs’ characteristics. More specifically, the results show that conscientious CEOs with market power tend to reduce bank profitability, and this effect is more pronounced for foreign-owned banks. Therefore, our findings have critical implications for bank management. Full article

This study empirically examines factors that can influence the sustainable corporate performance of Korean business-to-business (B2B) companies with the help of unique survey data. Factors such as technological capability, the chief executive officer (CEO)’s risk-taking propensity, B2B seller skill, and key account management (KAM) are analyzed to clarify their impact on sustainable financial and non-financial performance. In particular, given that environment, society, and governance (ESG) reporting has recently been widely recognized as an important evaluation factor for companies, we look at the mediating effects of ESG management on sustainable business performance. The results show that the CEO’s risk-taking propensity and B2B seller skill significantly impact the company’s sustainable financial performance, while technological capability and the CEO’s risk-taking propensity significantly impact sustainable non-financial performance. The fact that a CEO’s risk-taking propensity affects both sustainable financial and non-financial performance indicates the importance of entrepreneurial competency in the sustainability of the company. Furthermore, the findings reveal that ESG management plays a crucial role in sustainable corporate performance. The mediating role of ESG management allows technological capability, B2B seller skill, and KAM to influence sustainable financial performance significantly. Likewise, all of the explanatory factors contribute to the company’s sustainable non-financial performance through ESG management. The findings are important for both practitioners and scholars because they emphasize the need to establish an optimal ESG management strategy for corporate survival and sustainability. Furthermore, this study underscores that ESG management should be implemented by all organizational members, from CEOs to employees. Future research will include more comprehensive samples and analyze various strategic factors not covered in this study to derive effective ways by which companies can increase their performance and sustainability. We will also explore the factors that contribute to good ESG management practices. Full article

This research aims to broaden the understanding of the determinants of climate change disclosure, where the study analyzes the impact of corporate business strategy and Chief Executive Officer (CEO) overconfidence on the level of climate change disclosure. The study followed a mixed-methods approach that combines quantitative and qualitative techniques to comprehensively examine the relationships used by the content analysis method to analyze the annual reports of a sample of Saudi companies for the period from 2019 to 2022 to measure the level of disclosure of practices related to climate change. The results of the study show that the companies that tend to adopt the initiative strategy provide more information about climate change than the defending companies do, while the CEO’s overconfidence does not affect the level of climate change disclosure. The results of the study indicate that the nature of the strategic direction adopted by the company is more important in determining the motives for disclosing climate change information than the personal characteristics of management. Full article

This study aims to understand the impact of the additional remuneration of the Chief Executive Officer (CEO) over the mean remuneration of the board of directors on firms’ financial performance. The objective is to understand if the highest compensation of the CEO is a firm performance driver. In addition to the impact of total remuneration, the different remuneration components were split and analyzed. An unbalanced panel data of listed companies in DAX–Germany over the period from 2006 until 2019 is analyzed. Using dynamic methodology to estimate the models, the results show that higher additional remuneration positively explains higher firm performance measured using both accounting and market measures. The impact is also evident when additional remuneration components are analyzed. These results support the tournament theory, since when CEOs feel rewarded, they are more efficient in increasing the firm’s performance. Moreover, the firms’ financial characteristics, as well as macroeconomic factors, are also relevant to explaining its performance. Full article