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CEO turnover risk and firm environmental performance
We investigate the relationship between the probability of a CEO forced-turnover and firm performance on several environmental dimensions. Our findings suggest that a higher risk of being terminated for the CEO is correlated with a lower environmental ranking, particularly on environmental innovation activities, and more ESG controversies for the firm. The inclusion of ESG-pay clauses in executives‘ compensation packages only marginally offsets such deterioration. Looking at data on Greenhouse gas (GHG) emissions, we consistently find that a rise in the probability of being terminated corresponds to an increase in scope 2 and 3 emissions (＂carbon leakeage＂), whereas scope 1 emissions remain unchanged. Through an instrumental variable approach, we trace the deterioration of firms‘ ESG controversies- and environmental innovation scores to a strategic re-orientation towards short-terminism.
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