国际清算银行-CEO离职风险与企业环境绩效（英）-2024.5-40页

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BIS Working Papers

No 1190

CEO turnover risk and firm

environmental performance

by Giulio Cornelli, Magdalena Erdem and

Egon Zakrajšek

Monetary and Economic Department

May 2024

JEL classification: D22, G30, G34, O31, Q55.

Keywords: corporate finance, ESG, emissions,

environmental innovation, short-terminism.

BIS Working Papers are written by members of the Monetary and Economic

Department of the Bank for International Settlements, and from time to time by other

economists, and are published by the Bank. The papers are on subjects of topical

interest and are technical in character. The views expressed in them are those of their

authors and not necessarily the views of the BIS.

This publication is available on the BIS website (www.bis.org).

reproduced or translated provided the source is stated.

ISSN 1020-0959 (print)

ISSN 1682-7678 (online)

CEO turnover risk and ﬁrm environmental

performance∗

Giulio Cornelli Magdalena Erdem Egon Zakrajšek

May 2024

Abstract

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 en-

vironmental ranking, particularly on environmental innovation activities, and more

ESG controversies for the ﬁrm. The inclusion of ESG-pay clauses in executives’ com-

pensation 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 envi-

ronmental innovation scores to a strategical re-orientation towards short-terminism.

JEL Classiﬁcation: D22 G30 G34 O31 Q55

Keywords: corporate ﬁnance, ESG, emissions, environmental innovation,

short-terminism

∗Giulio Cornelli (giulio.cornelli@bis.org) is at the Bank for International Settlements and the Univer-

sity of Zurich, Magdalena Erdem (magdalena.erdem@bis.org) is at the Bank for International Settlements

and Egon Zakrajšek (Egon.Zakrajsek@bos.frb.org) is at the Federal Reserve Bank of Boston. We thank

Olimpia Carradori, Thea Kolasa, Tommaso Oliviero, Zacharias Sautner and Alexander Wagner for their

useful comments and suggestions. The views expressed in this paper are those of the authors and do not

necessarily reﬂect those of the Bank for International Settlements, the Federal Reserve Bank of Boston

or University of Zurich.

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BISWorkingPapersNo1190CEOturnoverriskandfirmenvironmentalperformancebyGiulioCornelli,MagdalenaErdemandEgonZakrajšekMonetaryandEconomicDepartmentMay2024JELclassification:D22,G30,G34,O31,Q55.Keywords:corporatefinance,ESG,emissions,environmentalinnovation,short-terminism.BISWorkingPapersarewrittenbymem...

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