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題名 CEO是否能從經驗中學習？來自ESG風險事件與企業永續表現之實證研究
Do CEOs Learn from Experience? Evidence from ESG Risk Incidents and Firm Sustainability Performance作者 翁柏萱
Weng, Po-Hsuan貢獻者 邱健嘉
翁柏萱
Weng, Po-Hsuan關鍵詞 CEO ESG風險經驗
ESG風險事件
ESG評分
碳排放
CEO ESG Risk Experience
ESG Risk Incidents
ESG Scores
Carbon Emissions日期 2025 上傳時間 1-七月-2025 14:50:57 (UTC+8) 摘要 本研究探討CEO過去所經歷的ESG（環境、社會與公司治理）風險事件是否會影響企業的ESG表現。本文利用固定效果之迴歸模型，分析CEO的ESG風險經驗與三項企業層級結果之間的關係，包括：企業發生ESG風險事件的次數、ESG評分，以及碳排放情況。實證結果顯示，具有較多ESG風險經驗的CEO所領導之企業，反而更常發生ESG爭議，顯示經驗的累積未必有助於提升ESG風險管理能力。然而，當CEO過往所面對的ESG風險事件具有高度嚴重性時，則與較高的ESG評分呈現正向關聯，顯示唯有遭遇過重大ESG衝擊之CEO，才較有可能積極投入企業永續策略。相對地，在碳排放方面，研究並未發現ESG經驗與碳排放有穩定的負向關聯，部分結果甚至顯示其與較高的間接碳排放（Scope 2）相關。整體而言，研究結果強調，影響ESG表現的關鍵在於經驗的「質」而非「量」，尤其是過去經驗的嚴重程度。本研究對於高階主管經驗與企業永續績效之關聯提供實證貢獻，亦指出並非所有ESG經驗都會產生相同的效果。
This study investigates whether CEOs' past exposure to ESG (Environmental, Social, and Governance) risk incidents influence corporate ESG outcomes. Using a fixed-effects panel regression model, I examine the relationship between CEO ESG risk experience and three firm-level outcomes: ESG risk incidents, ESG scores, and carbon emissions. Our findings show that CEOs with more ESG risk experience tend to lead firms with a higher frequency of ESG incidents, suggesting that experience does not necessarily improve ESG risk management. However, only exposure to highly severe ESG incidents is positively associated with higher ESG scores, indicating that extreme ESG challenges may lead to greater engagement with sustainability efforts. In contrast, there is no consistent evidence that ESG experience leads to lower carbon emissions; in some cases, it is linked to higher Scope 2 emissions. These results highlight that the quality of experience—particularly the severity of past ESG incidents—plays a critical role in influencing ESG-related corporate outcomes. This study contributes to the literature on executive experience and corporate sustainability by emphasizing that not all ESG experiences produce the same effects.參考文獻 Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469. Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117(1), 43-59. Bernile, G., Bhagwat, V., & Rau, P. R. (2017). What doesn't kill you will only make you more risk‐loving: Early‐life disasters and CEO behavior. The Journal of Finance, 72(1), 167-206. Bingham, C., Hendricks, B. E., Howell, T., & Kolev, K. (2020). Boomerang CEOs: What Happens When the CEO Comes Back?. MIT Sloan Management Review, September, 19-27. Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181. Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4), 1169-1208. Chen, C. H., Chiu, J. M., & Chiang, W. H. (2024). CEO Characteristics, ESG Rating, and Rating Uncertainty. Review of Securities and Futures Markets, 36(1), 191-224. Chen, Y., Fan, Q., Yang, X., & Zolotoy, L. (2021). CEO early-life disaster experience and stock price crash risk. Journal of Corporate Finance, 68, 101928. Cronqvist, H., Makhija, A. K., & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), 20-40. Cronqvist, H., & Yu, F. (2017). Shaped by their daughters: Executives, female socialization, and corporate social responsibility. Journal of Financial Economics, 126(3), 543-562. Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180. Egan, M., Matvos, G., & Seru, A. (2019). The market for financial adviser misconduct. Journal of Political Economy, 127(1), 233-295. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406. El Ghoul, S., Guedhami, O., Kim, H., & Park, K. (2018). Corporate environmental responsibility and the cost of capital: International evidence. Journal of Business Ethics, 149, 335-361. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209. Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability performance and the cost of capital. International Journal of Financial Studies, 10(3), 63. Holmström, B. (1999). Managerial incentive problems: A dynamic perspective. The Review of Economic Studies, 66(1), 169-182. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators?. The Journal of Finance, 67(4), 1457-1498. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206. Hirshleifer, D., & Thakor, A. V. (1992). Managerial conservatism, project choice, and debt. The Review of Financial Studies, 5(3), 437-470. Kaplan, S. N., Klebanov, M. M., & Sorensen, M. (2012). Which CEO characteristics and abilities matter?. The Journal of Finance, 67(3), 973-1007. Kim, J. B., Wang, Z., & Zhang, L. (2016). CEO overconfidence and stock price crash risk. Contemporary Accounting Research, 33(4), 1720-1749. Liu, C. (2021). CEO gender and employee relations: Evidence from labor lawsuits. Journal of Banking & Finance, 128, 106136. Malmendier, U. (2018). Behavioral corporate finance. In Handbook of Behavioral Economics: Applications and Foundations 1 (Vol. 1, pp. 277-379). North-Holland. Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700. Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. The Journal of finance, 66(5), 1687-1733. Nguyen, B. D., & Nielsen, K. M. (2010). The value of independent directors: Evidence from sudden deaths. Journal of Financial Economics, 98(3), 550-567. O'Sullivan, D., Zolotoy, L., & Fan, Q. (2021). CEO early‐life disaster experience and corporate social performance. Strategic Management Journal, 42(11), 2137-2161. Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management & Governance, 18, 185-205. Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, 29(6), 569-592. Sang, S., Yan, A., & Ahmad, M. (2024). CEO Experience and Enterprise Environment, Social and Governance Performance: Evidence from China. Sustainability, 16(11), 4403. Wu, W., Tian, Z., & Wang, G. (2024). Does CEO social capital affect corporate ESG performance?. PloS One, 19(11), e0300211. 描述 碩士
國立政治大學
財務管理學系
112357019資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112357019 資料類型 thesis dc.contributor.advisor 邱健嘉 zh_TW dc.contributor.author (作者) 翁柏萱 zh_TW dc.contributor.author (作者) Weng, Po-Hsuan en_US dc.creator (作者) 翁柏萱 zh_TW dc.creator (作者) Weng, Po-Hsuan en_US dc.date (日期) 2025 en_US dc.date.accessioned 1-七月-2025 14:50:57 (UTC+8) - dc.date.available 1-七月-2025 14:50:57 (UTC+8) - dc.date.issued (上傳時間) 1-七月-2025 14:50:57 (UTC+8) - dc.identifier (其他 識別碼) G0112357019 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157777 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 112357019 zh_TW dc.description.abstract (摘要) 本研究探討CEO過去所經歷的ESG（環境、社會與公司治理）風險事件是否會影響企業的ESG表現。本文利用固定效果之迴歸模型，分析CEO的ESG風險經驗與三項企業層級結果之間的關係，包括：企業發生ESG風險事件的次數、ESG評分，以及碳排放情況。實證結果顯示，具有較多ESG風險經驗的CEO所領導之企業，反而更常發生ESG爭議，顯示經驗的累積未必有助於提升ESG風險管理能力。然而，當CEO過往所面對的ESG風險事件具有高度嚴重性時，則與較高的ESG評分呈現正向關聯，顯示唯有遭遇過重大ESG衝擊之CEO，才較有可能積極投入企業永續策略。相對地，在碳排放方面，研究並未發現ESG經驗與碳排放有穩定的負向關聯，部分結果甚至顯示其與較高的間接碳排放（Scope 2）相關。整體而言，研究結果強調，影響ESG表現的關鍵在於經驗的「質」而非「量」，尤其是過去經驗的嚴重程度。本研究對於高階主管經驗與企業永續績效之關聯提供實證貢獻，亦指出並非所有ESG經驗都會產生相同的效果。 zh_TW dc.description.abstract (摘要) This study investigates whether CEOs' past exposure to ESG (Environmental, Social, and Governance) risk incidents influence corporate ESG outcomes. Using a fixed-effects panel regression model, I examine the relationship between CEO ESG risk experience and three firm-level outcomes: ESG risk incidents, ESG scores, and carbon emissions. Our findings show that CEOs with more ESG risk experience tend to lead firms with a higher frequency of ESG incidents, suggesting that experience does not necessarily improve ESG risk management. However, only exposure to highly severe ESG incidents is positively associated with higher ESG scores, indicating that extreme ESG challenges may lead to greater engagement with sustainability efforts. In contrast, there is no consistent evidence that ESG experience leads to lower carbon emissions; in some cases, it is linked to higher Scope 2 emissions. These results highlight that the quality of experience—particularly the severity of past ESG incidents—plays a critical role in influencing ESG-related corporate outcomes. This study contributes to the literature on executive experience and corporate sustainability by emphasizing that not all ESG experiences produce the same effects. en_US dc.description.tableofcontents 誌謝 i 摘要 ii Abstract iii Table of Contents iv List of Tables v 1. Introduction 1 2. Literature review 4 2.1. Impact of CEO characteristics, experience, and abilities on firm performance 4 2.2. Impact of CEO behavioral biases on firm performance 7 2.3. How management characteristics affect a firm's ESG performance 9 3. Hypothesis development 10 3.1. CEO ESG Risk Experience and Corporate ESG Risk Incidents 11 3.2. CEO ESG Risk Experience, ESG Performance, and Carbon Emissions 13 4. Data and Methodology 15 4.1. Sample Selection 15 4.2. ESG Performance Variables: ESG Risk Incidents, ESG Scores, and Carbon Emissions 16 4.3. CEO Characteristics and Board Experience 19 4.4. Other Firm Characteristics 19 4.5. Model design 20 5. Empirical Results 22 5.1. Descriptive Statistics 22 5.2. Correlation Analysis 23 5.3. CEO ESG Risk Experience and Corporate ESG Risk Incidents 25 5.4. CEO ESG Risk Experience and Corporate ESG Scores 31 5.5. CEO ESG Risk Experience and Corporate Carbon Emissions 36 6. Conclusion 46 References 51 zh_TW dc.format.extent 958294 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112357019 en_US dc.subject (關鍵詞) CEO ESG風險經驗 zh_TW dc.subject (關鍵詞) ESG風險事件 zh_TW dc.subject (關鍵詞) ESG評分 zh_TW dc.subject (關鍵詞) 碳排放 zh_TW dc.subject (關鍵詞) CEO ESG Risk Experience en_US dc.subject (關鍵詞) ESG Risk Incidents en_US dc.subject (關鍵詞) ESG Scores en_US dc.subject (關鍵詞) Carbon Emissions en_US dc.title (題名) CEO是否能從經驗中學習？來自ESG風險事件與企業永續表現之實證研究 zh_TW dc.title (題名) Do CEOs Learn from Experience? Evidence from ESG Risk Incidents and Firm Sustainability Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469. Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117(1), 43-59. Bernile, G., Bhagwat, V., & Rau, P. R. (2017). What doesn't kill you will only make you more risk‐loving: Early‐life disasters and CEO behavior. The Journal of Finance, 72(1), 167-206. Bingham, C., Hendricks, B. E., Howell, T., & Kolev, K. (2020). Boomerang CEOs: What Happens When the CEO Comes Back?. MIT Sloan Management Review, September, 19-27. Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181. Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118(4), 1169-1208. Chen, C. H., Chiu, J. M., & Chiang, W. H. (2024). CEO Characteristics, ESG Rating, and Rating Uncertainty. Review of Securities and Futures Markets, 36(1), 191-224. Chen, Y., Fan, Q., Yang, X., & Zolotoy, L. (2021). CEO early-life disaster experience and stock price crash risk. Journal of Corporate Finance, 68, 101928. Cronqvist, H., Makhija, A. K., & Yonker, S. E. (2012). Behavioral consistency in corporate finance: CEO personal and corporate leverage. Journal of Financial Economics, 103(1), 20-40. Cronqvist, H., & Yu, F. (2017). Shaped by their daughters: Executives, female socialization, and corporate social responsibility. Journal of Financial Economics, 126(3), 543-562. Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180. Egan, M., Matvos, G., & Seru, A. (2019). The market for financial adviser misconduct. Journal of Political Economy, 127(1), 233-295. El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406. El Ghoul, S., Guedhami, O., Kim, H., & Park, K. (2018). Corporate environmental responsibility and the cost of capital: International evidence. Journal of Business Ethics, 149, 335-361. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64. Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209. Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability performance and the cost of capital. International Journal of Financial Studies, 10(3), 63. Holmström, B. (1999). Managerial incentive problems: A dynamic perspective. The Review of Economic Studies, 66(1), 169-182. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are overconfident CEOs better innovators?. The Journal of Finance, 67(4), 1457-1498. Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206. Hirshleifer, D., & Thakor, A. V. (1992). Managerial conservatism, project choice, and debt. The Review of Financial Studies, 5(3), 437-470. Kaplan, S. N., Klebanov, M. M., & Sorensen, M. (2012). Which CEO characteristics and abilities matter?. The Journal of Finance, 67(3), 973-1007. Kim, J. B., Wang, Z., & Zhang, L. (2016). CEO overconfidence and stock price crash risk. Contemporary Accounting Research, 33(4), 1720-1749. Liu, C. (2021). CEO gender and employee relations: Evidence from labor lawsuits. Journal of Banking & Finance, 128, 106136. Malmendier, U. (2018). Behavioral corporate finance. In Handbook of Behavioral Economics: Applications and Foundations 1 (Vol. 1, pp. 277-379). North-Holland. Malmendier, U., & Tate, G. (2005). CEO overconfidence and corporate investment. The Journal of Finance, 60(6), 2661-2700. Malmendier, U., Tate, G., & Yan, J. (2011). Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies. The Journal of finance, 66(5), 1687-1733. Nguyen, B. D., & Nielsen, K. M. (2010). The value of independent directors: Evidence from sudden deaths. Journal of Financial Economics, 98(3), 550-567. O'Sullivan, D., Zolotoy, L., & Fan, Q. (2021). CEO early‐life disaster experience and corporate social performance. Strategic Management Journal, 42(11), 2137-2161. Peni, E. (2014). CEO and Chairperson characteristics and firm performance. Journal of Management & Governance, 18, 185-205. Sharfman, M. P., & Fernando, C. S. (2008). Environmental risk management and the cost of capital. Strategic Management Journal, 29(6), 569-592. Sang, S., Yan, A., & Ahmad, M. (2024). CEO Experience and Enterprise Environment, Social and Governance Performance: Evidence from China. Sustainability, 16(11), 4403. Wu, W., Tian, Z., & Wang, G. (2024). Does CEO social capital affect corporate ESG performance?. PloS One, 19(11), e0300211. zh_TW
