セミナーシリーズ
経営学セミナー（2024.12.3）
Izidin El Kalak（Senior Lecturer (Associate Professor) in Finance, Cardiff Business School, Cardiff University）
- 開催日：
- 2024年12月3日（火）16:30-18:00
- 場所：
- 京都大学 吉田キャンパス 総合研究2号館 3階 講義室3
- 言語：
- 英語
- コーディネーター：
- チョルパン・アスリ
タイトル：
“Propagation of ESG-Linked Compensation through Boardroom Connections”
Abstract:
ESG-linked compensation policies propagate through common directors, impacting firm-level environmental innovation performance. Using a sample of U.S. listed firms during 2002-2020, we show that a firm is 2.7% more likely to implement ESG-pay policy if its board-connected peers have adopted it. This result is robust to alternative model specifications and an IV approach that uses ESG contracting of the peers of peers as an instrument. We show that these peer effects are more pronounced when common directors act as CEO in the focal firms, independent in the interlocked firms and are members of the compensation committees. In addition, the peer effects are more pronounced when the common directors have more power and when the focal firms with better board quality, more care about ESG issues, under higher level of information asymmetry and face more competition pressure.