Firm-Level Climate Change Risk and CEO Equity Incentives

被引：32

作者：

Hossain, Ashrafee ^{[1
]}

Abdullah-Al Masum ^{[2
]}

Saadi, Samir ^{[3
]}

Benkraiem, Ramzi ^{[4
]}

Das, Nirmol ^{[5
]}

机构：

[1] Mem Univ Newfoundland, St John, NL, Canada

[2] Univ Wisconsin, Oshkosh, WI 54901 USA

[3] Univ Ottawa, Ottawa, ON, Canada

[4] Audencia Business Sch, Nantes, France

[5] Univ Memphis, Memphis, TN 38152 USA

来源：

BRITISH JOURNAL OF MANAGEMENT | 2023年 / 34卷 / 03期

基金：

芬兰科学院;

关键词：

CORPORATE SOCIAL-RESPONSIBILITY; BOARD INDEPENDENCE; EXECUTIVE-COMPENSATION; INTERNAL GOVERNANCE; PROPENSITY SCORE; STOCK-OPTIONS; IMPLIED COST; AGENCY COSTS; CASH FLOW; OWNERSHIP;

D O I：

10.1111/1467-8551.12652

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We document evidence that CEOs who lead firms that face higher climate change risk (CCR) receive higher equity-based compensation. Our finding is consistent with the compensating wedge differential theory and survives numerous robustness and endogeneity tests. The result is more prominent for firms that are socially responsible, susceptible to higher environmental litigation and part of the non-high-tech industries. Furthermore, we find supportive evidence that firms offering higher equity incentives to their CEOs for managing higher CCR are usually better off in the long run via a lower cost of equity capital and higher firm valuation.

引用

页码：1387 / 1419

页数：33

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