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Research: ESG, sustainability, finance, and CEOs
PhD researcher at Warwick Business School, the University of Warwick
Tennis, squash
LinkedIn
LinkedIn
Work in progress:
Nature-Connected CEOs, and Their CEO Friends
Abstract: Chief executive officers (CEOs) managing the largest public U.S. companies are shaped by their connectedness to nature, which in turn influences their firms’ sustainability policies, as well as their peer firms’. Firms run by highly nature-connected CEOs score 0.104 (out of 1) higher in sustainability performance than the firms run by CEOs with low nature connectedness; peer firms run by CEOs that are associated with highly nature-connected CEOs through board connection see 0.025 (out of 1) better sustainability performance compared with moderate nature connectedness group. The result is robust to addressing potential endogeneity sources, e.g. analyzing the start of social connection. This study contributes to understanding of non-monetary factors that drive CEOs pursue sustainability performance within and beyond their firms.
Firm Carbon Transition Risk and CEO Social Capital
Abstract: Socially well-connected chief executive officers (CEOs) have drawn significant attention in the field of sustainable finance, with extensive research examining both their pecuniary and non-pecuniary motivation. However, it remains unclear whether and how CEOs leverage their social capital to steer firms through the transition to a carbon-neutral economy. This paper investigates the relationship between CEO social capital and firm-level carbon transition risk. I find a positive association, suggesting that CEOs with greater social capital exhibit higher tolerance for carbon transition risk. The effect is particularly pronounced among CEOs with social ties to regulatory bodies. Moreover, the influence of CEO social capital is moderated by monetary incentives and corporate governance mechanisms that shape executive decision-making. I include multiple endogeneity tests to justify the relationship.
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We use novel data on cross-listing securities in nine European stock ex- changes, to study the effect of international soccer match results on stock performance. After controlling for a series of country- and company-specific factors, Hofestede index, turnover ratio, dividend yield, and inverse security price, we regress cross-listing premium on the results of corresponding international soccer matches, UEFA Cup, Champions League, Euro Cup, and World Cup, played between 1994 and 2018, testing the model on various subgroups-famous companies, lottery-type companies, and retail-investors- holding companies, and different matches-the games played between Ger- many and the United Kingdom, and the ‘surprising’ games, but finding no significant correlation between cross-listing premium and soccer effects. One explanation of failing to reject the hypothesis that stock performance is not affected by international soccer match results might be that cross-listing securities share a relatively small proportion in each market in the sample so that they might be hard to capture investor sentiment in a large scale. In addition, the way of sampling countries might commit a fallacy that European countries share cultural, political, and economic similarity, reducing national sentiment induced by the results of soccer matches to some degree.
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