CEO大學區域別與公司ESG表現之關聯

Abstract

本研究檢視CEO所就讀大學的國家/區域與CEO任職後公司ESG分數變化以及ESG資訊透明度之間的關聯：以CEO大學所處國家為主要解釋變數，選取歐美具有ISIN code及近10年ESG分數變化的企業為樣本，探討CEO於不同國家就讀大學是否影響任職公司ESG表現。實證結果顯示：（1）於歐盟就讀大學的CEO在任職兩年後，其公司ESG分數的提升優於其他國家；（2）CEO於美國就讀大學的公司ESG表現優於歐盟以外之國家；（3）於歐盟及美國就讀大學的CEO任職公司在ESG資訊透明度方面表現最佳，且歐盟優於美國。本研究結果提供關於CEO教育背景與公司ESG表現間關聯的實證證據，並強調了CEO大學所在國家對企業ESG的解釋力。

This paper examines the relationship between the country/region of the university attended by the CEO and the changes in the company's ESG scores, as well as the transparency of ESG disclosures ESG, subsequent to the CEO's taking the office. Using the country/region where the CEO's university is located as the explanatory variable, the sample includes European and American companies with ISIN codes and ESG score changes over the ten previous years as observations to explore whether the country/region of the CEO's university helps explain the company's ESG performance. The empirical results show that: (1) the companies that hired the CEOs who attended universities in the EU have greater ESG score changes during the two years subsequent to the turnover compared to those with respect to the other countries; (2) During the first two years after their taking the office, the CEOs who attended universities in the US outperform in ESG than those who attended universities in the non-EU countries; (3) During the first two years after thir taking the office, the CEOs who attended universities in the EU and the US appeared to be more effective in adding to the transparency in ESG disclosure, with college graduates from EU universities outperforming those from US universities. These findings are consistent with the notion that the CEO's educational background correlates with the improvements in company's ESG performance, emphasizing the impact of the country where the CEO received her/his undergraduate degree.