This study investigates the relationship between CEO educational backgrounds and corporate social responsibility (ESG) performance, examining both the bright and dark sides of ESG activities. Using a comprehensive dataset of S&P 500 firms from 1994 to 2020, we find that firms led by CEOs with higher educational attainment and elite university backgrounds demonstrate superior ESG performance. Moreover, these firms exhibit lower ESG rating disagreement, reduced ESG market sentiment volatility, and fewer instances of greenwashing behavior. The effects are particularly pronounced in environmental and governance dimensions. Our findings suggest that CEO educational background serves as an important determinant of corporate ESG practices and provides insights into the role of executive characteristics in shaping corporate sustainability initiatives.

Authors:
Chia-Ying Chan, National Taipei University, Taiwan
Kochia Yu, National Taipei University, Taiwan
Quang-Thai Truong, National Taipei University, Taiwan
Takeshi Nishikawa, University of North Texas, United States

About the Presenter(s)
Professor Chia-Ying Chan has served as a full-time faculty member in the Department of Business Administration at National Taipei University, Taiwan.

See this presentation on the full schedule – Sunday Schedule

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