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Do chief sustainability officers impact firm value
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Resumo(s)
Due to increasing pressure from stakeholders on companies to operate in a socially
and environmentally responsible manner, more and more companies recently appointed chief
sustainability officers (CSO) to their top management team (TMT). In this paper, I examine the
implications of CSO appointments for firm value and how this impact varies under certain
characteristics of the appointment. For this research, I examine the stock market reaction to the
CSO appointments of 30 companies listed in European stock indices using an event approach.
Subsequently, I investigate how certain characteristics of the appointee influence this reaction.
The results find positive but not significant mean abnormal returns on the event day of 0.18%.
However, the influence of the characteristic female and the characteristic relevant experience
in corporate social responsibility (CSR) on the abnormal returns is positive and significant
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Palavras-chave
Event study Chief sustainability officer Corporate sustainability Top management team Financial performance Stock market reaction