Financial Market - 2022 - Colak - ESG Issues and Career Prospects of Directors Evidence from the International Director.pdf (870.95 kB)
ESG issues and career prospects of directors: evidence from the international director labor market
journal contribution
posted on 2023-06-10, 05:30 authored by Gonal ColakGonal Colak, Kent Hickman, Timo Korkeamäki, Niclas O MeyerUsing an international sample of firms, we investigate the career prospects of directors of firms experiencing negative ESG issues. By tracking the same director at the same firm over time, we document a significant drop in seats held at other public firms’ boards following intense negative media coverage of an ESG problem occurring at a given director's focal firm. Losses of seats at other firms are concentrated among executive directors, among directors of firms located in countries with high environmental and social norms, and among directors of firms located in countries with bank-based systems. Nonexecutive directors and directors of firms located in less stakeholder-oriented countries are not penalized for ESG issues by the director labor market.
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- Published
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- Published version
Journal
Financial Markets, Institutions and InstrumentsISSN
0963-8008Publisher
WileyExternal DOI
Issue
4Volume
31Page range
147-203Department affiliated with
- Accounting and Finance Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2022-11-21First Open Access (FOA) Date
2022-11-21First Compliant Deposit (FCD) Date
2022-11-21Usage metrics
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