CEO moral foundations and firms’ environmental, social, and governance performance
Eunice SQ Ng,
Riyang Phang,
Eugene Kang
Abstract:We examine the impact of CEOs’ moral foundations (MFs) – innate source of moral intuitions – on firms' environmental, social, and governance (ESG) performance. Using a linguistic technique on unscripted texts spoken by 1,860 CEOs of S&P 1500 firms over five years, we found that CEOs with higher binding MFs (i.e., focus on expectations of key stakeholder groups) are associated with lower ESG performance. In contrast, we found that CEOs with higher individualizing MFs (i.e., focus on well-being of individual… Show more
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