CEO education and corporate environmental footprint |
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| Institution: | 1. School of Management, University of Science and Technology of China, 96 JinZhai Road, Hefei, Anhui Province 230026, PR China;2. Department of Business Administration, Nanjing University of Finance of Economics, 3 Wenyuan Road, Nanjing, Jiangsu Province 210046, PR China;3. Gatton College of Business and Economics, University of Kentucky, 550 S Limestone, Lexington, KY 40506, USA;1. Naveen Jindal School of Management, University of Texas at Dallas, 800 W Campbell Rd, Richardson, TX 75080, United States of America;2. Foster School of Business, University of Washington, PACCAR Hall, 4273 E Stevens Way NE, Seattle, WA 98195, United States of America;1. Department of Accounting, Hong Kong Shue Yan University, Hong Kong, China;2. Department of Accountancy and Law, Hong Kong Baptist University, Hong Kong, China;3. Department of Accountancy, City University of Hong Kong, Hong Kong, China |
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| Abstract: | We analyze the effect of CEO education on environmental decision-making. Using a unique sample of Danish firms from 1996 to 2012, we find that CEO education significantly improves firms' energy efficiency. We seek to derive causality using health shocks: the hospitalization of highly educated CEOs induces a drop in energy efficiency, whereas the hospitalization of less educated CEOs does not have any significant effect. Exploring the mechanisms at play, we show that our results are largely driven by advanced education in business degrees. Moreover, we show that CEO education is associated with greater environmental awareness: highly educated CEOs exhibit greater concerns for climate change, as measured by a survey of social preferences, and drive more environmentally efficient cars. Taken together, our findings suggest that education shapes managerial styles giving rise to greater sustainability in corporate actions. |
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| Keywords: | CEOs Education Climate change Energy efficiency G34 I20 J24 Q50 |
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