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Do co-opted boards protect CEOs from ESG controversies?

Author

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  • Ghafoor, Abdul
  • Gull, Ammar Ali

Abstract

We investigate the relationship between board co-option and ESG controversies using a large sample of U.S. firms from 2002 to 2018. Contrary to prior studies documenting the potential consequences of co-opted boards on organizational outcomes, we document the positive role of co-opted directors. Specifically, the CEOs of firms with a higher proportion of co-opted directors are subject to fewer ESG controversies. Our findings provide significant implications for stakeholders, redirecting the narrative on board co-option.

Suggested Citation

  • Ghafoor, Abdul & Gull, Ammar Ali, 2024. "Do co-opted boards protect CEOs from ESG controversies?," Finance Research Letters, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:finlet:v:63:y:2024:i:c:s1544612324002939
    DOI: 10.1016/j.frl.2024.105263
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