Executive compensation tied to ESG performance: International evidence


Cohen, Shira ; Kadach, Igor ; Ormazabal, Gaizka ; Reichelstein, Stefan


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URN: urn:nbn:de:bsz:180-madoc-637291
Document Type: Working paper
Year of publication: 2022
The title of a journal, publication series: ZEW Discussion Papers
Volume: 22-051
Place of publication: Mannheim
Publication language: English
Institution: Business School > Stiftungsprofessur für ABWL (Reichelstein 2018-)
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: M12 , M41 , Q54,
Keywords (English): ESG metrics , executive compensation , institutional ownership
Abstract: This paper examines the reliance on ESG metrics in executive compensation contracts. In our sample of international publicly traded firms, a rapidly growing fraction incorporate ESG metrics in the compensation schemes of their top executives. Our analysis links the reliance on these metrics to firm fundamentals, the geographic location of firms, as well as the influence of institutional shareholders. Our findings also suggest that the adoption of ESG variables in managerial performance measures is accompanied by improvements in ESG performance and meaningful changes in the compensation of executives.


Economic SustainabilitySDG 8: Decent Work and Economic GrowthSDG 10: Reduced InequalitiesSDG 12: Responsible Consumption and ProductionSDG 13: Climate ActionSDG 16: Peace, Justice and Strong Institutions


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