Sustainable Replacement. The effect of the Board and CSR on CEO Turnover
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2025-07-02
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en
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This paper examines the relationship between the characteristics of the board, corporate social responsibility, and CEO turnover. The methodological approach of this study utilizes a logit regression analysis with a panel dataset. In order to guarantee robustness of the analysis, multiple subsamples and an OLS regression were created. The investigated sample includes observations from companies across the world over the period of 13 years (2011 – 2024). The study, contrary to the broader literature, finds evidence that the size of the board increases the CEO turnover rates, while at the same time, age and gender diversity can lead to a decrease. As for the CSR, the study displays that the effects can vary across the different metrics, while also being location-dependent. Out of those, only the presence of sustainability-related controversies remains consistent, where a lower number of such events strongly decreases the probability of turnover. The study also finds that the characteristics of the board can, in some cases, both amplify and diminish the effects of CSR on turnover.
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Faculteit der Managementwetenschappen