国际清算银行：2024年CEO离职风险与企业环境绩效报告（英文版）

We investigate the relationship between the probability of a CEO forced-turnover and firm performance on several environmental dimensions. Our findings suggest that a higher risk of being terminated for the CEO is correlated with a lower environmental ranking, particularly on environmental innovation activities, and more ESG controversies for the firm. The inclusion of ESG-pay clauses in executives’ compensation packages only marginally offsets such deterioration. Looking at data on Greenhous