百年中大·创新创业与经济高质量发展大讲坛第12期暨前沿学术讲座第22期 | Izidin El Kalak

　　

　　讲座主题

　　Propagation of ESG-Linked Compensation through Boardroom Connections

　　讲座嘉宾

　　Izidin El Kalak

　　讲座时间

　　2024年11月20日（周三）10:00-11:30

　　讲座地点

　　中山大学（深圳校区）文学园1栋202会议室

　　

　　

　　讲座嘉宾介绍

　　Dr Izidin El Kalak is an Associate Professor in Finance at Cardiff Business School. Before joining Cardiff University, Izidin worked at Kent Business School, UK. Izidin holds a PhD in Finance from Hull Business School, UK (2016). He also received an MSc degree (with Distinction) in Financial Management (2011) and a BSc in Economics (2007).

　　Izidin’s main research interests are in the areas of empirical corporate finance, governance, and managerial behaviour.

　　Izidin has a track record of publishing in leading journals such as the Journal of Finance, Journal of Financial Economics, Journal of Financial Markets, European Financial Management , among others.

　　

　　

　　讲座摘要

　　ESG-linked compensation policies propagate through common directors, impacting firm-level environmental innovation performance. Using a sample of U.S. listed firms during 2002-2020, we show that a firm is 2.7% more likely to implement ESG-pay policy if its board-connected peers have adopted it. This result is robust to alternative model specifications and an IV approach that uses ESG contracting of the peers of peers as an instrument. We show that these peer effects are more pronounced when common directors act as CEO in the focal firms, independent in the interlocked firms and are members of the compensation committees. In addition, the peer effects are more pronounced when the common directors have more power and when the focal firms with better board quality, more care about ESG issues, under higher level of information asymmetry and face more competition pressure.