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In recent years, corporate sustainability has increasingly incorporated ethical and responsible leadership across ESG dimensions. ESG disclosures serve not only to enhance accountability and stakeholder trust but also to support firms’ long-term financial performance (FP). Leadership and particularly the CEO has emerged as a key internal factor moderating the ESG–FP relationship. Although various studies have examined how CEO traits (e.g., tenure, age, gender, overconfidence) impact this link, results remain mixed and inconclusive. This study systematically reviews 38 peer-reviewed empirical papers published between 2014 and 2025 to clarify how CEO characteristics influence ESG outcomes and financial performance. Findings reveal that CEO attributes such as overconfidence, tenure, duality, gender, and environmental expertise can significantly affect the ESG–FP relationship, either enhancing or diminishing it. Additionally, company size moderates this dynamic, with larger firms exhibiting a more pronounced CEO effect due to complex governance structures. The review identifies key research gaps and offers future directions to deepen our understanding of how leadership shapes corporate sustainability.

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How CEO Dominance Shapes the Environmental, Social, and Governance (ESG)–Financial Performance Relationship. A Review of the Recent Literature

  • 会议论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年

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  • Chrysoula Matsali,
  • Aristidis Papagrigoriou,
  • Michalis Skordoulis,
  • Christos Fois

摘要

In recent years, corporate sustainability has increasingly incorporated ethical and responsible leadership across ESG dimensions. ESG disclosures serve not only to enhance accountability and stakeholder trust but also to support firms’ long-term financial performance (FP). Leadership and particularly the CEO has emerged as a key internal factor moderating the ESG–FP relationship. Although various studies have examined how CEO traits (e.g., tenure, age, gender, overconfidence) impact this link, results remain mixed and inconclusive. This study systematically reviews 38 peer-reviewed empirical papers published between 2014 and 2025 to clarify how CEO characteristics influence ESG outcomes and financial performance. Findings reveal that CEO attributes such as overconfidence, tenure, duality, gender, and environmental expertise can significantly affect the ESG–FP relationship, either enhancing or diminishing it. Additionally, company size moderates this dynamic, with larger firms exhibiting a more pronounced CEO effect due to complex governance structures. The review identifies key research gaps and offers future directions to deepen our understanding of how leadership shapes corporate sustainability.