This study investigates the effects of chief executive officer (CEO) turnover on myopic investment decisions and firm value. A variable for environment, social, and governance (ESG)‐washing is designed and employed as an alternative proxy for myopic investment. We find that firms with more frequent CEO turnover are more likely to engage in ESG‐washing as a form of myopic investment to meet short‐term performance goals. In addition, firms that engage in ESG‐washing report lower firm value than firms that are not involved in ESG‐washing because the lack of substantive investment accompanying these activities ultimately deteriorates firm reputation and value in return for short‐term improvement in ESG performance.

中文翻译：

---

CEO 更替、ESG 清洗和公司价值

本研究调查了首席执行官 (CEO) 更替对短视投资决策和公司价值的影响。设计并使用环境、社会和治理（ESG）清洗变量作为短视投资的替代指标。我们发现，CEO 更替频繁的公司更有可能将 ESG 清洗作为一种短视投资形式，以实现短期绩效目标。此外，参与 ESG 清洗的公司报告的公司价值低于未参与 ESG 清洗的公司，因为缺乏伴随这些活动的实质性投资最终会损害公司声誉和价值，以换取 ESG 绩效的短期改善。