CEO hubris and corporate carbon footprint: The role of gender diversity

Frank Kwabi, Samuel Fulgence and Gbenga Adamolekun

Business Strategy and the Environment, 2024, vol. 33, issue 8, 8102-8125

Abstract: This paper investigates the effect of an overconfident CEO on firm greenhouse gas emissions. Using panel data of 160,115 firm‐year observations from 41 countries for 2000–2021, we find a negative relationship between CEO overconfidence and greenhouse gas emissions. Additionally, drawing on the theories of gender socialisation and diversity, we find that great representation of females on the board further compels overconfident CEOs to reduce firm carbon emissions. Our findings are robust to varying estimation techniques and identification strategies. These findings offer important insights to green investors, corporate boards, managers and policymakers on the role of overconfident CEOs and female leadership in the carbon abatement efforts of public companies.

Date: 2024
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