Too old to bother: CEO age and corporate stakeholder engagement

Trop vieux pour s'en faire: Âge du dirigeant et engagement de la firme envers ses parties prenantes

Mehwish Yousaf and Pascal Nguyen ()
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Mehwish Yousaf: MRM-FIN - Montpellier Research in Management - Finance - MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier
Pascal Nguyen: MRM-FIN - Montpellier Research in Management - Finance - MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier

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Abstract: We examine how CEO age, a key demographic attribute, affects corporate stakeholder engagement. Drawing on Upper Echelons Theory, we argue that older CEOs are less responsive to stakeholder concerns because of heightened conservatism, shorter time horizons, and greater risk aversion. Using a panel of French listed firms from 2006 to 2023, we show that CEO age is negatively associated with both the likelihood and intensity of stakeholder engagement. This relationship is robust across multiple specifications and alternative engagement indicators, including CSR strategy formalization, participation in the UN Global Compact, and board‐level sustainability oversight. We further document that older CEOs are associated with weaker CSR performance, particularly in areas such as resource use and emissions. These findings highlight the behavioral constraints of executive aging and suggest that CEO age should be a consideration for boards, investors, and policymakers aiming to promote effective stakeholder and sustainability strategies.

Keywords: CEO age; stakeholder engagement; corporate social responsibility; social performance (search for similar items in EconPapers)
Date: 2025-11-18
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Published in Business Strategy and the Environment, In press, ⟨10.1002/bse.70365⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05484610

DOI: 10.1002/bse.70365

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