Received: 1 February 2023 Revised: 21 July 2023 Accepted: 7 September 2023

DOI: 10.1002/bse.3577

RESEARCH ARTICLE

Chief Executive Officer (CEO) and corporate environmental

sustainability: A systematic literature review and avenues for
future research

Karim Mahran 1,2 | Ahmed A. Elamer 1,3

1
Brunel Business School, Brunel University
London, London, UK Abstract
2
Department of Accounting, Faculty of Environmental sustainability has gained significant importance for organizations,
Commerce, Damanhour University,
Damanhour, Egypt
highlighting the crucial role of business leaders in addressing environmental degrada-
3
Department of Accounting, Faculty of tion. However, the connection between chief executive officer (CEO) characteristics
Commerce, Mansoura University, Mansoura,
and environmental sustainability remains understudied in academic literature. Under-
Egypt
standing this relationship is crucial, considering the significance of environmental sus-
Correspondence
tainability in organizational strategies. This paper presents the first systematic
Ahmed A. Elamer, Brunel Business School,
Brunel University London, Kingston Lane, literature review (SLR) on this topic, aiming to identify gaps and opportunities for
Uxbridge, London UB8 3PH, UK.
future research. The SLR analysed 139 studies on the CEO–environmental sustain-
Email: [email protected]
ability relationship. The findings indicate a recent increase in research activity, partic-
ularly peaking in 2022 and focusing on China and the United States. Most studies
employed upper echelons theory and examined the influence of CEO demographic
characteristics on environmental performance. However, less attention has been
given to CEO psychological traits, such as personality and ethical leadership, and
environmental disclosure. Furthermore, qualitative aspects of environmental disclo-
sure, including reporting tone, readability and specificity, have received less attention.
The findings offer valuable insights for academics, practitioners and policymakers.
Recommendations for future research include exploring the impact of CEO psycho-
logical traits and environmental disclosure on a firm's environmental sustainability.
Additionally, studying cross-country and cross-industry differences in this relation-
ship is encouraged. This study makes a significant contribution to the field by shed-
ding light on the crucial and relevant topic of environmental sustainability and its
association with CEO characteristics, providing valuable insights to guide future
research and inform decision-makers.

KEYWORDS
CEO, CEO demographic characteristics, CEO psychological characteristics, corporate
environmental sustainability, environmental disclosure, environmental performance

Abbreviations: CEO, chief executive officer; ESG, environmental, social and governance; GHG, greenhouse gas; SDGs, Sustainable Development Goals; SLR, systematic literature review.

This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium,
provided the original work is properly cited.
© 2023 The Authors. Business Strategy and The Environment published by ERP Environment and John Wiley & Sons Ltd.

Bus Strat Env. 2024;33:1977–2003. wileyonlinelibrary.com/journal/bse 1977

 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1978 MAHRAN and ELAMER

1 | I N T RO DU CT I O N engagement and promote the development of sustainable and resil-

ient organizations; and lastly, scholars in the sustainability field
Chief executive officers (CEOs) have gained significant attention in increasingly recognize the importance of understanding the connec-
academia, politics and media, with a focus on their characteristics and tion between CEOs and firms' environmental policies. This review
impacts (Lu et al., 2022). In today's political climate, it is crucial for aims to provide a comprehensive overview of the current research
business leaders to prioritize both commercial success and environ- landscape and offer insights into future prospects, bridging a signifi-
mental consciousness. CEOs have a fiduciary responsibility to prevent cant knowledge gap in the CEO–environmental sustainability engage-
negative environmental effects and address climate change (Al-Shaer ment literature.
et al., 2022). To fulfil this obligation, CEOs should take measures to This SLR offers unique contributions to the literature on CEOs
reduce their company's carbon footprint, establish measurable targets and environmental sustainability. Firstly, it comprehensively analyses
for greenhouse gas (GHG) emissions reduction and minimize resource previous studies published over the past decade, identifying patterns,
usage (Haque, 2017). Increasingly, regulators, investors and environ- trends and gaps in the existing literature. It provides a roadmap for
mental organizations demand that CEOs adopt corporate reforms future research, synthesizing various aspects like year, journal, coun-
addressing climate change concerns (Al-Shaer et al., 2022). CEOs' try, research methodologies and theoretical frameworks. Prior
approaches to environmental reporting and performance can vary, but research has often focused on specific aspects, making this compre-
society needs assurance that businesses are meeting their environ- hensive approach distinct. Secondly, this study compiles relevant
mental responsibilities for sustainable growth. Different perspectives research in a user-friendly table, facilitating future researchers. The
on sustainability influence how CEOs implement sustainability policies table includes publication-specific data such as research methodology,
and guide corporate decisions (Landrum, 2018). theoretical framework and key findings, enabling quick identification
The connection between CEOs and environmental sustainability of relevant literature. Thirdly, this study contributes to the develop-
has received limited attention, resulting in a growing body of research ment of a theoretical framework that captures key dimensions of the
on the relationship between corporate governance, the board of CEO–environmental sustainability relationship. By synthesizing exist-
directors and the CEO regarding environmental performance and ing literature, it identifies influential factors like CEO characteristics,
reporting (Christensen et al., 2021; Shahab et al., 2020). Previous corporate governance, stakeholder pressure and institutional factors.
studies have explored various aspects, including CEO compensation, This framework informs future research and enhances understanding
CEO attributes' impact on environmental performance and environ- of how CEOs contribute to sustainable development. Lastly, this study
mental disclosure (Adu et al., 2022b; Al-Shaer & Zaman, 2019; Elsayih provides valuable insights for academics, practitioners, policymakers
mez-Bezares et al., 2019;
et al., 2020; Giannarakis et al., 2022; Go and business leaders. It highlights gaps in the literature and offers
Oware & Awunyo-Vitor, 2021; Razali et al., 2016; Shahab et al., 2022; actionable recommendations based on a comprehensive analysis. This
Sumarta et al., 2021; Ullah et al., 2022; Winschel, 2021). However, a unique contribution aids in effectively addressing climate change.
comprehensive understanding of the CEO–environmental sustainabil- The structure of this review study is organized into five main sec-
ity engagement literature is still lacking. CEOs hold a crucial role in tions. Section 2 ‘Research Framework’ outlines the scope and objec-
driving environmental initiatives and shaping sustainability strategies tives of the study, while ‘Methodology’ describes the methods and
(Aabo & Giorici, 2022; Khatib et al., 2021; McLaughlin et al., 2019; approaches used to conduct the review. Section 3 presents the find-
Roberts, Hassan, et al., 2021; Roberts, Nandy, et al., 2021; Ullah et al., ings of the review. Section 4 provides suggestions for further
2022, 2023). Connecting these efforts to a broader framework, such research. Section 5 summarizes the key points and highlights the sig-
as the United Nations Sustainable Development Goals (SDGs), can nificance of the study.
provide a clear pathway for aligning business actions with global
sustainability priorities (Rosati et al., 2022; Van Zanten & van
Tulder, 2021). Conducting a systematic literature review (SLR) would 2 | RESEARCH FRAMEWORK AND
address the knowledge gap and provide insights into future prospects METHODOLOGY
in the CEO–environmental sustainability engagement field (Shahab
et al., 2020). 2.1 | Scope of the review
This SLR aims to investigate the relationship between CEOs and
environmental sustainability by examining the existing literature Recent research has highlighted the importance of substantive and
and considering recent developments in the field. The review is moti- process-oriented carbon reduction initiatives for companies to legiti-
vated by several key factors: firstly, the United Nations climate mize their environmental sustainability efforts. For example, several
change conferences that focus on addressing climate change globally studies have investigated the effectiveness of carbon reduction tar-
and building on previous achievements for future goals; secondly, gets and initiatives in reducing GHG emissions (Haque & Ntim, 2022;
CEOs' increasing emphasis on implementing environmental strategies, Luo & Tang, 2021). These studies have shown that companies that set
highlighting their recognition of sustainability's importance for organi- carbon reduction targets and implement actual initiatives tend to have
zational success; thirdly, the growing interest of companies in sustain- lower emissions and higher environmental performance than those
ability issues, which can attract investment, enhance stakeholder that do not. Moreover, scholars have emphasized the importance of
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1979

process-oriented carbon reduction initiatives in enhancing the legiti- literature review focuses on the broad concept of environmental sus-
macy of a firm's environmental sustainability efforts. Such initiatives tainability, covering environmental performance, innovation and firms'
include stakeholder engagement, environmental reporting and certifi- environmental disclosure, all falling under the purview of CEOs.
cation programmes (Alshbili & Elamer, 2020; Alshbili et al., 2021; Considering the global concern for environmental degradation
Banerjee et al., 2003; Boulhaga et al., 2023; Crossley et al., 2021). For and the urgency for firms to adopt sustainable practices, it is crucial to
example, some studies have shown that stakeholder engagement can comprehend the influence of CEOs on these practices and their con-
enhance the legitimacy of a firm's environmental sustainability efforts tributions to sustainable development. This SLR aims to advance
by enabling the identification and prioritization of key environmental research in both the fields of environmental sustainability and CEO
issues and concerns (Crossley et al., 2021; Elmagrhi et al., 2019; characteristics by thoroughly examining the relationship between
Hassan et al., 2020, 2021; Hazaea et al., 2022). Other studies have CEO attributes and environmental sustainability. Moreover, it pro-
shown that environmental reporting and certification programmes can vides recommendations for future research and offers guidance to
enhance the transparency and credibility of a firm's environmental business leaders in informing their decision-making processes.
sustainability efforts, thereby enhancing stakeholder trust and support
(Banerjee et al., 2003; Warmate et al., 2021).
Recent research has emphasized the significance of substantive 2.2 | Research design
and process-oriented carbon reduction initiatives for companies to
legitimize their environmental sustainability efforts (Haque & In this study, an SLR methodology was employed to review the exist-
Ntim, 2022; Luo & Tang, 2021). Setting carbon reduction targets and ing literature on the relationship between CEO and environmental
implementing actual initiatives have been found to result in lower sustainability. The use of SLR was motivated by the desire to ensure
emissions and higher environmental performance (Haque & replicability and transparency in the review process (Fatima &
Ntim, 2022; Luo & Tang, 2021). Process-oriented initiatives, including Elbanna, 2023). The systematic process outlined by Tranfield et al.
stakeholder engagement, environmental reporting and certification (2003) and Klarner et al. (2022) was followed during the SLR. To
programmes, enhance the legitimacy of a firm's environmental sus- ensure that the scope of the search was clearly defined, only studies
tainability efforts (Banerjee et al., 2003; Crossley et al., 2021). Stake- that focused on the concept of environmental sustainability, including
holder engagement enables the identification and prioritization of key firm's environmental performance and reporting, were included. The
environmental issues (Crossley et al., 2021), while environmental concept of environmental sustainability and its association with com-
reporting and certification programmes enhance transparency and panies' executives have been referred to as climate change, green
credibility, promoting stakeholder trust and support (Banerjee innovation, environmental, social and governance (ESG), GHG emis-
et al., 2003). sions and carbon performance (Balasubramanian et al., 2021;
In this SLR, we focus on the relationship between CEOs and envi- Chithambo et al., 2020; Hossain et al., 2022; Luo et al., 2021; Ren
ronmental sustainability, guided by the principles of clarifying and et al., 2021; Villalba-Ríos et al., 2022) in literature. The steps involved
improving existing definitions (Fatima & Elbanna, 2023). CEO attri- in the inclusion and exclusion process are summarized in Figure 1.
butes have been recognized as crucial in shaping firm outcomes, The SLR was carried out using two leading databases, Scopus and
including performance (Abernethy et al., 2019; Dikolli et al., 2018; Web of Science, in the fields of business, accounting, business/
Nienhaus, 2022; Saleh et al., 2020), compensation (Chang et al., 2021; finance, management, economics and environmental science. The
Powers et al., 2016), disclosure (Ernawan & Daniel, 2019; Liu & selection of these databases was based on the number of fields they
Nguyen, 2020), earnings management (Alhmood et al., 2020; Bouaziz cover and the quality of the content they provide, ensuring a wider
et al., 2020) and risk-taking (Campbell et al., 2019; Farag & range of articles (Lu et al., 2022; Nguyen et al., 2020). The keywords
Mallin, 2018). However, the link between CEO characteristics and for the search were identified through a review of the most cited and
environmental sustainability has received relatively limited attention recent articles on CEO and environmental sustainability in Google
in the academic literature (Arena et al., 2018). Scholar. A set of keywords was used in the search title, abstract and
Environmental sustainability encompasses a range of practices keywords to ensure no relevant article was missed, including ‘CEO
and policies aimed at mitigating a firm's impact on the natural environ- AND sustainab*1’, ‘CEO AND environment’, ‘CEO AND ESG’,
ment (Aguilera et al., 2021). These practices include energy and waste ‘CEO AND climate change’, ‘CEO AND carbon’, ‘CEO AND green-
reduction, sustainable resource usage and the implementation of envi- house gas’, ‘CEO AND global warming’, ‘CEO AND Green innova-
ronmental management systems. Given the current environmental tion’, ‘chief executive officer and sustainab*’, ‘chief executive officer
challenges, businesses are urged to adopt environmentally sustainable and environment’, ‘chief executive officer and ESG’, ‘chief executive
strategies (Walls & Berrone, 2017). officer and climate change’, ‘chief executive officer and carbon’,
Researchers in management are increasingly interested in under-
standing how CEOs and corporate governance structures influence 1
We opted to use the term ‘sustainab*’ as a truncation or wildcard symbol to capture
decision-making related to environmental sustainability. Environmen- variations of the word, such as sustainability, sustainable or sustainably. By using this
approach, we aimed to ensure a broader scope in our search strategy and encompass a wider
tal initiatives require significant investments and involve cooperation
range of relevant literature related to environmental sustainability and its various
among various corporate actors (Walls & Berrone, 2017). This manifestations.
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1980 MAHRAN and ELAMER

FIGURE 1 PRISMA—research design.

‘chief executive officer and global warming’, ‘chief executive officer 3538 papers, but after removing duplicates and unavailable articles, a
and greenhouse gas’ and ‘chief executive officer and Green innova- total of 2884 relevant articles remained. To further narrow down the
tion’. The steps involved in the SLR process, including the inclusion list, we used the software NVivo to analyse the titles and abstracts of
and exclusion criteria, are illustrated in Figure 1. the remaining articles. After that, we thoroughly read the titles,
Additionally, our inclusion criteria did not include any time con- abstracts and, if necessary, the introduction and conclusion sections of
straint as it would have limited our ability to analyse and draw conclu- the papers to confirm their relevance to the research themes (Lu
sions from the existing literature on the relationship between CEO and et al., 2022). Ultimately, a final sample of 139 articles was used for the
environmental sustainability. We only included academic journal articles analysis. The most relevant sources of our sample articles are shown in
and reviews that were written in English (Fatima & Elbanna, 2023; Figure 2, while Figure 3 shows the most globally cited documents.
Roberts, Hassan, et al., 2021). Based on the objective of this SLR, the Subsequently, we established a systematic coding procedure for
purpose here is to expand upon the extant literature by providing a the articles. In line with the method proposed by Gaur and Kumar
comprehensive literature review by synthesizing and analysing publica- (2018), we coded the articles based on various criteria, including the
tions about CEO and environmental sustainability relationship to criti- year of publication, author(s), title, objective, country, theoretical
cally analyse and identify any critical gaps and limitations in current framework, journal, methodology and primary results. Our analysis
knowledge. Due to limited publications in the research area, articles revealed that the majority of studies in the literature focused on one
from all academic journals are considered (Roberts, Hassan, et al., 2021). or multiple of the following dimensions: CEO compensation, environ-
To minimize the chances of including unreliable data, we excluded mental performance, environmental disclosure and CEO characteris-
working papers, conference papers and theses that are commonly tics. These dimensions were deduced from our coding process, and all
referred to as ‘grey literature’. This initial search process resulted in related concepts were integrated into our coding scheme.
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1981

FIGURE 2 Most relevant sources.

In terms of CEO compensation, the studies examined both between CEO characteristics and environmental disclosure. Subse-
monetary benefits (Rath et al., 2020) and non-monetary benefits quently, the pertinent articles were categorized according to this clas-
(Deng & Gao, 2013). The environmental performance aspect was inves- sification. Figure 4 displays word clouds of the most frequently used
tigated using concepts such as sustainability performance (Ahn, 2020), words in the titles of the articles.
environmental strategies (Fan et al., 2021), environmental innovation
(Quan et al., 2021) and environmental responsibility (Zhang, 2017).
Environmental disclosure was analysed through ESG disclosure 3 | SLR RESULTS
(McBrayer, 2018), sustainability reporting (Gavana et al., 2016),
reporting assurance (Al-Shaer & Zaman, 2019) and sustainability report- 3.1 | Journal outlets and descriptive analysis
ing style (Lopatta et al., 2022). Lastly, CEO characteristics included
demographic characteristics such as age (Oware & Awunyo-Vitor, After conducting a comprehensive review of the empirical literature
2021), background (Adomako & Amankwah-Amoah, 2021), duality on the relationship between CEOs and environmental sustainability,
(Rezaee et al., 2020), experience (Shahab et al., 2020), gender (Aabo & our analysis revealed a number of insights into the research gaps in
Giorici, 2022) and political connections (Huang et al., 2021), as well as this field. To gain a broad perspective of the current state of research
psychological characteristics like emotional intelligence (Ezzi on this topic, we focused on two key aspects.
et al., 2023), narcissism (Lin et al., 2022), humility (Sun et al., 2021), Figure 1 displays the distribution of articles on CEOs and environ-
reflective capacity (Jia et al., 2021) and overconfidence (Lee, 2021). mental sustainability across 74 different journals, with the largest rep-
Finally, we employed the established coding scheme to code all resentation being in the journals Business Strategy and the
139 relevant articles in the sample. Through this process, it became Environment (16 papers), Sustainability (13 papers) and Journal of
evident that the studies could be classified into four categories: Business Ethics (10 papers). However, it is also noted that there are
(1) the relationship between CEO compensation and environmental 59 journals that each only have one article on this topic, indicating a
performance, (2) the relationship between CEO compensation and lack of concentration in any particular journal. The earliest research in
environmental disclosure, (3) the relationship between CEO character- this area is the quantitative study by Stanwick and Stanwick (2001) on
istics and environmental performance and (4) the relationship the relationship between CEO compensation and the firm's reputation
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1982 MAHRAN and ELAMER

FIGURE 3 Most global cited documents.

in regard to its commitment to the community and environment. 3.2 | Geographical focus
Additionally, there are 21 highly influential papers in this field, each
with more than 50 citations on Google Scholar, such as Lewis In terms of geographical distribution, the analysis reveals that the
et al. (2014 [274 citations]) and Li et al. (2018 [160 citations]). majority of empirical studies on the association between CEOs and
Second, with respect to the year of publication, our analysis environmental sustainability were conducted in China, accounting for
reveals that the number of research publications on CEOs and envi- 27% (37 out of 139 total) of the literature. The United States had the
ronmental sustainability has steadily increased over time. In particular, second highest number of publications, with 25 (18%) studies, fol-
there were 15 publications in 2019, 14 in 2020, 33 in 2021 and 48 in lowed by 20 (14%) studies that focused on global samples. The
2022. This increasing trend can likely be attributed to growing con- United Kingdom had seven studies, while seven other studies were
cern over environmental degradation and climate change, which have based on samples from India and Pakistan. Nine publications were dis-
prompted interest from both academics and practitioners in finding tributed between Australia, Sweden, Italy, France, Denmark and
sustainable solutions. The historical development of research on this Germany, with only five publications focusing on African countries.
topic is depicted in Figure 5. There was limited research conducted in developing countries in Asia
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1983

FIGURE 4 Word clouds.

FIGURE 5 Annual scientific production.

and South America, and Oceania received even less attention. To sustainability by governments and organizations across various indus-
deepen our understanding of the link between CEOs and environmen- tries, it would be beneficial for scholars to consider adopting qualita-
tal sustainability, future research should focus on underrepresented tive approaches, such as interviews and case studies, in their research
regions and explore the possibility of comparative analysis between efforts to examine the relationship between CEOs and environmental
various regions. Figure 6 illustrates the distribution of research based sustainability. Furthermore, future research can leverage mixed-
on geographical locations. methods studies to gain a comprehensive and insightful empirical
understanding of the topic, thereby ensuring that the conclusions
reached are theoretically valid.
3.3 | Research methods employed

With regard to the research methodologies adopted in previous stud- 3.4 | Theoretical underpinning and empirical
ies, it was noted that the majority (129 studies) adopted a quantitative findings
approach. These studies conducted quantitative analysis to investi-
gate the relationships between CEO characteristics and either firms' Regarding the theoretical basis of previous studies on CEO and envi-
environmental performance or environmental disclosure, utilizing ronmental sustainability, 25% of the studies utilized the upper eche-
regression analysis. As there is a growing interest in environmental lons theory, while 24% employed multiple theories. The agency
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1984 MAHRAN and ELAMER

FIGURE 6 Country scientific production.

theory and studies lacking a theoretical foundation were each repre- framework derived from a systematic review of 139 pertinent studies.
sented in 16 studies. The remaining studies utilized various theories, The goal is to leverage these findings, identify future research areas
highlighting the interdisciplinary nature of the research. and contribute to both theoretical and practical implications. This
The analysis reveals gaps in the literature. Firstly, there is incon- section provides a synthesis of the existing research, offering a com-
sistency in the theoretical frameworks used, with only a quarter of the prehensive overview of the key relationships outlined in our proposed
studies relying solely on the upper echelons theory. This lack of con- framework (Figure 7).
sistency hinders the direction and findings of future research. Sec-
ondly, there is a need for more comprehensive research using
alternative theories beyond the upper echelons theory to enhance the 3.5.1 | CEO compensation and environmental
understanding of the CEO and environmental sustainability performance
relationship.
Empirical findings show that the majority of articles focused on A total of 22 empirical studies have explored the relationship between
the relationship between CEO demographic characteristics and the CEO compensation and environmental sustainability, with the major-
firm's environmental performance or disclosure, with limited attention ity of these studies (18) focusing on the link between CEO compensa-
given to the CEO's psychological characteristics in only 18 studies. tion and firms' environmental performance, while only 4 studies
Moreover, 74% of the studies examined the impact on environmental considered the impact of the environment and pollution on compen-
performance and innovation, while 23% explored environmental dis- sation. The studies mainly concentrate on monetary components of
closure. Only 1% focused on the CEO's disclosure style. To address CEO compensation, while non-monetary elements such as community
these gaps, future studies could investigate the impact of CEO psy- standing, social respect, prestige and living environment are given less
chological characteristics and consider the attributes of environmental attention.
disclosure, such as tone, readability, boilerplate and specificity, and Existing literature provides evidence on the relationship between
how they may vary based on CEO characteristics. executive compensation and environmental responsibility as pre-
sented in Appendix A. Several studies, including Adu et al. (2022b),
Al-Shaer et al. (2022) and Stanwick and Stanwick (2001), have found a
3.5 | Thematic analysis: A research framework of positive correlation between CEO compensation and both environ-
CEO and environmental sustainability relationship mental initiatives and a firm's environmental reputation. Conversely,
Cavallaro et al. (2018) revealed that regulated utility markets do not
The research on the relationship between CEOs and environmental consistently provide higher compensation for reducing GHG emis-
sustainability necessitates further examination to address remaining sions. In addition, Francoeur et al. (2017) discovered that environmen-
questions and research gaps. To enhance understanding, we present a tally friendly companies tend to offer relatively lower total
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1985

F I G U R E 7 A research framework for

the links between CEO and firm's
environmental sustainability.

compensation to their CEOs, relying less on incentive-based pay Despite these findings, it is important to acknowledge the need
structures. This negative relationship is more pronounced in countries for a more comprehensive examination of CEO compensation, includ-
with weaker environmental regulations. Zhang and Zhang (2022) ing both monetary and non-monetary benefits. Additionally, exploring
reported a threshold effect, indicating a U-shaped pattern in the rela- the influence of contextual factors such as state regulations, stake-
tionship between executive compensation and corporate environmen- holder pressure, industry effects and organizational culture would pro-
tal responsibility. Beyond a certain threshold, executive compensation vide a more holistic understanding of compensation policies.
promotes corporate environmental performance.
However, it is worth noting that the literature on the relationship
between pollution, the environment and CEO compensation is rela- 3.5.2 | CEO compensation and environmental
tively limited, with only four publications exploring this area. Chan disclosure
et al. (2022) found a positive correlation between air pollution and
CEO compensation, suggesting that companies in regions with The existing research on the relationship between CEO compensation
unhealthy air quality tend to offer higher pay to their CEOs. Deng and and environmental disclosure is limited, but several studies have made
Gao (2013) also reported similar results, where companies located in attempts to explore this area, as summarized in Appendix B. Adu et al.
areas with high crime rates or unpleasant environments provided (2022b) found a positive influence of CEO compensation on environ-
higher compensation. mental disclosure in the banking sector, with the relationship being
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1986 MAHRAN and ELAMER

moderated by corporate governance mechanisms. Similarly, Suttipun score calculation (Jia et al., 2021). Environmental concerns incorpo-
(2021) reported a positive correlation between CEO compensation rated in the index encompass the adoption and operation of environ-
and ESG disclosure. Conversely, Rath et al. (2020) discovered that a mental protection facilities, disclosure of pollutant concentration,
transparent process of ESG disclosure is associated with a reduction quantity and destination, disclosure of environmental objectives, poli-
in CEO compensation. Additionally, Al-Shaer and Zaman (2019) found cies and effects, and disclosure of total annual resource consumption
that the presence of external assurance on environmental reporting (Ahn, 2020).
positively impacts the inclusion of sustainability clauses in compensa- While the use of independent rating agencies and questionnaires
tion contracts. These findings underscore the importance of consider- with corporate responsible parties as measures of environmental per-
ing the role of environmental disclosure in understanding the formance receives less attention, alternative methods have been
relationship between CEO compensation and environmental sustain- employed. For instance, Papagiannakis and Lioukas (2018) utilized a
ability. However, further research is necessary to fully comprehend questionnaire approach, seeking input from executives responsible for
the complex interplay among these variables. environmental decisions to gauge their companies' engagement in six
In conclusion, the analysis of the relationship between CEO com- elements of environmental performance.
pensation and environmental disclosure in the reviewed studies The studies by Arena et al. (2018) and Liao and Long (2018)
reveals a significant gap in the current literature. The existing focused on environmental innovation and eco-friendliness, using the
studies often overlook various dimensions of disclosure, such as tex- environmental product innovation score. Ren et al. (2021), Wang et al.
tual characteristics (e.g., readability, tone, boilerplate and specificity). (2022) and Zhou et al. (2021) examined green innovation through the
Furthermore, the prevalent use of quantitative measures and disclo- analysis of corporate patent filing data. Adu et al. (2022b), Elsayih
sure scores poses limitations in capturing the comprehensive quality et al. (2020) and Garel and Petit-Romec (2022) evaluated environmen-
and specific attributes of disclosure policies. To address these gaps, tal performance based on carbon emission intensity, considering the
future research should adopt a qualitative approach to gain a deeper emissions produced by larger companies. In contrast, Al-Shaer et al.
understanding of the determinants and extent of environmental dis- (2022) employed a multi-faceted approach, incorporating measures
closure practices. such as environmental pillar scores, emission scores and a composite
environment index to assess companies' environmental practices.
In conclusion, while current research focuses on evaluating firms'
3.5.3 | CEO characteristics and environmental environmental performance using scores, there is a need for future
performance studies to consider alternative measurement methods and a more
holistic approach. This includes exploring CEO characteristics, both
In our research pool, studies on CEO characteristics and firms' envi- demographic and psychological, to better understand their impact on
ronmental performance are more prevalent compared to studies on environmental outcomes. Additionally, incorporating third-party
CEO compensation or the link between CEO characteristics and firms' assessments and involving responsible parties within corporations can
environmental disclosure (Kouaib et al., 2020). Scholars recognize that enhance research reliability. By integrating diverse approaches, we
the characteristics of corporate leaders significantly influence firm can advance our understanding of the relationship between leadership
performance, making it crucial to examine these characteristics for and environmental performance, leading to more effective sustainabil-
understanding performance disparities among firms (Xu et al., 2022). ity strategies.
Consequently, researchers have focused on investigating the impact
of various CEO characteristics on environmental performance. CEO demographic characteristics and environmental performance
The measurement of environmental performance within corpora- Over the years, the field of research on CEO characteristics has grown
tions remains a subject of debate (Kouaib et al., 2020). Three methods significantly, and the impact of these characteristics on various topics
have been identified for measuring corporate environmental perfor- has been widely explored, particularly in the management literature
mance: analysis of annual reports, collection of information through (Al-Shaer et al., 2022). Studies have investigated the effects of CEO
questionnaires and evaluation of data from independent rating agen- characteristics on outcomes such as firm performance, risks, earnings
cies (Xu et al., 2022). Comparing data from ratings to information from management, audit quality and disclosure (Abernethy et al., 2019;
surveys and annual reports improves data collection, research trans- Alhmood et al., 2020; Campbell et al., 2019; Saleh et al., 2020). Our
parency and repeatability (Xu et al., 2022). review of the literature shows that a substantial number of empirical
Among the analysed articles, a significant portion (102 publica- studies examine the relationship between firms' environmental perfor-
tions, 73%) explores the impact of CEO characteristics on firms' envi- mance and CEO demographic characteristics such as CEO tenure,
ronmental performance (Ahn, 2020; Jia et al., 2021). The predominant duality, background, gender, age and connections as stated in
approach to measure firms' environmental performance is through Appendix C. The impact of CEO duality on environmental perfor-
environmental performance and responsibility scores. These scores mance is the most widely studied, with 19 publications focusing on
consider various environmental concerns and trends, as well as the this topic. Meanwhile, 8 studies investigate the impact of CEO educa-
company's exposure to these challenges. Qualitative analysis of for- tion, 11 studies focus on the impact of CEO gender, 7 studies look
malized strategies and segmentation of business areas contribute to into the impact of CEO power and 4 studies examine the impact of
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1987

CEO tenure. Other demographic characteristics, such as the CEO's In conclusion, the literature indicates a mixed relationship
environmental orientation, activism, ethical leadership, regulatory between CEO characteristics and firms' environmental performance.
focus, independence, risk perception and awareness of consequences, While CEO duality is often associated with a negative impact on
have received relatively little attention from researchers. environmental performance, gender diversity on boards and female
The relationship between CEO duality and firms' environmental CEOs shows a positive influence. CEO demographic attributes such
performance has been widely studied, with most research indicating a as gender, education, power and tenure yield conflicting results.
negative association (Goud, 2022; Lu & Wang, 2021; Peng & Less explored attributes like religion, foreign experience and political
Zhang, 2022; Romano et al., 2020; Zhu et al., 2022). Zhu et al. (2022) ties demonstrate potential positive effects on green innovation.
found a positive impact of gender diversity on board and female CEOs Additionally, the breadth of social ties positively affects CEO atten-
on environmental performance, but CEO duality was found to have a tion breadth and sustainability performance. Overall, further
negative impact, aligning with agency theory (Romano et al., 2020). research is needed to better understand these relationships and
Shahab et al. (2022) found no correlation between CEO duality and explore other CEO attributes contributing to environmental
waste production, while Khan et al. (2021) discovered a positive cor- sustainability.
relation between CEO duality and environmental performance among
Chinese firms. CEO psychological characteristics and environmental performance
Regarding CEO demographic attributes, the literature presents The examination of CEO psychological characteristics is essential for
conflicting evidence. Sumarta et al. (2021) found no significant effect understanding CEO behaviour and obtaining a comprehensive view
of CEO gender on environmental performance in Indonesian banks, of company leadership. Existing literature (Ernawan & Daniel, 2019;
while Birindelli et al. (2019) and Lu and Wang (2021) argue that Jia et al., 2021; Lin et al., 2022; Lu et al., 2022) supports the signifi-
female CEOs contribute positively to environmental sustainability. cance of studying these attributes. However, research on the impact
CEO education, power and tenure have also been studied. Sumarta of CEO psychological characteristics on a company's environmental
et al. (2021), Tran and Pham (2020), Wang et al. (2022) and Xia et al. performance is limited (see Appendix D). The available studies pri-
(2022) suggest that higher education levels are associated with marily focus on CEO hubris, overconfidence and narcissism. Our
greater investments in environmental protection. However, Al-Shaer analysis of empirical studies in our sample reveals a limited number
et al. (2022) found that CEOs with more managerial power engage of investigations into the impact of CEO psychological traits on
less in environmental programmes due to associated costs. Aibar- environmental performance. CEO narcissism, hubris and overconfi-
Guzmán and Frías-Aceituno (2021) and Javeed et al. (2021) dence were each explored in three studies, while other traits such
discovered a positive relationship between CEO power and environ- as aggressiveness, extraversion, emotional intelligence, humility and
mental performance. reflective capacity were examined in only one study each. This lim-
Less explored CEO demographic attributes include religion, for- ited scope emphasizes the need for further exploration of the rela-
eign experience and political ties. Ren et al. (2020) found that CEO tionship between CEO psychological traits and environmental
ethical leadership moderates the relationship between green human performance. To deepen our understanding, it is crucial to expand
resource management and environmental performance. Iguchi et al. current research and investigate the impact of these other traits on
(2022) observed a correlation between CEO religiosity and green environmental performance.
business activities. Liao and Long (2018) found that CEOs with a pro- Empirical evidence on the relationship between CEO narcissism
motion focus positively impact environmental operations, while pre- and environmental performance is inconsistent, with some studies
vention focus has a negative impact, while Khalid et al. (2022) and (Lin et al., 2021; Lin et al., 2022) suggesting a positive association,
Quan et al. (2021) established a positive relationship between CEO while others (Abatecola & Cristofaro, 2019) indicate a negative
foreign experience and green innovation. Furthermore, Shahab et al. impact. Similarly, findings on CEO hubris are contradictory, as some
(2020) found that CEOs with financial expertise, research background studies (Arena et al., 2018) propose a positive relationship, while
and a younger age are more likely to adopt measures enhancing envi- others (Abatecola & Cristofaro, 2019) report a detrimental effect.
ronmental performance. On the other hand, Huang et al. (2021), However, Lin et al. (2022) suggest that CEO hubris may enhance
Khalid et al. (2022) and Zhang (2017) indicate that CEOs with stronger the positive effects of corporate sustainability strategies on firm
political ties tend to promote more green innovation within their orga- performance in environmental and social aspects. These contrasting
nizations. These studies suggest that political connections can play a results underscore the complexity and nuances of the
role in influencing environmental initiatives and driving sustainable relationship between CEO psychological traits and environmental
practices. Meanwhile, Ahn (2020) examined the relationship between performance, calling for further research to gain a comprehensive
CEO attention breadth, driven by social ties, and sustainability perfor- understanding.
mance. The study found that a higher number of social ties positively In the field of corporate environmental outcomes, the influence
affect attention breadth, which, in turn, has a positive impact on sus- of CEO psychological traits on environmental performance has
tainability performance. This suggests that CEOs who maintain a wide gained limited attention in academic literature. However, several
range of social connections are more likely to prioritize and enhance studies provide valuable insights in this regard. Lee and Kim (2021)
sustainability efforts within their organizations. emphasized the role of overconfident CEOs in driving environmental
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1988 MAHRAN and ELAMER

initiatives, particularly in companies with higher levels of female Cucari, 2019; Pasko et al., 2021), others have found a positive rela-
board representation. Meanwhile, Sun et al. (2021) found a positive tionship between duality and environmental disclosure in Indian
association between CEO humility and green innovation, indicating family-controlled firms (Oware & Awunyo-Vitor, 2021). On the other
the importance of this trait in fostering environmental initiatives. hand, a number of studies have reported a negative relationship
Shah et al. (2021) focused on CEOs exhibiting hierarchical and cog- between CEO duality and environmental reporting (Hamidah &
nitive leadership traits, highlighting their emphasis on enhancing Arisukma, 2020; Husted & de Sousa-Filho, 2019; Lagasio &
environmental responsibility and implementing innovative strategies. Cucari, 2019; Nuskiya et al., 2021).
Meanwhile, Ezzi et al. (2023) suggested that CEOs with high emo- The impact of CEO tenure, power, gender, background and expe-
tional intelligence have a beneficial impact on the interaction rience on environmental disclosure has received limited attention in
between research and development, energy and recycling in the the literature. However, some studies have explored these relation-
Tunisian energy sector. Hrazdil et al. (2021) found that firms led by ships and produced noteworthy results as described in Appendix E. Li
extraverted CEOs tend to perform better in terms of environmental et al. (2018) found that stronger CEO power can enhance the relation-
and social outcomes. Furthermore, Kim et al. (2022) explored the ship between environmental disclosure and firm value, suggesting that
impact of CEO facial masculinity on ESG practices, indicating that stakeholders view environmental disclosure from companies with
companies with effective ESG measures are less susceptible to more powerful CEOs as a stronger commitment to environmental
deception by masculine-faced CEOs. practices.
Through synthesizing these studies, it becomes evident that On the other hand, several studies have explored the relationship
CEO psychological traits play a crucial role in shaping between CEO characteristics and environmental disclosure. Razali
corporate environmental outcomes. Overconfidence, humility, et al. (2016) found a negative effect of CEO tenure and CEO legal
leadership traits, emotional intelligence, extraversion and facial education on environmental disclosure. In contrast, Lagasio and Cucari
masculinity all have varying impacts on environmental initiatives (2019) discovered a positive association between women CEOs and
and performance. better environmental voluntary disclosure, while CEO ownership did
not show a significant impact. Meanwhile, Lewis et al. (2014) also sug-
gested that CEOs with MBA degrees or recently recruited were more
3.5.4 | CEO characteristics and environmental likely to disclose. Overall, these findings underscore the importance of
disclosure CEO attributes in shaping environmental disclosure practices, but fur-
ther synthesis is needed to explore underlying mechanisms and mod-
The importance of CEOs in shaping corporate environmental practices erating factors.
has gained significant attention due to the growing significance of
environmental sustainability (Oware & Awunyo-Vitor, 2021). Under- CEO psychological characteristics and environmental disclosure
standing the role of CEOs in this context is crucial. It is equally impor- While the majority of studies in the field of environmental
tant to examine the impact of CEO characteristics on corporate disclosure have focused on the impact of CEO demographic charac-
environmental disclosure. This section provides an overview of the teristics, there has been limited examination of the relationship
research on this topic, including the categorization of CEO traits into between CEO psychological characteristics and environmental disclo-
demographic and psychological characteristics. Additionally, this sure as displayed in Appendix F. As such, the influence of psychologi-
section aims to assess the current state of research and identify cal traits on CEO decision-making regarding disclosure has been
potential gaps in the field. overlooked. Recent studies, such as Dabbebi et al. (2022), have found
that CEO narcissism is positively associated with ESG disclosure. Fur-
CEO demographic characteristics and environmental disclosure thermore, Lee (2021) found that CEO overconfidence is favourably
The impact of CEO demographic traits on various communication linked to voluntary disclosure of GHG emissions. These findings sug-
channels, including financial reports, auditor reports and media, has gest that there is a need for further research to delve into the rela-
been the subject of previous research. However, the effect of these tionship between CEO psychological characteristics and
traits on corporate environmental disclosure has not received as environmental disclosure.
much attention (Lee, 2021). The majority of the literature (17 arti-
cles) in this field focuses on the effect of CEO duality on environ-
mental disclosure, with a smaller number of studies exploring the 4 | DI SCU SSION AND F UTU R E R ESEARCH
impact of CEO tenure. Other demographic characteristics such as AVENUES
gender, education, power, social ties and background have received
limited attention. Despite the progress made in the field of environmental sustainability
The findings of studies on the relationship between CEO duality and CEO interactions, there are several gaps that need to be
and environmental disclosure have been inconsistent. While some addressed by future research. The limitations and suggestions of the
studies support the conclusion that CEO duality has no significant association between CEO and environmental sustainability are
impact on environmental disclosure (Kumari et al., 2022; Lagasio & addressed in this section.
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1989

4.1 | Theories environmental disclosure. Furthermore, certain areas within each

theme have not been thoroughly explored. For instance, CEO traits
In the reviewed studies, the upper echelons theory was utilized in like power, backgrounds, experience, environmental orientation, risk
25% of cases, while 24% employed a combination of theories. How- perception, ownership, ethical leadership, regulatory focus and
ever, many studies lacked clear explanations of how these theories awareness of consequences have not received sufficient attention.
were applied to their empirical findings. To improve the quality of Psychological characteristics like overconfidence, extraversion, emo-
research, it is advisable for future studies to adopt a well-defined the- tional intelligence, humility and reflective capacity are also worthy
oretical framework and appropriately integrate or compare relevant of exploration. Future studies should investigate the impact of
theories. For CEO characteristics, theories from psychological and these less researched traits and personality characteristics on CEO
sociological perspectives can provide a solid foundation. Employing behaviour and their role in environmental sustainability
multiple theories can offer a more comprehensive understanding of performance.
CEO behaviour and their role in environmental sustainability. In the light of the environmental disclosure theme, while CEO
duality has been extensively studied in relation to environmental
disclosure, other important CEO characteristics have been
4.2 | Context neglected. Moreover, the connection between CEO psychological
traits and environmental disclosure remains underexplored. Future
Most studies on the relationship between environmental sustainability research should examine the relationship between CEO demo-
and CEOs have focused on developed countries, particularly the graphic and psychological characteristics and corporate environmen-
United States, leaving a gap in representation from developing econo- tal reporting. Additionally, studies on environmental disclosure
mies due to limited data accessibility and contextual differences. To should move beyond quantitative indicators and explore textual
address this limitation, future research should prioritize studying less properties such as reporting tone, readability, boilerplate and
explored regions and conducting cross-country comparisons, enabling specificity.
a more comprehensive understanding of the topic.
Considering contextual factors is crucial when examining the
CEO–environmental sustainability relationship. While exploring every 4.4 | Measurements
factor may not be necessary, focusing on relevant ones can enhance
the validity and reliability of results. Incorporating a framework, such While environmental performance scores and responsibility measures
as Figure 7, can illustrate the interaction of different factors, including have been commonly used, other indicators of environmental perfor-
state regulations, stakeholder pressure, industry effects and organiza- mance and disclosure have received less attention. Future studies
tional culture, which can impact CEO compensation and its relation- could adopt less common measurement methods, such as scores from
ship with environmental performance and disclosure. Future research third-party organizations, and incorporate more qualitative techniques
should consider these contextual factors to deepen our understanding like questionnaires with responsible corporate personnel. Additionally,
of the linkages between CEO compensation and environmental studies on environmental disclosure should go beyond quantitative
sustainability. metrics and disclosure scores to examine the quality and specific attri-
Furthermore, there is a noticeable lack of research explicitly butes of disclosure policies. This qualitative perspective can deepen
addressing the connection between CEOs and corporate environmen- our understanding of the factors shaping the scope of environmental
tal sustainability with specific United Nations SDGs. Acknowledging disclosure.
the importance of the SDGs as a framework, it is crucial to highlight
the existing gap in the literature. The limited exploration of how CEO
characteristics and actions align with and contribute to specific SDGs 4.5 | Methodology
presents an opportunity for further investigation. Future research
should aim to bridge this gap by explicitly examining the relationship The complexity of CEO behaviour and its impact on corporate envi-
between CEO behaviour and the achievement of sustainability goals ronmental sustainability necessitates the integration of qualitative or
outlined by the United Nations. By addressing this research gap, valu- mixed methods alongside quantitative research. While quantitative
able insights can be gained into how CEOs can effectively drive envi- methods are commonly used, they may not fully capture the nuances
ronmental sustainability efforts within organizations and contribute to of CEO actions. Scholars like Abebe and Acharya (2022), Kilincarslan
the broader global sustainability agenda. et al. (2020) and Nuskiya et al. (2021) have recommended the inclu-
sion of qualitative methods such as interviews and surveys to gain a
more holistic understanding of the relationship between CEOs and
4.3 | Characteristics environmental sustainability.
Table 1 shows future research directions and suggested research
Existing research on CEO attributes and environmental sustainabil- questions classified based on theories, context, characteristics, mea-
ity primarily focuses on environmental performance and overlooks surements and methodology.
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
1990 MAHRAN and ELAMER

TABLE 1 Future research directions.

Future research
opportunity Suggested research questions
Theoretical • How can agency theory, stewardship theory and social identity theory be integrated to provide a more comprehensive
opportunities understanding of the relationship between CEO characteristics and environmental outcomes?
• How do different theoretical perspectives explain variations in CEOs' commitment to environmental sustainability
across different organizational contexts?
• In what ways do these theories intersect or complement each other in explaining CEOs' environmental decision-making
processes?
Contextual • How does the relationship between CEOs and environmental sustainability differ in developing economies compared to
opportunities developed economies?
• What lessons can be learned from studying the relationship between CEOs and environmental sustainability in diverse
contexts?
• What contextual factors influence the effectiveness of CEOs' environmental practices and decision-making in different
regions and countries?
• How does the impact of CEO demographic and psychological characteristics on environmental outcomes differ across
industries with varying environmental footprints?
• How do CEO traits impact the integration of environmental considerations into organizational strategy, decision-making
and culture?
• What are the mechanisms through which personality traits and ethical leadership influence employee attitudes,
behaviours and organizational outcomes related to environmental sustainability?
Characteristics • How do CEO traits such as power, backgrounds, experience and ethical leadership influence environmental
opportunities sustainability practices and outcomes?
• What is the impact of psychological characteristics like overconfidence, emotional intelligence, humility and reflective
capacity on CEOs' environmental decision-making and behaviour?
• How do CEO demographic and psychological characteristics relate to the quality and specific attributes of
environmental disclosure?
• How do these psychological factors interact with demographic characteristics to shape CEOs' environmental
behaviours?
• Are there any mediating or moderating mechanisms that explain the relationship between psychological factors and
CEOs' environmental practices?
• How do CEO traits influence the qualitative aspects of environmental disclosure, such as reporting tone, readability and
specificity?
• How do the qualitative characteristics of environmental disclosure, such as reporting tone, readability and specificity,
influence stakeholders' perceptions, trust and engagement with a company's environmental initiatives?
• How do different stakeholder groups interpret and respond to the various aspects of environmental disclosure?
Measurement • How do scores from third-party organizations contribute to the assessment of environmental performance and
opportunities disclosure?
• What insights can be gained from using qualitative techniques, such as questionnaires with responsible corporate
personnel, to understand environmental practices?
• How does the qualitative dimension of environmental disclosure, such as reporting tone, readability and specificity,
shape stakeholder perceptions and behaviours?
Methodological • How can the inclusion of qualitative methods, such as interviews and surveys, enhance the understanding of CEO
opportunities behaviour and its impact on environmental sustainability?
• In what ways can mixed-methods approaches provide a more comprehensive understanding of the relationship between
CEOs and environmental sustainability?
• How does the integration of different research methodologies contribute to the validity and reliability of findings in
CEO–environmental sustainability research?

5 | C O N CL U S I O N of context and less explored CEO traits like personality and ethical
leadership are overlooked. Qualitative aspects of environmental dis-
The primary objective of this SLR is to thoroughly analyse the closure, such as reporting tone and specificity, are also neglected. To
research on CEOs and their effects on corporate environmental sus- address these gaps, future research should consider a broader range
tainability. We aim to understand existing knowledge, identify gaps of CEO characteristics, adopt a multi-theoretical approach, examine
and propose a framework for future research. Synthesizing context and include comprehensive environmental disclosure analysis.
139 publications, we critically examine current research's limitations This SLR contributes to the literature by providing a comprehen-
and contribute to the corporate environmental sustainability litera- sive review, benefiting researchers, practitioners and policymakers.
ture. Our results highlight gaps in the literature. Studies predominantly We present suggestions for future research based on country,
focus on environmental performance rather than disclosure. The role research method and theoretical framework analysis. Environmental
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1991

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APP E NDIX A: CEO COMPENSATION AND ENVIRONMENTAL PERFORMANCE STUDIES

Research
Article Title Journal Country Theory method Findings summary
Francoeur Green or greed? An Journal of Business Global Stewardship, OLS regression Environmentally
et al. alternative look at CEO Ethics institutional responsible companies
(2017) compensation and pay their CEOs less
corporate compensation package
environmental and depend less on
commitment incentive-based
remuneration than
environmentally
unconcerned
companies.
Cavallaro Decarbonizing the Energy Research & The United Agency Case study The regulated utility
et al. boardroom? Aligning Social Science States market does not
(2018) electric utility executive regularly reward CEOs
compensation with with increased pay for
climate change reducing GHG
incentives emissions.
Hossain Firm-level climate change British Journal of The United Compensating OLS regression CEOs who lead
et al. risk and CEO equity Management States wage companies that face a
(2022) incentives differential higher level of climate
change risk receive
more equity-based pay.
Zhang and The threshold effect of Sustainability China ERG, upper OLS regression The influence of CEO
Zhang executive compensation echelons remuneration on
(2022) on corporate corporate
environmental environmental
responsibility: Based on responsibility has a
the moderating effect U-shaped threshold
of industry competition effect, which means
that executive
remuneration only
promotes corporate
environmental
responsibility after
crossing a specific
threshold.

(Continues)
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1996 MAHRAN and ELAMER

Research
Article Title Journal Country Theory method Findings summary
Adu, Carbon performance, Business Strategy The United Neo- OLS regression CEO pay has a favourable
Flynn, financial performance and the Kingdom institutional moderating influence
and and market value: The Environment on the relationship
Grey moderating effect of between carbon
(2022a) pay incentives performance and
financial performance.
Winschel Climate change policies Journal of Global Global Stakeholder, Content Carbon objectives are
(2021) and carbon-related CEO Responsibility agency analysis mostly used to
compensation systems: establish short-term
An exploratory study of remuneration.
European companies Furthermore, carbon-
related CEO
compensation is almost
equally prevalent
among carbon-
intensive and non-
carbon-intensive
businesses.
Al-Shaer CEO power and CSR- Review of The United Stakeholder, Multivariate CEOs who are
et al. linked compensation for Quantitative Kingdom managerial regression compensated for their
(2022) corporate Finance and power participation in
environmental Accounting environmental
responsibility: UK initiatives are
evidence encouraged to enhance
environmental
performance.
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MAHRAN and ELAMER 1997

APP E NDIX B : STUDIES ON CEO COMPENSATION AND ENVIRONMENTAL DISCLOSURE

Research
Article Title Journal Country Theory method Findings summary
Rath et al. (2020) CEO compensation Indonesian Journal India Agency, Multivariate Scores for
and firm of Sustainability stakeholder regression environmental
performance: The Accounting and and governance
role of ESG Management disclosure have
transparency the potential to
strengthen the
unfavourable link
between business
performance and
CEO
remuneration.
Suttipun (2021) The influence of International Journal Thailand Agency Multivariate There is a positive
board of Disclosure and regression association
composition on Governance between CEO
environmental, compensation and
social and ESG disclosure.
governance (ESG)
disclosure of Thai
listed companies.
Adu, Al-Najjar, and Executive Business Strategy Global Agency OLS regression CEO compensation
Sitthipongpanich compensation, and the raises sustainable
(2022) environmental Environment banking
performance, and disclosures.
sustainable
banking: The
moderating effect
of governance
mechanisms
Al-Shaer and Zaman CEO compensation Journal of Business The United Agency, Logistic The inclusion of
(2019) and sustainability Ethics Kingdom stakeholder regression sustainability
reporting elements in pay
assurance: contracts is
Evidence from the positively and
UK significantly
associated with
sustainability
reporting
assurance.
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1998 MAHRAN and ELAMER

APP E NDIX C : SAMPLE OF STUDIES ON CEO DEMOGRAPHIC CHARACTERISTICS AND ENVIRONMENTAL PERFORMANCE

Research
Article Title Journal Country Theory method Findings summary
Sumarta CEO characteristics and International Journal of Indonesia Agency, upper Panel data CEO international
et al. environmental Business and Society echelons regression experience has a
(2021) performance: favourable impact on
Evidence from environmental
Indonesian banks performance.
Furthermore, CEO
gender, age and
educational
background have no
influence on
environmental
performance in
Indonesian banks;
however, CEO
nationality and
foreign education
have a negative
effect.
Peng and Corporate governance, Environmental Science The United Agency Multiple There is a negative
Zhang environmental and Pollution States regression association between
(2022) sustainability Research CEO duality and
performance, and environmental
normative isomorphic sustainability
force of national performance.
culture
Zhu et al. Gender diversity and Sustainability Pakistan Agency Panel data Female directors on
(2022) firms' sustainable regression boards and female
performance: CEOs have a
Moderating role of considerable
CEO duality in favourable influence
emerging equity on environmental
market performance,
although CEO duality
has no effect on this
connection.
Furthermore, CEO
duality has a
significant negative
influence on firms'
long-term
performance.
Goud Corporate governance: Journal of Cleaner India Agency Multiple There is a negative
(2022) Does it matter Production regression relationship between
management of CEO duality and
carbon emission corporate carbon
performance? An emission
empirical analyses of performance.
Indian companies
Velte Does CEO power Management Research Germany Stakeholder, Multivariate There is a positive
(2020) moderate the link Review upper regression impact of ESG
between ESG echelons performance on
performance and financial performance,
financial and this link is more
performance? A focus pronounced by CEO
on the German two- power.
tier system
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 1999

Research
Article Title Journal Country Theory method Findings summary
Al-Shaer CEO power and CSR- Review of Quantitative The United Stakeholder, Multivariate Newly appointed CEOs
et al. linked compensation Finance and Kingdom managerial regression are more involved in
(2022) for corporate Accounting power environmental
environmental initiatives, but CEOs
responsibility: UK with managerial
evidence power are less
involved in
environmental
activities due to the
expenses involved.
Shahab Chief executive officer Business Strategy and China Upper echelons Panel and CEOs with a research
et al. attributes, sustainable the Environment probit background and
(2020) performance, regression international
environmental experience are more
performance, and likely to engage in
environmental initiatives that
reporting: New increase
insights from upper environmental
echelons perspective performance. In
addition, CEOs with
financial expertise are
associated with
improved long-term
success and
environmental
reporting.
Zhou Can CEO education Journal of Cleaner China Upper echelons Multivariate Highly educated CEOs
et al. promote Production regression are more likely to
(2021) environmental participate in
innovation: Evidence environmental
from Chinese innovation,
enterprises particularly if
businesses operate in
areas with rigorous
environmental
regulations.
Khalid Carbon Disclosure Carbon Management China Upper echelons Logistic CEOs with academic
et al. Project: Chinese chief regression backgrounds,
(2022) executive officer international
background and experience and
corporate voluntary political ties influence
climate change corporations'
reporting decisions to engage
environmental
activities.
Ren et al. CEO hometown identity Business Strategy and China Upper echelons Regression There is a positive link
(2021) and firm green the Environment between CEO
innovation hometown identity
and a firm's
environmental
innovation
performance.
Liao and CEOs' regulatory focus, Corporate Social China Upper echelons Questionnaires CEO's promotion focus
Long slack resources and Responsibility and has a positive
(2018) firms' environmental Environmental influence on firm's
innovation Management environmental

(Continues)
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2000 MAHRAN and ELAMER

Research
Article Title Journal Country Theory method Findings summary
processes, whereas a
CEO's prevention
focus has a negative
influence.
Wang, CEO foreign experience Business Strategy and China Upper echelons OLS regression CEO foreign experience
Qiu, and corporate the Environment has a positive impact
and sustainable on firm green
Luo development: innovation.
(2022) Evidence from China
Birindelli The impact of women Corporate Social Global Upper echelons Panel There is relationship
et al. leaders on Responsibility and regression between female
(2019) environmental Environmental CEOs and the
performance: Management environmental
Evidence on gender performance.
diversity in banks

APP E NDIX D : SAMPLE OF STUDIES ON CEO PSYCHOLOGICAL CHARACTERISTICS AND ENVIRONMENTAL PERFORMANCE

Research
Article Title Journal Country Theory method Findings summary
Hrazdil Executive personality and Corporate Social The United Upper Regression
et al. sustainability: Do Responsibility and States echelons
(2021) extraverted chief Environmental
executive officers Management
improve corporate social
responsibility?
Businesses extraverted CEOs
led by have higher
environmental and
social performance.
Lin et al. The eco-friendly side of Sustainable Development China Upper Questionnaires Narcissistic CEOs are
(2021) narcissism: The case of echelons associated with higher
green marketing level of corporate
environmental
marketing programme.
Lin et al. Impact of CEO narcissism The North American Taiwan Upper Regression In comparison to
(2022) and hubris on corporate Journal of Economics echelons narcissistic CEOs,
sustainability and firm and Finance hubristic CEOs will have
performance a greater favourable
impact on business
sustainability
performance,
particularly in the
environmental and social
dimensions.
Lee and Would overconfident Sustainability South Upper OLS regression Overconfident CEOs are
Kim CEOs engage more in Korea echelons more likely to participate
(2021) environment, social, and in ESG investments.
governance Furthermore, the
investments? With a negative relationship
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 2001

Research
Article Title Journal Country Theory method Findings summary
focus on female between CEO
representation on overconfidence and firm
boards value is minimized in
firms with high ESG
investments. Finally, the
impact of CEO
overconfidence on
corporate value is
unique in firms with
female board
participation.
Ezzi et al. Exploring the relationship International Journal of Tunisia Behavioural Questionnaires There is positive impact of
(2023) between managerial Energy Sector CEOs' emotional
emotional intelligence Management intelligence on the R&D,
and environmental energy and recycling.
performance in energy Furthermore, the
sector: A mediated diversification strategy
moderation analysis impacts the function of
CEOs' emotional
intelligence in providing
justifications for R&D
investments in the
Tunisian energy sector's
environmental
challenges.
Jia et al. Beyond bounded Management and China Upper Multivariate The importance of CEO
(2021) rationality: CEO Organization Review echelons regression reflective capability for
reflective capacity and business sustainability
firm sustainability performance is aligned
performance with the view that
sustainability, which
involves conflicts
between complex
economic,
environmental and social
challenges, necessitates
complex cognitive
frameworks for
executives.
Kim et al. CEO facial masculinity, Emerging Markets Review South Upper OLS regression We find that firms with
(2022) fraud, and ESG: Korea echelons well-designed ESG
Evidence from South practices are less likely
Korea to experience
masculine-faced CEOs'
fraud than those with
poor ESG practices.
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
2002 MAHRAN and ELAMER

APP E NDIX E : SAMPLE OF STUDIES ON CEO DEMOGRAPHIC CHARACTERISTICS AND ENVIRONMENTAL DISCLOSURE

Research
Article Title Journal Country Theory method Findings summary
Oware et al. Female and Management Research India Gender Panel Female CEOs and CEO
(2022) environmental Review socialization, regression duality have a
disclosure of family critical mass, positive association
and non-family legitimacy with corporate
firms. Evidence from environmental
India disclosure in a
family-controlled
firm, but this does
not exist in non-
family-controlled
firms.
Amran et al. Determinants of Sustainable Global Agency Multiple CEO–board chair role
(2014) climate change Development regression linked with an
disclosure by increase in the
developed and climate change
emerging countries disclosure.
in Asia Pacific
Oware and CEO characteristics Business Strategy & India Institutional, Panel CEO age and tenure
Awunyo- and environmental Development stakeholder regression have no impact on
Vitor (2021) disclosure of listed with environmental
firms in an emerging disclosure, but CEO
economy: Does duality has a
sustainability negative association
reporting format effect.
matter?
Giannarakis Financial, governance Management Decision The United Legitimacy Least squares CEO duality has a
et al. (2014) and environmental States dummy negative impact on
determinants of variable the extent of ESG
corporate social model disclosure.
responsible
disclosure
Razali et al. Does CEO International Journal Malaysia Upper echelons Multiple CEOs who have spent
(2016) characteristics play of Business regression a long time in the
important role on Research business and CEOs
Malaysian firms' with legal
environmental backgrounds may be
disclosure? less willing to take
the risk of disclosing
environmental
information.
Lagasio and Corporate governance Corporate Social Global Meta-analysis Female CEOs enhance
Cucari (2019) and environmental Responsibility and ESG voluntary
social governance Environmental disclosure, while
disclosure: A meta- Management CEO duality does
analytical review not improve the
ESG disclosure level.
 10990836, 2024, 3, Downloaded from https://onlinelibrary.wiley.com/doi/10.1002/bse.3577, Wiley Online Library on [01/06/2024]. See the Terms and Conditions (https://onlinelibrary.wiley.com/terms-and-conditions) on Wiley Online Library for rules of use; OA articles are governed by the applicable Creative Commons License
MAHRAN and ELAMER 2003

Research
Article Title Journal Country Theory method Findings summary
Lewis et al. Difference in degrees: Strategic Management The United Institutional Questionnaire Firms with MBA CEOs
(2014) CEO characteristics Journal States are much more likely
and firm to disclose
environmental environmental
disclosure information than
other firms. On the
other hand, firms
run by CEOs with
legal educations are
more likely to resist
disclosure
constraints.

APP E NDIX F : STUDIES ON CEO PSYCHOLOGICAL CHARACTERISTICS AND ENVIRONMENTAL DISCLOSURE

Research
Article Title Journal Country Theory method Findings summary
Dabbebi Peering through the Managerial and The Upper OLS CEOs with higher levels of
et al. smokescreen: ESG disclosure Decision United echelons regression narcissism are more likely to
(2022) and CEO personality Economics States disclose their ESG activities.
Lee CEO overconfidence and Sustainability South Upper Logistic CEO overconfidence is
(2021) voluntary disclosure of Korea echelons regression favourably associated with
greenhouse gas emissions: voluntary disclosure of
With a focus on the role of greenhouse gas emissions.
corporate governance