Preprint / Version 1

BEYOND THE TROPHIES: AWARDED CEOs AND THEIR RELATIONSHIP WITH ESG ASPECTS

##article.authors##

  • Camila Peripolli Sanfelice Universidade Federal de Santa Catarina image/svg+xml https://orcid.org/0000-0002-4814-309X
    • Conceptualization
    • Data Curation
    • Formal Analysis
    • Investigation
    • Methodology
    • Writing – Original Draft Preparation
    • Writing – Review & Editing
  • Annandy Raquel Pereira da Silva Universidade Federal de Santa Catarina image/svg+xml https://orcid.org/0000-0003-4636-2835
    • Conceptualization
    • Data Curation
    • Formal Analysis
    • Investigation
    • Methodology
    • Writing – Original Draft Preparation
    • Writing – Review & Editing
  • Denize Demarche Minatti Ferreira Universidade Federal de Santa Catarina image/svg+xml https://orcid.org/0000-0002-4661-9672
    • Supervision
    • Writing – Original Draft Preparation
    • Writing – Review & Editing

DOI:

https://doi.org/10.1590/SciELOPreprints.16283

Keywords:

CEO, ESG, Awards, Corporate Social Responsibility

Abstract

This research investigated the effect of award-winning Chief Executive Officers (CEO) on the Environmental, Social, and Governance (ESG) score of publicly traded Brazilian companies listed on Brasil, Bolsa, Balcão [B3]. The sample consisted of 63 companies, with data collected from Refinitiv Eikon® and analyzed using linear regression with unbalanced panel data. The results revealed that award-winning CEOs have a negative association with the ESG score, specifically in the environmental and governance domains, with no significant associations in social domain. Additionally, ESG scores showed a significant association with company characteristics such as size, return on assets, age, governance level, market to book and debt, and with CEO characteristics, such as age and gender. This research contributes by proving evidence on the relationship between ESG score and award-winning CEOs and ESG scores in Brazil, advancing knowledge in the field of corporate governance and Corporate Social Responsibility (CSR). From a practical perspective, the findings suggest that award-winning CEOs do not appear to generate benefits that strengthen their commitment to socio-environmental issues, suggesting that CEOs' actions are primarily focused on achieving financial results. 

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Posted

05/27/2026

How to Cite

BEYOND THE TROPHIES: AWARDED CEOs AND THEIR RELATIONSHIP WITH ESG ASPECTS. (2026). In SciELO Preprints. https://doi.org/10.1590/SciELOPreprints.16283

Section

Applied Social Sciences

Copyright (c) 2026 Camila Peripolli Sanfelice, Annandy Raquel Pereira da Silva, Denize Demarche Minatti Ferreira

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

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Data statement

  • The research data cannot be made publicly available

    • Os conteúdos subjacentes ao texto da pesquisa já estão contidos no manuscrito. Demais dados não podem ser disponibilizados publicamente, pois os dados são privados e as autoras não concordam com a disponibilização. O trabalho não considerou organizações, instituições ou marcas específicas, e/ou realizou pesquisa apenas com dados secundários.

  • The research data is contained in the manuscript