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Yesterday; Today; and Tomorrow: CEO Temporal Focus and Firms’ ESG Investments
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DOI：10.1017/mor.2025.10079.png)
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Abstract
En 中文
As CEOs play pivotal roles in shaping environmental; social; and governance (ESG) investment strategies; existing studies have explored the influence of CEOs’ demographic and professional traits while acknowledging the impact of their cognitive characteristics. However; an overlooked aspect in these investigations is the role of CEOs’ time perspective. To address these gaps; this study investigates the relationship between CEOs’ temporal focus; a key executive perception in strategic contexts; and three dimensions across ESG investments. Utilizing data of Chinese listed firms between 2009 and 2021; we find that CEOs with past-oriented or present-oriented temporal focus exert suppressive effects on environmental and social investments; whereas CEOs with future-oriented temporal focus significantly enhance such sustainability initiatives. Present-focused CEOs are more likely to champion governance investments while both past-focused and future-focused tend to restrict them. Notably; these relationships are further moderated by CEO wealth sensitivity. Our findings illuminate the considerable influence of executive temporal perceptions on ESG investment heterogeneity; offering valuable implications for both research and practice.
Keywords:
CEO temporal focus
corporate sustainability
ESG investments
strategic decision-making
wealth sensitivity
CEO时间焦点
ESG投资
财富敏感性
战略决策
企业可持续发展
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