Purpose This study aims to examine the influence of celebrity CEOs on the ESG (environmental, social and governance) performance of Chinese A-share listed companies from 2009 to 2021. It also aims to understand how the public image of CEOs, amplified by media attention, affects organizational ESG outcomes and to explore whether these effects vary across ownership structures and gender. Design/methodology/approach The analysis leverages a comprehensive data set of A-share listed companies and uses rigorous econometric methods to investigate the relationship between celebrity CEOs and ESG performance. The results are consistent and robust, as validated by a series of robustness tests, including one-period lag, propensity score matching and a shortened sample period. In addition, the study explores the moderating role of media attention and conducts subgroup analyses to examine variations across ownership types and CEO gender, further reinforcing the reliability of the results. Findings The results show that celebrity CEOs positively influence ESG performance, with media attention amplifying this relationship. Further analyses reveal that the impact of celebrity CEOs is more pronounced in nonstate-owned enterprises (NSOEs) and among female celebrity CEOs. These findings are robust across alternative testing methods, confirming the consistency of the observed relationships. Originality/value This study provides empirical evidence on the role of celebrity CEOs in driving ESG performance and highlights media attention as a critical amplifier. By uncovering the unique advantages of female celebrity CEOs and the distinctive effects in NSOEs, the research reinforces the literature on leadership and corporate sustainability. It offers practical implications for corporate governance and emphasizes the importance of leveraging CEO influence to enhance ESG outcomes in the Chinese context.
Han et al. (Wed,) studied this question.