Study explores CEO duality's impact on ESG-EM relationship in six emerging markets. Findings reveal that ESG disclosures constraints accrual earnings management; however, high ESG scores lead to higher real earnings management, indicating possible greenwashing behavior. For three pillars of ESG, we find that firms with environmental disclosures constrain EM, while social disclosures tend to enhance EM practices. Study reveals that ESG and its sub-pillars have a curvilinear relationship with EM. CEO duality moderates ESG-EM to provide a cushion for potential greenwashing. ESG impact is not limited to EM; consequently, it affects the firms’ market performance by mediating real earnings management.

中文翻译：

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CEO 的二元性是否调节了环境、社会和治理绩效-盈余管理关系？来自新兴市场的证据


研究探讨了 CEO 二元性对六个新兴市场 ESG-EM 关系的影响。研究结果表明，ESG 披露限制了应计盈余管理;然而，高 ESG 分数会导致更高的实际盈余管理，这表明可能存在的漂绿行为。对于 ESG 的三大支柱，我们发现环境披露的公司会限制 EM，而社会责任披露往往会加强 EM 实践。研究表明，ESG 及其子支柱与 EM 呈曲线关系。CEO 二元性缓和了 ESG-EM，为潜在的漂绿行为提供了缓冲。ESG 影响不仅限于新兴市场;因此，它通过中介实际盈余管理来影响公司的市场表现。