Chief Sustainability Officers, ESG performance, and Greenwashing Propensity: Evidence from S&P500 companies

This thesis explores the connection of the presence and the educational backgrounds of Chief Sustainability Officers (CSOs) with ESG scores and greenwashing practices. The study examines data from the S&P 500 companies over the last 24 years to determine how the presence of CSOs and their backgrounds are associated to both ESG scores and greenwashing propensity. The analysis employs regression analyses to investigate these associations. The results indicate a negative relationship between greenwashing and the presence of CSOs, suggesting that companies with a CSO may be less likely to engage in greenwashing practices. Moreover, there’s a positive relationship between the presence of CSOs and the ESG Score, suggesting that the oversight of CSOs may enhance a company's score. Interestingly, this work assesses that there is a significant difference in a company's ESG score depending on the educational background of its CSO, and the impact of their education on greenwashing and ESG Score.