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CEO overconfidence, ESG, and corporate financial performance: Evidence from an emerging country

Author

Listed:
  • Mai Ngoc, Anh
  • Vu Thi Phuong, Lien
  • Nguyen Le, Cuong
  • Nguyen Minh, Thanh
  • Ngo Van, Luong
  • Ngo Anh, Cuong

Abstract

Using data on Vietnamese listed firms, this study examines how CEO overconfidence relates to financial and ESG performance. The results show that CEO overconfidence improves financial returns but has no statistically significant effect on ESG, suggesting that in Vietnam, ESG may be shaped more by export-related supply chain standards and firm capacity constraints than by CEO traits. In addition, compliance pressure is associated with lower profitability without clear sustainability gains. Overall, the evidence highlights the limits of rules-based approaches and supports greater use of incentive-based mechanisms to better align profitability with ESG objectives.

Suggested Citation

  • Mai Ngoc, Anh & Vu Thi Phuong, Lien & Nguyen Le, Cuong & Nguyen Minh, Thanh & Ngo Van, Luong & Ngo Anh, Cuong, 2026. "CEO overconfidence, ESG, and corporate financial performance: Evidence from an emerging country," Finance Research Letters, Elsevier, vol. 94(C).
    • Handle: RePEc:eee:finlet:v:94:y:2026:i:c:s1544612326001479
    DOI: 10.1016/j.frl.2026.109616
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