DOI: https://doi.org/10.14710/dijb.9.1.2026.13-34

CEO ownership, host countries' institutional diversity, and ESG disclosure: Evidence from US MNEs

1Faculty of Islamic Economics and Business, Universitas Islam Negeri Walisongo, Indonesia

2Business Administration, Ho Chi Minh City University of Foreign Languages - Information Technology, Viet Nam

Open Access Copyright 2026 Diponegoro International Journal of Business under http://creativecommons.org/licenses/by-sa/4.0.

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Abstract
This study examines how CEO ownership and host-country institutional diversity influence ESG disclosure among multinational enterprises (MNEs). Drawing on managerial entrenchment and institutional complexity theory, we argue that CEO share ownership and exposure to various institutional environment may create conflicting effect that reduce firms’ ESG disclosure. Using panel data from 279 U.S.-based MNEs, we analyzed by employing a correlated random-effects model with Mundlak correction. The findings support our hypotheses and our moderating proposition. Overall, the study highlights how governance mechanisms and institutional environments influence disclosure strategies in MNEs.
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Keywords: CEO ownership, institutional diversity, ESG disclosure, managerial entrechment, institutional complexity

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