Abstract
Drawing on upper echelons, social identity, and impression management theories, this study examines the moderating role of CEO celebrity on the relationship between Environmental, Social, and Governance (ESG) practices and firm performance within the U.S. restaurant industry. Using panel regression models to analyze data from publicly traded U.S. restaurants between 2003 and 2022, the findings reveal that while ESG practices alone do not directly affect firm performance, a highly visible CEO significantly enhances the positive impact of ESG initiatives. The results underscore the pivotal role of corporate leaders in advancing ESG performance by shaping strategic vision and aligning corporate actions with sustainable principles. This research contributes to theoretical discussions on corporate sustainability, firm performance, and executive influence while offering practical insights into how CEO celebrity can be leveraged to enhance the effectiveness of ESG strategies and improve organizational outcomes.