CEO characteristics and disability employment of listed firms. Evidence from India

Abstract Using the stewardship theory and theory of fear of failure as the underlying theory, the study focuses on investigating CEO characteristics and disability employment of listed firms in India. The study employed descriptive statistics and feasible generalised least square (FGLS) assumption to analyze data from 80 Indian listed firms with 800 firm-year observations from 2010 to 2019. We find that CEO age and CEO tenure have a strong and positive correlation. The first findings show that ageing CEOs are insignificant to exhibit any levels of disability employment in India. This study suggests that ageing CEOs do not see disability employment as a welfare cost or employment that can lead to a consequential profit. The second findings show that firms with long-tenured CEOs exhibit a higher level of disability employment. This outcome does not conflict with the assumption that the CEO has a sense of responsibility to achieve what is right and protect the firm’s assets. Lastly, the study shows that female CEOs exhibit higher levels of disability employment in India. The study is limited to firms with data on people with disabilities. Using the Indian stock market as the only study source may affect the study’s generalisation. Also, small firms that employ disabled persons are not on the stock market and may potentially undermine the study’s scope. Examining CEO characteristics (CEO age, CEO tenure and CEO gender) on disability employment deepens disability studies in emerging markets.


PUBLIC INTEREST STATEMENT
Different peoples have concerns about the marginalisation of the minority in the workplace. One of such people with disability. This study draws the attention of managers and the society at large that disability employment is not only a welfare cost, but with the proper management attitude, their presence can contribute positively to firm performance. Using data from India, the observation from this study supports this call for the inclusion of people with disability in the workplace.

Introduction
Disability occurs when people with a health condition interact with a particular environmental context (Ministry of Law, 2014). According to the law on disability in India (Ministry of Law, 2014), people with disabilities have equal rights as any country citizen. However, the requirements for large listed firms regarding the employment of people with disability is not mandatory in the Companies Act, 2013, section 135 (Ministry of Corporate Affairs, 2009Affairs, , 2013. Nonetheless, firms in India benefit from tax incentives, including tax exemptions as stated in Section 41 of the Persons with Disabilities Act 1995, now amended to The Rights of Persons with Disabilities Act, 2016. Also another benefit is through firm CSR activities (Dezan Shira & Associates, 2017; "Incentives to private sector for employing persons with disability," 2014; Ministry of Law, 2014), which reduces the state welfare cost on disability. The act of the employment of people with disabilities, therefore, portrays firms as dutiful to the rule of law, which can win regulatory support and more remarkable forbearance from the state on areas where (and when) the firm may be at fault. Given the associated benefits for the engagement of people with disabilities, there is still an indication of low employment of people with disabilities in India (National Sample Survey Office, 2016). Disability employment is a requirement in the Sustainable Development Goal (SDG) 2030, and understanding the factors contributing to its increase or decrease is relevant to this study. A previous study in Pizza Hut corporation argued the relevance of CEO leadership in the employment of disability, which resulted in a positive consequence to financial benefit to the firm (Zivolich & Weiner-Zivolich, 1997). However, to the best of the authors of this study, the replication of such a study is yet to be examined in an Indian context. This study uses the independent variables of CEO age, CEO tenure and CEO gender to represent CEO leadership characteristics in analysing corporate decisions (i.e. decision to employ disabled persons) in India. CEO age is the years from birth (Ng & Sears, 2012). CEO tenure is the fiscal year minus the year the CEO has joined the board of directors (Garcia-Blandon et al., 2019). CEO gender measures female and male CEOs (Jadiyappa et al., 2021;Kaur & Singh, 2019;De Silva & Banda, 2022). Given the motivation of this study due to the associated benefits, this study seeks to fill the study gaps, where there are no studies that use secondary data to examine CEO characteristics on disability employment. Also, we are yet to encounter a study that uses stewardship theory and the theory of fear to interpret the relationship between CEO characteristics and disability employment. Therefore, this study aims to examine the effect of CEO characteristics on the disability employment of listed firms in an Indian context. The female gender brings different advantages to the firm, such as diverse opinions and addressing social issues better than male CEOs. Thus, where the female gender is in charge, the firm contribution to social performance increases. Viewing disability employment from that perspective, their employment can contribute to a firm's performance and create a moral capital for the firm in the eyes of the regulators and governments. We can see the characteristics of gender to be significant in increasing disability employment. Conversely, an ageing CEO has conservativeness in decision-making and might choose short-term decisions over long-term decisions. Decisions like disability employment, which has long-term benefits, might be unpopular with ageing CEOs. Similarly, where there is an ageing CEO, the firm is more likely to have long-tenure CEOs because it has been observed in previous studies that there is a correlation between CEO age and CEO tenure (Gupta et al., 2018). Long-tenured CEOs become accustomed to the old ways of doing things. They may become reluctant to contribute to the growing need for firms to address the employment of people with disabilities. Understanding a CEO's age, tenure, and gender characteristics can manage the government's challenges in convincing firms to employ more people with disabilities. Less is known about CEO leadership in disability employment.
The present literature has established a link between CEO characteristics and corporate decisions (Bui et al., 2020;Dang et al., 2017;Garcia-Blandon et al., 2019;Goergen et al., 2015;Minh Ha et al., 2021;Naseem et al., 2020;Withisuphakorn & Jiraporn, 2017;Yim, 2013). Also, factors contributing to disability employment are examined by previous authors (Kaye, Jans and Jones, 2011;Gold et al., 2012;Gröschl, 2013) but not from the context of CEOs' characteristics. Accordingly, the present study focused on investigating the CEO characteristics on disability employment of listed firms in India. The study collected data from 80 Indian listed firms with 800 firm-year observations from 2010 to 2019 and used descriptive statistics and panel regression with fixed and random effect assumptions to interpret the study findings.
The study contributes to the existing knowledge. Previous studies have identified factors responsible for influencing the employment of disabled persons, which include logistical challenges, poor awareness and high cost of accommodation (Kaye, Jans and Jones, 2011;Gold et al., 2012;Gröschl, 2013). Also, other studies showed that the employment of people with disabilities could lead to profitability (Siperstein et al., 2006;Zivolich & Weiner-Zivolich, 1997) and a low retention ratio of labour employment (Araten-Bergman, 2016;Motilal, 2017). Examining CEO characteristics (CEO age, CEO tenure and CEO gender) on disability employment deepens disability studies in emerging markets and adds a new perspective. The second contribution of the study adds new knowledge to the application of stewardship theory and the theory of fear of failure. Previous studies using the two theories examined CEO characteristics and firm performance (Li et al., 2021;Waheed & Malik, 2019;Zandi et al., 2021). However, there are no studies as we know that used stewardship theory and theory of fear of failure to interpret the relationship between CEO characteristics and disability employment.

Literature review and hypotheses
Stewardship theory assumes the CEO has a sense of responsibility to achieve what is right for the firm and seeks to protect the firm's assets (Donaldson & Davis, 1991;Zandi et al., 2021). In other words, the CEO and managers of a firm are assumed to have a positive intention, which motivates increased performance and possesses a unit of command in decision-making (Donaldson & Davis, 1991;Li et al., 2021). The decisiveness in decision-making is consistent with these study objectives, where the CEO needs to decide whether to engage people with disabilities or not. Different studies have examined CEO characteristics and corporate decisions using stewardship theory to interpret the relationship (Li et al., 2021;Waheed & Malik, 2019;Zandi et al., 2021). Even though stewardship theory suggests no ulterior motives from the agents in exercising their responsibilities towards firm performance, the likely case where the manager is unable to protect corporate assets can form an underlying cause in CEOs' decision-making. The theoretical definition of such as cause is the theory of fear of failure.
The fear of failure occurs when "persistent and irrational anxiety about failing to measure up to the standards and goals set by oneself or others" (American Psychological Association, 2007). There is psychological behaviour underlines the chief executive officers' corporate decisionmaking. One such decision is whether the employment of people with disabilities serves the firm's interest or not. However, fear of failure can motivate entrepreneurial activity to happen (Hunter et al., 2021). It is observed in another study that disability employment can reduce taxpayer spending on the general welfare cost of the country (Zivolich & Weiner-Zivolich, 1997). Also, some studies have established a direct link between disability employment to firm performance (Siperstein et al., 2006). Another benefit to the firms is the low retention rate for disability employment (Araten-Bergman, 2016;Motilal, 2017). The benefits of disability employment are consistent with a stewardship theory (Donaldson & Davis, 1991;Zandi et al., 2021). However, other studies advocate disability employment as a cost to the employer (Domzal et al., 2008). We perceive that the mixed findings from the employment of people with disabilities cause CEOs to fear failure, which can undermine their performance targets. Nonetheless, there is a possible benefit associated with disability employment. Respect for the rule of law serves as a moral capital for the firm, which can shield it when it encounters a problem with its operations or faults with regulators. Thus, disability employment can serve as positive support for continuous firm operations, which can significantly benefit the firm's performance. Therefore, examining disability employment in fear of failure and stewardship theory is appropriate.

CEO age
CEO age is the years from birth (Ng & Sears, 2012). A CEO's age is characteristic of a CEO, and this trait bears on the corporate decisions taken in the management of firms. A study showed that CEO age is significantly and negatively related to firm value and operating performance (Cline & Yore, 2016). Likewise, studies of CEOs' age and stock return volatility showed a negative relationship between CEO age and stock return volatility (Serfling, 2014). Similarly, a Chinese study shows no significant association between CEO age and firm performance (Liu & Jiang, 2020). However, another study showed a positive association between CEO age and CSR disclosure (Malik et al., 2020). Likewise, we also see that the CEO's age can positively influence other variables. For example, a study showed that CEO age positively correlates with earnings and related information to stock market analysts (Haider et al., 2019). Another characteristic of CEO age is related to firm performance (i.e. short-term or long-term) or personality traits. It is argued that an ageing CEO undertaking corporate decisions is likely to be short-term rather than long-term. Also, ageing CEOs concentrate on personality traits (Minniti & Nardone, 2007;Warner, 2010) and become conservative in decision-making (Gibbons & Murphy, 1992). Such conservatism can be associated with fear of failure, as indicated in a study that age difference contributes to fear of failure (Gómez-López et al., 2021). A previous survey confirms our assertion, which showed a negative association between CEO age and corporate investments (Gupta et al., 2018). However, younger CEOs are risk takers (Gupta, 2022).
We see that firms grow faster when managed by young CEOs (Barba Navaretti et al., 2022). Included in corporate decisions is disability employment, which sometimes has a long-term benefit than a short-term benefit. Some benefits of disability employment are low retention rates, which can cause a firm's profitability (Araten-Bergman, 2016;Motilal, 2017), and the consequence is a positive economic impact on the firm. Similarly, it was observed in a study on Pizza Hut corporations that disability employment led to financial benefits in tax credits (Zivolich & Weiner-Zivolich, 1997). Even though the engagement of CEOs has stewardship responsibilities to stakeholders, the uncertainty surrounding the impact of disability employment on firm performance tends to cause fear, especially when the CEO age nears their exit from the firm. In light of the above, we proposed a conditional statement stating that firms with ageing CEOs may exhibit higher fear of failure leading to lower employment levels for people with disabilities. We, therefore, propose the hypotheses that: H1: Firms with ageing CEOs are likely to exhibit a lower level of disability employment.

CEO tenure
CEO tenure is the fiscal year minus the year the CEO has joined the board of directors (Garcia-Blandon et al., 2019). The tenure of CEOs affects corporate decisions (Ahamed, 2015;Altarawneh et al., 2022;Firdiansjahc et al., 2020). Studies showed that long-tenured CEOs prioritise personal interest in strategic financial decisions . However, other studies argued that long-tenured CEOs in India reflect strong networks with important stakeholders, especially when deciding on debt acquisition (Kaur & Singh, 2021). We also see a positive association between CEO tenure and firm performance (Ahamed, 2015; Kramarić & Miletić, 2022). However, when the context is corporate social responsibility, a CEO with a more extended stay reduces investment in social performances in a Korean study in the context of listed firms (Choi et al., 2020). CEO with longer tenure is associated with safety agendas than risky objectives . A consequence of the trait of long-tenured CEO showed a negative association between longer tenure CEOs and firm performance (Zahra, 2005). The tenure of a CEO affects a firm's performance. The employment of people with disabilities has its uncertainties. The uncertainties can contribute to the fear of failing to achieve high firm performance from disability employment. Given the argument that long-tenure CEOs do not support social performance, it is reasonable to perceive that they are less likely to support disability employment, which is a social issue. Consequently, we propose the hypothesis which states that: H2: Firms with long-tenured CEOs are likely to exhibit a lower level of disability employment.

CEO gender
Literature shows a difference between male and female viewing risk (Alqatamin et al., 2017;Khidmat et al., 2022;Withisuphakorn & Jiraporn, 2017). The difference between female and male CEOs affects corporate decisions (Darmadi, 2013;Jadiyappa et al., 2021;Kaur & Singh, 2019). For example, studies showed a negative association between female CEO and firm performance (Jadiyappa et al., 2021;Kaur & Singh, 2019). Also, top female executives are negatively associated with a firm's performance (Darmadi, 2013). Similarly, other studies also showed a negative association between CEO gender and earning management decisions (Putri & Rusmanto, 2019). However, other studies showed a positive association between female CEOs and firm performance (Ahmad et al., 2022;Eduardo & Poole, 2016). From a male perspective, evidence supports a positive association between male CEOs and the firm performance of Indian commercial banks (Gupta & Mahakud, 2020). Nonetheless, female directors or CEOs show resilience in leadership (Cherneski, 2020) and have a paternalistic leadership style (Zhang & Liu, 2020), which may make them good coordinators.
The stewardship theory ensures better coordination from a central point with fewer ulterior motives (Ahmadi et al., 2018;Donaldson & Davis, 1991). Stewardship theory is a good fit in explaining the characteristics of a gender CEO gender towards decision making. The employment of people with disability and their contribution to firm performance is sometimes difficult to quantify. Nonetheless, its economic impact on the firm needs emphasis. Given that an average female CEO does better when a firm is faced with challenges (Papangkorn et al., 2021), it is arguable to suggest that female CEO are better suited to employ people with disability than male CEOs. It can also be inferred that female CEOs are perceived as high achievers, and fear of failure can motivate their decision-making (Hunter et al., 2021). The consequence of female CEO factors affects the economic impact of the associated firms (Chen et al., 2021;Francoeur et al., 2022;Setiawan & Gestanti, 2022;Zhang et al., 2018). For example, women directors economically impact positively on firm donations leading to high performance from the associated firms (Zhang et al., 2018). However, from a social perspective, it is also notable in Asian countries that female entrepreneurs get worried about the shame associated with a business failure which may account for lower levels of female business ownership (Schröder et al., 2021). Nonetheless, we expect female CEOs to employ more people with disabilities than male CEOs. In light of the above, we propose the below hypothesis that states that: H3: Firms with female CEOs will exhibit a higher level of disability employment than firms with male CEOs.

Data and sample
Green Clean organisation and Sustainability outlook report on all firms in India that submit sustainability reports (BRR and Sustainability Report Tracker for Listed Companies, 2019; Green Clean Guide, 2011), and as of 2019, the database contained 131 firms that consistently prepared and reported on the sustainability performance of the firms. This is based on the top 100 firms with required market capitalisation, which started sustainability reporting using BBR guidelines in 2012 and increased in 2015 to 500 listed firms. Subsequent analysis removed missing data, and banking format reporting reduced the sample size from 131 to 80 firms for this study. The description of the study population and sample (see Appendix B) reflects the study's observations. The financial data is from the annual accounts, and the annual sustainability report has information on disability employment. The financial and non-financial information is extracted from each firm's website, which contains a repository of each year's integrated financial reports and matches with 80 firms generated from the sustainability database in India. We cross-reference each firm's integrated financial reports from the firm's website with the Indian stock market (Bombay Stock Exchange and National Stock Exchange) data repository.

Model specification
To examine the effect of CEO characteristics and disability employment of listed firms, we specify the following economic model:

Dependent variable
DISA it represents a dependent variable of disability employment of listed firms. Disability employment (DISA) is the natural logarithm of total employees with disabilities captured in the firms' integrated financial reporting sustainability reports. The natural logarithm application reduces the measurements' outliers and is consistent with previous research studies (Heath & Babu, 2017).

Independent variables
CEO Characteristics represent CEO age, CEO tenure and CEO gender. CEO characteristics in this study also measure personality factors such as prejudice and biases or perception. CEO age is the years from birth (Ng & Sears, 2012

Control variables
The variable CTRL represents the control variables, which include firm size, financial leverage, industry type, mandatory CSR reporting, CSR disclosure, CSR expenditure and Tobin's q (1) Firm size measures a firm's capacity to undertake CSR activities and is calculated as the natural logarithm of the firm's total assets (Clarkson et al., 2008;Mishra & Suar, 2010). CEOs' pursuance of CSR activities depends on the firm's size, and therefore undertaking the employment of disabled persons is significant to the firm's size.
(2) Financial leverage measures the total liabilities ratio to total assets (Clarkson et al., 2008;Cormier et al., 2011;Mishra & Suar, 2010). The firm's ability to meet its obligations affects CEOs' ability to hire disabled people. The research showed that disability employment has a cost with a short-term effect on performance because of its nature as a welfare cost.
(3) Some industries are more prone to hazardous waste than others and take the value of 1 if the firm is hazardous and zero for the rest (Jackson & Apostolakou, 2010;Shabana et al., 2017). Hazardous firms are identified to reflect manufacturing firms whose activities negatively impact the environment. An example is an oil extraction company. The nature of the job influences disabled people's employment. Service industries are more likely to engage disabled people than construction firms (Motilal, 2017) and thereby affect the study objectives.
(4) Mandatory CSR reporting use binary variables and is consistent with many studies (Cai et al., 2012), and its implementation has influenced the employment of people with disability which is categorised as CSR activity (5) CSR disclosure is a proxy for social performance and is assigned one if present and zero otherwise. The measurement approach is consistent with other research studies (Kamel & Shahwan, 2014;Shahwan, 2015;Shahwan & Hassan, 2013).
(6) CSR expenditure is the amount a firm commits to undertake CSR activities and the total cost captured in a firm's sustainability report (Geetika & Shukla, 2017;Nakamura, 2015). The CSR expenditure converted into a natural logarithm to remove outliners (7) Tobin's q measures firm value, consistent with long-term firm performance. Previous studies argue a relationship between CEO characteristics and the firm value of listed firms (Cline & Yore, 2016) and, therefore, have implications for CEOs' decision-making. Hiring persons with disabilities is likely to lead to considerable costs in the short term, and the market often responds to welfare values in the long term. Institutional investors are less likely to prefer disability-hiring firms. Therefore, the impact of Tobin's q, which measures long-term performance, is factored in as a control variable of this study

Methodology
We present descriptive statistics and feasible generalized least square (FGLS) assumptions to examine CEO characteristics and disability employment. Also, the standard errors are robust to address heteroskedasticity issues in standard errors (Baltagi, 2005). Also, the results are analysed with Stata 15.0 software application.

Empirical results and discussions
The study presents the empirical analysis in Tables 1, 2 and 3. The following subsections show the study's descriptive statistics, correlation analysis, and regression results.  Table 2 shows the correlation matrix of the variables under study. The results show that disability employment has a strong and positive correlation with firm size and CSR expenditure. Disability employment and CEO age have a weak correlation but a positive statistical significance. The study shows a positive and strong correlation between CEO age and CEO tenure (Gupta et al., 2018), indicating that an ageing CEO with a history of experience gets a longer tenure in listed firms in India. Conversely, the study shows a weak and negative correlation between CEO male gender and disability employment. This study introduced the lag variable of disability employment to address endogeneity, and the results show a strong and positive correlation between lag disability employment and disability employment. Additionally, we examine the multicollinearity between the independent variables through a pairwise correlation (see, Table 2). The results allow us to rule out the possible existence of multicollinearity between the studied model variables. The largest significant coefficient among the independent variables is 0.650 and 0.875. Also, the multicollinearity test using a variance inflation factor (VIF) carried out shows that VIFs are less than 4.0, an indication that there is no problem with multicollinearity in the study

Regression results
The regression results under feasible generalised least squares (FGLS) are in Table 3. We examine the effect of the control variables, and the study shows that firm size and mandatory reporting are positively and statistically significant with disability employment. However, CSR disclosure to stakeholders and financial leverage on a firm's disability employment is negative. The type of industry is insignificant in influencing disability employment in India. This outcome is inconsistent with previous studies, which argued that service firms are more likely to employ people with disabilities than the   OLS is an ordinary least square with robust standard errors. FGLS is a feasible generalized least square. *, ** and *** represents 10%, 5% and 1% level of significance. Note. Table 3 reports the results of testing Hypotheses 1 to 3. Robust standard errors are in parenthesis.
construction industry (Motilal, 2017). We also observe that our results under ordinary least squares (OLS) are consistent with FGLS results, and therefore FGLS is used to analyse the data from the study.
H1 states that firms with ageing CEOs are likely to exhibit a lower level of disability employment. Previous studies also showed a correlation between CEO age and CEO tenure (Gupta et al., 2018). Based on those mentioned earlier, we build up the study by adding CEO age to CEO tenure. Therefore, Model 6 from Table 3 shows that ageing CEOs have an insignificant association with disability employment in the Indian context [β = 0.001 SE = 0.004]. H1 is not supported. We expected firms with ageing CEOs to likely exhibit a lower level of disability employment due to fear of failure as they exit from the firm. Our results are inconsistent with previous studies that argued that CEO age negatively correlates with corporate decisions in India (Gupta et al., 2018) and the positive association between CEO age and earnings and related information to stock market analysts (Haider et al., 2019). But consistent with a Chinese study that claimed no significant association between CEO age and firm performance (Liu & Jiang, 2020). Nonetheless, other studies argued that employment with a disability leads to a low retention rate (Araten-Bergman, 2016;Motilal, 2017) and financial benefits in tax credits (Zivolich & Weiner-Zivolich, 1997). This study suggests that ageing CEOs are insignificant and see disability employment as a welfare cost or employment that cannot lead to other benefits. Stewardship theory is not upheld in an Indian context as the results of this study confirm ageing CEOs do not employ people with disabilities. Thus, the benefits emanating from disability employment which is consistent with a stewardship theory (Donaldson & Davis, 1991;Zandi et al., 2021), are not utilized by ageing CEOs in the Indian context. We see the study's outcome is insignificant to agree with H1, which states that firms with ageing CEOs are likely to exhibit a lower level of disability employment.
H2 states that firms with long-tenured CEOs are likely to exhibit a lower level of disability employment. Model 7 from Table 3 shows that long-tenured CEOs have a positive and statistically significant association with disability employment of listed firms in India [β = 0.010** SE = 0.004]. Thus, CEO tenure under FGLS has a 5% significance level with the disability employment of listed firms in India. H2 is supported. Our study is consistent with previous studies that argued that longtenure CEOs in India reflect strong networks with important stakeholders, especially when deciding on debt acquisition (Kaur & Singh, 2021). It is also argued that CEO with longer tenure is associated with safety agendas , and the employment of people with disabilities has its uncertainties. The uncertainties can contribute to the fear of failing to achieve high firm performance from disability employment. However, the results of this study are consistent with the assumption that CEOs have a sense of responsibility to achieve what is right for the firm, which seeks to protect the firm's assets (Donaldson & Davis, 1991;Zandi et al., 2021) and also build effective networks (Kaur & Singh, 2021). Thus, long-tenured CEOs' positive traits may account for the employment of people with disabilities in an Indian context. Therefore, H2 is accepted, even though the hypothesis states that firms with long-tenured CEOs are likely to exhibit a lower level of disability employment.
H3 states that firms with female CEOs will exhibit a higher level of disability employment than firms with male CEOs. Model 8 from Table 3 shows that male CEOs exhibit a lower level of disability employment of listed firms [β = −0.298** SE = 0.142]. Thus, male CEOs under FGLS have a 5% level of significance with disability employment of listed firms. Therefore, H3 is supported. The study uses a binary measure of male CEO for one and female CEO for 0. The results of the study can be interpreted in another way. Thus, female CEOs exhibit higher levels of disability employment in India. Our study is inconsistent with previous studies that argued for a negative association between the female gender and corporate decisions (Putri & Rusmanto, 2019) but consistent with studies that showed a positive association (Furst & Reeves, 2008;Papangkorn et al., 2021). We perceive the positive results because female directors or CEOs are better coordinators because of multiple tasking attitudes associated with the female gender. The stewardship theory ensures better coordination from a central point with fewer ulterior motives (Ahmadi et al., 2018;Donaldson & Davis, 1991). Female CEOs and their decision-making can be associated with the theory, resulting in increased disability employment. We perceive female CEOs to excel in difficult situations, including the employment of people with disabilities sometimes associated with uncertainty in contributing to profitability. It can also be inferred further that female CEOs who are perceived as high achievers are motivated to excel in an environment of fear of failure (Hunter et al., 2021) when firms are confronted with difficult challenges. The study's outcome agrees with H3, which states that female CEOs exhibit higher levels of disability employment in India.

Conclusion
The paper deepens the scholarly debate using fear of failure and stewardship theory to explain the association between listed firms' CEO characteristics and disability employment. We applied descriptive statistics and feasible generalised least square (FGLS) assumption for data (800 firmyear observations) interpretation for the 2010 to 2019 study period. We used the Indian stock market as a testing ground. The descriptive statistics show that the average age of CEOs in the study is 54.4 years, and the average CEO tenure is 8.4 years. It is suggested that Indian CEO tenure is higher than the average CEO tenure globally (i.e. from 7.5 years in 2013 to 7.2 years in 2017), as Marcec (2018) researched. The first findings show that ageing CEOs are insignificant to exhibit any levels of disability employment in India. This study suggests that ageing CEOs do not respond to disability employment (i.e. as a welfare cost or jobs that can lead to a consequential profit). The second findings show that firms with long-tenured CEOs exhibit a higher level of disability employment. The results of this study do not conflict with the assumption that CEOs have a sense of responsibility to achieve what is right and seek to protect the firm's assets. The possible reason for the positive association may include the positive traits of embracing a newer perspective that highlights societal values. Lastly, the study shows that female CEOs exhibit higher levels of disability employment in India. In other words, male CEOs exhibit lower levels of disability employment in India. It is suggested that female CEOs excel under challenging situations and may employ people with disabilities because female directors tend to manage uncertainty to increase firm performance.
We find that firm size and mandatory reporting positively affect disability employment. However, CSR disclosure to stakeholders and financial leverage on a firm's disability employment is negative. The type of industry is also insignificant in influencing disability employment in India.

Theoretical contribution
Previous studies have identified factors responsible for influencing the employment of disabled persons, which include logistical challenges, poor awareness and high cost of accommodation (Kaye, Jans and Jones, 2011;Gold et al., 2012;Gröschl, 2013). Also, the employment of people with disabilities can lead to profitability (Siperstein et al., 2006;Zivolich & Weiner-Zivolich, 1997) and a low retention ratio of labour employment (Araten-Bergman, 2016;Motilal, 2017). Examining CEO characteristics (CEO age, CEO tenure and CEO gender) on disability employment deepens disability studies in emerging markets. The second contribution of the study adds new knowledge to the application of stewardship theory and the theory of fear of failure. Previous studies using the two theories examined CEO characteristics and firm performance (Li et al., 2021;Waheed & Malik, 2019;Zandi et al., 2021). However, there are no studies as we know that used stewardship theory and theory of fear of failure to interpret the relationship between CEO characteristics and disability employment.

Managerial implications
The study results, which indicate female CEOs are better than male CEOs in managing disability employment, call for listed firms and shareholders to cause an increase in female CEOs in India above the single-digit employment of female CEOs. Against our expectations, long-tenured CEOs support the employment of people with disabilities. There is a need for executive training for the top management of firms in India to increase knowledge on the importance of disability employment to ensure long-term sustainability. Also, the results from the study through female CEOs and long-tenured CEOs gives firms in India the opportunity to leverage the associated benefits of employing people with disability which can include a forbearance from the regulatory agencies when the firm is caught in legal issues with the state and low retention ratio in the firms with a consequent increase in profitability.

Policy implications
In policymaking, we find that CEO age is unimportant for India's management of a listed company towards disability employment. However, the current state of the Indian stock market with an average CEO tenure above the global average can contribute to the employment of people with disability. Therefore, long-tenured and female CEOs must pay more attention to disability employment to embrace a newer perspective that highlights societal value contributing to the Sustainable Development Goal (SDG) 2030 agenda.

Limitations and future research direction
The study is subject to some limitations. The study is limited to large firms with data on people with disabilities, and using the Indian stock market as the only study source may affect the study's generalisation. Also, some firms that employ disabled persons in various industries, including hospitality and tourism, have no listing on the stock market and are excluded from the study, potentially undermining the study's scope. Also, due to the unavailability of data, other CEO characteristics, such as CEOs' education, career path, and marital status, were not examined. Future research can look at the other CEO characteristics, such as CEO education and its effect on disability employment in different countries. We argue the need to examine CEO education because previous studies have argued its relevance in corporate decisions in emerging markets like India.