ABSTRACT This study examines the impact of CEO characteristics on the development of a whistleblowing culture within organizations, utilizing agency theory and upper echelons theory (UET) to inform the interpretation of the findings. Using a sample of 1687 publicly listed firms across 10 European countries from 2015 to 2022, the analysis examines how CEO traits, including education, ownership, age, nationality, and duality, shape organizational transparency and governance. The results reveal that CEO education and CEO ownership are positively associated with the adoption of robust whistleblowing mechanisms. This suggests that educated and financially committed CEOs reduce information asymmetry, align with shareholder interests, and actively promote ethical reporting. Conversely, older CEOs and those holding dual roles as CEO and chairman tend to centralize power, creating barriers to transparent governance and weakening oversight. The nationality of the CEO also matters; domestic leaders, familiar with local norms and regulations, are more effective in fostering whistleblowing practices than their foreign counterparts. Theoretically, the results extend agency theory by showing how education and ownership mitigate classic principal–agent conflicts through stronger ethical governance. At the same time, UET demonstrates that CEO demographic traits and lived experiences shape their cognitive frames, influencing organizational transparency. Together, these perspectives explain why whistleblowing culture is not merely a structural mechanism but also a reflection of top executives' personal orientations.
Hamzeh Al Amosh (2026) studied this question.