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Sustainable Corporate Governance and Firm Performance

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Sustainable Management".

Deadline for manuscript submissions: 31 August 2025 | Viewed by 16069

Special Issue Editors


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Guest Editor
Department of Communication Sciences, University of Teramo, 64100 Teramo, Italy
Interests: corporate governance; sustainability performance; firm performance; university technology transfer; hybrid organizations

E-Mail Website
Guest Editor
Department of Communication Sciences, University of Teramo, 64100 Teramo, Italy
Interests: corporate governance; sustainability reporting; sustainability performance; hybrid organizations

Special Issue Information

Dear Colleagues,

Over the past decades, the increasingly multifaceted sustainability challenges have encouraged companies to reconsider their way of doing business and their relations with the environment, underlining their function and responsibilities in addressing such challenges (Ogrean and Herciu, 2020; Tsalis et al., 2020; Costa et al., 2022). This discussion advances the central question of how effectively governed companies are and how different internal and external corporate governance (CG) mechanisms determine the social and environmental conduct of companies (Hussain et al., 2018; Crifo et al., 2019). Nowadays, corporate social responsibility (CSR) is climbing the ranking of CG’s main concerns, becoming critical (Lagasio and Cucari, 2019; Salvioni et al., 2018).

Despite progress towards understanding the effect of CG’s characteristics on corporate sustainability dynamics and firm performance, several areas of study are emerging that require a more systematic investigation of this relationship (Shaikh, 2022; Aguilera et al., 2021).

Indeed, the growing diffusion of the environmental, social, and governance (ESG) pillars and the interest of companies to adopt them provides new challenges/reflections for CG practices (Carnini et al., 2022; Veenstra and Ellemers, 2020). This shift leads companies to reevaluate their priorities, long-term objectives and governance efforts, and their adopted related models, particularly with regard to the measurement and assessment of corporate social and environmental performance (Hsu and Chen, 2023; Latif and Sajjad, 2018), as well as the connection between the other key companies’ results, such as financial and innovative performance (Zhang et al., 2020; Di Vaio et al., 2022).

With these new global trends, demand for a better CG, in accordance with the ESG framework, and assuring engagements and stakeholder legitimacy is rising, creating an unavoidable connection with processes of the measurement, assessment, reporting, and disclosing of firm performance.

In this Special Issue, original research articles and reviews are welcome. Research areas may include (but are not limited to) the following:

-ESG framework, CG structure/practices, and relationship with firm performance;

-ESG reporting/disclosing and CG mechanisms: measuring quantity and quality of firm performance;

-CG mechanisms and relationship with social and environmental reporting in private and public sectors;

-CG and social and environmental reporting in knowledge-intensive firms;

-Measuring and disclosing social and environmental performance: trends and perspectives in different CG models/structures;

-CG and institutional/contextual determinants of the accountability quality of social and environmental reporting processes and documents;

-Link between CG and social/financial accountability;

-Diversity in CG and relationships with firm performance;

-Corporate social and environmental performance and financial performance: moderating and mediating the effects of CG.

We look forward to receiving your contributions.

References

  1. Ogrean, C.; Herciu, M. Business Models Addressing Sustainability Challenges—Towards a New Research Agenda. Sustainability 2020, 12, 3534.
  2. Tsalis, T.A.; Malamateniou, K.E.; Koulouriotis, D.; Nikolaou, I.E. New challenges for corporate sustainability reporting: United Nations' 2030 Agenda for sustainable development and the sustainable development goals. Corp. Soc. Responsib. Environ. Manag. 2020, 27, 1617–1629.
  3. Costa, A.J.; Curi, D.; Bandeira, A.M.; Ferreira, A.; Tomé, B.; Joaquim, C.; Santos, C.; Góis, C.; Meira, D.; Azevedo, G.; et al. Literature Review and Theoretical Framework of the Evolution and Interconnectedness of Corporate Sustainability Constructs. Sustainability 2022, 14, 4413.
  4. Hussain, N.; Rigoni, U.; Cavezzali, E. Does it pay to be sustainable? Looking inside the black box of the relationship between sustainability performance and financial performance. Corp. Soc. Responsib. Environ. Manag. 2018, 25, 1198–1211.
  5. Crifo, P.; Escrig-Olmedo, E.; Mottis, N. Corporate governance as a key driver of corporate sustainability in France: The role of board members and investor relations. J. Bus. Ethics 2019, 159, 1127–1146.
  6. Lagasio, V.; Cucari, N. Corporate governance and environmental social governance disclosure: A meta‐analytical review. Corp. Soc. Responsib. Environ. Manag. 2019, 26, 701–711.
  7. Salvioni, D.M.; Franzoni, S.; Gennari, F.; Cassano, R. Convergence in corporate governance systems and sustainability culture. Int. J. Bus. Perform. Manag. 2018, 19, 7–15.
  8. Shaikh, I. Environmental, social, and governance (ESG) practice and firm performance: an international evidence. J. Bus. Econ. Manag. 2022, 23, 218–237.
  9. Aguilera, R.V.; Aragón-Correa, J.A.; Marano, V.; Tashman, P.A. The corporate governance of environmental sustainability: A review and proposal for more integrated research. J. Manag. 2021, 47, 1468–1497.
  10. Carnini Pulino, S.; Ciaburri, M.; Magnanelli, B.S.; Nasta, L. Does ESG disclosure influence firm performance? Sustainability 2022, 14, 7595.
  11. Veenstra, E.M.; Ellemers, N. ESG indicators as organizational performance goals: Do rating agencies encourage a holistic approach? Sustainability 2020, 12, 10228.
  12. Hsu, B.X.; Chen, Y.M. The relationship between corporate social responsibility, external orientation, and environmental performance. Technol. Forecast. Soc. Chang. 2023, 188, 122278.
  13. Latif, K.F.; Sajjad, A. Measuring corporate social responsibility: A critical review of survey instruments. Corp. Soc. Responsib. Environ. Manag. 2018, 25, 1174–1197.
  14. Zhang, Y.; Sun, J.; Yang, Z.; Wang, Y. Critical success factors of green innovation: Technology, organization and environment readiness. J. Clean. Prod. 2020, 264, 121701.
  15. Di Vaio, A.; Varriale, L.; Di Gregorio, A.; Adomako, S. Corporate social performance and non‐financial reporting in the cruise industry: Paving the way towards UN Agenda 2030. Corp. Soc. Responsib. Environ. Manag. 2020, 29, 1931–1953.

Dr. Antonio Prencipe
Dr. Danilo Boffa
Guest Editors

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Keywords

  • corporate governance
  • firm performance
  • ESG
  • corporate social and environmental performance
  • social and environmental reporting

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Published Papers (10 papers)

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Research

22 pages, 6016 KiB  
Article
How Traditional Fishing Villages Move towards Sustainable Management: A Case Study of Industrial Transformation and Multi-Party Governance Models
by Ming-Ming He, Jing Wang, Su-Hsin Lee and Shu-Chen Tsai
Sustainability 2024, 16(19), 8532; https://doi.org/10.3390/su16198532 - 30 Sep 2024
Viewed by 662
Abstract
The purpose of this study is to explore the key roles and functions of institutions or organizations in the process of the spatial activation and industrial transformation of leisure fishing villages and to summarize this operating model. This study takes Xunpu Village, Quanzhou [...] Read more.
The purpose of this study is to explore the key roles and functions of institutions or organizations in the process of the spatial activation and industrial transformation of leisure fishing villages and to summarize this operating model. This study takes Xunpu Village, Quanzhou City, Fujian Province as the research object, which is well-known for its recreational fisheries. It mainly uses case study methods and uses on-site surveys and interviews to understand the formation time, spatial distribution, and business type information of the Zanhuawei shops in Xunpu Village. Zanhuawei, which refers to the traditional hairstyle of Xunpu women, was later applied for national intangible cultural heritage status in China. After the outbreak, the spread of Zanhuawei on the Internet inspired a large number of tourists to visit Xunpu Village to experience Zanhuawei. The study found that (1) Zanhuawei industry replaced traditional fishery and became the leading industry type in Xunpu Village. (2) The operating model led by the government and integrating public and private funds has had a stimulating effect on the revitalization of local commercial and residential space, and a large number of idle spaces have been reactivated. (3) The cooperation model between a large number of investors and local fisherwomen has completely changed the economic model of the village. Zanhuawei industry mobilized all official and media resources to promote spatial activation at various scales, including regions, settlements and commercial spaces. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
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21 pages, 355 KiB  
Article
The Impact of Corporate Governance on Sustainability Disclosures: A Comparison from the Perspective of Financial and Non-Financial Firms
by Asuman Erben Yavuz, Bade Ekim Kocaman, Mesut Doğan, Adalet Hazar, Şenol Babuşcu and Raikhan Sutbayeva
Sustainability 2024, 16(19), 8400; https://doi.org/10.3390/su16198400 - 27 Sep 2024
Viewed by 2670
Abstract
This study explores the impact of corporate governance on firms’ environmental, social, and governance (ESG) performance, with a focus on board characteristics and ownership structures. Using a panel dataset of 6 financial and 16 non-financial firms listed on the Borsa Istanbul (BIST) from [...] Read more.
This study explores the impact of corporate governance on firms’ environmental, social, and governance (ESG) performance, with a focus on board characteristics and ownership structures. Using a panel dataset of 6 financial and 16 non-financial firms listed on the Borsa Istanbul (BIST) from 2013 to 2021, the study investigates how ownership (blockholder, foreign, or institutional) and board composition (size, gender diversity, and foreign directors) influence ESG disclosures. The analysis distinguishes between financial and non-financial firms, revealing that corporate governance mechanisms affect ESG performance differently across sectors. Foreign ownership and the presence of foreign and female board members are positively associated with higher ESG disclosures, while ownership concentration is negatively correlated with ESG performance. These findings suggest caution when comparing firms across sectors based solely on ESG disclosures, as governance factors influence outcomes differently in financial and non-financial contexts. This study provides a detailed analysis of effective corporate governance mechanisms in Türkiye, emphasizing the crucial roles of ownership structure and board composition in enhancing ESG transparency. The results offer valuable insights for regulators and investors, contributing to a nuanced understanding of how governance structures shape ESG performance in both financial and non-financial firms in Türkiye. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
16 pages, 259 KiB  
Article
Domestic vs. Foreign Institutional Investors: Who Improves ESG and Value of Chinese Companies?
by Jae Wook Yoo and Yu Jin Chang
Sustainability 2024, 16(18), 8238; https://doi.org/10.3390/su16188238 - 22 Sep 2024
Viewed by 888
Abstract
Recent years have seen the influence of both institutional investors and corporate social responsibility strengthen in the Chinese capital market. However, research on the impact of these market changes on corporate activities and values has been insufficient. To address this gap, this study [...] Read more.
Recent years have seen the influence of both institutional investors and corporate social responsibility strengthen in the Chinese capital market. However, research on the impact of these market changes on corporate activities and values has been insufficient. To address this gap, this study analyzes the impact of foreign and domestic institutional investors who invest in Chinese A-share listed companies on corporate value through environmental, social, and governance (ESG) policies. The results of the analysis are as follows: First, the shareholding of both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) enhances corporate value. Second, the shareholding of FIIs strengthens the company’s ESG, while that of DIIs does not significantly affect it. Third, ESG has a positive impact on corporate value. Fourth, ESG partially mediates the positive relationship between the shareholding of FIIs and corporate value. The research findings provide academic implications for the causal relationship between corporate governance, sustainable management, and performance, as well as practical implications for the development of the Chinese capital market and corporate sustainability. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
32 pages, 645 KiB  
Article
Top Management Team Heterogeneity, Top Management Incentives, and ESG Performance: Evidence from Chinese Listed Companies
by Shanshan Lyu, Mingzeng Yang and Qincheng Zhang
Sustainability 2024, 16(18), 8036; https://doi.org/10.3390/su16188036 - 13 Sep 2024
Viewed by 916
Abstract
The challenge of balancing economic and social benefits has emerged as a critical issue for corporate sustainable development. Environmental, social, and governance (ESG) criteria are key considerations for enterprises aiming to enhance both social and economic benefits simultaneously. Based on the upper echelons [...] Read more.
The challenge of balancing economic and social benefits has emerged as a critical issue for corporate sustainable development. Environmental, social, and governance (ESG) criteria are key considerations for enterprises aiming to enhance both social and economic benefits simultaneously. Based on the upper echelons theory, differences in cognitive foundations and values brought about by top management team heterogeneity can influence corporate decisions. Taking A-share listed companies in China from 2011 to 2022 as samples, we construct a two-way fixed-effects model by firm and year to explore the impact of top management team heterogeneity on corporate ESG performance, and we introduce top management incentives as a moderating variable to further analyze the underlying mechanisms. Our results demonstrate that the gender heterogeneity, functional background heterogeneity, and overseas background heterogeneity of top management teams have significant positive impacts on corporate ESG performance, and monetary compensation incentives and control incentives to top management teams play a positive moderating role, while equity incentives exhibits a negative moderating effect. These findings remain robust across alternative measures of corporate ESG ratings and monetary and control incentives, and through the SYS-GMM model test and instrumental variable approach to address endogeneity. This research contributes to the literature on corporate ESG by validating and extending the understanding of how top management team characteristics affect organizational outcomes, and it provides practical guidance for enhancing corporate ESG practices. The implications of this study suggest that to enhance corporate ESG performance, enterprises should prioritize the promotion of top management team heterogeneity and tailor their incentive mechanisms accordingly. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
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11 pages, 224 KiB  
Article
Differential Value of Cash Holdings According to Ownership–Control Disparity
by Hyunjung Choi
Sustainability 2024, 16(16), 6774; https://doi.org/10.3390/su16166774 - 7 Aug 2024
Viewed by 685
Abstract
This study verifies investor perceptions of cash holdings in companies with ownership–control disparities in the Korean stock market. The value of the cash held by a company varies with the level of information asymmetry. A high level of information asymmetry suggests a strong [...] Read more.
This study verifies investor perceptions of cash holdings in companies with ownership–control disparities in the Korean stock market. The value of the cash held by a company varies with the level of information asymmetry. A high level of information asymmetry suggests a strong possibility of the controlling shareholder using the company’s cash to obtain private utility and harming other shareholders’ interests. Hence, investors evaluate the value of the company’s cash negatively. Greater disparity between ownership and control indicates a higher level of information asymmetry and the likelihood of agency problems, resulting in capital market investors evaluating the cash held negatively. This study uses Faulkender and Wang’s model to examine the value of the cash held by applying it to large corporations belonging to large corporate groups and their affiliates from 2011 to 2019. The level of disparity between the ownership and control of the controlling shareholder showed a significant negative relationship with the value of the cash held by the company. This suggests that in the capital market, investors evaluate the companies with a high disparity of ownership and control as having a higher possibility of agency problems and operating cash less efficiently. Therefore, these companies are unlikely to be properly valued. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
19 pages, 774 KiB  
Article
Corporate Social Responsibility and Sustainability through Institutional Legitimacy in Police Forces
by Antonio-Juan Briones-Peñalver, Ignacio del Olmo Fernandez, Francisco-José Fernández Cañavate and José António C. Santos
Sustainability 2024, 16(15), 6300; https://doi.org/10.3390/su16156300 - 23 Jul 2024
Viewed by 824
Abstract
This paper analyses the effect of institutional legitimacy on Corporate Social Responsibility (CSR) and sustainability in police forces through their methods and procedures (procedural justice) that determine citizens’ trust in the police, which theoretically influences organised coexistence in human communities (social effectiveness). CSR [...] Read more.
This paper analyses the effect of institutional legitimacy on Corporate Social Responsibility (CSR) and sustainability in police forces through their methods and procedures (procedural justice) that determine citizens’ trust in the police, which theoretically influences organised coexistence in human communities (social effectiveness). CSR can increase collective well-being through legitimacy, sustained by police action. An anonymous citizen survey was carried out to verify the theoretical proposal to inquire about their opinions on the legitimacy, methods, and community relations between Spanish police forces and the community. The hypotheses were analysed with a structural equation system. The practical implications aspire to know the citizens’ opinions about the methods and procedures used by the Spanish police and their relations with Spanish civilians. Finally, citizens consider that police actions and procedures are institutionally and legally regulated competencies, and, therefore, citizens cannot influence them. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
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18 pages, 726 KiB  
Article
The Moderating Role of Country Governance in the Link between ESG and Financial Performance: A Study of Listed Companies in 58 Countries
by Zhonghuan Luo, Yujia Li, Luu Thi Nguyen, Irfan Jo and Jing Zhao
Sustainability 2024, 16(13), 5410; https://doi.org/10.3390/su16135410 - 26 Jun 2024
Cited by 1 | Viewed by 2878
Abstract
Corporate environmental, social, and governance (ESG) performance is expected to positively affect financial performance because it helps firms gain sociopolitical legitimacy from receiving positive stakeholder awareness and gaining key resources. However, the research on the relationship between corporate ESG performance and financial performance [...] Read more.
Corporate environmental, social, and governance (ESG) performance is expected to positively affect financial performance because it helps firms gain sociopolitical legitimacy from receiving positive stakeholder awareness and gaining key resources. However, the research on the relationship between corporate ESG performance and financial performance has yielded mixed results. This paper explores the impact of the country governance environment on the ESG–financial performance link. We propose that the positive ESG–financial performance relationship is stronger for firms in countries with better governance. Empirical analyses using a large panel dataset covering 11 years and 58 countries support our arguments. We found that countries with more effective governance in political stability, regulatory quality, and control of corruption strengthen the positive ESG–financial performance relationship. The implications of our findings are significant for firms that face different governance environments and develop sustainable business strategies. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
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18 pages, 306 KiB  
Article
Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage
by Fawad Rauf, Wanqiu Wang and Cosmina L. Voinea
Sustainability 2024, 16(5), 1821; https://doi.org/10.3390/su16051821 - 22 Feb 2024
Viewed by 2323
Abstract
This research delves into the intricate interplay between green innovation performance (GIP), firm performance (FP), and corporate social responsibility (CSR) reporting, leveraging enterprise life stage performance as a pivotal moderator. Analyzing a robust sample of 5450 firm-year observations spanning from 2015 to 2021, [...] Read more.
This research delves into the intricate interplay between green innovation performance (GIP), firm performance (FP), and corporate social responsibility (CSR) reporting, leveraging enterprise life stage performance as a pivotal moderator. Analyzing a robust sample of 5450 firm-year observations spanning from 2015 to 2021, this study employs OLS regressions with panel data sourced from the CSMAR and HEXUN databases to validate prevailing research hypotheses. The findings underscore the pivotal role of CSR reporting in augmenting corporate value while concurrently mitigating inadequacies within the system. Moreover, this study uncovers a nuanced relationship between CSR reporting, GIP, and FP in the context of China, revealing a significant moderation effect attributed to the enterprise life cycle. These revelations carry profound implications for CSR reporting stakeholders, including academics, practitioners, and regulators. Notably, they provide valuable insights to authorities and boards of directors concerning the growth potential of enterprises and states. A distinctive facet of this study lies in its exploration of the moderating influence of an enterprise’s life stage on the relationship between CSR reporting and GIP or FP. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
20 pages, 496 KiB  
Article
The Effect of Owner-Managers’ Personality Traits on Organisational Ambidexterity in the Context of Small and Medium-Sized Enterprises
by José Andrade, Luis Mendes and Mário Franco
Sustainability 2024, 16(2), 507; https://doi.org/10.3390/su16020507 - 6 Jan 2024
Viewed by 1840
Abstract
This empirical study aimed to analyse the influence of the personality traits of owner-managers in small and medium-sized enterprises (SMEs) on organisational ambidexterity (OA). Based on the existing literature, five hypotheses were formulated about the relationships between the Big Five personality traits and [...] Read more.
This empirical study aimed to analyse the influence of the personality traits of owner-managers in small and medium-sized enterprises (SMEs) on organisational ambidexterity (OA). Based on the existing literature, five hypotheses were formulated about the relationships between the Big Five personality traits and organisational ambidexterity. A second-order structural equation model was used with a sample of 224 Portuguese SMEs in the sector of information technology (IT), telecommunications, and audio-visual and IT consultancy. The results obtained suggest that the personality traits of extraversion, neuroticism (versus emotional stability) and conscientiousness have a significant influence on organisational ambidexterity. These results are consistent with the research and demonstrate that owner-managers’ personality traits influence organisational ambidexterity in SMEs. Theoretical and practical implications are explored. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
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27 pages, 1840 KiB  
Article
The Impact of Government Participation in Ecological Championship on Heavily-Polluting Corporate Earnings Management: Evidence from China’s National Civilized City Award
by Jun Du, Xinhui Dai and Bo Yan
Sustainability 2023, 15(22), 16113; https://doi.org/10.3390/su152216113 - 20 Nov 2023
Cited by 3 | Viewed by 1133
Abstract
This study investigates the response of heavy-polluting firms to the political costs associated with local government participation in the ecological championship, with a specific focus on China’s National Civilized City Award. Employing the fourth national civilized city selection as a quasi-natural experiment, the [...] Read more.
This study investigates the response of heavy-polluting firms to the political costs associated with local government participation in the ecological championship, with a specific focus on China’s National Civilized City Award. Employing the fourth national civilized city selection as a quasi-natural experiment, the results reveal that heavy-polluting firms in cities with the prestigious National Civilized City Award title engage in income-decreasing earnings management to respond to rising political costs resulting from the National Civilized City Award campaign. Our findings are robust across various sensitivity analyses. Furthermore, we identify that the impact of the National Civilized City Award campaign on corporate earnings management is particularly pronounced among sub-samples characterized by non-state ownership, high visibility, and strong incentives for promoting local officials. Our study further elucidates that the increased political costs faced by heavy-polluting firms can be attributed to the local government’s efforts to subject them to more stringent environmental enforcement to pursuing the honor of National Civilized City Award. This study contributes to the existing literature on the political cost hypothesis and provides a new perspective for understanding the impact of environmental regulation on corporate. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Firm Performance)
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