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Sustainable Governance: ESG Practices in the Modern Corporation
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Sustainable Governance: ESG Practices in the Modern Corporation

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: 1 June 2025 | Viewed by 15193

Special Issue Editors

Dr. Ioannis Passas

E-Mail Website
Guest Editor
1. Department of Business Administration & Tourism, Hellenic Mediterranean University, Chania, Greece
2. Department of Accounting & Finance, Neapolis University of Paphos, Paphos, Cyprus
Interests: accounting; auditing; ESG; financial accounting
Special Issues, Collections and Topics in MDPI journals
Prof. Dr. Christos Floros

E-Mail Website
Guest Editor
Department of Accounting and Finance, Hellenic Mediterranean University, Heraklion, Crete, Greece
Interests: financial economics; financial econometrics; risk management; banking
Special Issues, Collections and Topics in MDPI journals
Dr. Vortelinos Dimitrios

E-Mail Website
Guest Editor
Department of Accounting and Finance, Hellenic Mediterranean University, Heraklion, Greece
Interests: applied finance; financial economics; accounting

Special Issue Information

Dear Colleagues,

This Special Issue seeks to attract scholarly contributions that explore the evolving landscape of environmental, social, and governance (ESG) practices in modern corporations. With sustainability taking center stage, the goal is to examine how corporations integrate ESG principles into their governance frameworks to promote long-term value and ethical stewardship. This Special Issue aims to advance the understanding of how contemporary corporations can seamlessly incorporate ESG principles into their governance structures, and to provide valuable insights that can enhance theoretical knowledge and real-world application, guiding corporations toward more sustainable and ethical business approaches. We welcome research papers addressing these and other areas:

  • Exploration of ESG Strategies: Research on how companies implement and operationalize ESG strategies, with a focus on the role of leadership, stakeholder engagement, and aligning ESG goals with corporate strategy;
  • Impact Evaluation and Reporting: Analysis of ESG impact measurement, reporting standards, and the effectiveness of frameworks like GRI, SASB, and TCFD in enhancing transparency and accountability;
  • Regulatory and Policy Implications: Research on the impact of regulatory environments and public policies on corporate ESG practices, including comparative studies across different jurisdictions;
  • ESG and Financial Performance: Investigations into the relationship between strong ESG practices and financial performance, risk management, and investor behavior;
  • Innovation and Technology: Exploration of the technological innovations driving ESG advancements, such as green technologies, data analytics, and blockchain for sustainability tracking;
  • Social Responsibility and Corporate Culture: Examination of how social responsibility initiatives and corporate culture transformations contribute to sustainable development goals and stakeholder welfare.

Submissions should provide theoretical insights, empirical evidence, and practical implications, contributing to the academic discourse on sustainable governance and ESG practices. Interdisciplinary approaches and case studies are encouraged to offer a holistic view of this dynamic field.

Dr. Ioannis Passas
Prof. Dr. Christos Floros
Dr. Dimitrios Vortelinos
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • sustainable governance
  • ESG practices
  • corporate sustainability
  • ethical stewardship
  • ESG reporting
  • stakeholder engagement
  • corporate social responsibility (CSR)
  • regulatory compliance
  • financial performance
  • technological innovation in ESG

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Further information on MDPI's Special Issue policies can be found here.

Published Papers (6 papers)

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Research

16 pages, 3979 KiB  
Article
ESG Integration and Green Computing: A 20-Year Bibliometric Analysis
by Erasmia Angelaki, Alexandros Garefalakis, Markos Kourgiantakis, Ioannis Sitzimis and Ioannis Passas
Sustainability 2025, 17(7), 3266; https://doi.org/10.3390/su17073266 - 7 Apr 2025
Viewed by 309
Abstract
As businesses increasingly prioritize sustainability, integrating Environmental, Social, and Governance (ESG) principles with green computing has emerged as a critical strategy. However, research remains fragmented regarding how these two domains interact within the Triple Bottom Line (TBL) framework. This study conducts a bibliometric [...] Read more.
As businesses increasingly prioritize sustainability, integrating Environmental, Social, and Governance (ESG) principles with green computing has emerged as a critical strategy. However, research remains fragmented regarding how these two domains interact within the Triple Bottom Line (TBL) framework. This study conducts a bibliometric analysis of 750 articles published between 2004 and 2024, using multiple correspondence and co-citation analyses to identify key trends. The findings highlight a strong correlation between green computing practices and improved economic outcomes. The results indicate that China and the United States lead research output in this field, with a significant rise in publications post-2018, driven by regulatory pressures and corporate sustainable initiatives. Our findings emphasize that companies integrating green computing with ESG strategies can achieve long-term financial sustainability while meeting environmental and social responsibilities. This study provides insights from business leaders, policymakers, and researchers by identifying critical gaps and future research directions, including industry-specific applications and policy frameworks to accelerate ESG adoption in technology-driven enterprises. Future research should address practical challenges in implementing these practices across different industries and explore the long-term impacts of ESG integration on business performance. Full article
(This article belongs to the Special Issue Sustainable Governance: ESG Practices in the Modern Corporation)
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23 pages, 295 KiB  
Article
The Impact of Environmental Social and Governance Performance on Systematic Tail Risk of Chinese Corporations
by Mingyue Fu and Yanyan Jia
Sustainability 2025, 17(5), 1854; https://doi.org/10.3390/su17051854 - 21 Feb 2025
Cited by 1 | Viewed by 492
Abstract
Based on the perspective of systematic tail risk, this study aims to explore the impact of environmental social and governance (ESG) performance on financial performance. At the same time, it also explores the mediating effects of financing constraints, information transparency, and corporate reputation [...] Read more.
Based on the perspective of systematic tail risk, this study aims to explore the impact of environmental social and governance (ESG) performance on financial performance. At the same time, it also explores the mediating effects of financing constraints, information transparency, and corporate reputation in this relationship. This study uses the data from Chinese A-share listed companies from 2009 to 2022 as samples, uses two-way fixed-effect regression to test the benchmark model and mechanism model, and conducts a series of robustness tests and heterogeneity tests. The findings show that the following: (1) ESG performance significantly reduces systematic tail risk, with individual tail risk driving this negative relationship. (2) ESG performance lowers systematic tail risk through alleviating financing constraints, improving information transparency, and enhancing corporate reputation. (3) The inhibitory effect of ESG on systematic tail risk is more pronounced in the non-state-owned, low-pollution, high-liquidity, and high-information-efficiency samples. (4) Among the three dimensions of ESG, governance (G) has the most substantial impact in reducing systematic tail risk, compared to environmental (E) and social (S). This study is the first to explore the role of ESG performance on financial performance from the perspective of systematic tai risk. At the same time, we discuss for the first time how ESG performance affects tail system risk. This study contributes to an in-depth exploration of ESG’s role in financial performance, providing insights for preventing financial risk and achieving sustainable development. Full article
(This article belongs to the Special Issue Sustainable Governance: ESG Practices in the Modern Corporation)
28 pages, 636 KiB  
Article
Nexus Between Intellectual Capital and Sustainable Growth: Moderating Roles of Military-Experienced CEOs and Sustainable Corporate Governance
by Muhammad Usman Arshad, Rafique Ur Rehman Memon, Waleed Anwar, Fayaz Hussain Tunio and Paulo Jorge Silveira Ferreira
Sustainability 2024, 16(23), 10533; https://doi.org/10.3390/su162310533 - 30 Nov 2024
Cited by 1 | Viewed by 1261
Abstract
This study explores the nexus between intellectual capital (IC) and the sustainable growth rate (SGR), with a unique emphasis on the moderating roles of military-experienced CEOs (MCEOs) and sustainable corporate governance (SCG). We utilize the Method of Movement Quantile Regression Analysis (MMQR) with [...] Read more.
This study explores the nexus between intellectual capital (IC) and the sustainable growth rate (SGR), with a unique emphasis on the moderating roles of military-experienced CEOs (MCEOs) and sustainable corporate governance (SCG). We utilize the Method of Movement Quantile Regression Analysis (MMQR) with data gathered from 750 Chinese non-financial firms listed on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) from 2010 to 2022. The findings indicate that IC exerts a favorable and significant influence on the SGR across various quantiles. Furthermore, across multiple quantiles, the SGR exhibits a positive and strong correlation with capital employed efficiency (CEE), human capital efficiency (HCE), and structural capital efficiency (SCE). Moderation analysis reveals that MCEOs and SCG demonstrate a positive correlation between IC and the SGR. The results extend our understanding of how MCEOs and SCG can enhance the SGR through effective IC utilization. Full article
(This article belongs to the Special Issue Sustainable Governance: ESG Practices in the Modern Corporation)
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16 pages, 255 KiB  
Article
A Study on the Impact of Board Characteristics on the Environmental, Social, and Governance (ESG) Responsibilities of Listed Companies—Evidence from Chinese Listings
by Haoming Ding, Zerui Wang, Hanyu Xu and Zi Lin
Sustainability 2024, 16(23), 10490; https://doi.org/10.3390/su162310490 - 29 Nov 2024
Cited by 1 | Viewed by 2489
Abstract
Company boards play a critical role in ESG leadership by shaping strategy, ensuring accountability, and driving sustainability practices. However, ineffective board structures can hinder ESG goals, making the identification of board attributes that enhance ESG outcomes essential. Using data from 1931 A-share listed [...] Read more.
Company boards play a critical role in ESG leadership by shaping strategy, ensuring accountability, and driving sustainability practices. However, ineffective board structures can hinder ESG goals, making the identification of board attributes that enhance ESG outcomes essential. Using data from 1931 A-share listed companies between 2009 and 2022, this study investigates how board characteristics, such as independence, independent directors’ overseas experience, board size, and gender diversity, affect environmental, social, and governance (ESG) performance. The analysis reveals that the combined influence of board characteristics positively impacts ESG outcomes. Among individual attributes, board independence and independent directors with overseas education backgrounds significantly enhance ESG ratings, emphasizing the value of independent oversight and global perspectives. In contrast, board size and gender diversity show no significant impact, suggesting that simply increasing board size or representation does not necessarily improve ESG performance. Unlike prior studies focusing on isolated board characteristics, this research comprehensively analyzes how various attributes influence ESG outcomes. This study fills a critical gap in the ESG literature by addressing these complex dynamics. It offers actionable insights for policymakers and corporate governance reformers to improve business practices’ accountability, transparency, and sustainability. Full article
(This article belongs to the Special Issue Sustainable Governance: ESG Practices in the Modern Corporation)
20 pages, 1122 KiB  
Article
Environmental Justice Specialization and Corporate ESG Performance: Evidence from China Environmental Protection Court
by Yue Meng and Xiaolei Yang
Sustainability 2024, 16(21), 9531; https://doi.org/10.3390/su16219531 - 1 Nov 2024
Viewed by 1662
Abstract
In order to implement the dual-carbon strategy and achieve sustainable economic development, it is essential to guarantee environmental protection through the establishment of an effective environmental rule of law. This study employs a quasi-natural experiment, namely the establishment of environmental protection courts in [...] Read more.
In order to implement the dual-carbon strategy and achieve sustainable economic development, it is essential to guarantee environmental protection through the establishment of an effective environmental rule of law. This study employs a quasi-natural experiment, namely the establishment of environmental protection courts in China’s intermediate people’s courts, to investigate the impact on the ESG performance of A-share listed companies from 2010 to 2022. A double-difference model is utilized for this purpose. This study reveals that the specialization of environmental justice is an effective means of promoting the ESG performance of enterprises. The results of mechanism tests indicate that the specialization of environmental justice has a positive impact on the ESG performance of enterprises, primarily by enhancing external supervision and garnering greater media attention and analyst interest. Furthermore, heterogeneity analysis reveals that the influence of environmental justice specialization on corporate ESG performance is particularly pronounced in eastern regions, contexts characterized by high environmental uncertainty and heavily polluting enterprises. These findings offer invaluable insights into the development of environmental justice and the advancement of sustainable economic growth. Full article
(This article belongs to the Special Issue Sustainable Governance: ESG Practices in the Modern Corporation)
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20 pages, 1350 KiB  
Article
Textual Attributes of Corporate Sustainability Reports and ESG Ratings
by Jie Huang, Derek D. Wang and Yiying Wang
Sustainability 2024, 16(21), 9270; https://doi.org/10.3390/su16219270 - 25 Oct 2024
Cited by 3 | Viewed by 3816
Abstract
While the textual attributes of corporate financial documents, such as annual reports, have been extensively analyzed in the academic literature, those of corporate sustainability reports, which serve as a critical channel for nonfinancial disclosure, are relatively under-explored. Given the increasing importance of Environmental, [...] Read more.
While the textual attributes of corporate financial documents, such as annual reports, have been extensively analyzed in the academic literature, those of corporate sustainability reports, which serve as a critical channel for nonfinancial disclosure, are relatively under-explored. Given the increasing importance of Environmental, Social, and Governance (ESG) factors in corporate strategy and stakeholder evaluation, understanding the role of textual attributes in sustainability reporting is crucial. This study examines 10,021 hand-collected sustainability reports from Chinese firms between 2009 and 2021, focusing on six key textual attributes: length, readability, tone, boilerplate language, redundancy, and completeness. Using computational linguistics, we analyze how these attributes evolve over time and their impact on ESG ratings provided by both international (MSCI, FTSE) and domestic (SNSI) agencies. Our findings reveal that the length and completeness of sustainability reports significantly influence ESG scores across agencies, demonstrating a shared appreciation for detailed and transparent disclosures. However, international and domestic rating agencies exhibit differing responses to attributes like tone, boilerplate language, and redundancy. These differences highlight variations in evaluation standards, methodologies, and value orientations between global and local stakeholders. The results emphasize the need for firms to tailor their sustainability disclosures to meet diverse stakeholder expectations. This study contributes to the growing body of literature on nonfinancial reporting by providing empirical evidence on how specific textual characteristics of sustainability reports can shape ESG evaluations, offering insights for both corporate communicators and policymakers. Full article
(This article belongs to the Special Issue Sustainable Governance: ESG Practices in the Modern Corporation)
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