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corporate governance and sustainability thesis

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Corporate governance and sustainability: a review of the existing literature

  • Published: 03 January 2021
  • Volume 26 , pages 55–74, ( 2022 )

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corporate governance and sustainability thesis

  • Valeria Naciti 1 ,
  • Fabrizio Cesaroni   ORCID: orcid.org/0000-0002-2345-6225 1 &
  • Luisa Pulejo 1  

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Over the last 2 decades, the literature on corporate governance and sustainability has increased substantially. In this study, we analyze 468 research studies published between 1999 and 2019 by employing three clustering analysis visualization techniques, namely keyword network clustering, co-citation network clustering, and overlay visualization. In addition, we provide a brief review of each cluster. We find that the number of published items that fall under our search criteria has grown over the years, having surged at various times including 2014. We identified three main thematic clusters, which we have called (1) corporate social responsibility and reporting, (2) corporate governance strategies, and (3) board composition. The weighted average years that major keywords appear in the literature published over the last 2 decades fall into a period of 4 years between 2014 and 2017. This is due to the massive increase in the number of publications on corporate governance and sustainability in recent years. By means of chronological analysis, we observe a transition from more abstract concepts—such as ‘society,’ ‘ethics,’ and ‘responsibility’—to more tangible and actionable terms such as ‘female director,’ ‘board size,’ and ‘independent director.’ Our review suggests that corporate governance and sustainability literature is evolving from quite a conceptual approach to rather more strategic and practical studies, while its theoretical roots can be traced back to a number of foundational studies in stakeholder theory, agency theory and socio-political theories of voluntary disclosure.

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Naciti, V., Cesaroni, F. & Pulejo, L. Corporate governance and sustainability: a review of the existing literature. J Manag Gov 26 , 55–74 (2022). https://doi.org/10.1007/s10997-020-09554-6

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Accepted : 26 November 2020

Published : 03 January 2021

Issue Date : March 2022

DOI : https://doi.org/10.1007/s10997-020-09554-6

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corporate governance and sustainability thesis

ABSTRACT The thesis provides a thorough examination of the interconnections between Environmental, Social, Governance (ESG) principles, Corporate Social Responsibility (CSR), legal frameworks, global value chains, and international agreements that influence the conduct of multinational enterprises (MNEs) in the current business environment. The first step involves the establishment of a fundamental transition towards sustainability and the adoption of responsible business practices. This transition is characterized by the integration of environmental, social, and governance (ESG) considerations and the recognition of the strategic significance of corporate social responsibility (CSR). The thesis subsequently explores the intricate correlation between environmental, social, and governance (ESG) issues and Global Value Chains (GVCs), providing a comprehensive understanding of the escalating significance of ESG concerns in the financial domain and their consequential effects on global investment dynamics. The accompanying discussion explores the domain of international agreements and legal factors that regulate multinational enterprises (MNEs), emphasizing the importance of the OECD Guidelines for Multinational Enterprises in fostering responsible corporate behavior. The ongoing investigation delves into the realms of legislative frameworks, corporate governance, and ESG reporting requirements, highlighting the need of thorough research, industry-specific reporting standards, and voluntary frameworks in bolstering openness and accountability. The present thesis examines the European Commission's ESG Rating Articles in relation to the Sustainable Development Goals (SDGs) established by the United Nations. This analysis uncovers a significant alignment between regulatory efforts and the overarching aims of global sustainability. In summary, this thesis offers a thorough comprehension of the dynamic environment in which multinational enterprises (MNEs) function, emphasizing the imperative of ethical behavior, sustainability, and openness in order to effectively traverse the many intricacies of the contemporary global economy. Keywords: ESG, CSR, MNEs, GVCs, OECD, SDGs

Corporate Governance, CSR, ESG, and Sustainability: Realigning the Principle-Agent Equilibrium in Multinational Enterprises “MNEs”

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corporate governance and sustainability thesis

1. Introduction

2. theoretical background and research hypotheses, 2.1. esg and corporate innovation, 2.1.1. firm objectives, 2.1.2. balancing value, 2.2. the benefits of esg ratings, 2.3. esg, financial performance, and corporate innovation, 2.4. esg, internationalization, and corporate innovation, 3. data, variables, and methodology, 3.1. sample and data, 3.2. formatting of mathematical components, 4.1. benchmark regression analysis, 4.2. robustness test, 4.2.1. sample selection, 4.2.2. reconsidering lag effects, 4.2.3. analysis using other methods, 4.3. endogeneity issues, 5. heterogeneity test, 5.1. firm size, 5.2. property rights attributes, 5.3. regional analysis, 5.4. industry analysis, 5.5. three sub-components, 6. mediation tests, 6.1. financial efficiency, 6.2. internationalization, 7. conclusions, 7.1. general summary and recommendations, 7.2. limitations of this research, author contributions, institutional review board statement, informed consent statement, data availability statement, conflicts of interest.

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TypeVariableMeasure
Dependent VariablePatentLogarithm of the number of invention patent
Invention1Logarithm of the number of utility model patent
Invention2Logarithm of the number of design patent
R&DLogarithm of research and development expenses
Independent VariableESGLogarithm of ESG rating data published by Huazheng
Control VariablesAgeNumber of years since firm establishment
Big1Proportion of shares of the largest shareholder
CashLogarithm of cash holdings
DualityIf the firm CEO and Chairman of the Board are the same person, denoted 1; otherwise, 0
FixratioFixed assets/total assets
GrowthAverage annual growth
HHIMarket concentration rate
IndirectorProportion of independent directors
LeverageTotal debt/total assets
ManagerExecutive ownership ratio
MTBBook-to-market equity ratio
SubNumber of subsidiaries
YearDummy variable based on research years
IndustryIndustry dummy variable
VariableMeanSDMinp25p50p75Max
ESG4.0881.0151.2503.5004.0005.0006.000
Patent2.4191.4040.0001.3862.3983.2966.390
Invention11.8721.3410.0000.6931.7922.7085.903
Invention22.0271.3390.0001.0991.9462.8905.781
R&D17.7581.57413.16016.84917.78118.70121.865
Age11.2607.3761.0005.00010.00017.00028.000
Big134.57614.9328.57023.00032.32044.79074.820
Cash0.1660.1320.0100.0730.1280.2190.659
Duality0.2700.4440.0000.0000.0001.0001.000
Fixratio0.2140.1640.0020.0860.1810.3070.703
Growth1.3921.0570.3160.9741.1351.4208.666
HHI0.1490.1430.0330.0580.1010.2010.863
Indirector0.3780.0640.2500.3330.3640.4290.600
Leverage0.4440.2020.0620.2860.4410.5950.895
Manager12.99119.5500.0000.0000.35023.40768.091
MTB0.2960.1580.0170.1800.2710.3900.765
Sub20.18025.4081.0006.00012.00023.000158.000
VariablePatentInvention1Invention2R&D
ESG0.268 ***0.267 ***0.207 ***0.314 ***
[13.785][13.295][10.092][17.323]
Age0.014 ***0.018 ***0.011 **0.014 ***
[3.035][4.006][2.247][3.588]
Big10.004 ***0.003 **0.005 ***0.008 ***
[2.681][2.303][3.172][5.392]
Cash0.376 **0.375 **0.331 *0.487 ***
[2.126][2.031][1.748][3.039]
Duality−0.0270.026−0.014−0.018
[−0.633][0.574][−0.288][−0.520]
Fixratio−0.232−0.377 *0.079−0.124
[−1.222][−1.865][0.410][−0.677]
Growth−0.047 **−0.023−0.069 ***−0.059 ***
[−2.261][−1.039][−3.458][−3.212]
HHI0.3370.1580.1850.686 ***
[1.608][0.742][0.814][3.578]
Indirector0.08540.1730.0391−0.185
[0.318][0.608][0.142][−0.722]
Leverage0.885 ***0.796 ***1.108 ***1.226 ***
[5.897][5.087][7.251][8.931]
Manager0.00006−0.0004−0.0006−0.0024**
[0.048][−0.292][−0.466][−2.359]
MTB0.199−0.06810.600 ***0.496 ***
[1.281][−0.410][3.672][3.445]
Sub0.009 ***0.009 ***0.007 ***0.017 ***
[6.716][7.157][5.205][17.313]
Constant0.081−0.410 **−0.16613.93 ***
[0.422][−2.004][−0.817][73.178]
N15044136901176420469
adj. R 0.2510.2010.2460.401
Year FEYesYesYesYes
Industry FEYesYesYesYes
VariablePatentInvention1Invention2R&D
ESG0.274 ***0.277 ***0.209 ***0.253 ***
[10.099][10.060][7.289][6.000]
ControlsYesYesYesYes
Year FEYesYesYesYes
Industry FEYesYesYesYes
N7194660457027141
adj. R 0.2410.1920.250.287
VariablePatentInvention1Invention2R&D
ESG0.266 ***0.268 ***0.195 ***0.314 ***
[12.794][12.581][8.868][16.151]
ControlsYesYesYesYes
Year FEYesYesYesYes
Industry FEYesYesYesYes
N13,33512,17810,39118,660
adj. R 0.2520.2040.2440.386
VariablePatentInvention1Invention2R&D
ESG0.253 ***0.254 ***0.185 ***0.267 ***
[21.395][21.571][14.293][25.787]
Constant0.625 ***0.213 **0.247 **16.23 ***
[5.843][2.000][2.097][167.448]
N15,04413,69011,76420,469
AIC52,191.746,112.339,934.373,716.8
BIC52,298.346,217.640,037.573,827.8
VariableESGPatentESGInvention1ESGInvention2ESGR&D
IV0.915 *** 0.918 *** 0.909 *** 0.939 ***
[52.860] [50.220] [49.580] [68.040]
ESG 0.245 *** 0.214 *** 0.202 *** 0.389 ***
[6.649] [5.671] [5.463] [11.379]
Kleibergen–Paap rk LM statistic436.556 394.595 347.423 591.308
Cragg-Donald Wald F statistic 4674.558 4140.642 3693.67 7566.148
Kleibergen–Paap Wald rk F statistic 2794.158 2521.605 2458.115 4629.53
N15,04415,04413,69013,69011,76411,76420,46920,469
adj. R 0.25540.2510.20560.20.20560.2460.40150.399
ControlsYesYesYesYesYesYesYesYes
Year FEYesYesYesYesYesYesYesYes
Industry FEYesYesYesYesYesYesYesYes
VariablePatentInvention1Invention2R&D
SmallBigSmallBigSmallBigSmallBig
ESG0.126 ***0.264 ***0.0986 ***0.281 ***0.0884 ***0.181 ***0.118 ***0.292 ***
[4.481][7.146][3.503][7.360][3.056][4.948][5.383][9.708]
ControlsYesYesYesYesYesYesYesYes
Year FEYesYesYesYesYesYesYesYes
Industry FEYesYesYesYesYesYesYesYes
N37334457330841212753376350246447
adj. R 0.1490.3410.0560.3180.1380.3470.3190.501
VariablePatentInvention1Invention2R&D
Non-SOEsSOEsNon-SOEsSOEsNon-SOEsSOEsNon-SOEsSOEs
ESG0.234 ***0.298 ***0.226 ***0.303 ***0.179 ***0.253 ***0.262 ***0.372 ***
[10.453][7.982][9.620][7.861][7.451][6.889][12.684][10.739]
ControlsYesYesYesYesYesYesYesYes
Year FEYesYesYesYesYesYesYesYes
Industry FEYesYesYesYesYesYesYesYes
N97115023879946017538399312,8877170
adj. R 0.1930.3580.1320.3150.2060.3670.3680.485
VariablePatentInvention1Invention2R&D
EastCentralWestEastCentralWestEastCentralWestEastCentralWest
ESG0.290 ***0.241 ***0.173 ***0.298 ***0.215 ***0.146 ***0.219 ***0.188 ***0.158 ***0.296 ***0.276 ***0.326 ***
[12.834][5.125][3.557][12.764][4.669][2.949][9.089][3.868][2.985][14.848][6.083][5.830]
ControlsYesYesYesYesYesYesYesYesYesYesYesYes
Year FEYesYesYesYesYesYesYesYesYesYesYesYes
Industry FEYesYesYesYesYesYesYesYesYesYesYesYes
N11,0042291174910,0522064157485991866129914,88929942586
adj. R 0.2470.3510.3310.2080.2920.2780.2460.3390.3360.4210.4490.452
VariablePatentInvention1InveIntion2R&D
ManuNon-ManuManuNon-ManuManuNon-ManuManuNon-Manu
ESG0.280 ***0.234 ***0.269 ***0.245 ***0.226 ***0.155 ***0.317 ***0.293 ***
[11.599][7.436][10.635][7.706][8.774][4.925][14.625][10.003]
ControlsYesYesYesYesYesYesYesYes
Year FEYesYesYesYesYesYesYesYes
Industry FEYesYesYesYesYesYesYesYes
N93255719836550557429433511,5918878
adj. R 0.2690.2280.2060.2190.2410.2680.4260.382
VariablePatentPatentPatentInvention1Invention1Invention1Invention2Invention2Invention2R&DR&DR&D
ESG-E1.757 *** 1.642 *** 1.292 *** 1.851 ***
[10.643] [9.451] [7.642] [12.025]
ESG-S 1.406 *** 1.374 *** 1.114 *** 1.786 ***
[10.155] [9.711] [7.500] [13.732]
ESG-G 1.547 *** 1.606 *** 1.192 *** 1.995 ***
[8.501] [8.686] [5.933] [11.991]
ControlsYesYesYesYesYesYesYesYesYesYesYesYes
Year FeYesYesYesYesYesYesYesYesYesYesYesYes
Industry FeYesYesYesYesYesYesYesYesYesYesYesYes
N15,04415,04415,04413,69013,69013,69011,76411,76411,76420,46920,46920,469
adj. R 0.2410.2350.2290.1880.1830.1790.2380.2360.2320.3830.3840.377
VariableROAPatentInvention1Invention2R&DROEPatentInvention1Invention2R&D
ESG0.00907 ***0.228 ***0.230 ***0.173 ***0.218 ***2.267 ***0.239 ***0.238 ***0.179 ***0.266 ***
[15.997][11.200][10.857][8.183][12.357][18.580][12.565][12.045][9.006][15.212]
ROA 3.461 ***3.155 ***3.444 ***4.628 ***
[10.242][9.125][9.464][17.524]
ROE 0.0147 ***0.0138 ***0.0142 ***0.0214 ***
[10.168][9.304][8.826][18.424]
ControlsYesYesYesYesYesYesYesYesYesYes
Year FEYesYesYesYesYesYesYesYesYesYes
Industry FeYesYesYesYesYesYesYesYesYesYes
N21,63613,51112,35610,59317,95624,84715,03613,68211,76120,455
adj. R 0.2780.2690.2180.2670.4460.1620.2640.2130.2580.428
VariableDOIPatentInvention1Invention2R&D
ESG0.263 ***0.248 ***0.245 ***0.191 ***0.232 ***
[7.968][11.292][10.667][8.263][12.938]
DOI 0.116 ***0.116 ***0.104 ***0.203 ***
[8.663][8.205][7.096][18.790]
ControlsYesYesYesYesYes
Year FEYesYesYesYesYes
Industry FEYesYesYesYesYes
N14,98011,05310,193888414,007
adj. R 0.2830.270.2230.2510.487
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Share and Cite

Wu, R.; Li, J.; Dai, Y.; Shen, X.; Hossain, M.A. Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms. Sustainability 2024 , 16 , 7482. https://doi.org/10.3390/su16177482

Wu R, Li J, Dai Y, Shen X, Hossain MA. Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms. Sustainability . 2024; 16(17):7482. https://doi.org/10.3390/su16177482

Wu, Renhong, Jinbao Li, Yunhai Dai, Xiangdong Shen, and Md. Alamgir Hossain. 2024. "Impact of Environmental, Social, and Governance on Innovation in Chinese Listed Firms" Sustainability 16, no. 17: 7482. https://doi.org/10.3390/su16177482

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IMAGES

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  2. (PDF) Corporate Governance and Sustainability Development Goals: Boeing

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COMMENTS

  1. Corporate governance and sustainability: a review of the existing

    Over the last 2 decades, the literature on corporate governance and sustainability has increased substantially. In this study, we analyze 468 research studies published between 1999 and 2019 by employing three clustering analysis visualization techniques, namely keyword network clustering, co-citation network clustering, and overlay visualization. In addition, we provide a brief review of each ...

  2. Corporate Governance, CSR, ESG, and Sustainability: Realigning the

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  3. PDF The Relationship Between Corporate Environmental, Social, and

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  4. The impact of corporate governance on firms' value in an emerging

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  6. Corporate governance and sustainability: a review of the existing

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  7. The impact of corporate governance on sustainability reporting

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  8. PDF Promoting Corporate Governance for Sustainability through Shareholder

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    The Impact of a Corporate Culture of Sustainability on Corporate Behavior and Performance. National Bureau of Economic Research, Inc., NBER Working Papers: 17950] argued that a corporate culture of sustainability plays an important role in various facets of a firm's corporate behaviour and performance.

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  11. Aligning Corporate Governance Strategy with Sustainability: Managing

    A case study of three oil-companies was used, adopting a qualitative (interpretive) research technique. Study finds that in a turbulent business environment, aligning corporate governance with sustainability and managing oil-companies and their resource-host-community relationships is one attempt to deal with the induced-risks.

  12. PDF Corporate Sustainability: A Strategy?

    2 1 INTRODUCTION Sustainability is becoming a central issue for the practice of strategic management globally (Ioannou & Hawn, 2019).1 A growing number of companies voluntarily undertake a wide range of sustainability actions2 to address growing stakeholder expectations across the environmental, social, and governance (ESG) domains and to build a differentiation

  13. PDF The Impact of Corporate Sustainability on Organizational Processes and

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  18. PDF The Impact of Corporate Governance and Corporate Social

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  19. Full article: Corporate governance practices and sustainability

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  20. The Impact of Corporate Governance and Sustainability Reporting on

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