Assessing the moderating role of ESG performance on corporate governance and firm value in developing countries

References

• Aggarwal, R., Jindal, V., & Seth, R. (2019). Board diversity and firm performance: The role of business group affiliation. International Business Review, 28(6), 1. https://doi.org/10.1016/j.ibusrev.2019.101600
   Web of Science ®Google Scholar
• Aggarwal, R., Schloetzer, J. D., & Williamson, R. (2019). Do corporate governance mandates impact long-term firm value and governance culture? Journal of Corporate Finance, 59, 202–22. https://doi.org/10.1016/j.jcorpfin.2016.06.007
   Web of Science ®Google Scholar
• Agyemang, A., Yusheng, K., Kongkuah, M., Musah, A., & Musah, M. (2023). Assessing the impact of environmental accounting disclosure on corporate performance in China. Environmental Engineering and Management Journal, 22(2), 389–397. https://doi.org/10.30638/eemj.2023.030
   Web of Science ®Google Scholar
• Agyemang Badu, E., & Appiah, K. (2017). The impact of corporate board size on firm performance: Evidence from Ghana and Nigeria. Research in Business and Management, 4(2), 1. https://doi.org/10.5296/rbm.v4i2.11721
   Google Scholar
• Akbar, M., Hussain, S., Ahmad, T., & Hassan, S. (2019). Corporate governance and firm performance in Pakistan: Dynamic panel estimation. Abasyn Journal of Social Sciences, 12(2), 213–230. https://doi.org/10.34091/AJSS.12.2.02
   Google Scholar
• Al Amosh, H., & Khatib, S. F. (2021). Corporate governance and voluntary disclosure of sustainability performance: The case of Jordan. SN Business & Economics, 1(12), 165. https://doi.org/10.1007/s43546-021-00167-1
   Google Scholar
• Alatawi, I. A., Ntim, C. G., Zras, A., & Elmagrhi, M. H. (2023). CSR, financial and non-financial performance in the tourism sector: A systematic literature review and future research agenda. International Review of Financial Analysis, 89, 102734. https://doi.org/10.1016/j.irfa.2023.102734
   Web of Science ®Google Scholar
• Almoneef, A., & Samontaray, D. P. (2019). Corporate governance and firm performance in the Saudi banking industry. Banks and Bank Systems, 14(1), 147–158. https://doi.org/10.21511/bbs.14(1).2019.13
   Google Scholar
• Anwar, Z., & Aziz, B. (2019). Does corporate governance stimulate firm performance? Assessing corporate governance practices towards social welfare. New Horizons, 13(1), 107–126.
   Google Scholar
• Barzegari Khanaghah, J., Sadeghi, H. A., & Ghadakforoushan, M. (2019). Investigating the interactive effect of corporate governance and corporate social responsibility on the firm value in the Tehran stock exchange. Iranian Journal of Management Studies, 12(3), 425–450.
   Web of Science ®Google Scholar
• Bhagat, S., & Bolton, B. (2019). Corporate governance and firm performance: The sequel. Journal of Corporate Finance, 58, 142–168. https://doi.org/10.1016/j.jcorpfin.2019.04.006
   Web of Science ®Google Scholar
• Bhat, K. U., Chen, Y., Jebran, K., & Bhutto, N. A. (2018). Corporate governance and firm value: a comparative analysis of state and non-state owned companies in the context of Pakistan. Corporate Governance, 18(6), 1196–1206. https://doi.org/10.1108/CG-09-2017-0208
   Google Scholar
• Bilyay-Erdogan, S. (2022). Corporate ESG engagement and information asymmetry: the moderating role of country-level institutional differences. Journal of Sustainable Finance & Investment, 1–37. https://doi.org/10.1080/20430795.2022.2128710
   Web of Science ®Google Scholar
• Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704–5719. https://doi.org/10.1002/ijfe.2089
   Web of Science ®Google Scholar
• Buchdadi, A. D., Ulupui, I. G. K. A., Dalimunthe, S., Pamungkas, B. G., & Fauziyyah, Y. (2019). Board of director meeting and firm performance. Academy of Accounting and Financial Studies Journal, 23(2), 1–7.
   Google Scholar
• Busch, T., Scheitza, L., Bauckloh, T., & Klein, C. (2023). ESG and firm value effects of shareholder proposals. Academy of Management Proceedings, 2023(1), 10182–10195. https://doi.org/10.5465/AMPROC.2023.105bp
   Google Scholar
• Chang, G., Agyemang, A. O., Saeed, U. F., & Adam, I. (2024). Assessing the impact of financing decisions and ownership structure on green accounting disclosure: Evidence from developing economies. Heliyon, 10(5), e26672. https://doi.org/10.1016/j.heliyon.2024.e26672
   PubMedGoogle Scholar
• Cheng, R., Kim, H., & Ryu, D. (2023). ESG performance and firm value in the Chinese market. Investment Analysts Journal, 53(1), 1–15. https://doi.org/10.1080/10293523.2023.2218124
   Web of Science ®Google Scholar
• Ciftci, I., Tatoglu, E., Wood, G., Demirbag, M., & Zaim, S. (2019). Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review, 28(1), 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004
   Web of Science ®Google Scholar
• Danoshana, S., & Ravivathani, T. (2019). The impact of the corporate governance on firm performance: A study on financial institutions in Sri Lanka. SAARJ Journal on Banking & Insurance Research, 8(1), 62–67. https://doi.org/10.5958/2319-1422.2019.00004.3
   Google Scholar
• Dkhili, H. (2023). Does environmental, social and governance (ESG) affect market performance? The moderating role of competitive advantage. Competitiveness Review, 34(2), 327–352. https://doi.org/10.1108/CR-10-2022-0149
   Web of Science ®Google Scholar
• Elmagrhi, M. H., Ntim, C. G., Elamer, A. A., & Zhang, Q. (2019). A study of environmental policies and regulations, governance structures, and environmental performance: The role of female directors. Business Strategy and the Environment, 28(1), 206–220. https://doi.org/10.1002/bse.2250
   Web of Science ®Google Scholar
• Elmghaamez, I. K., Nwachukwu, J., & Ntim, C. G. (2023). ESG disclosure and financial performance of multinational enterprises: The moderating effect of board standing committees. International Journal of Finance & Economics, https://doi.org/10.1002/ijfe.2846
   Web of Science ®Google Scholar
• Flammer, C., Hong, B., & Minor, D. (2019). Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes. Strategic Management Journal, 40(7), 1097–1122. https://doi.org/10.1002/smj.3018
   Web of Science ®Google Scholar
• Gerged, A. M., & Agwili, A. (2020). How corporate governance affect firm value and profitability? Evidence from Saudi financial and non-financial listed firms. International Journal of Business Governance and Ethics, 14(2), 144–165. https://doi.org/10.1504/IJBGE.2020.106338
   Google Scholar
• Grassmann, M. (2021). The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting. Journal of Cleaner Production, 285, 124840. https://doi.org/10.1016/j.jclepro.2020.124840
   Web of Science ®Google Scholar
• Harjoto, M. A., Laksmana, I., & Yang, Y. w (2019). Board nationality and educational background diversity and corporate social performance. Corporate Governance, 19(2), 217–239. https://doi.org/10.1108/CG-04-2018-0138
   Web of Science ®Google Scholar
• Hasnan, S., Mohd Razali, M. H., & Mohamed Hussain, A. R. (2020). The effect of corporate governance and firm-specific characteristics on the incidence of financial restatement. Journal of Financial Crime, 28(1), 244–267. https://doi.org/10.1108/JFC-06-2020-0103
   Google Scholar
• Hatane, S. E., Setiadi, M., & Tarigan, J. (2019). The intervening role of value added intellectual capital on the relationship between corporate governance and firm value. Journal of Accounting and Investment, 20(3), 213–235. https://doi.org/10.18196/jai.2003125
   Google Scholar
• Huang, D. Z. X. (2022). Environmental, social and governance factors and assessing firm value: Valuation, signalling and stakeholder perspectives. Accounting & Finance, 62(S1), 1983–2010. https://doi.org/10.1111/acfi.12849
   Google Scholar
• Iqbal, S., Nawaz, A., & Ehsan, S. (2019). Financial performance and corporate governance in microfinance: Evidence from Asia. Journal of Asian Economics, 60, 1–13. https://doi.org/10.1016/j.asieco.2018.10.002
   Web of Science ®Google Scholar
• Jan, A. A., Lai, F.-W., Draz, M. U., Tahir, M., Ali, S. E. A., Zahid, M., & Shad, M. K. (2021). Integrating sustainability practices into Islamic corporate governance for sustainable firm performance: From the lens of agency and stakeholder theories. Quality & Quantity, 56(5), 2989–3012. https://doi.org/10.1007/s11135-021-01261-0
   Google Scholar
• Jesuka, D., & Peixoto, F. M. (2022). Corporate governance and firm performance: Does sovereign rating matter? Corporate Governance, 22(2), 243–256. https://doi.org/10.1108/CG-08-2020-0369
   Web of Science ®Google Scholar
• Jia, N., Huang, K. G., & Man Zhang, C. (2019). Public governance, corporate governance, and firm innovation: An examination of state-owned enterprises. Academy of Management Journal, 62(1), 220–247. https://doi.org/10.5465/amj.2016.0543
   Web of Science ®Google Scholar
• Jiang, F., & Kim, K. A. (2020). Corporate governance in China: A survey. Review of Finance, 24(4), 733–772. https://doi.org/10.1093/rof/rfaa012
   Web of Science ®Google Scholar
• Mahmood, Z., Khan, K. M., & Mahmood, Z. (2023). Impact of corporate governance on firm performance: A case of Pakistan stock exchange. Liberal Arts and Social Sciences International Journal, 7(1), 24–38. https://doi.org/10.47264/idea.lassij/7.1.2
   Google Scholar
• Khatib, S. F., & Nour, A. (2021). The impact of corporate governance on firm performance during the COVID-19 pandemic: Evidence from Malaysia. Journal of Asian Finance, Economics and Business, 8(2), 0943–0952.
   Web of Science ®Google Scholar
• Khoe, J. P., Sutejo, B. S., & Murhadi, W. R. (2023). Corporate governance of firm performance in the non-financial sector for the 2017–2021 period. Proceedings of the 20th International Symposium on Management (INSYMA 2023) (vol. 256, pp. 93–98).
   Google Scholar
• Kim, S., & Li, Z. (. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746. https://doi.org/10.3390/su13073746
   Web of Science ®Google Scholar
• Kim, W. S., Park, K., & Lee, S. H. (2018). Corporate social responsibility, ownership structure, and firm value: Evidence from Korea. Sustainability, 10(7), 2497. https://doi.org/10.3390/su10072497
   Web of Science ®Google Scholar
• Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871–1885. https://doi.org/10.1002/ijfe.1883
   Web of Science ®Google Scholar
• Li, Z., Liao, G., & Albitar, K. (2020). Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation. Business Strategy and the Environment, 29(3), 1045–1055. https://doi.org/10.1002/bse.2416
   Web of Science ®Google Scholar
• Merendino, A., & Melville, R. (2019). The board of directors and firm performance: empirical evidence from listed companies. Corporate Governance, 19(3), 508–551. https://doi.org/10.1108/CG-06-2018-0211
   Web of Science ®Google Scholar
• Min, B. S., & Chizema, A. (2018). Board meeting attendance by outside directors. Journal of Business Ethics, 147(4), 901–917. https://doi.org/10.1007/s10551-015-2990-9
   Web of Science ®Google Scholar
• Mishra, R. K., & Kapil, S. (2018). Board characteristics and firm value for Indian companies. Journal of Indian Business Research, 10(1), 2–32. https://doi.org/10.1108/JIBR-07-2016-0074
   Web of Science ®Google Scholar
• Naciti, V. (2019). Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production, 237, 117727. https://doi.org/10.1016/j.jclepro.2019.117727
   Web of Science ®Google Scholar
• Ntim, C. G., & Soobaroyen, T. (2013). Corporate governance and performance in socially responsible corporations: New empirical insights from a neo-institutional framework. Corporate Governance, 21(5), 468–494. https://doi.org/10.1111/corg.12026
   Web of Science ®Google Scholar
• Nur-Al-Ahad, M., Syeda, N., & Vagavi, P. (2019). Nexus between corporate governance and firm performance in supervised machine learning approach. Financial Markets, Institutions and Risks, 3(1), 115–131. http://doi.org/10.21272/fmir.3(1).115-130.2019.
   Google Scholar
• Olaniyi, C. (2019). Asymmetric information phenomenon in the link between CEO pay and firm performance: An innovative approach. Journal of Economic Studies, 46(2), 306–323. https://doi.org/10.1108/JES-11-2017-0319
   Web of Science ®Google Scholar
• Orazalin, N. S., Ntim, C. G., & Malagila, J. K. (2024). Board sustainability committees, climate change initiatives, carbon performance, and market value. British Journal of Management, 35(1), 295–320. https://doi.org/10.1111/1467-8551.12715
   Web of Science ®Google Scholar
• Osei, A., Osei Agyemang, A., Amoah, J., & Sulemana, I. (2023). Empirical study on the impact of working capital management on going concern of manufacturing firms in Ghana. Cogent Business & Management, 10(2), 2218177. https://doi.org/10.1080/23311975.2023.2218177
   Web of Science ®Google Scholar
• Osei, A. A., Yusheng, K., Caesar, A. E., Tawiah, V. K., & Angelina, T. K. (2019). Collapse of big banks in Ghana: Lessons on its corporate governance. International Institute for Science, Technology and Education, 10(10), 27–36.
   Google Scholar
• Puni, A., & Anlesinya, A. (2020). Corporate governance mechanisms and firm performance in a developing country. International Journal of Law and Management, 62(2), 147–169. https://doi.org/10.1108/IJLMA-03-2019-0076
   Web of Science ®Google Scholar
• Qadorah, A. A. M., & Fadzil, F. H. B. (2018). The relationship between board size and CEO duality and firm performance: Evidence from Jordan. International Journal of Accounting, Finance and Risk Management, 3(3), 16–20.
   Google Scholar
• Sare, Y. A., Agyemang, A. O., Ayamba, E. C., Bawuah, B., & Gyaawa Koranteng, A. (2023). Insurance and sectorial growth nexus: Evidence from a developing economy. Cogent Economics & Finance, 11(2), 2228096. https://doi.org/10.1080/23322039.2023.2228096
   Web of Science ®Google Scholar
• Thenmozhi, M. & Sasidharan, A. (2020). Does board independence enhance firm value of state-owned enterprises? Evidence from India and China. European Business Review, 32(5), 785–800. https://doi.org/10.1108/EBR-09-2019-0224
   Web of Science ®Google Scholar
• Shao, L. (2019). Dynamic study of corporate governance structure and firm performance in China: Evidence from 2001 to 2015. Chinese Management Studies, 13(2), 299–317. https://doi.org/10.1108/CMS-08-2017-0217
   Web of Science ®Google Scholar
• Singh, K., & Misra, M. (2021). Linking corporate social responsibility (CSR) and organizational performance: The moderating effect of corporate reputation. European Research on Management and Business Economics, 27(1), 100139. https://doi.org/10.1016/j.iedeen.2020.100139
   Web of Science ®Google Scholar
• Stender, P., & Rojahn, J. (2020). The influence of internal and external corporate governance on firm value: Evidence from STOXX® Europe 600 index members. Corporate Ownership and Control, 18(1), 152–162. https://doi.org/10.22495/cocv18i1art12
   Google Scholar
• Sun, G., Agyemang, A., Wiredu, I., & Saeed, U. F. (2023). Green innovation and sustainable products in small and medium-sized enterprises in china: The moderating and mediating roles of technology and work engagement. Environmental Engineering & Management Journal, 22(12), 2165–2176.
   Google Scholar
• Tasya, J., & Kusumaning, L. (2023). The impact of corporate governance and firm performance on waste and effluent disclosure: Evidence from polluting industries in Indonesia. International Journal of Management, 12(2), 189–203.
   Google Scholar
• Vo, T. T. A., & Bui, P. N. K. (2017). Impact of board gender diversity on firm value: International evidence. Journal of Economics and Development, 19(1), 65–76. https://doi.org/10.33301/2017.19.01.05
   Google Scholar
• Wu, W., Peng, F., Shan, Y. G., & Zhang, L. (2020). Litigation risk and firm performance: The effect of internal and external corporate governance. Corporate Governance, 28(4), 210–239. https://doi.org/10.1111/corg.12319
   Web of Science ®Google Scholar
• Xie, S., Lin, B., & Li, J. (2022). Political control, corporate governance and firm value: The case of China. Journal of Corporate Finance, 72, 102161. https://doi.org/10.1016/j.jcorpfin.2022.102161
   Web of Science ®Google Scholar
• Zhou, D., Saeed, U. F., & Agyemang, A. O. (2024). Assessing the role of sustainability disclosure on firms’ financial performance: Evidence from the energy sector of belt and road initiative countries. Sustainability, 16(2), 930. https://doi.org/10.3390/su16020930
   Web of Science ®Google Scholar
• Zhou, Y., Agyemang, A. O., Adam, I. O., & Twum, A. K. (2022). Assessing the impact of technological innovation on environmental and financial performance of Chinese textile manufacturing companies. International Journal of Technology, Policy and Management, 22(4), 369–393. https://doi.org/10.1504/IJTPM.2022.126152
   Google Scholar