Toward sustainable development: Board characteristics, country governance quality, and environmental performance
Orazalin N. Mahmood M.
December 2021John Wiley and Sons Ltd
Business Strategy and the Environment
2021#30Issue 83569 - 3588 pp.
The objective of this study is to examine the effects of board characteristics and country governance quality on both individual aspects and the overall level of environmental performance through the lens of agency, resource dependency, and institutional theories. The study is based on a sample of 3023 firm-year observations from European companies operating in 22 countries between 2009 and 2016. Data on the resources, emissions, and innovation dimensions of environmental performance and board governance data were collected from the Refinitiv database, whereas financial data were extracted from the Worldscope database. The study employs a multilevel modeling analysis and the generalized method of moments (GMM) estimation technique to analyze the data. The findings suggest that board gender diversity and the presence of a corporate social responsibility and sustainability committee have a positive impact on environmental performance. The results also show that country governance quality is positively related to environmental performance. The findings have important implications for practitioners, regulators, and policymakers with respect to the effectiveness of corporate governance mechanisms and country governance systems in determining corporate environmental practices.
board characteristics , corporate governance , country governance quality , environmental performance , sustainable development
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Bang College of Business, KIMEP University, Almaty, Kazakhstan
Centre for Research in Accounting, Accountability and Governance (CRAAG), Department of Accounting, Southampton Business School, University of Southampton, Southampton, United Kingdom
Bang College of Business
Centre for Research in Accounting
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