articleBusiness Strategy & DevelopmentMar 1, 2025HYBRID OA

ESG Controversies and Firm Performance in ASEAN : Do Board Gender Diversity and Sustainability Committee Matter?

NHNoor Hidayah Ab AzizSMSajead Mowafaq AlshdaifatHAHamzeh Al Amosh

Universiti Teknologi MARA · Middle East University · +3 more institutions

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Abstract

ABSTRACT This study investigates the impact of ESG controversies on the performance of publicly listed firms in the ASEAN‐5 countries with the moderating effect of board gender diversity and sustainability committees. By employing random‐effects regression, this study examines 1414 observations covering 2017 to 2023. Besides, a two‐step GMM and 2SLS regression were used to address the endogeneity problem. The results found a significant negative relationship between ESG controversies and firm performance, implying that firms with fewer ESG controversies have higher performance. Besides, board gender and sustainable committees contribute to reducing the intensity of ESG controversies, which subsequently…

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43
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Authors

3

Topics & keywords

Topics
Keywords
  • Diversity (politics)
  • Sustainability
  • Gender diversity
  • Business
  • Corporate social responsibility
  • Business administration
  • Political science
  • Corporate governance
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