Disclosure of environmental management strategies practices and corporate performance: does green governance structure matter?
研究了英国上市公司绿色治理结构如何调节环境管理战略实践披露与财务绩效之间的关系，发现董事会特征（如规模、性别多样性和会议频率）能增强环境管理有效性，而董事会独立性需结合环境专长才有效。
Purpose This paper aims to investigate the impact of green governance structure on the nexus between the disclosure of environmental management strategies practices (EMSPs) and financial performance in UK companies. Design/methodology/approach The study adopts multi-theoretical lenses incorporating agency theory, stakeholders theory, natural resource-based view (NRBV) and legitimacy theory. This comprehensive paradigm offers valuable insights into the interpretation of the current trend of EMSPs. Our study is based on a sample of UK firms listed on the London Stock Exchange selected from the FTSE All-Share Index over the period (2015–2023) with 4,356 firm-year observations. Findings Findings of this study show that corporate governance structure has a moderating impact on the nexus between EMSPs and firms' performance. Drawing on agency theory, stakeholder theory, the NRBV and legitimacy theory, the analysis employs Fixed Effects, Two-Stage Least Squares and Generalised Method of Moments (GMM) estimation techniques to address endogeneity and ensure robustness. The results establish that board characteristics, particularly board size, gender diversity and meeting frequency, positively and significantly influence the effectiveness of EMSPs, while board independence only proves effective when supported by relevant environmental expertise. GMM diagnostics, including Hansen and Arellano–Bond tests, confirm the reliability and specification accuracy of the model. These findings establish that functional engagement in corporate governance, rather than structural presence alone, drives the integration of environmental strategy and enhances firm performance. Research limitations/implications The study's focus on UK FTSE All-Share Index firms also makes it difficult to generalise findings to other markets. Expanding to cross-country analyses would allow for a comparison of governance practices in different regulatory environments. Additionally, the study does not account for alternative financial metrics such as Return on Equity or Return on Invested Capital. Exploring multiple financial indicators would provide a broader picture of the financial–environmental performance link. Practical implications Findings of this study have managerial and theoretical implications for decision-makers, policymakers, scholars and other stakeholders. Transparency in EMSPs increases corporate accountability, maintains trust and enhances regulatory compliance. Investors and regulators can better judge how much a firm values sustainability and what its environmental consequences are. A robust internal and external governance structure can be viewed as synergistic pillars that enable effective internal and external control mechanisms regarding the successful implementation of EMSPs, including resource consumption, enhancing energy efficiency and minimising waste. Social implications Through proper EMSPs disclosure, stakeholders receive information about a company's efforts to minimise its environmental impact. Green strategic investments include technologies, renewable energy and sustainable business practices that demonstrate boardrooms’ commitments to ecosystem and sustainable performance. Originality/value Our results add to the extant literature via the research paradigm and the new evidence from the UK. Findings of this study shed light on current practices of EMSPs, including the pivotal moderating role of green governance structure on EMSPs disclosure and firms' performance. Findings of this study have managerial and theoretical implications for decision-makers, policymakers, scholars and other stakeholders.