ESG as a Strategic Pathway to Sustainable Competitive Advantage: A Moderated Mediation Perspective in Developed and Developing Economies
研究了2013-2023年拉美和加勒比地区及海湾合作委员会国家673家环境敏感型制造企业的面板数据，发现董事会多样性、专业知识和可持续发展委员会通过负责任创新提升ESG绩效，且环境治理起正向调节作用。
ABSTRACT This study investigates how board‐level strategic governance shapes environmental, social, and governance performance (ESGP), emphasizing the mediating role of responsible innovation and the moderating role of environmental governance. Drawing on panel data from 673 environmentally sensitive manufacturing firms in Latin America and the Caribbean (LAC) and the Gulf Cooperation Council (GCC) between 2013 and 2023, the analysis applies the two‐step generalized method of moment (GMM) estimator to address endogeneity concerns and the method of moments quantile regression (MMQR) to capture heterogeneous effects across the ESG distribution. Mediation is examined using the Baron and Kenny approach, while moderation is assessed through interaction models. The results show that gender‐diverse boards, board expertise, and sustainability committees significantly enhance ESGP, with the effects most pronounced among GCC firms and at the upper quantiles of ESG performance. In contrast, board interlocks and concentrated ownership negatively affect ESGP, reflecting the risks of overboarding and entrenchment. Responsible innovation is found to mediate the governance relationship by translating board structures into sustainability‐oriented practices, while environmental governance not only directly improves ESG outcomes but also amplifies the positive impact of governance mechanisms in both contexts. Sobel and bootstrap tests further validate the robustness of the mediation effect of responsible innovation, underscoring its role as a key channel linking board governance to ESG performance. The study advances the literature on ESG performance, corporate governance, and sustainability strategy by showing how governance mechanisms, responsible innovation, and environmental governance jointly drive firm‐level sustainability outcomes.