The board of directors play an important role in corporate climate strategy-making and decisions but might also compromise environmental policies to minimize agency cost. This study critically investigates the relationship between the attributes of the board of directors and the degree of sustainability performance for the energy sector as discussed in the literature. Our study cumulates existing knowledge offering important characteristics for a balanced board structure to increase the board's effectiveness in adopting sustainable initiatives that could reduce the adverse impact of an energy corporation's operation on the environment. Crucial attributes of the board of directors deemed to be positively associated with the commitment to reduce carbon footprint in the environment have been identified. Based on our extensive analysis of the literature we propose a conceptual framework that measures the influence of the board of directors' attributes on corporate environmental and social sustainability performance. The proposed framework will be useful as an initial step for top management and regulators to gain a better understanding of the balanced board structure required to achieve the social and environmental sustainability performance of corporations. Further, this paper contributes to a body of knowledge about how the board of directors could play a crucial role in monitoring social and environmental threats.
Purpose: This study aimed to focus on bibliometric analysis and the concept of corporate sustainability performance (CSP) to understand the evolutionary and developmental trends in the field of CSP. Design/methodology/approach: This study conducted a bibliometric analysis of 1,518 Scopus-indexed documents on CSP published from 1975 to August 2021 to provide meaningful insights for further discussions. For this purpose, the study used VOSviewer software for drafting the literature and Harzing's Publish or Perish software to obtain impact matrices and citation information. Findings: The findings revealed that the number of CSP-related publications has increased in recent years (1975-1991: 21 publications, 1992-2007: 206 publications, and 2008-2021: 1291 publications). Furthermore, the findings revealed a significant increase in interest in the CSP field. Business, management, and accounting (34 %) were the most studied subject areas, and the Journal of Business Ethics, with a TP of 150, as the most productive scientific journal. Research, Practical & Social implications: This study examines how academic interest in CSP has evolved and identifies areas for further exploration in the CSP context. This study contributes to the current literature in the CSP domain by providing a bibliometric analysis. Furthermore, this bibliometric analysis would aid in decision-making and policy formulation related to CSP. Originality/value: The overall findings revealed an increase in CSP development in the scientific field, linked to the continued expansion of empirical research papers, researchers/authors, and citations.
The 2030 agenda for sustainable development establishes a new global sustainability target, with corporations expected to contribute significantly by implementing sustainable practices. One strategy for engaging corporations in sustainable practice focuses on corporate governance (CG) mechanisms, such as the board of directors (BOD). On the premise of stakeholder theory, agency theory and resource dependency theory, the relationship between BOD and corporate sustainability performance (CSP) was investigated using the panel data analysis. Utilising a sample of 335 energy sector corporations from 48 countries our GMM estimation shows a significant relationship between CSP and board size, different positions for CEO and Chairperson roles, and interlocking directors. The findings also showed that having more independent directors on a board lowered CSP, while gender and cultural diversity did not affect CSP. The implications of these findings to policymakers on the energy sector corporations are not limited to improving CSP via formulating and implementing specific CG strategies and policies that are beneficial but also provide explicit information on how corporate energy sectors can change their behaviour with respect to sustainable practices and good governance to address social and environmental issues.
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