Green Corporate Governance, Green Finance, and Sustainable Performance Nexus in Chinese SMES: A Mediation Moderation Model

Lei Wang, Amin Ur Rehman, Zhaocheng Xu (), Fiza Amjad () and Shams Ur Rehman
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Lei Wang: School of Management, Qufu Normal University, Rizhao 276826, China
Amin Ur Rehman: Business School, Central South University, Changsha 410075, China
Zhaocheng Xu: School of Business, Shanghai Dianji University, Pudong New Area District, Shanghai 201306, China
Fiza Amjad: Business School, Central South University, Changsha 410075, China
Shams Ur Rehman: Department of Management Science, Institute of Business and Management Sciences (IBMS), University of Agriculture, Peshawar 21530, Pakistan

Sustainability, 2023, vol. 15, issue 13, 1-17

Abstract: This study explores the connection between corporate governance and sustainability performance through the mediating role of corporate governance and the moderating role of top management environmental concern, taking into account the perspectives of agency theory and stakeholder theory. Data were collected through a questionnaire survey of 314 employees working in SMEs operating in China, and the data analysis was carried out using Smart PLS 4 and SPSS. The results indicate that green corporate governance and green finance have a significant impact on corporate social responsibility, which in turn positively affects sustainable performance. Corporate social responsibility significantly mediates the link between green corporate governance and sustainable performance. Meanwhile, corporate social responsibility also mediates the relationship between green finance and sustainable performance. Additionally, top management environmental concern moderates the relationship between corporate governance and sustainable performance significantly, strengthening the impact of corporate social responsibility on sustainable performance. The study contributes to the literature by exploring the relationship between corporate governance, green finance, and sustainable performance in the context of Chinese SMEs. The study’s findings have significant implications for policymakers and managers interested in promoting sustainable development.

Keywords: corporate governance; green finance; corporate social responsibility; sustainable performance; SMEs (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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