Board characteristics and ESG performance: an evidence from Malaysia

Khakan Najaf, Ho Wai Kee, Jaspal Singh, Nampuna Dolok Gultom and Alice Chin

Journal of Sustainable Finance & Investment, 2025, vol. 15, issue 1, 105-144

Abstract: Sustainable business practices are essential globally, emphasizing the need to study factors influencing ESG performance in corporate governance. This research examines the relationship between board characteristics and ESG outcomes within Malaysia’s mandatory sustainability reporting context for listed companies. Analyzing 357 firm-year observations from 51 Malaysian companies from 2014 to 2020, the study found that increased board meetings and more independent directors correlate with better ESG performance. However, no significant relationship was found between the proportion of female directors and ESG outcomes. These findings, consistent across robustness checks, suggest areas for governance framework improvements, particularly in board oversight of ESG practices. The results support the Malaysian Code on Corporate Governance's principles for enhanced board monitoring of ESG reporting processes.

Date: 2025
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DOI: 10.1080/20430795.2024.2401360

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