The aim of this study is to examine the relationship between Environmental, Social and Governance (ESG) activities and the performance of Thai listed firms. The moderating roles of board size and CEO duality on this relationship are also assessed. The ESG score provided by LSEG (formerly Refinitiv) is chosen to measure ESG activities, both as an overall ESG combined scores and as Environment, Social, and Governance pillar scores. Multiple regression analysis is used to test the impact of ESG on firm performance while the PROCESS macro is used to test the moderating effects. Results reveal that the overall ESG combined score demonstrates no statistically significant effect on firm market-based performance. However, it shows the significant effects on firm performance for both the ESG combined score and the Environmental and Social pillar scores when moderated by board size and CEO duality; Governance pillar score exhibits no significant effect. Additionally, it is found that when the CEO operates only as the managing director and small board size and average board size are evident, higher ESG disclosure scores enhance firm performance. However, when the CEO serves as both managing director and chairman of the board of directors, and where there is a large board size, higher ESG disclosure scores diminish firm performance. This study contributes to the ESG literature and encourages companies to enhance their performance by implementing ESG combined activities with good governance policies.

The pursuit of good governance by companies confronts a fundamental challenge: defining what constitutes “good governance”. Existing corporate governance codes and their implementation documents fall short of offering a clear answer to this crucial question. Despite the establishment of a reference framework years ago, the focus has shifted from defining the objectives of good governance to a consensus on the means of achieving these objectives. Unfortunately, this consensus often absolves stakeholders from providing detailed explanations. Achieving effective good governance necessitates a shift in focus towards the underlying goals of governance structures. Two potential approaches emerge in this context. While many companies rely on codes without explicitly outlining their objectives, there is a compelling case for urging or mandating them to articulate the purposes of the governance methods they employ in their reports. This level of specificity has the potential to enhance the reflective qualities of the transparency process, fostering a more comprehensive understanding of the governance landscape. Beyond merely discussing the objectives of corporate governance, the pursuit of good governance necessitates the implementation of instruments whose efficacy transcends reliance solely on market discipline. The aim is not to undermine the imperatives of transparency and justification. Instead, the intention is to recognize that these elements, while essential, do not independently ensure the effectiveness of soft law instruments, such as governance codes. Nowadays, it is crucial to assess the extent to which traditional corporate governance codes respond to the needs of companies in the era of digitalization and sustainability. Therefore, conducting a critical analysis of the existing corporate governance codes will contribute in shedding light on the gaps of these instruments to come up with recommendations for improvements. Aims and objectives: This article will focus on the following areas: Defining the role and purpose of corporate governance codes in enhancing corporate performance and accountability and discussing the challenges and limitations of corporate governance codes, including compliance issues and enforcement challenges. Presenting empirical evidence on the impact of corporate governance codes on corporate behavior and analyzing, through the principle of comply or explain, whether code adherence leads to improved corporate governance practices and financial performance. Discussing emerging trends in corporate governance and offering recommendations for improving the effectiveness of corporate governance codes.

The sustainable development of the global economy and society necessitates the integration of environmental and socially responsible management, known as ESG (environmental, social, and corporate governance). Despite growing recognition of ESG’s importance, the strategic management of ESG factors in Kazakhstan’s telecommunications industry remains underexplored. This study bridges this gap by analyzing Kazakh telecom’s ESG strategies from 2019 to 2021 through a cross-sectional design and semi-structured interviews with 12 industry experts. Utilizing the National Rating Agency (NRA) methodology, the research evaluates environmental, social, and governance variables. Key findings reveal that Kazakh telecom excels in “Climate Change” and “Human Capital Management” but needs significant improvements in “Environmental Impact” and “Society.” The study offers specific recommendations such as enhancing corporate volunteering, responsible marketing, service quality, and integrating sustainable practices. The primary contributions of this research include actionable insights for improving ESG strategies in telecommunications companies and advocating for more systematic and standardized ESG assessment approaches. This study expands the understanding of how ESG principles can enhance competitiveness and sustainable development in the telecommunications industry, providing valuable guidance for industry practitioners and policymakers. It offers insights into effective ESG implementation practices and highlights critical areas requiring attention to drive sustainable development in telecommunications.

 This paper empirically analyzes the relationship between corporate governance and capital market risk using A-share listed companies in China’s Shanghai and Shenzhen markets from 2008 to 2022 as a research sample. The study finds that corporate governance decreases capital market risk using new risk measurement at the firm level. Further analysis shows that such an effect is more pronounced in the sample of private companies, companies with a higher degree of indebtedness, and companies with a lower concentration of power. This paper’s findings help us better understand corporate governance’s role in stock risk and provide theoretical support and empirical evidence to improve the stability of the financial market in emerging markets.

The objective of this paper is to assess the influence of various types of crises, including the Subprime, COVID-19, and political crises, on corporate governance attributes, regulations, and the association with bank risk. The consecutive occurrences of crises have significantly impacted the global economy, causing substantial disruptions across various facets of the international banking system. Our hypothesis posits that these crises not only influence governance characteristics and regulations but also impact their correlation with the risk and financial distress experienced by banks. Our study is conducted within the Tunisian context spanning from 2000 to 2021, utilizing a GMM regression on a dataset comprising 221 bank-year observations. Our findings indicate that crises have a discernible effect on the relationship between corporate governance and bank risk, as well as between regulation and bank risk. Our results are strong in a range of sensitivity checks, including the use of alternative proxies to measure the bank risks and corporate governance metrics.