Beyond the Aggregate: The Heterogeneous Impact of Chairperson Media Coverage on ESG Subdimensions

Green public procurement and corporate ESG information disclosure: a dual institutional perspective

Digital transformation and ESG performance: the role of state ownership

This study investigates the effect of digital transformation on firms’ environmental, social and governance (ESG) performance and examines how state ownership moderates this relationship. It aims to clarify whether digital capabilities enhance sustainability outcomes across different ownership structures in an emerging market context. The analysis draws on a panel dataset of industrial manufacturing firms listed in Vietnam from 2018 to 2024. Digital transformation is measured using a text-based index derived from annual reports, constructed through keyword frequency analysis. ESG performance is proxied by ESG disclosure, quantified using the term frequency-inverse document frequency method. Panel regression models with interaction terms assess the moderating effect of state ownership, while subgroup analyses examine heterogeneity across ownership forms. Digital transformation has a significant positive influence on ESG performance. However, this effect appears to be less pronounced for state-owned enterprises, suggesting that institutional and governance characteristics may attenuate firms’ ability to translate digital investments into sustainability outcomes. The findings offer insights for policymakers and managers seeking to align digital strategies with sustainability objectives. Enhancing ESG reporting regulations, fostering digital–ESG integration and improving governance mechanisms in state-owned firms may amplify the sustainability benefits of digital transformation. This study contributes to the literature by providing empirical evidence on the digital transformation–ESG nexus in a transition economy where state influence remains prominent. Methodologically, it introduces a scalable text-mining approach to measuring firm-level digitalization and ESG engagement using corporate disclosures.

THE EFFECT OF ESG DISCLOSURE ON FIRM VALUE: A SYSTEMATIC LITERATURE REVIEW

This systematic literature review critically examines the theoretical frameworks and empirical evidence linking Environmental, Social, and Governance (ESG) factors to corporate value by analyzing 20 articles that underwent title and abstract screening, followed by a narrative synthesis using thematic analysis. studies published between 2021 and 2025. Using a PRISMA-based methodology, this review identifies patterns of positive impacts, variations in results, and mediating and moderating factors affecting firm value. The synthesis results indicate that ESG disclosure tends to have a positive impact on firm value, as measured by Tobin’s Q, the market-to-book ratio, or market capitalization. This increase occurs primarily through reduced information asymmetry, enhanced reputation, and lower capital costs. Positive effects are more consistently observed in firms in emerging markets and within the governance dimension. Some studies have found a negative or insignificant relationship, particularly in the short term or in developed markets. Factors that strengthen this relationship include company size, sales growth, and competitive advantage. Meanwhile, mediators such as profitability and organizational visibility also play a role. High-quality ESG disclosures support long-term value creation when integrated with business strategy in a balanced manner. These findings provide a basis for companies to enhance the transparency of their ESG reporting to strengthen corporate value.

Board gender diversity and ESG performance in an emerging market: does institutional ownership matter?

This study aims to investigate whether board gender diversity (BGD) influences environmental, social and governance (ESG) performance, while also examining the moderating role of institutional ownership on this relationship. A sample of 504 firm-year observations was obtained across 63 nonfinancial firms publicly traded within the Egyptian Exchange during 2015–2022. The empirical analysis was performed employing Pooled Ordinary Least Squares, while two-stage least squares regression was applied for alleviating possible issues of endogeneity. The study findings demonstrate a significant and positive effect of women in boardrooms on ESG outcomes. Furthermore, institutional ownership weakens this positive effect as a moderating variable. Remarkably, the COVID-19 outbreak led to enhanced ESG performance. The robustness of the study results is further reinforced by additional tests using different metrics for the key variables. Moreover, the findings reinforce critical mass theory. To the best of the authors’ knowledge, it is the first empirical analysis to investigate how institutional ownership moderates the relationship between women directors and ESG ratings in Egypt and the Middle East and North Africa (MENA) region. It also represents the first empirical attempt to examine COVID-19 as a moderating variable in this relationship and to apply the perspective of critical mass theory to explore the BGD–ESG nexus in Egypt.

How ESG considerations shape consumer decisions: a comprehensive review using the TCCM framework

Environmental, social and governance (ESG) considerations have become increasingly relevant in shaping consumer attitudes, trust and purchasing behavior. Although related reviews have examined sustainability, corporate social responsibility, and emerging ESG-consumer trends, the literature remains fragmented and lacks a structured account of how ESG-consumer research is distributed across theories, contexts, characteristics, and methodologies. This study conducts a systematic literature review (SLR) to synthesize and map the evolving knowledge structure of research at the intersection of consumer behavior and ESG. Using the scientific procedures and rationales for systematic literature reviews (SPAR-4-SLR) protocol, this study systematically reviews 42 articles indexed in the Web of Science (WoS) and Scopus databases up to February 2025. Bibliometric analysis is used to identify publication trends, influential contributors, and thematic patterns, while the theory–context–characteristics–methodology (TCCM) framework is employed to interpret the field's theoretical foundations, contextual settings, characteristic features and methodological profile. This review shows that ESG-consumer research is growing rapidly but remains theoretically fragmented, geographically concentrated, and methodologically narrow. The literature is dominated by East Asian settings, especially South Korea and China, and is concentrated in service-oriented sectors such as food and beverage, tourism, hospitality, and sports. Corporate-centric and brand-related perspectives are prevalent, while consumer-centered theorization, cross-cultural evidence, and negative consumer responses such as skepticism remain underexplored. Methodologically, survey-based quantitative designs, particularly structural equation modeling, dominate the field, with limited use of qualitative, mixed-method, experimental, and longitudinal approaches. The review is limited to studies indexed in WoS and Scopus, potentially excluding relevant research published in other databases or non-English sources. The findings suggest that businesses should align ESG strategies with consumer expectations through credible, transparent and context-relevant communication, while policymakers should strengthen disclosure quality and accountability to reduce skepticism and greenwashing concerns. As consumers become more attentive to ESG-related information, their responses may reinforce more responsible consumption, stronger corporate accountability and wider demand for credible sustainability practices. This study extends prior reviews by moving beyond descriptive trend mapping and variable-based synthesis to provide an integrated account of the intellectual and empirical structure of ESG-consumer research. By combining bibliometric analysis with the TCCM framework, it offers a more systematic understanding of how the field has evolved, where its major imbalances lie, and what is needed for stronger theory development and future inquiry.

ESG, innovation, and financial performance: a systematic literature review

The purpose of this study is to insvestigate the characteristics of theoretical-empirical models described in the scientific literature concerning the relationships among ESG aspects, innovation, and financial performance. Following the PRISMA protocol and the Methodi Ordinatio, and using a structured framework applied to 52 scientific journal articles. The authors map the main relationships across these constructs and show how institutional, sectoral and methodological factors shape their interactions. The authors find that innovation frequently strengthens the positive influence of ESG practices on financial performance, whereas country-level institutional factors moderate these effects. The theoretical-empirical model was developed based on a reality that may differ significantly from those in other regions. Considering the importance of institutional context in empirical outcomes, future studies should aim to construct article portfolios for SLRs focused on specific contexts. This would enable exploration of ESG-INNOV-FP relationships while accounting for country-specific factors. The findings encourage future research that broadens geographic diversity and adopts more robust analytical techniques. The authors generate social impact by clarifying how ESG-driven innovation supports the Sustainable Development Goals and by highlighting the underrepresentation of Global South contexts. The authors advance theory by integrating bidirectional and mediating mechanisms into a theoretical-empirical model informed by the frequency of results, offering a more comprehensive explanation of how ESG and innovation co-evolve.