Hela Borgi

This study examines the influence of female directors on circular business performance (CBP), incorporating the mediating role of environmental orientation and the moderating roles of institutional pressure and stakeholder engagement. Drawing on Behavioral Agency Theory and the Natural Resource Based View, we argue that board gender diversity strengthens firms' commitment to circular strategies by promoting long‐term environmental investment and enhancing responsiveness to external sustainability pressures. Using panel data from 538 chemical manufacturing firms in sub‐Saharan Africa between 2013 and 2024, we test a moderated mediation framework using the Baron and Kenny approach. To address potential endogeneity, we employ instrumental variable two‐stage least squares estimation. The findings show that female directors significantly enhance CBP. Environmental orientation partially mediates this relationship, indicating that gender‐diverse boards promote circular outcomes through strengthened environmental strategic commitment. Institutional pressure and stakeholder engagement further amplify the governance–performance link. Additional analyses reinforce the robustness of these results. The Quantile heterogeneity results reveal that the positive effect of female directors is stronger among firms with higher levels of circular performance, suggesting performance‐dependent governance dynamics. Placebo tests show no evidence of reverse causality, supporting the credibility of the identification strategy. The results remain consistent across regulatory environments, industry carbon intensity levels, and board critical mass thresholds. By moving beyond ESG disclosure toward operational circular transformation, this study advances research at the intersection of corporate governance and circular strategy in emerging market contexts.

This study investigates how board‐level strategic governance shapes environmental, social, and governance performance (ESGP), emphasizing the mediating role of responsible innovation and the moderating role of environmental governance. Drawing on panel data from 673 environmentally sensitive manufacturing firms in Latin America and the Caribbean (LAC) and the Gulf Cooperation Council (GCC) between 2013 and 2023, the analysis applies the two‐step generalized method of moment (GMM) estimator to address endogeneity concerns and the method of moments quantile regression (MMQR) to capture heterogeneous effects across the ESG distribution. Mediation is examined using the Baron and Kenny approach, while moderation is assessed through interaction models. The results show that gender‐diverse boards, board expertise, and sustainability committees significantly enhance ESGP, with the effects most pronounced among GCC firms and at the upper quantiles of ESG performance. In contrast, board interlocks and concentrated ownership negatively affect ESGP, reflecting the risks of overboarding and entrenchment. Responsible innovation is found to mediate the governance relationship by translating board structures into sustainability‐oriented practices, while environmental governance not only directly improves ESG outcomes but also amplifies the positive impact of governance mechanisms in both contexts. Sobel and bootstrap tests further validate the robustness of the mediation effect of responsible innovation, underscoring its role as a key channel linking board governance to ESG performance. The study advances the literature on ESG performance, corporate governance, and sustainability strategy by showing how governance mechanisms, responsible innovation, and environmental governance jointly drive firm‐level sustainability outcomes.

Achieving UN Sustainable Development Goals 9, 12, and 13 requires more than adopting sustainability principles; it also requires rethinking how firms innovate under rising ecological and market pressures. Despite its promise, the role of circular economy integration (CEI) in driving sustainable innovation (SI) remains underexplored in emerging regions, where industrial growth often intensifies environmental challenges. This study addresses this gap by examining how CEI influences SI and by testing the direct and non‐linear effects of CEI, alongside eco‐technology adoption as a mediating mechanism and sustainability governance as a moderating condition. Anchored in Dynamic Capabilities Theory, Innovation Diffusion Theory, and governance perspectives, the study uses panel data from 561 manufacturing firms in the MENA region from 2010 to 2023. Dynamic panel estimators and instrumental‐variable approaches are employed to address endogeneity and strengthen inference. The results show that CEI significantly enhances SI, but the relationship follows an inverted U‐shaped pattern. Eco‐technology adoption partially mediates this effect, while stronger governance further amplifies the CEI–SI link. The effects vary across regional blocs, industries, and ownership structures, underscoring the role of institutional and sectoral contexts. Robustness checks using alternative measurements confirm the findings. These results translate into a clear policy and practice message: advancing progress toward SDGs 9, 12, and 13 requires coordinated measures that combine consistent regulation and targeted incentives with investments in eco‐technology, circular infrastructure, and governance capacity so firms can scale CE adoption and convert it into sustained innovation.

This study assesses the conditional influence of Environmental Governance (EG), Responsible Innovation (RI), and Circular Economy Committees (CEC) on the nexus between Indigenous Directors (IDs) and Cleaner and Responsible Consumption (CRC) among manufacturing firms in the Belt and Road Initiative–Middle East and North Africa (BRI–MENA) region. Drawing on Institutional Theory and the Resource‐Based View (RBV), the study conceptualizes indigenous leadership as a source of cultural legitimacy and strategic capability that drives firms toward sustainability‐oriented behaviors. Using a balanced panel dataset of 597 manufacturing firms spanning 2014–2024, the study employs Method of Moments Quantile Regression (MMQR) to assess heterogeneous effects across CRC distribution levels and Cross‐Sectional Autoregressive Distributed Lag (CS‐ARDL) estimation to capture long‐ and short‐run dynamics. The MMQR results reveal that indigenous directors positively and significantly enhance CRC across all quantiles, with stronger effects among high‐performing firms. Furthermore, EG, RI, and CEC each amplify this relationship, suggesting that robust governance structures, ethical innovation, and circular mechanisms serve as enabling conditions for sustainability leadership. The CS‐ARDL results confirm the persistence of these effects over time, indicating both short‐term adaptability and long‐term equilibrium convergence toward cleaner consumption outcomes. The findings extend sustainability governance literature by integrating cultural and institutional dimensions into firm‐level analysis, highlighting the strategic value of indigenous leadership within corporate boards. Practically, the study underscores the need for BRI–MENA policymakers and firms to institutionalize indigenous participation, strengthen environmental governance, and foster responsible innovation to accelerate progress toward SDG 12 on Responsible Consumption and Production.

The increasing economic engagement of China in Africa through foreign direct investment (FDI) and trade has raised concerns about its environmental consequences, particularly resource depletion. While the existing literature highlights the role of FDI and trade in resource exploitation, the varying impacts across governance contexts remain underexplored. This study investigates how Chinese FDI and trade influence resource depletion in Africa, integrating institutional and resource curse perspectives to explain divergent outcomes. Using dynamic panel data models and the system generalized method of moments (SGMM) to address endogeneity, we analyze data from 28 African countries between 1998 and 2022. The results show that Chinese FDI significantly accelerates resource depletion—particularly total resources, energy, and forests—especially in low-governance countries. In contrast, Chinese trade exhibits a limited relationship with depletion, with significant effects only on energy resources in weak institutional settings. Notably, neither FDI nor trade has significant effects in high-governance countries, underscoring the protective role of strong institutions. The study contributes to the literature by demonstrating how governance quality mediates the environmental impacts of Chinese economic engagements. It offers policy insights for African nations, emphasizing institutional strengthening to align foreign investments and trade with sustainable resource management. These findings call for balanced economic policies that prioritize environmental sustainability alongside economic growth.

The transition to a circular economy ( CE ) is necessary for achieving sustainable development, yet research on governance mechanisms that drive CE strategies remains limited. This study bridges this gap and significantly advances studies CE , board governance, innovation, and sustainability by assessing the critical function of board capital in driving CE strategies within manufacturing companies in emerging economies, specifically the Middle East and North Africa (MENA) area. Drawing on agency theory and resource‐based theory, the study develops models to assess the influence of board human and social capital on CE strategies, with innovation capacity as a key moderating factor. Using panel data from 268 manufacturing firms between 2010 and 2022 and employing dynamic generalized method of moments (GMM) technique, the outcome reveal that both board human and social capital significantly and positively influence CE strategies. Notably, innovation capacity not only enhances CE strategies directly but also amplifies the impact of board capital, underscoring the synergistic connection between governance and innovation in driving sustainability. The study highlights substantial heterogeneity in the effect of board capital on CE strategies across the MENA region. These findings remain robust after conducting several robustness and diagnostic tests. For firms, the study emphasizes the need to invest in building a diverse, skilled, and well‐connected board capable of leading circular strategies. For policymakers, it highlights the importance of creating frameworks that strengthen board governance and foster innovation ecosystems, enabling boards to promote the adoption of CE strategies.

This study examines the impact of eco‐innovation and environmental training programs on corporate environmental, social, and governance (ESG) ratings in the United Kingdom (UK). The sample includes 1251 firm‐year observations from the London Stock Exchange between 2016 and 2021. Utilizing various regression models, our findings show that both eco‐innovation and environmental training programs significantly enhance corporate ESG ratings in the UK. Further analysis reveals that these programs are crucial drivers of ESG ratings, regardless of firm performance. These results have important implications for policymakers and governments, highlighting the need for action plans to support companies, both practically and financially, in adopting environmental innovations and green training initiatives for their employees.

The aim of this paper is to investigate the impact of board cultural diversity (BCDIV) and board structure policy (BSP) on environmental, social, and governance (ESG) disclosure. The sample of this study includes 2988 companies from G7 countries during the 2015–2022 period. Our empirical results reveal that boards with heterogeneous cultural directors and the existence of BSP improve overall ESG scores. Further analysis shows that BSP is a crucial determinant of the governance dimension, one of the pillars of ESG disclosures, whereas BCDIV affects the social dimension more. The findings of this paper offer policy insights, highlighting the importance of BCDIV and BSP for better ESG disclosure. Policymakers should therefore establish regulations that encourage BCDIV and BSP and promote ESG disclosure. Corporate governance reforms that aim to improve the effectiveness and efficiency of boards are critical in order for companies to attain both financial and sustainable development.

The authors would like to make the following corrections about the published paper