ملكية الدولة كوسيط في العلاقة بين خصائص مجلس الإدارة وأداء الحوكمة البيئية والاجتماعية والمؤسسية: أدلة من أسواق آسيا والمحيط الهادئ

Purpose This paper examines how state ownership moderates the relationship between board characteristics and ESG performance in the Asia-Pacific region, emphasizing institutional contingencies often overlooked in emerging market governance research. Design/methodology/approach The study uses an unbalanced panel of 1,175 publicly listed firms across 14 Asia-Pacific economies from 2010 to 2022. Two-way firm and year fixed-effects regressions with interaction terms are applied, complemented by robustness checks including Mundlak adjustments, cross-equation diagnostics and disaggregated ESG pillar analysis. ESG performance is measured using Refinitiv Eikon data. Findings Board independence, gender diversity and transparency positively affect ESG performance. State ownership moderates these effects: in SOEs, the impact of board size ?