When Governance Meets Sustainability: The Role of Diversity in Driving ESG Performance across ASEAN-6 Emerging Markets

Omar Farrakhan Tampubolon, Prof. Amin Wibowo, M.B.A., Ph.D.

2025 | Tesis | S2 SAINS MANAJEMEN

Penelitian ini menginvestigasi pengaruh Diversity Score dan Average Board Tenure (ABT) terhadap kinerja ESG perusahaan di negara ASEAN menggunakan System-GMM pada data perusahaan (2015–2024). Ditemukan bahwa Diversity Score secara signifikan hanya memengaruhi kinerja pilar lingkungan secara positif. Hubungan non-linear antara ABT dan kinerja ESG tidak signifikan dalam model utama, namun CEO Duality secara fundamental memoderasi dinamika ini. Kehadiran CEO Duality mengubah hubungan ABT-ESG menjadi pola kurva U-shaped yang signifikan, di mana kinerja ESG awalnya menurun sebelum pulih setelah sekitar 9.69 tahun, berlawanan dengan prediksi. Temuan ini memperkaya Upper Echelons dan Agency Theory dengan menyoroti kompleksitas interaksi antara karakteristik dewan, struktur kepemimpinan, dan kinerja keberlanjutan di pasar berkembang. Secara praktis, studi ini menekankan urgensi pemisahan peran dan kebijakan masa jabatan dewan yang dinamis untuk mengoptimalkan dampak ESG.

This study investigates the effect of Diversity Score and Average Board Tenure (ABT) on the ESG performance of firms in ASEAN countries using the System-GMM method on firm-level data from 2015 to 2024. The results show that the Diversity Score significantly influences only the environmental pillar of ESG performance in a positive direction. The non-linear relationship between ABT and ESG performance is not significant in the main model; however, CEO Duality fundamentally moderates this dynamic. The presence of CEO Duality transforms the ABT–ESG relationship into a significant U-shaped curve, where ESG performance initially declines before recovering after approximately 9.69 years, contrary to the original prediction. These findings enrich Upper Echelons Theory and Agency Theory by highlighting the complexity of the interaction between board characteristics, leadership structure, and sustainability performance in emerging markets. Practically, this study emphasizes the urgency of separating leadership roles and implementing dynamic board tenure policies to optimize ESG outcomes.

Kata Kunci : Board Diversity; Board Tenure; CEO Duality; ESG Performance; ASEAN Emerging Markets; Corporate Governance.