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All Journal Daengku: Journal of Humanities and Social Sciences Innovation
Elok Nur Affah Al Akromi
University of Technology, Entrepreneurship, and Leadership
Humanities Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Other

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ESG Regulation, Corporate Governance, and Sustainable Business Performance in Emerging Markets Amelia Amelia; Aisyah Nurjanah; Elok Nur Affah Al Akromi; Upit Elya Rohimi; Widia Ningsih
Daengku: Journal of Humanities and Social Sciences Innovation Vol. 6 No. 5 (2026)
Publisher : PT Mattawang Mediatama Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35877/454RI.daengku5118

Abstract

This study investigates the interrelationship among Environmental, Social, and Governance (ESG) regulation, corporate governance mechanisms, and sustainable business performance in emerging market economies. Using a quantitative research design with panel data regression analysis, this research examines 180 publicly listed companies across eight emerging markets during the period 2018 to 2024. The findings reveal that stringent ESG regulatory frameworks positively and significantly influence sustainable business performance, with corporate governance serving as a mediating variable. The Corporate Governance Index (CGI) demonstrates a strong positive correlation (R² = 0.712) with sustainable business performance indicators. Furthermore, the interaction between ESG regulation intensity and board independence produces a synergistic effect on firm sustainability outcomes. The study contributes to the growing body of literature on institutional theory and stakeholder theory by providing empirical evidence from emerging market contexts, where regulatory environments differ substantially from developed economies. Policy implications suggest that emerging market regulators should adopt graduated ESG disclosure mandates coupled with governance reform incentives to accelerate sustainable business transformation.
Co-Authors Aisyah Nurjanah Amelia Amelia Upit Elya Rohimi Widia Ningsih