This study extends the existing work on corporate governance and business sustainability by exploring corporate governance pillars comprising board functions, structure, strategy, compensation and shareholder rights utilizing data from listed S&P 500 firms. Using panel fixed effects and two-step GMM, we discovered that environmental, social and financial sustainability dimensions of the business sustainability are impacted positively by board functions and board structure. Our findings further reveal that low stakeholder engagement adversely impacts companies’ bottom-line performance. The results are robust to outliers, model specifications, statistical estimations and alternative measures of performance. Most importantly, the inferences from the moderating result suggest stakeholder engagement as a strategic approach to improve performance. The study is relevant for business sustainability practitioners and policy makers in advancing principles of corporate governance to promote enhanced performance.

这项研究通过利用标准普尔500上市公司的数据探索包括董事会职能，结构，战略，薪酬和股东权利的公司治理支柱，扩展了公司治理和业务可持续性方面的现有工作。使用面板固定效应和两步GMM，我们发现董事会可持续发展的环境，社会和财务可持续性维度受到董事会职能和董事会结构的积极影响。我们的发现进一步表明，利益相关者参与度低对公司的底线绩效产生不利影响。结果对于异常值，模型规格，统计估计和性能的替代度量具有鲁棒性。最重要的是，从适度结果得出的推论表明，利益相关者的参与是提高绩效的一种战略方法。