{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,8]],"date-time":"2026-02-08T02:16:23Z","timestamp":1770516983783,"version":"3.49.0"},"reference-count":124,"publisher":"Wiley","issue":"3","license":[{"start":{"date-parts":[[2025,7,9]],"date-time":"2025-07-09T00:00:00Z","timestamp":1752019200000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["Bus Strat Dev"],"published-print":{"date-parts":[[2025,9]]},"abstract":"<jats:title>ABSTRACT<\/jats:title>\n                  <jats:p>This research aims to examine the moderating effect of board independence on the impacts of internal governance mechanisms (ESG reporting, stakeholder engagement, and board gender diversity on firm performance) on firm performance, taking into account the financial orientation of the country. As far as we are aware, it is the first study to conduct such an examination. The sample comprises European companies included in the Euronext Vigeo 120 Index for the years from 2012 to 2021 collected from the Thomson Reuters database. The results show that board independence moderates negatively the association between ESG reporting and firm performance. Furthermore, when we divide the full sample into two subsamples based on the structure of the financial orientation of the country, the association between ESG reporting and firm performance in market\u2010oriented countries is negatively moderated by board independence. Additionally, the results also show that board independence positively moderates the impact of stakeholder engagement on firm performance in bank\u2010oriented countries. Finally, policymakers as well as companies' managers are well advised to consider the division of the sample according to financial orientation when incorporating into corporate governance mechanisms devised to contribute both to firm performance and ESG issues.<\/jats:p>","DOI":"10.1002\/bsd2.70159","type":"journal-article","created":{"date-parts":[[2025,7,10]],"date-time":"2025-07-10T00:20:32Z","timestamp":1752106832000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["The Impacts of\n                    <scp>ESG<\/scp>\n                    Reporting, Stakeholder Engagement and Board Gender Diversity on Firm Performance: Exploring the Moderating Role of Board Independence"],"prefix":"10.1002","volume":"8","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3710-9101","authenticated-orcid":false,"given":"Alfredo","family":"Grau","sequence":"first","affiliation":[{"name":"Department of Corporate Finance Faculty of Economics (University of Valencia)  Valencia Spain"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3715-0881","authenticated-orcid":false,"given":"Manuel","family":"Castelo\u2010Branco","sequence":"additional","affiliation":[{"name":"Center for Economics and Finance (Cef. Up) Faculty of Economics (University of Porto)  Porto Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6507-1411","authenticated-orcid":false,"given":"Inmaculada","family":"Bel\u2010Oms","sequence":"additional","affiliation":[{"name":"Department of Corporate Finance Faculty of Economics (University of Valencia)  Valencia Spain"}]}],"member":"311","published-online":{"date-parts":[[2025,7,9]]},"reference":[{"key":"e_1_2_9_2_1","doi-asserted-by":"publisher","DOI":"10.1108\/CG-02-2024-0113"},{"key":"e_1_2_9_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/jifm.12020"},{"key":"e_1_2_9_4_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2008.10.007"},{"key":"e_1_2_9_5_1","doi-asserted-by":"publisher","DOI":"10.2307\/2331397"},{"key":"e_1_2_9_6_1","doi-asserted-by":"publisher","DOI":"10.1108\/IJAIM\u201006\u20102017\u20100073"},{"key":"e_1_2_9_7_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2017.07.083"},{"key":"e_1_2_9_8_1","doi-asserted-by":"publisher","DOI":"10.1002\/bse.713"},{"key":"e_1_2_9_9_1","doi-asserted-by":"publisher","DOI":"10.1111\/radm.12303"},{"key":"e_1_2_9_10_1","doi-asserted-by":"publisher","DOI":"10.1108\/IJAIM\u201009\u20102019\u20100108"},{"key":"e_1_2_9_11_1","doi-asserted-by":"publisher","DOI":"10.5089\/9781463902292.001"},{"key":"e_1_2_9_12_1","doi-asserted-by":"publisher","DOI":"10.35629\/8028\u20101107018892"},{"key":"e_1_2_9_13_1","doi-asserted-by":"publisher","DOI":"10.1108\/CG-12-2023-0518"},{"key":"e_1_2_9_14_1","doi-asserted-by":"publisher","DOI":"10.1002\/sd.1732"},{"key":"e_1_2_9_15_1","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1110.1348"},{"key":"e_1_2_9_16_1","doi-asserted-by":"publisher","DOI":"10.2307\/2297968"},{"key":"e_1_2_9_17_1","doi-asserted-by":"publisher","DOI":"10.1504\/IJBGE.2013.052743"},{"key":"e_1_2_9_18_1","doi-asserted-by":"publisher","DOI":"10.1002\/bsd2.70040"},{"key":"e_1_2_9_19_1","doi-asserted-by":"publisher","DOI":"10.1002\/bsd2.329"},{"key":"e_1_2_9_20_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10551\u2010015\u20102816\u20109"},{"key":"e_1_2_9_21_1","doi-asserted-by":"publisher","DOI":"10.3390\/su10124699"},{"key":"e_1_2_9_22_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.bar.2017.11.005"},{"key":"e_1_2_9_23_1","doi-asserted-by":"publisher","DOI":"10.1037\/0033\u20102909.125.3.367"},{"key":"e_1_2_9_24_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10997\u2010009\u20109092\u2010y"},{"key":"e_1_2_9_25_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10551\u2010007\u20109630\u2010y"},{"key":"e_1_2_9_26_1","doi-asserted-by":"publisher","DOI":"10.1111\/1540\u20106288.00034"},{"key":"e_1_2_9_27_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20108683.2010.00809.x"},{"key":"e_1_2_9_28_1","doi-asserted-by":"publisher","DOI":"10.58886\/jfi.v5i2.2607"},{"key":"e_1_2_9_29_1","doi-asserted-by":"publisher","DOI":"10.1177\/01492063211054403"},{"key":"e_1_2_9_30_1","doi-asserted-by":"publisher","DOI":"10.1080\/1351847X.2021.1964556"},{"key":"e_1_2_9_31_1","doi-asserted-by":"publisher","DOI":"10.1111\/1911\u20103838.12232"},{"key":"e_1_2_9_32_1","doi-asserted-by":"publisher","DOI":"10.1002\/smj.759"},{"issue":"1","key":"e_1_2_9_33_1","first-page":"46","article-title":"Effectiveness of Board Structure in India and Germany: A Comparative Study","volume":"16","author":"Choudhuri A.","year":"2017","journal-title":"IUP Journal of Corporate Governance"},{"key":"e_1_2_9_34_1","doi-asserted-by":"publisher","DOI":"10.1108\/S0195-6310(2012)0000029011"},{"key":"e_1_2_9_35_1","doi-asserted-by":"publisher","DOI":"10.3846\/cs.2021.11207"},{"key":"e_1_2_9_36_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2008.05.008"},{"key":"e_1_2_9_37_1","doi-asserted-by":"publisher","DOI":"10.7551\/mitpress\/3001.003.0006"},{"key":"e_1_2_9_38_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2016.03.005"},{"key":"e_1_2_9_39_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr.00000005"},{"key":"e_1_2_9_40_1","doi-asserted-by":"publisher","DOI":"10.1108\/MEDAR\u201012\u20102020\u20101120"},{"key":"e_1_2_9_41_1","unstructured":"Directive (EU) 2022\/2381 2022.http:\/\/data.europa.eu\/eli\/dir\/2022\/2381\/oj"},{"key":"e_1_2_9_42_1","unstructured":"Directive2014\/95\/EU 2024.https:\/\/eur\u2010lex.europa.eu\/legal\u2010content\/EN\/TXT\/?uri5CELEX%3A32014L0095"},{"key":"e_1_2_9_43_1","doi-asserted-by":"publisher","DOI":"10.1108\/CG-11-2020-0527"},{"key":"e_1_2_9_44_1","doi-asserted-by":"publisher","DOI":"10.1002\/bse.3427"},{"key":"e_1_2_9_45_1","unstructured":"European Commission.Directive (2016). ECD 2016\/2341 of the European Parliament and of the Council.2016. On the Activities and Supervision of Institutions for Occupational Retirement Provision (IORPs).https:\/\/eur\u2010lex.europa.eu\/legal\u2010content\/EN\/TXT\/?uri=CELEX:32016L2341."},{"key":"e_1_2_9_46_1","first-page":"44","article-title":"Directive EU 2022\/2381 of European Parliament and of the Council on Improving the Gender Balance Among Directors of Listed Companies and Related Measures","author":"European Parliament","year":"2022","journal-title":"Official Journal of the European Union L 315"},{"key":"e_1_2_9_47_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20108608.2009.01581.x"},{"key":"e_1_2_9_48_1","doi-asserted-by":"publisher","DOI":"10.1086\/467037"},{"key":"e_1_2_9_49_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2003.12.001"},{"key":"e_1_2_9_50_1","doi-asserted-by":"publisher","DOI":"10.1057\/978-1-137-55149-8_10"},{"key":"e_1_2_9_51_1","doi-asserted-by":"publisher","DOI":"10.1007\/s11846\u2010014\u20100141\u20109"},{"key":"e_1_2_9_52_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10551\u2010019\u201004112\u2010z"},{"key":"e_1_2_9_53_1","doi-asserted-by":"publisher","DOI":"10.1002\/bse.2346"},{"key":"e_1_2_9_54_1","doi-asserted-by":"publisher","DOI":"10.1002\/tqem.20044"},{"key":"e_1_2_9_55_1","doi-asserted-by":"publisher","DOI":"10.1017\/jmo.2014.23"},{"key":"e_1_2_9_56_1","doi-asserted-by":"publisher","DOI":"10.6018\/rcsar.409441"},{"key":"e_1_2_9_57_1","doi-asserted-by":"publisher","DOI":"10.1002\/csr.1481"},{"key":"e_1_2_9_58_1","doi-asserted-by":"publisher","DOI":"10.3390\/su14031913"},{"key":"e_1_2_9_59_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10479\u2010019\u201003323\u2010x"},{"key":"e_1_2_9_60_1","volume-title":"Acuerdo del Consejo de la Comisi\u00f3n Nacional del Mercado de Valores de 18 de febrero de 2015 sobre el c\u00f3digo de buen gobierno de las sociedades cotizadas","author":"Good Governance Code of Listed Companies (GGC)","year":"2015"},{"key":"e_1_2_9_61_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijpe.2020.107835"},{"key":"e_1_2_9_62_1","doi-asserted-by":"publisher","DOI":"10.1111\/beer.12470"},{"key":"e_1_2_9_63_1","doi-asserted-by":"publisher","DOI":"10.1002\/smj.3204"},{"key":"e_1_2_9_64_1","doi-asserted-by":"publisher","DOI":"10.5840\/beq20132314"},{"key":"e_1_2_9_65_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20106486.1992.tb00657.x"},{"key":"e_1_2_9_66_1","doi-asserted-by":"publisher","DOI":"10.5465\/amr.2003.10196729"},{"key":"e_1_2_9_67_1","doi-asserted-by":"publisher","DOI":"10.1002\/bse.2965"},{"key":"e_1_2_9_68_1","doi-asserted-by":"publisher","DOI":"10.1080\/1351847X.2022.2049448"},{"key":"e_1_2_9_69_1","doi-asserted-by":"publisher","DOI":"10.1002\/sej.1409"},{"key":"e_1_2_9_70_1","doi-asserted-by":"publisher","DOI":"10.1108\/09649420610650693"},{"key":"e_1_2_9_71_1","volume-title":"Account Ability 1000 (AA1000): Standard, Guidelines and Professional Qualification","author":"ISEA","year":"1999"},{"key":"e_1_2_9_72_1","doi-asserted-by":"publisher","DOI":"10.1086\/296060"},{"key":"e_1_2_9_73_1","doi-asserted-by":"publisher","DOI":"10.1504\/IJBIR.2023.134655"},{"key":"e_1_2_9_74_1","doi-asserted-by":"publisher","DOI":"10.1007\/s10551\u2010013\u20101929\u20102"},{"key":"e_1_2_9_75_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ribaf.2022.101668"},{"key":"e_1_2_9_76_1","doi-asserted-by":"publisher","DOI":"10.2308\/accr-51383"},{"key":"e_1_2_9_77_1","doi-asserted-by":"publisher","DOI":"10.3389\/fpsyg.2022.899936"},{"key":"e_1_2_9_78_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6486.2010.00993.x"},{"key":"e_1_2_9_79_1","volume-title":"Creating Shared Value","author":"Kramer M. R.","year":"2011"},{"key":"e_1_2_9_80_1","doi-asserted-by":"publisher","DOI":"10.1002\/ijfe.1883"},{"key":"e_1_2_9_81_1","doi-asserted-by":"publisher","DOI":"10.1086\/250042"},{"key":"e_1_2_9_82_1","doi-asserted-by":"publisher","DOI":"10.22495\/cocv20i1art18"},{"key":"e_1_2_9_83_1","doi-asserted-by":"publisher","DOI":"10.1002\/bsd2.382"},{"key":"e_1_2_9_84_1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12487"},{"key":"e_1_2_9_85_1","doi-asserted-by":"publisher","DOI":"10.1002\/sd.3259"},{"key":"e_1_2_9_86_1","doi-asserted-by":"publisher","DOI":"10.1080\/14783363.2012.756751"},{"key":"e_1_2_9_87_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.irfa.2022.102305"},{"key":"e_1_2_9_88_1","doi-asserted-by":"publisher","DOI":"10.1037\/0022\u20100663.86.1.114"},{"key":"e_1_2_9_89_1","doi-asserted-by":"publisher","DOI":"10.19030\/jabr.v29i2.7646"},{"key":"e_1_2_9_90_1","doi-asserted-by":"publisher","DOI":"10.1080\/09585192.2015.1079229"},{"key":"e_1_2_9_91_1","doi-asserted-by":"publisher","DOI":"10.1111\/emre.12132"},{"key":"e_1_2_9_92_1","doi-asserted-by":"publisher","DOI":"10.1108\/CG\u201006\u20102018\u20100211"},{"key":"e_1_2_9_93_1","doi-asserted-by":"publisher","DOI":"10.1111\/corg.12301"},{"key":"e_1_2_9_94_1","doi-asserted-by":"publisher","DOI":"10.1002\/csr.2824"},{"key":"e_1_2_9_95_1","doi-asserted-by":"publisher","DOI":"10.1002\/csr.1399"},{"key":"e_1_2_9_96_1","doi-asserted-by":"publisher","DOI":"10.1108\/MEDAR-05-2020-0896"},{"key":"e_1_2_9_97_1","doi-asserted-by":"publisher","DOI":"10.1111\/irfi.12275"},{"key":"e_1_2_9_98_1","doi-asserted-by":"publisher","DOI":"10.1108\/JIBR-06-2020-0180"},{"key":"e_1_2_9_99_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20108683.2008.00678.x"},{"key":"e_1_2_9_100_1","doi-asserted-by":"publisher","DOI":"10.1007\/s11846\u2010019\u201000330\u2010x"},{"key":"e_1_2_9_101_1","doi-asserted-by":"publisher","DOI":"10.1108\/ARLA\u201007\u20102022\u20100139"},{"key":"e_1_2_9_102_1","doi-asserted-by":"publisher","DOI":"10.1002\/csr.2134"},{"key":"e_1_2_9_103_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20108551.2010.00708.x"},{"key":"e_1_2_9_104_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467\u20108683.2004.00369.x"},{"key":"e_1_2_9_105_1","doi-asserted-by":"publisher","DOI":"10.1108\/CG\u201001\u20102013\u20100013"},{"key":"e_1_2_9_106_1","doi-asserted-by":"publisher","DOI":"10.2307\/1907619"},{"key":"e_1_2_9_107_1","doi-asserted-by":"publisher","DOI":"10.1108\/ARJ\u201009\u20102017\u20100149"},{"key":"e_1_2_9_108_1","doi-asserted-by":"publisher","DOI":"10.1002\/csr.2725"},{"key":"e_1_2_9_109_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.bar.2014.07.002"},{"key":"e_1_2_9_110_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.bar.2022.101149"},{"key":"e_1_2_9_111_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.indmarman.2017.11.010"},{"key":"e_1_2_9_112_1","first-page":"1","volume-title":"The Decade to Deliver, A Call to Business \u2010 CEO Study on Sustainability 2019","author":"UN","year":"2019"},{"key":"e_1_2_9_113_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbusres.2018.03.005"},{"key":"e_1_2_9_114_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2019.04.010"},{"key":"e_1_2_9_115_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jclepro.2022.132638"},{"key":"e_1_2_9_116_1","doi-asserted-by":"publisher","DOI":"10.1002\/csr.1989"},{"key":"e_1_2_9_117_1","doi-asserted-by":"publisher","DOI":"10.15388\/omee.2016.7.2.14210"},{"key":"e_1_2_9_118_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.irle.2014.10.002"},{"key":"e_1_2_9_119_1","doi-asserted-by":"publisher","DOI":"10.1080\/23311975.2021.1938349"},{"key":"e_1_2_9_120_1","doi-asserted-by":"publisher","DOI":"10.1787\/fmt-v2012-1-en"},{"key":"e_1_2_9_121_1","volume-title":"Introductory Econometrics: A Modern Approach","author":"Wooldridge J. M.","year":"2013"},{"key":"e_1_2_9_122_1","doi-asserted-by":"publisher","DOI":"10.1177\/0972150920917773"},{"key":"e_1_2_9_123_1","doi-asserted-by":"publisher","DOI":"10.1108\/K\u201012\u20102019\u20100793"},{"issue":"2","key":"e_1_2_9_124_1","first-page":"229","article-title":"The Implications of Board of Directors Composition for Corporate Strategy and Performance","volume":"5","author":"Zahra S. A.","year":"1988","journal-title":"International Journal of Management"},{"key":"e_1_2_9_125_1","doi-asserted-by":"publisher","DOI":"10.3390\/joitmc7020127"}],"container-title":["Business Strategy &amp; Development"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/bsd2.70159","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,11,27]],"date-time":"2025-11-27T08:52:54Z","timestamp":1764233574000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/bsd2.70159"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,7,9]]},"references-count":124,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2025,9]]}},"alternative-id":["10.1002\/bsd2.70159"],"URL":"https:\/\/doi.org\/10.1002\/bsd2.70159","archive":["Portico"],"relation":{},"ISSN":["2572-3170","2572-3170"],"issn-type":[{"value":"2572-3170","type":"print"},{"value":"2572-3170","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,7,9]]},"assertion":[{"value":"2025-02-03","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2025-06-20","order":2,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2025-07-09","order":3,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}],"article-number":"e70159"}}