Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)

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Corporate governance and Environmental Social Governance Performance of Listed Non-financial Firms in Africa. the Moderating Influence of Leverage

Authors
Philipina Ampomah1, 2, *, Nugraha Nugraha2, Maya Sari2, Denny Andriana2
1Cape Coast Technical University, Cape Coast, Ghana
2Universitas Pendidikan Indonesia, Jl. Dr. Setiabudhi 229, Bandung, 40154, Indonesia
*Corresponding author. Email: philipinaampomah@upi.edu
Corresponding Author
Philipina Ampomah
Available Online 12 September 2025.
DOI
10.2991/978-94-6463-817-2_23How to use a DOI?
Keywords
Corporate Governance; ESG Performance; Leverage; Africa; Non-financial firms
Abstract

This study examines the moderating effect of leverage on the relationship between corporate governance characteristics and Environmental, Social, and Governance (ESG) performance in African non-financial firms. This study used a dataset of 238 publicly traded non-financial companies in 13 African nations from 2012 to 2022. The analysis employs a dynamic panel model and the Generalized Method of Moments (GMM) to examine the data. The results indicate that having a diverse gender composition on the board, a larger board size, and independent board members positively impacts ESG performance. Additionally, increasing leverage strengthens the connection between these governance traits and ESG outcomes, suggesting that companies with higher leverage can effectively utilize their governance structures to achieve better ESG performance. This research contributes to the existing literature by highlighting African markets’ unique economic, social, and regulatory conditions. These findings have practical implications for policymakers, investors, and company managers in Africa, emphasizing the importance of strong corporate governance and strategic financial planning in promoting sustainability.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
12 September 2025
ISBN
978-94-6463-817-2
ISSN
2352-5428
DOI
10.2991/978-94-6463-817-2_23How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Philipina Ampomah
AU  - Nugraha Nugraha
AU  - Maya Sari
AU  - Denny Andriana
PY  - 2025
DA  - 2025/09/12
TI  - Corporate governance and Environmental Social Governance Performance of Listed Non-financial Firms in Africa. the Moderating Influence of Leverage
BT  - Proceedings of the 9th Global Conference on Business, Management and Entrepreneurship (GCBME 2024)
PB  - Atlantis Press
SP  - 185
EP  - 191
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-817-2_23
DO  - 10.2991/978-94-6463-817-2_23
ID  - Ampomah2025
ER  -