Abstract
Environmental, Social, and Governance (ESG) factors are becoming more widely acknowledged as essential elements of corporate performance. The objective of this study is to explore the relationship between ESG performance and financial results, with a particular emphasis on businesses located in Malaysia. This study investigates the ways in which the characteristics of boards, specifically the size of boards and the gender diversity of board members, modify this relationship. Using data from 346 Malaysian enterprises, the study discovers a link between ESG performance and operating income. The association between ESG and financial results is strengthened by larger board sizes, whereas board gender diversity does not have a meaningful influence on moderating this relationship. The findings provide insights into corporate governance practices, suggesting that larger boards can amplify the financial benefits of strong ESG performance.
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