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This study aims to investigate three crucial questions. First, whether the corporate
governance and corporate sustainability leads to improved firm financial performance or
not? Second, whether the sound corporate governance practices improve firm sustainable
performance or not? Third, whether the corporate sustainability mediates the relationship
between corporate governance and firm performance or not? We used the sample 425
firms listed on Australian Securities Exchange (ASX). Using structural equation
modeling approach, we find that corporate governance is positively linked to corporate
sustainability performance, and corporate sustainability performance leads to improved
financial performance. We also find that corporate sustainability performance mediates
the link between corporate governance and financial performance. These findings are
important for two aspects. The first is for firms’ management, the regulators,
policymakers in promoting corporate governance and corporate sustainability practices.
Second, our study provides empirical support to current policy debate that investing in
good governance and better sustainability practices is vital for long-term value creation.
Asma Munir, Farman Ullah Khan, Muhammad Usman, Sobia Khuram. (2019) Relationship between Corporate Governance, Corporate Sustainability and Financial Performance, Pakistan Journal of Commerce and Social Sciences, Volume 13, Issue 4.
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