Family Firms Towards Sustainability Competitiveness: A Chain of Moderated Mediating Models in Term of ESG Practices and Corporate Governance

ABSTRACT This study explores the connection between greenhouse gas (GHG) emissions disclosure and the competitive performance of family firm (FAFI) in the ASEAN‐6 region (specifically Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam). It investigates whether GHG emissions disclosure acts as a mediating factor and evaluates the moderating influences of ESG initiatives and corporate governance (COGO) structures. Grounded in a dataset of 3255 firm‐year observations from publicly listed enterprises between 2020 and 2024, sourced from Refinitiv Eikon, we applied maximum likelihood structural equation modeling to examine the proposed links. The findings indicate that FAFI tends to exhibit lower GHG emissions disclosure. GHG emissions disclosure harms competitiveness and serves as a mediator in the relationship between FAFI attributes and competitive performance. ESG practices have moderated the link between GHG emissions disclosure and competitiveness and have been moderated by COGO. This study provides actionable insights for FAFI in ASEAN. Thereby, it suggests ways to improve their competitiveness through GHG emissions management. The results highlight the significance of strong ESG initiatives, especially in the emissions phase, and underscore the important role of effective COGO in optimizing the value‐creation potential of ESG. This research has added to our understanding of FAFI in ASEAN. The study has deeply analyzed how FAFI, GHG emissions disclosure, ESG, competitiveness, and COGO connect in ASEAN. The paper has clarified that GHG emissions disclosure acts as a mediator, and ESG activities have a moderating effect. The research has demonstrated how certain COGO mechanisms affect the strength of that moderating effect.