Strategic Governance for Sustainable Performance: ESG Impacts of Board and Financial Structures in International Logistics.

This study examines how board structures and financial factors relate to sustainability performance withininternational logistics. Focusing on the “Freight and Logistics Services” sub-sector, we compile annual data for 62 firmsfrom 19 countries over 2016–2023 drawn from Refinitiv Eikon. Sustainability performance is operationalized by thestandardized composite ESG (environmental, social, and governance) score (0–100), which enables cross countrycomparability in a disclosure-based setting. We estimate firm fixed effects models with year fixed effects and, forcomparison, random effects and pooled ordinary least squares (OLS) specifications. Results show that board independenceand the presence of a board level corporate social responsibility (CSR) committee are positively associated with ESGperformance, while CEO duality is negatively associated consistent with the view that role consolidation weakensstakeholder-oriented oversight. Evidence on board gender diversity is specification sensitive: it is positive in pooled OLSbut loses statistical significance when firm heterogeneity is modeled. Turning to profitability or return on assets (ROA),CEO duality is negatively related to ROA, whereas gender diversity is positively related; in contrast, independence andCSR committee do not display direct effects on ROA, suggesting possible indirect channels via ESG. Financial covariatessuch as firm size and profitability are positively associated with ESG scores, and leverage reduces ROA as expected. Byproviding sub-sector specific evidence with a standardized ESG measure, the study informs governance reforms inlogistics—prioritizing CEO–chair separation, institutionalizing CSR committees, and cultivating gender diverse boards—to strengthen sustainability outcomes and long run value creation.