Corporate Governance and Firm Performance in the Context of Technology-Based Sustainability: Evidence from Green Organic Compounds Disclosure

This study examines how corporate governance mechanisms moderate the relationship between technology-based sustainability practices and corporate performance, using Green Organic Compounds (GOCs) disclosure as an operational indicator of environmental technology adoption. Drawing on a balanced panel of publicly listed non-financial firms over the period 2019–2024, the study applies panel regression techniques to assess the impact of GOCs disclosure on both accounting-based and market-based performance measures. The results provide strong and consistent evidence that GOCs disclosure is positively associated with firm performance. More importantly, corporate governance mechanisms—particularly board independence, audit committee independence, and board gender diversity—significantly strengthen the performance effects of technology-oriented sustainability practices. By introducing GOCs disclosure as a technology-specific sustainability construct, this study extends the sustainability–performance literature beyond aggregated ESG measures and contributes to corporate governance research by demonstrating how governance quality conditions the economic returns of environmental investments. The findings highlight the role of effective governance structures in transforming sustainability initiatives from symbolic actions into value-enhancing strategic outcomes, offering relevant implications for firms, regulators, and investors operating in emerging markets undergoing regulatory and institutional transformation.