This study aims to determine the mediating effect of environmental performance (EP) on the relationship among the board governance model (BGM, i.e., one‐ or two‐tier board), institutions (regulatory quality, rule of law, and control of corruption), and financial performance (FP). Motivated by the theoretical disputes surrounding the effectiveness of BGM, this study draws upon the supremacy of shareholders versus stakeholder's perspective and the coercive pressure from institutional theory to explain corporate legitimacy practices. Thus far, only a few studies have explored the role of BGM and institutions in a firm's EP and FP. By analyzing 1112 listed firms in emerging markets from 2013 to 2020, this study shows that institutions positively affect EP and FP through a regulatory quality indicator. Specifically, the two‐tier board indicator improves EP at the expense of FP. Despite the increasing pressure to embrace sustainable practices in countries that adopt the one‐tier board model, the formalization of stakeholder supremacy within the two‐tier board structure is considered beneficial. EP does not act as a mediator in the relationship between BGM and FP.

中文翻译：

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董事会治理模式、机构、财务绩效和环境绩效：利益相关者至上还是协调问题？

本研究旨在确定环境绩效（EP）对董事会治理模式（BGM，即一层或两层董事会）、制度（监管质量、法治和腐败控制）之间关系的中介作用。 ，以及财务绩效（FP）。受围绕 BGM 有效性的理论争议的推动，本研究利用股东至上与利益相关者的观点以及制度理论的强制压力来解释公司的合法性实践。迄今为止，只有少数研究探讨了 BGM 和制度在公司 EP 和 FP 中的作用。通过分析 2013 年至 2020 年新兴市场的 1112 家上市公司，本研究表明，制度通过监管质量指标对 EP 和 FP 产生积极影响。具体来说，双层板指标以牺牲 FP 为代价来提高 EP。尽管采用单层董事会模式的国家接受可持续实践的压力越来越大，但在双层董事会结构中利益相关者至上的正规化被认为是有益的。 EP并不充当BGM和FP之间关系的调解者。