Research on the Impact Mechanism of Corporate Governance Structure on ESG Performance: Based on the Perspective of Stakeholder Collaboration

Against the backdrop of the deepening of global sustainable development strategies and the rapid rise of ESG investment in capital markets, corporate governance structure, as the institutional foundation for corporate strategic execution, has become a key issue in academic research and management practice regarding its impact on ESG (environmental, social, governance) performance. Research has found that board diversity and independence, equity balance, and executive ESG incentives have a significant positive impact on ESG performance, with stakeholder collaboration playing a partial mediating role in these relationships; There is a significant moderating effect of industry characteristics on the relationship between governance structure and ESG performance. The environmental performance of heavily polluting industries relies more on independent board supervision, while the social performance of service industries is more closely related to employee participation mechanisms. This study provides a theoretical basis and practical path for enterprises to improve their ESG performance through governance structure optimization.