Understanding the Relationship among Corporate Governance, Corporate Social Responsibility, and Sustainable Development: A Study of CSR Orientation in Hong Kong-Listed Companies

Companies listed on the main board of The Stock Exchange of Hong Kong Limited (HK-listed companies) are obligated by listing rules and their legitimacy to regulators, society and broader stakeholders to maintain effective corporate governance (CG) and strategic corporate social responsibility (CSR) frameworks. These frameworks should be integrated with robust environmental, social and governance (ESG) factors and sustainability goals to maximise their contributions to sustainable development (SD). Corporate sustainability demands a strategic commitment of the companies in ensuring long-term economic performance, and addressing social and environmental challenges. This study explored the relationship among CG, CSR and SD of HK-listed companies engaging in strategically integrated CSR orientation, thereby contributing to SD. SD encompasses the integrated dimensions of economic prosperity, social justice and environmental quality. The research adopted a qualitative, exploratory multi-case study approach to develop an in-depth understanding of contemporary, real-life practices in CG, CSR and SD domains pursued by three HK-listed companies (being the case companies and collectively, the Listed Companies). The adoption of inductive thematic analysis supported the analysis and interpretation of qualitative data collected from key informants from the Listed Companies and Hong Kong’s professionals in the research field through in-depth, semi-structured interviews conducted in person. The development of a theory-informed model from empirical findings, known as the Purpose-Governance-Social Responsibility Conceptual Framework, suggests that purpose-driven governance, an effective CG framework, and proactive, strategic CSR engagement are three foundational strategic drivers that collectively contribute to building organisational resilience and strengthening long-term SD. Additionally, the theoretical framework tailored to the context of Listed Companies supports the a priori literature review of CG, CSR and SD that effective CG serves as the cornerstone for strategic CSR engagement, which contributes to SD, and can also directly support SD through improved governance principles and practices. The findings further suggest that effective CG and CSR can promote the principles of the United Nations’ Sustainable Development Goals. Overall, this study contributes to existing knowledge regarding the importance of CG and CSR reforms and the adoption of a creating shared value approach, all driven by global sustainability goals. These factors foster improved sustainability practices and enhanced ESG performance beyond legal compliance, thereby advancing SD. This is particularly significant in combating ESG-washing and sustainability-washing, as well as reinforcing stakeholder trust and investor confidence in corporate ESG performance and sustainability commitments in the context of HK-listed companies.

Name dc:type.qualificationname

dba

Level dc:type.qualificationlevel

doctoral

Grantor dc:publisher.institution

University of Wales Trinity Saint David

Year dc:date.issued

2026

Author dc:creator

• Kuok, Yew Lee

• HF Masnach

Dc Identifier Grantnumber

UWTSD

OAI identifier oai:identifier

oai:repository.uwtsd.ac.uk:4283