Three Essays on the Role of Corporate Ownership and Governance in the ESG Transition

The dissertation consists of three essays, each focusing on a different governance-related lever supporting the ESG transition. The first essay examines how ownership structure and board composition affect incumbent firms’ adaptation to competence-destroying innovation, using the automotive sector’s shift toward electric mobility as a case. It finds that concentrated ownership and diverse boards improve adaptive capacity, while institutional investors with short-term horizons inhibit it. The second essay explores how reputational considerations drive ESG engagement in private firms. It shows that eponymous family firms—those named after founders—are more likely to engage in substantive ESG disclosures and actions, especially when reputational risks are elevated. The third essay investigates how gender diversity on corporate boards, introduced through Italy’s gender quota law, influences international investment patterns. It finds that greater female board representation leads firms to avoid investing in countries with higher gender inequality, driven by directors’ normative commitments to equity. Together, the three studies illustrate how governance structures—ownership identities, board composition, and diversity— can play a critical role in shaping how firms navigate sustainability-related transitions. By combining quantitative methods with quasi-experimental designs and leveraging both public and private firm settings, this dissertation contributes new insights into how governance can act as a catalyst for strategic change aligned with long-term environmental and social value.