Fig. 2: Marginal Effects of CEO Duality on the CD-ESG Relationship.

(Note: this figure illustrates the estimated marginal effects of CD on ESG performance stratified by the presence of CEO duality. The analysis controls for FirmAge, Lev, ROA, Growth, Loss, Board, Indep, Top1, and Mshare. Data sources from Huazheng ESG Database. Error bars represent 95% confidence intervals. The interaction effect (CD * Dual) is statistically significant at the 5% level, indicating that CEO duality negatively moderates the relationship between CD and ESG performance).