Fig. 3: Linear Trend of Marginal Effects of CD on ESG for Dual and Non-Dual.

(Note: this figure presents the linear trends of the marginal effects of CD on ESG performance across varying levels of CEO duality. The analysis incorporates all control variables as specified in the regression models. The positive slope for firms without CEO duality (solid line) is significantly steeper compared to firms with CEO duality (dashed line), underscoring the mitigating effect of CEO duality on the efficacy of digitalization initiatives in enhancing ESG outcomes. Data visualization was performed using Stata 17).