Fig. 4: Subsample Analysis of the Moderating Effect of CEO Duality Across Industry Types.

(Note: this figure presents the estimated coefficients and 95% confidence intervals for the interaction term CD * Dual in two subsamples: heavy-polluting industries and non-heavy-polluting industries. The negative and statistically significant coefficient observed in heavy-polluting industries supports the view that CEO duality has a more detrimental moderating effect in sectors with greater ESG exposure).