Purpose This study aims to examine the potential trade-off between the two dimensions of sustainability − economic sustainability (ESGR) and social sustainability (SSGR). In addition, the study aims to explore the moderating role of CEO gender in this relationship, thereby assessing how executive characteristics influence the balance between economic and social dimensions of corporate sustainable growth. Design/methodology/approach This study uses panel data from 272 firms listed on the Ho Chi Minh and Hanoi Stock Exchanges over the period 2011–2022. Fixed effects models, generalized method of moments (GMM) and outlier-robust DFIT techniques are used to ensure robust estimation. Findings After controlling for firm-specific characteristics, resource constraints drive firms to adopt more conservative strategies, resulting in trade-offs between economic and social dimensions of sustainability. However, firms led by female CEOs are better able to mitigate the severity of these trade-offs, maintaining social sustainability alongside economic objectives. These findings highlight the role of CEO gender in shaping how firms allocate resources under constraints and balance competing sustainability goals. Originality/value This study provides new insights into sustainability by showing that economic and social dimensions involve inherent trade-offs. It further demonstrates that CEO gender moderates this relationship, with the trade-off between discretionary ESGR and SSGR being less pronounced in firms led by female CEOs. Drawing on stakeholder theory and social role theory, the study explains how leadership characteristics shape firms’ responses to competing stakeholder demands, highlighting the role of leadership composition in promoting more balanced sustainable growth.
Chi Duong Thi (Fri,) studied this question.