Influencing factors on sustainability reporting quality based on sustainable development goals (SDGS) considering COVID-19
Abstract
In 2020, the major companies in the Asia Pacific region faced challenges in sustainability performance reporting, primarily attributed to disruptions caused by the COVID-19 pandemic. This crisis compelled companies to reassess their sustainability goals. This study aims to analyze the relationship between corporate governance and corporate characteristics such as industry type and government ownership of sustainability reporting quality based on sustainable development goals (SDGs) with a population of 200 companies in ASEAN countries, including Indonesia, Malaysia, Thailand, and the Philippines, listed on each country’s stock exchange. The research sample consisted of 84 companies selected through purposive sampling. The hypothesis testing model employed a multiple linear regression method and utilized the panel data regression analysis approach. The findings indicate that the three corporate governance components examined in this research board independence, audit committee, and managerial ownership, along with government ownership do not exert a significant influence on sustainability reporting quality based on the seventeen SDGs goals. Furthermore, we believe that this research is very important to be carried out in Indonesia, given that environmentally sensitive industries face the risk of environmental damage and therefore need legitimacy to maintain their operations, demonstrated through sustainability report reporting.
Keyword : corporate governance, environmentally polluting industries, government ownership, sustainability reporting quality, sustainable development goals (SDGs)
How to Cite
Idawati, W., Prabowo, H. S., Pratiwi, A. R., & Simatupang, B. M. (2024). Influencing factors on sustainability reporting quality based on sustainable development goals (SDGS) considering COVID-19. Business: Theory and Practice, 25(2), 509–522. https://doi.org/10.3846/btp.2024.19579
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Adel, C., Hussain, M. M., Mohamed, E. K. A., & Basuony, M. A. K. (2019). Is corporate governance relevant to corporate social responsibility disclosure quality in large European companies? International Journal of Accounting and Information Management, 27(2), 301–332. https://doi.org/10.1108/IJAIM-10-2017-0118
Adiatma, K. B. (2018). Pengaruh Tipe Industri, Kepemilikan Saham Pemerintah, Profitabilitas Terhadap Sustainability Report. E-Jurnal Akuntansi Universitas Udayana, 25(2), 934–958. https://doi.org/10.24843/EJA.2018.v25.i02.p05
Aditya, M., & Sinaga, I. (2021). Determination of disclosure of sustainability report with Gri standards in the non-financial sector. GEMA: Gentiaras Journal of Management and Accounting, 13(1), 23–35. https://doi.org/10.47768/gema.v13i1.225
Aggarwal, P., & Singh, A. K. (2019). CSR and sustainability reporting practices in India: An in-depth content analysis of top-listed companies. Social Responsibility Journal, 15(8), 1033–1053. https://doi.org/10.1108/SRJ-03-2018-0078
Al-Shaer, H. (2020). Sustainability reporting quality and post-audit financial reporting quality: Empirical evidence from the UK. Business Strategy and the Environment, 29(6), 2355–2373. https://doi.org/10.1002/bse.2507
Al Amosh, H., & Khatib, S. F. A. (2021). Ownership structure and environmental, social and governance performance disclosure: The moderating role of the board independence. Journal of Business and Socio-Economic Development, 2(1). https://doi.org/10.1108/JBSED-07-2021-0094
Alam, M. S., & Kabir, M. N. (2013). Economic growth and environmental sustainability: Empirical evidence from East and South-East Asia. International Journal of Economics and Finance, 5(2), 86–97. https://doi.org/10.5539/ijef.v5n2p86
Amidjaya, P. G., & Widagdo, A. K. (2020). Sustainability reporting in Indonesian listed banks: Do corporate governance, ownership structure and digital banking matter? Journal of Applied Accounting Research, 21(2), 231–247. https://doi.org/10.1108/JAAR-09-2018-0149
Asian Corporate Governance Association. (2020). 2020 ACGS rankings. ACGS.
Boshnak, H. A. (2021). Determinants of corporate social and environmental voluntary disclosure in Saudi listed firms. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2020-0129
Boučková, M. (2015). Management accounting and agency theory. Procedia Economics and Finance, 25(15), 5–13. https://doi.org/10.1016/S2212-5671(15)00707-8
Buallay, A., & Al-Ajmi, J. (2020). The role of audit committee attributes in corporate sustainability reporting: Evidence from banks in the Gulf Cooperation Cooperation Council. Journal of Applied Accounting Research, 21(2), 249–264. https://doi.org/10.1108/JAAR-06-2018-0085
Cicchiello, A. F., Fellegara, A. M., Kazemikhasragh, A., & Monferrà, S. (2021). Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity. Gender in Management, 36(7), 801–820. https://doi.org/10.1108/GM-05-2020-0147
Coccia, M. (2021). The impact of first and second wave of the COVID-19 pandemic in society: Comparative analysis to support control measures to cope with negative effects of future infectious diseases. Environmental Research, 197(April), Article 111099. https://doi.org/10.1016/j.envres.2021.111099
Correa-Garcia, J. A., Garcia-Benau, M. A., & Garcia-Meca, E. (2020). Corporate governance and its implications for sustainability reporting quality in Latin American business groups. Journal of Cleaner Production, 260, Article 121142. https://doi.org/10.1016/j.jclepro.2020.121142
Dewi, I. P., & Pitriasari, P. (2019). The influence of good corporate governance and company size on sustainability report disclosure (study of companies listed on the Indonesia stock exchange period 2014–2016). Journal of Management Science & Accounting, XI(1), 33–53.
Dizar, S., Alifia, S., & Alvionita, F. (2018). The effect of audit committee, gender commissioners and directors, role duality, and firm size against extension of sustainability report disclosure. Indonesian Management and Accounting Research, 17(1), 47–65. https://doi.org/10.25105/imar.v17i1.4667
Dowling, J., & Pfeffer, J. (1975). Pacific sociological association organizational legitimacy: Social values and organizational behavior. Source: The Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226
Ehnert, I., Parsa, S., Roper, I., Wagner, M., & Muller-Camen, M. (2016). Reporting on sustainability and HRM: A comparative study of sustainability reporting practices by the world’s largest companies. International Journal of Human Resource Management, 27(1), 88–108. https://doi.org/10.1080/09585192.2015.1024157
Ekaputri, C. W., & Eriandi, R. (2022). Pengaruh corporate governance terhadap Kualitas sustainability reporting. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntasi, 9(1), 72–86. https://doi.org/10.30656/jak.v9i1.4060
Elalfy, A., Weber, O., & Geobey, S. (2020). The sustainable development goals (SDGs): A rising tide lifts all boats? Global reporting implications in a post SDGs world. Journal of Applied Accounting Research, 22(3), 557–575. https://doi.org/10.1108/JAAR-06-2020-0116
GlobeScan & GRI. (2020). Rising trust in sustainability reporting around the world. https://globescan.com/2020/10/14/rising-trust-sustainability-reporting/
Gujarati, D. N., & Porter, D. C. (2010). Essentials of econometrics (4th ed.). McGraw-Hill.
Harijono, H., & Tanewski, G. (2012). Does legal transplantation work? The case of Indonesian corporate governance reforms (Finance and Corporate Governance Conference Paper). SSRN. https://doi.org/10.2139/ssrn.1772808
Heizer, J., Render, B., & Munson, C. (2017). Operations management: Sustainability and supply chain management (12th ed.). Pearson.
Hopt, K. J. (2013). Better governance of financial institutions (Ecgi – Law Working Paper No. 207). SSRN.
Idawati, W. (2017). Analisis faktor-faktor yang mempengaruhi nilai perusahaan pada perusahaan makanan dan minuman yang terdaftar di bursa efek Indonesia periode 2012–2016. Jurnal Akuntansi Bisnis, 10(2). https://doi.org/10.30813/jab.v10i2.993
Jain, R., & Lawrence, H. W. (2016). CSR and sustainability reporting practices of top companies in India. Corporate Communications: An International Journal, 21(1), 36–35. https://doi.org/10.1108/CCIJ-09-2014-0061
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Junior, R., Best, P., & Cotter, J. (2014). Sustainability reporting and assurance: A historical analysis on a worldwide phenomenon. Journal of Business Ethics, 120(1), 1–11. https://doi.org/10.1007/s10551-013-1637-y
Khan, A., Muttakin, M. B., & Siddiqui, J. (2012). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. SSRN. https://doi.org/10.2139/ssrn.2050630
Kouloukoui, D., Sant’Anna, Â. M. O., da Silva Gomes, S. M., de Oliveira Marinho, M. M., de Jong, P., Kiperstok, A., & Torres, E. A. (2019). Factors influencing the level of environmental disclosures in sustainability reports: Case of climate risk disclosure by Brazilian companies. Corporate Social Responsibility and Environmental Management, 26(4), 791–804. https://doi.org/10.1002/csr.1721
Kumar, K. (2020). The emerging phenomenon of corporate sustainability reporting: Evidence from top 100 NSE listed companies in India. Journal of Public Affairs, 22(1), Article e2368. https://doi.org/10.1002/pa.2368
Kumar, K., Kumari, R., Poonia, A., & Kumar, R. (2021). Factors influencing corporate sustainability disclosure practices: Empirical evidence from Indian National Stock Exchange. Journal of Financial Reporting and Accounting, 21(2). https://doi.org/10.1108/JFRA-01-2021-0023
Lagasio, V., & Cucari, N. (2019). Corporate governance and environmental social governance disclosure: A meta-analytical review. Corporate Social Responsibility and Environmental Management, 26(4), 701–711. https://doi.org/10.1002/csr.1716
Larrinaga, C., & Bebbington, J. (2021). The pre-history of sustainability reporting: A constructivist reading. Accounting, Auditing and Accountability Journal, 34(9), 131–150. https://doi.org/10.1108/AAAJ-03-2017-2872
Maali, K., Rakia, R., & Khaireddine, M. (2021). How corporate social responsibility mediates the relationship between corporate governance and sustainability performance in UK: A multiple mediator analysis. Society and Business Review, 16(2), 201–217. https://doi.org/10.1108/SBR-12-2020-0143
Madona, M. A., & Khafid, M. (2020). Pengaruh Good Corporate Governance terhadap Pengungkapan Sustainability Report dengan Ukuran Perusahaan sebagai Pemoderasi. Jurnal Optimasi Sistem Industri, 19(1), 22–32. https://doi.org/10.25077/josi.v19.n1.p22-32.2020
Mahmood, Z., Kouser, R., Ali, W., Ahmad, Z., & Salman, T. (2018). Does corporate governance affect sustainability disclosure? A mixed methods study. Sustainability (Switzerland), 10(1), 1– 20. https://doi.org/10.3390/su10010207
Majeed, S., Aziz, T., & Saleem, S. (2015). The effect of corporate governance elements on corporate social responsibility (CSR) disclosure: An empirical evidence from listed companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530–556. https://doi.org/10.3390/ijfs3040530
Manning, B., Braam, G., & Reimsbach, D. (2019). Corporate governance and sustainable business conduct – effects of board monitoring effectiveness and stakeholder engagement on corporate sustainability performance and disclosure choices. Corporate Social Responsibility and Environmental Management, 26(2), 351–366. https://doi.org/10.1002/csr.1687
Michelon, G., & Parbonetti, A. (2012). The effect of corporate governance on sustainability disclosure. Journal of Management and Governance, 16(3), 477–509. https://doi.org/10.1007/s10997-010-9160-3
Mohammadi, S., Saeidi, H., & Naghshbandi, N. (2021). The impact of board and audit committee characteristics on corporate social responsibility: Evidence from the Iranian stock exchange. International Journal of Productivity and Performance Management, 70(8), 2207–2236. https://doi.org/10.1108/IJPPM-10-2019-0506
Muttakin, M. B., & Khan, A. (2014). Determinants of corporate social disclosure: Empirical evidence from Bangladesh. Advances in Accounting, 30(1), 168–175. https://doi.org/10.1016/j.adiac.2014.03.005
Muttakin, M. B., & Subramaniam, N. (2015). Firm ownership and board characteristics: Do they matter for corporate social responsibility disclosure of Indian companies? Sustainability Accounting, Management and Policy Journal, 6(2), 138–165. https://doi.org/10.1108/SAMPJ-10-2013-0042
Nuskiya, M. N. F., Ekanayake, A., Beddewela, E., & Meftah Gerged, A. (2021). Determinants of corporate environmental disclosures in Sri Lanka: The role of corporate governance. Journal of Accounting in Emerging Economies, 11(3), 367–394. https://doi.org/10.1108/JAEE-02-2020-0028
Organisation for Economic Cooperation and Development. (2015). G20/OECD principles of corporate governance. OECD iLibrary. https://doi.org/10.1787/9789264257443-tr
Olayinka, O. M. (2021). Corporate governance and economic sustainability reporting in Nigeria. Journal of Accounting and Taxation, 13(4), 243–254. https://doi.org/10.5897/JAT2021.0478
Ong, T., & Djajadikerta, H. G. (2020). Corporate governance and sustainability reporting in the Australian resources industry: An empirical analysis. Social Responsibility Journal, 16(1), 1–14. https://doi.org/10.1108/SRJ-06-2018-0135
PWC. (2018). From promise to reality: Does business really care about the SDGs? www.pwc.com/sdgreportingchallenge
Roviqoh, D. I., & Khafid, M. (2021). Profitability in mediating the influence of institutional ownership, audit committee, and company size on sustainability report disclosure. Business and Economic Analysis Journal, 1(1), 14–26. https://doi.org/10.15294/beaj.v1i1.30142
Romero, S., Ruiz, S., & Fernandez‐Feijoo, B. (2019). Sustainability reporting and stakeholder engagement in Spain: Different instruments, different quality. Business Strategy and the Environment, 28(1), 221–232. https://doi.org/10.1002/bse.2251
Rudyanto, A., & Siregar, S. V. (2018). The effect of stakeholder pressure and corporate governance on the sustainability report quality. International Journal of Ethics and Systems, 34(2), 233–249. https://doi.org/10.1108/IJOES-05-2017-0071
Setyahadi, R. R., & Narsa, I. M. (2020). Corporate governance and sustainability in Indonesia. The Journal of Asian Finance, Economics and Business, 7(12), 885–894. https://doi.org/10.13106/jafeb.2020.vol7.no12.885
Siagian, F., Siregar, S. V., & Rahadian, Y. (2013). Corporate governance, reporting quality, and firm value: Evidence from Indonesia. Journal of Accounting in Emerging Economies, 3(1), 4–20. https://doi.org/10.1108/20440831311287673
Solomon, J. (2013). Corporate governance and accountability (4th ed.). John Wiley & Sons Ltd.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. The Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Sugiyono. (2015). Metode Penelitian Pendidikan: Pendekatan Kuantitatif, Kualitatif dan R&D. Perpustakaan Universitas Gresik.
Suriyankietkaew, S., & Nimsai, S. (2021). COVID-19 impacts and sustainability strategies for regional recovery in Southeast Asia: Challenges and opportunities. Sustainability (Switzerland), 13(16), Article 8907. https://doi.org/10.3390/su13168907
Thompson, E. K., Ashimwe, O., Buertey, S., & Kim, S. Y. (2022). The value relevance of sustainability reporting: Does assurance and the type of assurer matter? Sustainability Accounting, Management and Policy Journal, 13(4), 858–877. https://doi.org/10.1108/SAMPJ-08-2021-0329
Tsalis, T. A., Malamateniou, K. E., Koulouriotis, D., & Nikolaou, I. E. (2020). New challenges for corporate sustainability reporting: United Nations’ 2030 agenda for sustainable development and the sustainable development goals. Corporate Social Responsibility and Environmental Management, 27(4), 1617–1629. https://doi.org/10.1002/csr.1910
Tumwebaze, Z., Bananuka, J., Kaawaase, T. K., Bonareri, C. T., & Mutesasira, F. (2021). Audit committee effectiveness, internal audit function and sustainability reporting practices. Asian Journal of Accounting Research, 7(2). https://doi.org/10.1108/AJAR-03-2021-0036
United Nations. (2020). A UN framework for the immediate response to table of contents. United Nations, April.
Wahyudi, S. M. (2021). The effect of corporate governance and company characteristics on disclosure of sustainability report companies. European Journal of Business and Management Research, 6(4), 94–99. https://doi.org/10.24018/ejbmr.2021.6.4.929
Wang, Q., & Huang, R. (2021). The impact of COVID-19 pandemic on sustainable development goals – A survey. Environmental Research, 202(April), Article 111637. https://doi.org/10.1016/j.envres.2021.111637
Wong, J., Wong, N., Li, W. Y., & Chen, L. (2016). Sustainability assurance: An emerging market for the accounting profession. Pacific Accounting Review, 28(3), 238–259. https://doi.org/10.1108/PAR-11-2014-0038
Wijayana, E., & Kurniawati, K. (2018). Pengaruh corporate governance, return on asset Dan Umur Perusahaan Terhadap Luas Pengungkapan sustainability report. Jurnal Akuntansi Bisnis, 11(2), 157–171. https://doi.org/10.30813/jab.v11i2.1388
Adiatma, K. B. (2018). Pengaruh Tipe Industri, Kepemilikan Saham Pemerintah, Profitabilitas Terhadap Sustainability Report. E-Jurnal Akuntansi Universitas Udayana, 25(2), 934–958. https://doi.org/10.24843/EJA.2018.v25.i02.p05
Aditya, M., & Sinaga, I. (2021). Determination of disclosure of sustainability report with Gri standards in the non-financial sector. GEMA: Gentiaras Journal of Management and Accounting, 13(1), 23–35. https://doi.org/10.47768/gema.v13i1.225
Aggarwal, P., & Singh, A. K. (2019). CSR and sustainability reporting practices in India: An in-depth content analysis of top-listed companies. Social Responsibility Journal, 15(8), 1033–1053. https://doi.org/10.1108/SRJ-03-2018-0078
Al-Shaer, H. (2020). Sustainability reporting quality and post-audit financial reporting quality: Empirical evidence from the UK. Business Strategy and the Environment, 29(6), 2355–2373. https://doi.org/10.1002/bse.2507
Al Amosh, H., & Khatib, S. F. A. (2021). Ownership structure and environmental, social and governance performance disclosure: The moderating role of the board independence. Journal of Business and Socio-Economic Development, 2(1). https://doi.org/10.1108/JBSED-07-2021-0094
Alam, M. S., & Kabir, M. N. (2013). Economic growth and environmental sustainability: Empirical evidence from East and South-East Asia. International Journal of Economics and Finance, 5(2), 86–97. https://doi.org/10.5539/ijef.v5n2p86
Amidjaya, P. G., & Widagdo, A. K. (2020). Sustainability reporting in Indonesian listed banks: Do corporate governance, ownership structure and digital banking matter? Journal of Applied Accounting Research, 21(2), 231–247. https://doi.org/10.1108/JAAR-09-2018-0149
Asian Corporate Governance Association. (2020). 2020 ACGS rankings. ACGS.
Boshnak, H. A. (2021). Determinants of corporate social and environmental voluntary disclosure in Saudi listed firms. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2020-0129
Boučková, M. (2015). Management accounting and agency theory. Procedia Economics and Finance, 25(15), 5–13. https://doi.org/10.1016/S2212-5671(15)00707-8
Buallay, A., & Al-Ajmi, J. (2020). The role of audit committee attributes in corporate sustainability reporting: Evidence from banks in the Gulf Cooperation Cooperation Council. Journal of Applied Accounting Research, 21(2), 249–264. https://doi.org/10.1108/JAAR-06-2018-0085
Cicchiello, A. F., Fellegara, A. M., Kazemikhasragh, A., & Monferrà, S. (2021). Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity. Gender in Management, 36(7), 801–820. https://doi.org/10.1108/GM-05-2020-0147
Coccia, M. (2021). The impact of first and second wave of the COVID-19 pandemic in society: Comparative analysis to support control measures to cope with negative effects of future infectious diseases. Environmental Research, 197(April), Article 111099. https://doi.org/10.1016/j.envres.2021.111099
Correa-Garcia, J. A., Garcia-Benau, M. A., & Garcia-Meca, E. (2020). Corporate governance and its implications for sustainability reporting quality in Latin American business groups. Journal of Cleaner Production, 260, Article 121142. https://doi.org/10.1016/j.jclepro.2020.121142
Dewi, I. P., & Pitriasari, P. (2019). The influence of good corporate governance and company size on sustainability report disclosure (study of companies listed on the Indonesia stock exchange period 2014–2016). Journal of Management Science & Accounting, XI(1), 33–53.
Dizar, S., Alifia, S., & Alvionita, F. (2018). The effect of audit committee, gender commissioners and directors, role duality, and firm size against extension of sustainability report disclosure. Indonesian Management and Accounting Research, 17(1), 47–65. https://doi.org/10.25105/imar.v17i1.4667
Dowling, J., & Pfeffer, J. (1975). Pacific sociological association organizational legitimacy: Social values and organizational behavior. Source: The Pacific Sociological Review, 18(1), 122–136. https://doi.org/10.2307/1388226
Ehnert, I., Parsa, S., Roper, I., Wagner, M., & Muller-Camen, M. (2016). Reporting on sustainability and HRM: A comparative study of sustainability reporting practices by the world’s largest companies. International Journal of Human Resource Management, 27(1), 88–108. https://doi.org/10.1080/09585192.2015.1024157
Ekaputri, C. W., & Eriandi, R. (2022). Pengaruh corporate governance terhadap Kualitas sustainability reporting. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntasi, 9(1), 72–86. https://doi.org/10.30656/jak.v9i1.4060
Elalfy, A., Weber, O., & Geobey, S. (2020). The sustainable development goals (SDGs): A rising tide lifts all boats? Global reporting implications in a post SDGs world. Journal of Applied Accounting Research, 22(3), 557–575. https://doi.org/10.1108/JAAR-06-2020-0116
GlobeScan & GRI. (2020). Rising trust in sustainability reporting around the world. https://globescan.com/2020/10/14/rising-trust-sustainability-reporting/
Gujarati, D. N., & Porter, D. C. (2010). Essentials of econometrics (4th ed.). McGraw-Hill.
Harijono, H., & Tanewski, G. (2012). Does legal transplantation work? The case of Indonesian corporate governance reforms (Finance and Corporate Governance Conference Paper). SSRN. https://doi.org/10.2139/ssrn.1772808
Heizer, J., Render, B., & Munson, C. (2017). Operations management: Sustainability and supply chain management (12th ed.). Pearson.
Hopt, K. J. (2013). Better governance of financial institutions (Ecgi – Law Working Paper No. 207). SSRN.
Idawati, W. (2017). Analisis faktor-faktor yang mempengaruhi nilai perusahaan pada perusahaan makanan dan minuman yang terdaftar di bursa efek Indonesia periode 2012–2016. Jurnal Akuntansi Bisnis, 10(2). https://doi.org/10.30813/jab.v10i2.993
Jain, R., & Lawrence, H. W. (2016). CSR and sustainability reporting practices of top companies in India. Corporate Communications: An International Journal, 21(1), 36–35. https://doi.org/10.1108/CCIJ-09-2014-0061
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Junior, R., Best, P., & Cotter, J. (2014). Sustainability reporting and assurance: A historical analysis on a worldwide phenomenon. Journal of Business Ethics, 120(1), 1–11. https://doi.org/10.1007/s10551-013-1637-y
Khan, A., Muttakin, M. B., & Siddiqui, J. (2012). Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy. SSRN. https://doi.org/10.2139/ssrn.2050630
Kouloukoui, D., Sant’Anna, Â. M. O., da Silva Gomes, S. M., de Oliveira Marinho, M. M., de Jong, P., Kiperstok, A., & Torres, E. A. (2019). Factors influencing the level of environmental disclosures in sustainability reports: Case of climate risk disclosure by Brazilian companies. Corporate Social Responsibility and Environmental Management, 26(4), 791–804. https://doi.org/10.1002/csr.1721
Kumar, K. (2020). The emerging phenomenon of corporate sustainability reporting: Evidence from top 100 NSE listed companies in India. Journal of Public Affairs, 22(1), Article e2368. https://doi.org/10.1002/pa.2368
Kumar, K., Kumari, R., Poonia, A., & Kumar, R. (2021). Factors influencing corporate sustainability disclosure practices: Empirical evidence from Indian National Stock Exchange. Journal of Financial Reporting and Accounting, 21(2). https://doi.org/10.1108/JFRA-01-2021-0023
Lagasio, V., & Cucari, N. (2019). Corporate governance and environmental social governance disclosure: A meta-analytical review. Corporate Social Responsibility and Environmental Management, 26(4), 701–711. https://doi.org/10.1002/csr.1716
Larrinaga, C., & Bebbington, J. (2021). The pre-history of sustainability reporting: A constructivist reading. Accounting, Auditing and Accountability Journal, 34(9), 131–150. https://doi.org/10.1108/AAAJ-03-2017-2872
Maali, K., Rakia, R., & Khaireddine, M. (2021). How corporate social responsibility mediates the relationship between corporate governance and sustainability performance in UK: A multiple mediator analysis. Society and Business Review, 16(2), 201–217. https://doi.org/10.1108/SBR-12-2020-0143
Madona, M. A., & Khafid, M. (2020). Pengaruh Good Corporate Governance terhadap Pengungkapan Sustainability Report dengan Ukuran Perusahaan sebagai Pemoderasi. Jurnal Optimasi Sistem Industri, 19(1), 22–32. https://doi.org/10.25077/josi.v19.n1.p22-32.2020
Mahmood, Z., Kouser, R., Ali, W., Ahmad, Z., & Salman, T. (2018). Does corporate governance affect sustainability disclosure? A mixed methods study. Sustainability (Switzerland), 10(1), 1– 20. https://doi.org/10.3390/su10010207
Majeed, S., Aziz, T., & Saleem, S. (2015). The effect of corporate governance elements on corporate social responsibility (CSR) disclosure: An empirical evidence from listed companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530–556. https://doi.org/10.3390/ijfs3040530
Manning, B., Braam, G., & Reimsbach, D. (2019). Corporate governance and sustainable business conduct – effects of board monitoring effectiveness and stakeholder engagement on corporate sustainability performance and disclosure choices. Corporate Social Responsibility and Environmental Management, 26(2), 351–366. https://doi.org/10.1002/csr.1687
Michelon, G., & Parbonetti, A. (2012). The effect of corporate governance on sustainability disclosure. Journal of Management and Governance, 16(3), 477–509. https://doi.org/10.1007/s10997-010-9160-3
Mohammadi, S., Saeidi, H., & Naghshbandi, N. (2021). The impact of board and audit committee characteristics on corporate social responsibility: Evidence from the Iranian stock exchange. International Journal of Productivity and Performance Management, 70(8), 2207–2236. https://doi.org/10.1108/IJPPM-10-2019-0506
Muttakin, M. B., & Khan, A. (2014). Determinants of corporate social disclosure: Empirical evidence from Bangladesh. Advances in Accounting, 30(1), 168–175. https://doi.org/10.1016/j.adiac.2014.03.005
Muttakin, M. B., & Subramaniam, N. (2015). Firm ownership and board characteristics: Do they matter for corporate social responsibility disclosure of Indian companies? Sustainability Accounting, Management and Policy Journal, 6(2), 138–165. https://doi.org/10.1108/SAMPJ-10-2013-0042
Nuskiya, M. N. F., Ekanayake, A., Beddewela, E., & Meftah Gerged, A. (2021). Determinants of corporate environmental disclosures in Sri Lanka: The role of corporate governance. Journal of Accounting in Emerging Economies, 11(3), 367–394. https://doi.org/10.1108/JAEE-02-2020-0028
Organisation for Economic Cooperation and Development. (2015). G20/OECD principles of corporate governance. OECD iLibrary. https://doi.org/10.1787/9789264257443-tr
Olayinka, O. M. (2021). Corporate governance and economic sustainability reporting in Nigeria. Journal of Accounting and Taxation, 13(4), 243–254. https://doi.org/10.5897/JAT2021.0478
Ong, T., & Djajadikerta, H. G. (2020). Corporate governance and sustainability reporting in the Australian resources industry: An empirical analysis. Social Responsibility Journal, 16(1), 1–14. https://doi.org/10.1108/SRJ-06-2018-0135
PWC. (2018). From promise to reality: Does business really care about the SDGs? www.pwc.com/sdgreportingchallenge
Roviqoh, D. I., & Khafid, M. (2021). Profitability in mediating the influence of institutional ownership, audit committee, and company size on sustainability report disclosure. Business and Economic Analysis Journal, 1(1), 14–26. https://doi.org/10.15294/beaj.v1i1.30142
Romero, S., Ruiz, S., & Fernandez‐Feijoo, B. (2019). Sustainability reporting and stakeholder engagement in Spain: Different instruments, different quality. Business Strategy and the Environment, 28(1), 221–232. https://doi.org/10.1002/bse.2251
Rudyanto, A., & Siregar, S. V. (2018). The effect of stakeholder pressure and corporate governance on the sustainability report quality. International Journal of Ethics and Systems, 34(2), 233–249. https://doi.org/10.1108/IJOES-05-2017-0071
Setyahadi, R. R., & Narsa, I. M. (2020). Corporate governance and sustainability in Indonesia. The Journal of Asian Finance, Economics and Business, 7(12), 885–894. https://doi.org/10.13106/jafeb.2020.vol7.no12.885
Siagian, F., Siregar, S. V., & Rahadian, Y. (2013). Corporate governance, reporting quality, and firm value: Evidence from Indonesia. Journal of Accounting in Emerging Economies, 3(1), 4–20. https://doi.org/10.1108/20440831311287673
Solomon, J. (2013). Corporate governance and accountability (4th ed.). John Wiley & Sons Ltd.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. The Academy of Management Review, 20(3), 571–610. https://doi.org/10.2307/258788
Sugiyono. (2015). Metode Penelitian Pendidikan: Pendekatan Kuantitatif, Kualitatif dan R&D. Perpustakaan Universitas Gresik.
Suriyankietkaew, S., & Nimsai, S. (2021). COVID-19 impacts and sustainability strategies for regional recovery in Southeast Asia: Challenges and opportunities. Sustainability (Switzerland), 13(16), Article 8907. https://doi.org/10.3390/su13168907
Thompson, E. K., Ashimwe, O., Buertey, S., & Kim, S. Y. (2022). The value relevance of sustainability reporting: Does assurance and the type of assurer matter? Sustainability Accounting, Management and Policy Journal, 13(4), 858–877. https://doi.org/10.1108/SAMPJ-08-2021-0329
Tsalis, T. A., Malamateniou, K. E., Koulouriotis, D., & Nikolaou, I. E. (2020). New challenges for corporate sustainability reporting: United Nations’ 2030 agenda for sustainable development and the sustainable development goals. Corporate Social Responsibility and Environmental Management, 27(4), 1617–1629. https://doi.org/10.1002/csr.1910
Tumwebaze, Z., Bananuka, J., Kaawaase, T. K., Bonareri, C. T., & Mutesasira, F. (2021). Audit committee effectiveness, internal audit function and sustainability reporting practices. Asian Journal of Accounting Research, 7(2). https://doi.org/10.1108/AJAR-03-2021-0036
United Nations. (2020). A UN framework for the immediate response to table of contents. United Nations, April.
Wahyudi, S. M. (2021). The effect of corporate governance and company characteristics on disclosure of sustainability report companies. European Journal of Business and Management Research, 6(4), 94–99. https://doi.org/10.24018/ejbmr.2021.6.4.929
Wang, Q., & Huang, R. (2021). The impact of COVID-19 pandemic on sustainable development goals – A survey. Environmental Research, 202(April), Article 111637. https://doi.org/10.1016/j.envres.2021.111637
Wong, J., Wong, N., Li, W. Y., & Chen, L. (2016). Sustainability assurance: An emerging market for the accounting profession. Pacific Accounting Review, 28(3), 238–259. https://doi.org/10.1108/PAR-11-2014-0038
Wijayana, E., & Kurniawati, K. (2018). Pengaruh corporate governance, return on asset Dan Umur Perusahaan Terhadap Luas Pengungkapan sustainability report. Jurnal Akuntansi Bisnis, 11(2), 157–171. https://doi.org/10.30813/jab.v11i2.1388