Board characteristics and ESG disclosure in energy industry: evidence from emerging economies

Yusuf Nuhu and Ashraful Alam

Journal of Financial Reporting and Accounting, 2023, vol. 22, issue 1, 7-28

Abstract: Purpose - This paper aims to investigate the impact of board characteristics on environmental, social and governance (ESG) disclosure in the energy industry of emerging economies. Design/methodology/approach - The authors adopt the Bloomberg ESG rating to measure the extent of ESG disclosure using a sample of 1,260 observations from BRICS emerging economies. Multiple regression techniques were used to estimate the effect of board characteristics on ESG disclosures of a sample Brazil, Russia, India, China, and South Africa (BRICS) listed companies between 2010 and 2019. Findings - The authors find a relatively low (at 37%) level of ESG disclosure among the sampled firms and a relatively high degree of variability. The authors also find that board gender diversity, board composition and board diligence are positively related to the level of ESG disclosure while the study documents no relationship between board size and ESG disclosure. Practical implications - The study’s findings highlight the importance of corporate board attributes in influencing strategic decisions such as the level of ESG disclosure and the findings may be useful to regulators, policymakers and investors in making informed investment decisions. Originality/value - To the best of the authors’ knowledge, this study is one of the first attempts at examining the impact of board characteristics on ESG disclosure in the energy industry in emerging economies. The paper provides new evidence on the relationship between board characteristics (BC) and ESG disclosure in the energy industry of emerging BRICS countries within a panel multi-country research setting.

Keywords: Board characteristics; Board gender diversity; ESG disclosure; Board size; Emerging economies; BRICS (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrapp:jfra-02-2023-0107

DOI: 10.1108/JFRA-02-2023-0107

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