The Impact of Corporate Governance on the Contribution of Listed Firms to Sustainable Development Goals (SDGs) Disclosures in Ghana

Musah Mohammed Saeed, Shahin Sultana Mohammed, Abiola Adeniyi and Michael Osei

Sustainable Development, 2025, vol. 33, issue 3, 4676-4688

Abstract: Effective corporate governance is essential for aligning corporate contributions with Sustainable Development Goals (SDGs). Companies must embed SDG priorities into their strategies to balance social and financial objectives. This study examines how corporate governance influences SDG disclosures by publicly listed firms, focusing on prioritized SDG areas. Grounded in stakeholder theory, it explores how governance structures meet stakeholder expectations, promoting transparency and accountability in SDG reporting. The research highlights the urgency of integrating sustainability into corporate strategies to advance global SDG efforts. A quantitative analysis utilized data from 2009 to 2020 annual reports of financial firms listed on the Ghana Stock Exchange, supplemented by secondary data. The sample included 13 firms with at least 12 years of operation, totaling 156 firm‐year observations. Probit regression and descriptive statistics were applied for analysis. Findings reveal a limited impact of corporate governance on SDG contributions, with older firms more likely to engage in SDG efforts. Education and health‐related SDGs dominate the focus among contributing firms. The study recommends policies mandating environmental, social, and governance (ESG) disclosures to strengthen corporate SDG contributions. Policymakers could incentivize compliance through tax benefits or sustainability‐linked financing for firms aligned with SDGs. Capacity‐building programs for corporate leaders and board members are also necessary to integrate SDGs into business strategies. These findings offer critical insights for policymakers and a foundation for further research on corporate governance's role in advancing SDGs, particularly in sub‐Saharan Africa.

Date: 2025
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https://doi.org/10.1002/sd.3367

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Persistent link: https://EconPapers.repec.org/RePEc:wly:sustdv:v:33:y:2025:i:3:p:4676-4688

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