Factors Influencing Sustainability Reporting Practices among Listed Companies in Oman

Sujatha Ravinarayana Bhat and Mohd Asrul Affendi Abdullah
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Sujatha Ravinarayana Bhat: Continuing Education Department, College of Banking and Financial Studies, Muscat, Oman.
Mohd Asrul Affendi Abdullah: Department of Mathematics and Statistics, Universiti Tun Hussein Onn Malaysia (UTHM), Malaysia.

International Journal of Economics and Financial Issues, 2023, vol. 13, issue 3, 74-83

Abstract: This paper analyzes the factors influencing sustainability reporting practices among listed companies in Oman during the period 2015 2021. The data was collected from the Muscat Stock Market, covering 133 firm-year observations, and analyzed using multivariate regression analysis. The results show that adoption of sustainability reporting is very low among listed companies, amounting to only 16.5%. Furthermore, 11.6% of the listed companies follow GRI guidelines, and 10.5% of the reports produced take the form of standalone reports. Regarding the factors motivating listed companies in Oman to produce sustainability reporting, the study confirms that company size has a positive impact, while financial leverage and women's presence on boards of directors have a negative impact. The study suggests strengthening institutions and governance, introducing a mandatory reporting system, increasing women's presence on these companies' boards of directors, leveraging new-age technology, promoting capacities among different stakeholders, enhancing awareness of sustainability issues, and incorporating sustainability reporting into corporate strategy so that sustainability reporting is part of the mandates of the listed company to legitimize its existence.

Keywords: Sustainability reporting; stakeholder theory; legitimacy theory; institutional theory; listed companies; Oman (search for similar items in EconPapers)
JEL-codes: G3 G4 (search for similar items in EconPapers)
Date: 2023
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