An analysis of synergy between corporate governance and environmental sustainability disclosure in an emerging economy

Affaf Asghar Butt, Fizza Ashfaq, Aamer Shahzad and Jamshaid Ahmad

Global Business and Economics Review, 2025, vol. 33, issue 2, 133-153

Abstract: This study aims to examine corporate governance as a potential determinant of environmental sustainability disclosure (ESD) in the Pakistani context. Data was collected from annual and stand-alone sustainability reports of 111 firms listed on the Pakistan Stock Exchange from 2010 to 2020. To reach statistical conclusion, OLS regression with fixed industry and year effect was applied. Findings revealed that board size and independence are positively associated with ESD. Conversely, family ownership, managerial ownership and board diversity negatively affect ESD. CEO duality, institutional ownership and ESD depicted insignificant association. This study contributes to literature on agency, resource dependency, stakeholder, and legitimacy theories. It will aid managers in enhancing the performance of eco-friendly initiatives. The scope of this exploration is confined to emerging countries. Future researchers can consider developed economies and other dimensions of corporate governance for better exploration. Besides inclusion of highly important variables, carrying this study in an emerging economy like Pakistan is a novelty in itself.

Keywords: ownership structure; board composition; environmental sustainability disclosure; ESD; corporate governance. (search for similar items in EconPapers)
Date: 2025
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