Corporate Sustainability Reporting and Firm’s Financial Performance in Emerging Markets

Al Hawaj, A. Y., & Buallay, A. M. (2021). A worldwide sectorial analysis of sustainability reporting and its impact on firm performance. Journal of Sustainable Finance & Investment, 1-25. https://doi.org/10.1080/20430795.2021.1903792
Alwi, M., Wan Ismail, W. A., & Kamarudin, K. A. (2013). The effectiveness of audit committee in relation to financial reporting fraud. In Proceeding of The 5th International Conference on Financial Criminology (ICFC), 332–344.
Amin, J. M., Saringat, S. M., Hassan, H., and Ismail, W. A. W. (2013). Intellectual capital disclosure in Malaysian public listed companies, IEEE Business Engineering and Industrial Applications Colloquium, Art. No. 6560223, 703–708.
Anazonwu, H. O., Egbunike, F. C., & Gunardi, A. (2018). Corporate board diversity and sustainability reporting: A study of selected listed manufacturing firms in Nigeria. Indonesian Journal of Sustainability Accounting and Management, 2(1), 65-78. https://doi.org/10.28992/ijsam.v2i1.52
Ashbaugh, H., & LaFond, R. (2003). Reporting incentives and the quality of non-US firms working capital accruals. Working paper, University of Wisconsin.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108
Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of business ethics, 97(2), 207-221. https://doi.org/10.1007/s10551-010-0505-2
Ben-Amar, W., Chang, M., & McIlkenny, P. (2017). Board gender diversity and corporate response to sustainability initiatives: Evidence from the carbon disclosure project. Journal of business ethics, 142(2), 369-383. https://doi.org/10.1007/s10551-015-2759-1
Bice, S. (2015). Bridging corporate social responsibility and social impact assessment. Impact Assessment and Project Appraisal, 33(2), 160-166.
https://doi.org/10.1080/14615517.2014.983710
Buchan, D. (2012). New directions in social impact assessment: Conceptual and methodological advances. Impact Assessment and Project Appraisal. 30, 137–138.
Busco, C., Frigo, M. L., Riccaboni, A., & Quattrone. P. (2013). Integrated reporting: Concepts and Cases that Redefine Corporate Accountability. In Springer International Publishing. https://doi.org/10.4324/9781351284646-18
Cameron, J., Gardner, C., & Veenhuyzen, J. (2010). Social Accounting: A practical guide for small community organisations and enterprises. Centre for Urban and Regional Studies, The University of Newcastle, Australia. Accessed from http://www. communityeconomies.org/site/assets/media/Jenny_Cameron/Social_Accounting_Manual_Version_2_July_2010. pdf on, 1(08).
Ceulemans, K., Lozano, R., & Alonso-Almeida, M. D. M. (2015). Sustainability reporting in higher education: Interconnecting the reporting process and organisational change management for sustainability. Sustainability, 7(7), 8881-8903.
https://doi.org/10.3390/su7078881
Chen, L., Feldmann, A., & Tang, O. (2015). The relationship between disclosures of corporate social performance and financial performance: Evidences from GRI reports in manufacturing industry. International Journal of Production Economics, 170, 445-456. https://doi.org/10.1016/j.ijpe.2015.04.004
Costa, E., & Pesci, C. (2016). Social impact measurement: why do stakeholders matter?. Sustainability Accounting, Management and Policy Journal. 7 (1), 99-124. https://doi.org/10.1108/SAMPJ-12-2014-0092
Cupertino, S., Consolandi, C., & Vercelli, A. (2019). Corporate social performance, financialization, and real investment in US manufacturing firms. Sustainability, 11(7), 1836. https://doi.org/10.3390/su11071836
Dang, C., Li, Z. F., & Yang, C. (2018). Measuring firm size in empirical corporate finance. Journal of banking & finance, 86, 159-176. https://doi.org/10.1016/j.jbankfin.2017.09.006
DesJardine, M., Bansal, P., & Yang, Y. (2019). Bouncing back: Building resilience through social and environmental practices in the context of the 2008 global financial crisis. Journal of Management, 45(4), 1434-1460. https://doi.org/10.1177/0149206317708854
Dissanayake, D., Tilt, C., & Qian, W. (2019). Factors influencing sustainability reporting by Sri Lankan companies. Pacific Accounting Review. 31(1), 84-109.
https://doi.org/10.1108/PAR-10-2017-0085
Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of financial economics, 43(2), 153-193. https://doi.org/10.1016/S0304-405X(96)00896-3
Fauver, L., McDonald, M. B., & Taboada, A. G. (2018). Does it pay to treat employees well? International evidence on the value of employee-friendly culture. Journal of Corporate Finance, 50, 84-108. https://doi.org/10.1016/j.jcorpfin.2018.02.003
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917
Gallo, P. J., & Christensen, L. J. (2011). Firm size matters: An empirical investigation of organizational size and ownership on sustainability-related behaviors. Business & Society, 50(2), 315-349. https://doi.org/10.1177/0007650311398784
Gamerschlag, R., Möller, K., & Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: empirical evidence from Germany. Review of Managerial Science, 5(2-3), 233-262. https://doi.org/10.1007/s11846-010-0052-3
Grieco, C. (2015). Assessing social impact of social enterprises: Does one size really fit all? SpringerBriefs in Business. https://doi.org/10.1007/978-3-319-15314-8
Hart, S. L., & Milstein, M. B. (2003). Creating sustainable value. Academy of Management Perspectives, 17(2), 56-67. https://doi.org/10.5465/ame.2003.10025194
Heinze, D., Sibary, S., & Sikula, Sr, A. (1999). Relations among corporate social responsibility, financial soundness, and investment value in 22 manufacturing industry groups. Ethics & Behavior, 9(4), 331-347. https://doi.org/10.1207/s15327019eb0904_4
Iatridis, G. E. (2013). Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review, 14, 55-75. https://doi.org/10.1016/j.ememar.2012.11.003
Ismail, W. A. W., Ahmad, R. A., Kamarudin, K. A., Yahaya, R. (2005). Corporate Failure Prediction: An Investigation of PN4 Companies. Journal of Financial Reporting and Accounting, 3 (1), 1-16.
Jaggi, B., & Low, P. Y. (2011). Joint effect of investor protection and securities regulations on audit fees. The International Journal of Accounting, 46(3), 241-270. https://doi.org/10.1016/j.intacc.2011.07.003
Jiang, C., & Fu, Q. (2019). A Win-win outcome between corporate environmental performance and corporate value: From the perspective of stakeholders. Sustainability, 11(3), 921. https://doi.org/10.3390/su11030921
Kamarudin, K. A., Ariff, A. M., & Ismail, W. A. W. (2021). Product market competition, board gender diversity and corporate sustainability performance: international evidence. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-01-2021-0020
Kamarudin, K. A., Ismail, W. A. W., and Samsuddin, M. E. (2012), The role of the audit committee in moderating the negative effect of Non-Audit services on earnings quality, 2nd International Conference on Management, Holiday Villa Beach Resort and Spa, Langkawi Kedah.
Kang, H. H., & Liu, S. B. (2014). Corporate social responsibility and corporate performance: A quantile regression approach. Quality & Quantity, 48(6), 3311-3325. https://doi.org/10.1007/s11135-013-9958-6
Kang, Y., Ryu, M. H., & Kim, S. (2010). Exploring sustainability management for telecommunications services: A case study of two Korean companies. Journal of World Business, 45(4), 415-421. https://doi.org/10.1016/j.jwb.2009.08.003
Landau, A., Rochell, J., Klein, C., & Zwergel, B. (2020). Integrated reporting of environmental, social, and governance and financial data: Does the market value integrated reports? Business Strategy and the Environment, 29(4), 1750-1763.
Lang, M., & Sul, E. (2014). Linking industry concentration to proprietary costs and disclosure: Challenges and opportunities. Journal of Accounting and Economics, 58(2-3), 265-274. https://doi.org/10.1016/j.jacceco.2014.08.008
Latridis, G. E. (2013). Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review, 14, 55-75. https://doi.org/10.1016/j.ememar.2012.11.003
Liang, H., & Renneboog, L. (2016). Corporate donations and shareholder value. European Corporate Governance Institute (ECGI) (No. 491, p. 1). Finance Working Paper. https://dx.doi.org/10.2139/ssrn.2932092
Lozano, R., Nummert, B., & Ceulemans, K. (2016). Elucidating the relationship between sustainability reporting and organisational change management for sustainability. Journal of Cleaner Production, 125, 168-188.
https://doi.org/10.1016/j.jclepro.2016.03.021
Manes-Rossi, F., Tiron-Tudor, A., Nicolò, G., & Zanellato, G. (2018). Ensuring more sustainable reporting in Europe using non-financial disclosure—De facto and de jure evidence. Sustainability, 10(4), 1162. https://doi.org/10.3390/su10041162
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification?. Strategic management journal, 21(5), 603-609. https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3
Melloni, G., Caglio, A., and Perego, P. (2017), “Saying more with less? Disclosure conciseness, completeness and balance in integrated reports”, Journal of Accounting and Public Policy, 36 (3), pp. 220-238.
Nosratabadi, S., Pinter, G., Mosavi, A., & Semperger, S. (2020). Sustainable banking; evaluation of the European business models. Sustainability, 12(6), 2314. https://doi.org/10.3390/su12062314
Orlitzky, M., & Swanson, D. L. (2012). Assessing stakeholder satisfaction: Toward a supplemental measure of corporate social performance as reputation. Corporate Reputation Review, 15(2), 119-137. https://doi.org/10.1057/crr.2012.3
Ouvrard, S., Jasimuddin, S. M., & Spiga, A. (2020). Does sustainability push to reshape business models? Evidence from the European wine industry. Sustainability, 12(6), 2561. https://doi.org/10.3390/su12062561
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics, 151(2), 451-471. https://doi.org/10.1007/s10551-016-3229-0
Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1/2) 1-17.
Porter, M. E., & Der Linde, V. C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of economic perspectives, 9(4), 97-118. https://doi.org/10.1257/jep.9.4.97
Rumelt, R. P. (1987). Theory, strategy, and entrepreneurship. In Handbook of entrepreneurship research. 137(158). 1-22. In Springer, Boston, MA.
Salkind, N. J. (2014). 100 questions (and answers) about statistics. SAGE Publications.
Schneider, A., & Meins, E. (2012). Two dimensions of corporate sustainability assessment: Towards a comprehensive framework. Business Strategy and the Environment, 21(4), 211-222. https://doi.org/10.1002/bse.726
Spitzeck, H., and Chapman, S. (2012), "Creating shared value as a differentiation strategy – the example of BASF in Brazil", Corporate Governance, 12(4), 499-513. https://doi.org/10.1108/14720701211267838
Sweeney, L., & Coughlan, J. (2008). Do different industries report corporate social responsibility differently? An investigation through the lens of stakeholder theory. Journal of Marketing Communications, 14(2), 113-124.
https://doi.org/10.1080/13527260701856657
Truant, E., Corazza, L., & Scagnelli, S. D. (2017). Sustainability and risk disclosure: An exploratory study on sustainability reports. Sustainability, 9(4), 636. https://doi.org/10.3390/su9040636
Ismail, W. A., Kamarudin, K. A., & Ibrahim, M. K. (2005). Income smoothing and market perception of accounting numbers: An empirical investigation of extraordinary items. National Accounting Research Journal, 3(1), 49-70.
Ismail, W. A., Kamarudin, K. A., & Othman, R. (2012). Assessment of Earnings Conservatism in Government-Linked Companies. Procedia - Social and Behavioral Sciences, 65, 650–655.
Yu, Y., Huang, J., & Luo, N. (2018). Can more environmental information disclosure lead to higher eco-efficiency? Evidence from China. Sustainability, 10(2), 528. https://doi.org/10.3390/su10020528
Zamfir, A. M., Mocanu, C., & Grigorescu, A. (2017). Circular economy and decision models among European SMEs. Sustainability, 9(9), 1507. https://doi.org/10.3390/su9091507

In-Text Citation: (Ismail et al., 2022)
To Cite this Article: Ismail, W. A. W., Saad, S. M., Lode, N. A., & Kustiningsih, N. (2022). Corporate Sustainability Reporting and Firm’s Financial Performance in Emerging Markets. International Journal of Academic Research in Business and Social Sciences, 12(1), 374–384.

Copyright: © 2022 The Author(s)
Published by Knowledge Words Publications (www.kwpublications.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode