Abstract
Within the environmental, social, and governance (ESG) disclosure–corporate sustainability performance (economic, environmental and social; EES) framework, our empirical analysis examined the impact of ESG information disclosure on EES sustainability performance among Asian firms from 2005 to 2017. The positive ESG disclosure–EES sustainability performance relationship found in this study provides evidence that disclosing the implementation of environment and social strategies within an effective system of corporate governance in the organization strengthens corporate sustainability performance. The results also show that environmental performance and social performance are significantly positively related to economic sustainable performance, indicating that the corporation’s economic value and creating value for society are interdependent. In line with the stakeholder theory and the shared value theory, ESG information disclosure to all stakeholders is an important factor in creating a competitive advantage for enhancing corporate sustainability performance.
Highlights
Over the last few decades, and as a result of the 2007–2009 global economic crises due to improper business conduct, societal problems, and environmental catastrophes associated with poor risk management practices, the issue of corporate sustainability development has gained considerable attention amongst scholars [1,2]
We present the descriptive statistics, correlation analysis, and panel regression analysis, which demonstrate the relationship between ESG information disclosure and corporate sustainability performance
The median score for corporate sustainability performance was divided into three levels—above, below, or equal to 50—classified into three discrete categories: outperformance (O), underperformance (U), and neutral (N), respectively
Summary
Over the last few decades, and as a result of the 2007–2009 global economic crises due to improper business conduct, societal problems, and environmental catastrophes associated with poor risk management practices, the issue of corporate sustainability development has gained considerable attention amongst scholars [1,2]. The World Commission on Environment and Development describes sustainable development as development that meets the needs of present generations without compromising the ability of future generations to meet their own needs [3]. It comprises three primary components: economic, environmental, and social (EES)performance. Corporate sustainability is achieved by combining these three primary components, which enhance efficiency, sustainable growth, and shareholder value. Companies have started to realize that their future landscape can hardly be achieved without paying due attention to their sustainability strategies and without disclosing environmental, social, and governance (ESG)information, which includes various dimensions related to the environment, society, and government
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