Abstract
This study investigated whether financially distressed firms become more transparent or more opaque and whether firm visibility plays a significant role in firms’ engagement with sustainability reporting practices. We drew on a global sample of records from between 2005 and 2019 (including 10 sectors). The findings showed that financially distressed firms avoid publishing sustainability reports, obtaining independent assurance for these reports, and crafting the reports according to the GRI framework. Furthermore, we found that financially distressed firms with higher visibility are more likely to issue sustainability reports, follow GRI guidelines in crafting these reports, and have the reports assured by an external verifier.
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