Empirical investigation of the associations among sustainability disclosure, sustainability performance and firm value in the context of stakeholder theory: Insights from an emerging market

نوع المستند : المقالة الأصلية

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قسم المحاسبة ، أكاديمية السادات للعلوم الإدارية

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The purpose of this study is to investigate how management’s strategy for managing stakeholder relations jointly affects sustainability disclosure, sustainability performance, and firm value in an emerging market after explicitly considering the endogeneity problem. The study uses an instrumental variables approach to treat the endogeneity of three variables. The study’s variables are measured in a temporal sequence by introducing a time lag. The study specifies the three variables in two-stage least square (2SLS) simultaneous equations models. The study findings indicate a significant positive relationship between sustainability disclosure and sustainability performance. The study also finds a positive relation between current sustainability disclosure and past sustainability performance and document that the level of sustainability disclosure in the prior period sets a base for sustainability performance in the current period. The study finds a positive causal effect of sustainability performance and disclosure on firm value. The findings clarify how corporate sustainability development practices generate financial and non-financial rewards. The empirical evidence in this study may enhance the explanatory power of future models designed to predict corporate sustainability actions by providing insights into the contingency factors’ stakeholder power, firm’s strategic posture, and economic performance that influence corporate sustainability disclosure and performance.

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