A Systematic Literature Review: Determinants of Sustainability Reporting in Developing Countries
Abstract
:1. Introduction
2. Literature Review
2.1. Sustainability Reporting Disclosure
2.2. Systematic Literature Review
3. Research Methods
- Defining eligibility criteria,
- Defining information sources,
- Study selection,
- Data collection process,
- Data item selection,
- Eligibility criteria.
- IC1: all original and peer-reviewed literature written in English,
- IC2: research aimed obtaining the determinant variables of sustainability reporting in developing countries,
- IC3: research using quantitative or mixed (qualitative and quantitative) method.
3.1. Information Source
3.2. Study Selection
- Using search keywords following the research objectives, namely, the determinants of sustainability reporting or other keywords of similar reports (“factor*” OR “challenge*” OR “motivation*” OR “driver*” OR “drive* factor” OR “critical factor*” OR “critical success factor*” OR “success factor*” OR “key factor*” OR “CSF” OR “determinant*”) AND (“sustainability report*” OR “sustainable report*” OR “global report*” OR “GRI” OR “TBL report*” OR “triple* report*”).
- Exploring and selecting the article titles, abstracts, and keywords on the basis of the eligibility criteria.
- Exploring and selecting all articles not eliminated in the previous selection by fully reading all articles while adhering to the eligibility criteria.
3.3. Data Collection Process
3.4. Data Items
4. Results and Discussion
4.1. Research Results and Qualitative Synthesis
4.2. Systematization of Determinants
- Sustainability reporting was used as the dependent variable;
- As the dependent variable, Sustainability reporting was measured or calculated in various forms, such as disclosure, quality, extent, or score;
- Determinants included as research results were those studied at least in three articles and used as independent variables. In other words, determinants included or studied in 1–2 articles only were excluded as research results;
- Research focused on companies or holding companies;
- Research with determinants related to the country was excluded;
- Research with determinants related to industrial groups was excluded.
4.3. Variable Determinants
4.3.1. Firm Size
4.3.2. Profitability
4.3.3. Financial Leverage
4.3.4. Corporate Governance Structure
4.3.5. Ownership Structure
4.3.6. Firm Age
4.3.7. Industrial Sector
4.3.8. Corporate Posture
4.3.9. Board Qualification and Experience
4.4. Discussion
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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No | Years | Author | Title | Country & Sample | Purpose |
---|---|---|---|---|---|
1 | 2021 | Haladu and Nashwan | The moderating effect of environmental agencies on firms’ sustainability reporting in Nigeria | 218 companies on the Nigerian Stock Exchange, 2015–2016 | Investigating the direct relationship between corporate attributes and SR disclosures, and the moderating effect of environmental policy administrators |
2 | 2020 | Siahaan et al. | Effect of firm characteristics on firm value through triple bottom line disclosure: pharmaceutical companies listed on Indonesia Stock Exchange | Pharmaceutical companies on the Indonesia Stock Exchange | Investigating the effect of firm characteristics on firm value through TBL disclosure, using stakeholder theory, signal theory, and legitimacy theory |
3 | 2020 | Oleiwi et al. | Determinants of sustainability reporting under a Global Reporting Initiative: empirical evidence from Iraq | 100 public companies on the Iraq Stock Exchange | Disclosing the determinants that affect the level of reporting sustainability referring to the GRI |
4 | 2020 | Kholis et al. | Determining factors for disclosure of sustain ability reporting with inclusive stakeholder models in Indonesia Public Company Issuer | 36 issuers on the Indonesia Stock Exchange for the period 2017–2018 | Investigating the effect of stakeholder inclusivity on SR disclosure, using the stakeholder theory |
5 | 2020 | Giron et al. | Sustainability reporting and firms’ economic performance: evidence from Asia and Africa | 366 companies in developing countries in Asia and Africa | Investigate the factors influencing the adoption of new SR practices and external assurance; examining the relationship between reporting actions and the company’s economic performance |
6 | 2020 | Correa-Garcia et al. | Corporate governance and its implications for sustainability reporting quality in Latin American business groups | 324 samples from Chile, Colombia, Mexico, and Peru for the period 2011–2015 | Investigating the determinants of SR quality in Latin American BGs |
7 | 2020 | Raquiba & Ishak | Sustainability reporting practices in the energy sector of Bangladesh | 19 energy companies listed on Dhaka Stock Exchange, Bangladesh from 2011 to 2017 | Describing the extent of reporting related to sustainability at 19 energy companies in Bangladesh and its determinants |
8 | 2020 | Sharma et al. | Determinants of environmental, social, and corporate governance (ESG) disclosure: a study of Indian companies. | 82 companies listed on the Bombay Stock Exchange for the period 2012–2013 | Examining the relationship between financial performance and the extent of ESG disclosure of Indian companies |
9 | 2020 | Tauringana | Sustainability reporting challenges in developing countries: toward management perceptions research evidence-based practices | 194 companies in Uganda Manufacturing Association | Investigating the determinants of the managerial perception base of the adoption of SR by firms in Uganda |
10 | 2020 | Yanto et al. | Managing sustainable business practices of Indonesian LQ45 companies | LQ45 companies listed on the IDX for the period 2014–2016, 135 data sources | Identifying of the antecedents of SR disclosure among LG 45 companies |
11 | 2020 | Embuningtiyas et al. | Bank financial soundness and the disclosure and the disclosure of banking sustainability reporting in Indonesia | 7 conventional banks in Indonesia for the 2014–2018 Period | Investigating whether the disclosure of sustainability reporting in banking companies as measured by content analysis is influenced by the soundness of the bank |
12 | 2019 | Umukoro et al. | Board expertise and sustainability reporting in listed banks in Nigeria | 10 Nigerian Banks 2014–2016 | Investigating the influence of environmentally sensitive, certified, or educated board members on SR disclosures |
13 | 2019 | Amidjaya and Widagdo | Sustainability reporting in Indonesian listed banks: do corporate governance, ownership structure and digital banking matter? | 31 commercial banks listed on the IDX from 2012 to 2016 | Knowing the empirical evidence of the influence of ownership structure and corporate governance on registered banks in SR Indonesia |
14 | 2019 | Chang et al. | Drivers of sustainability reporting quality: financial institution perspective | 100 financial institutions for 2016 using content analysis | Explaining how institutional, cultural, and company factors affect SR quality and the moderating effect of the equatorial principle |
15 | 2019 | Orazalin and Mahmood | Determinants of GRI-based sustainability reporting: evidence from an emerging economy | 53 publicly listed companies on the Kazakhstan Stock Exchange 2013–2015 | Investigating the extent and determinants of disclosure of the reported sustainability performance |
16 | 2019 | Dissanayake et al. | Factors influencing sustainability reporting by Sri Lankan companies | 84 publicly registered in Sri Lanka 2012–2015 | Investigating the main corporate characteristics influencing SR by public companies in Sri Lanka |
17 | 2018 | Bae et al. | A cross-country investigation of corporate governance and corporate sustainability disclosure: a signaling theory perspective | 88 registered companies in Bangladesh, India, and Pakistan, 2009–2016 | Researching corporate governance and total sustainability disclosure in developing South Asia |
18 | 2018 | Hu and Loh | Board governance and sustainability disclosure: a cross-sectional study of Singapore listed companies | 462 companies listed on the Singapore Exchange Mainboard as of 30 June 2016 | Investigating the relationship between governance and sustainability disclosure in Singapore-listed companies |
19 | 2018 | Nwobu et al. | Managerial perception of corporate sustainability reporting determinants in Nigeria | 81 companies in the oil and gas, banking, industrial goods, and consumer goods sectors in Nigeria | Investigating managerial perceptions of SR determinants in Nigeria |
20 | 2017 | Welbeck | The influence of institutional environment on corporate responsibility disclosure in Ghana | 17 companies registered in Ghana over a 10 year period (2003–2012) | Analyzing the level and trend of corporate responsibility disclosure in the annual reports of companies listed on the Ghana Stock Exchange against the GRI |
21 | 2016 | Kuzey and Uyar | Determinants of sustainability reporting and its impact on firm value: evidence from the emerging market of Turkey | 100 issuers of Borsa Istanbul for the period 2011–2013 | Investigating the factors that affect GRI-based SRs, adoption assurance statements, and application-level SRs; examining whether SRs are value-relevant |
22 | 2016 | Dissanayake et al. | Sustainability reporting by publicly listed companies in Sri Lanka | 60 Sri Lanka public companies for 2011–2012 | Examining SR in public listed companies in Sri Lanka, as well as its extent, nature, and possible drivers, particularly the use of KPIs |
23 | 2014 | Amran et al. | The Influence of governance structure and strategic corporate social responsibility toward sustainability reporting quality | 113 companies from 12 countries (Australia, New Zealand, China, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Japan) | Examining the influence of governance structure on the quality of SR in the Asia Pacific region using legitimacy theory and resource-based view theory |
24 | 2011 | Amran and Haniffa | Evidence in development of sustainability reporting: a case of developing country | 201 companies listed on Bursa Malaysia | Interpreting the interview findings (i.e., mechanisms are isomorphic, coercive, normative, and memtic) through institutional theory for possible determinant identification |
No | Determinant Variable | Indicator | Result | Conclusion | Previous Research |
---|---|---|---|---|---|
1 | Firm Size | Many employees | Positive/negative | Inconsistent results | Giron et al. (2020) [5], Kuzey and Uyar (2016) [11], Haladu and Nashwan (2021) [23], Tauringana (2020) [24], Sharma et al. (2020) [25], Orazalin and Mahmood (2019) [26], Dissanayake et al. (2016) [27], Chang et al. [28], Dissanayake et al. (2019) [29], Amran and Haniffa (2011) [30] |
Total assets | Positive/negative | ||||
Market capitalization | Negative | ||||
Sales amount | Positive/negative | ||||
Number of regions | Not significant | ||||
2 | Profitability | Return on assets (ROA) | Positive/not significant | Non-negative effect, positive trend | Giron et al. (2020) [5], Kuzey and Uyar (2016) [11], Haladu and Nashwan (2021) [23], Sharma et al. (2020) [25], Orazalin and Mahmood (2019) [26], Dissanayake et al. (2016) [27], Embuningtias et al. (2020) [31], Siahaan et al. (2020) [32] |
EBITDA | Not significant | ||||
Profit margin | Positive | ||||
Return on equity (ROE) | Positive/not significant | ||||
Return on capital employed (ROCE) | Positive | ||||
Revenue | Not significant | ||||
3 | Financial Leverage | Ratio of total liabilities to total assets | Positive/negative | Inconsistent results | Giron et al. (2020) [5], Kholis et al. (2020) [8], Kuzey and Uyar (2016) [11], Haladu and Nashwan (2021) [23], Orazalin and Mahmood (2019) [26], Siahaan et al. (2020) [32] |
Debt-to-equity ratio | Negative/not significant | ||||
4 | Corporate Governance Structure | Gender diversity | Positive/not significant | Inconsistent results on board size | Giron et al. (2020) [5], Haladu and Nashwanl (2021) [23], Correa-Gargia et al. (2020) [33], Raquiba and lshak (2020) [34], Yanto et al. (2020) [35], Bae et al. (2018) [36], Hu and Loh (2018) [37], Amran et al. (2013) [38] |
Average age BOD | Not significant | ||||
Board size | Positive/ negative/not significant | ||||
Proportion of independent directors on the board | Positive/not significant | ||||
Board meetings held in a year | Positive | ||||
Number of board subordinate committees | Positive | ||||
CEO duality | Not significant | ||||
5 | Ownership Structure | Institutional ownership | Positive | Inconsistent results | Kholis et al. (2020) [8], Kuzey and Uyar (2016) [11], Tauringana (2020) [24], Sharma et al. (2020) [25], Chang et al. (2019) [28], Dissanayake et al. (2019) [29], Amran and Haniffa (2011) [30], Siahaan et al. (2020) [32], Correa-Garcia et al. (2020) [33], Raquiba and Ishak (2020) [34], Bae et al. (2018) [36], Amidjaya and Widagdo (2019) [39], |
Foreign ownership | Positive/not significant | ||||
Ownership concentration | Positive/negative | ||||
Majority shareholder | Positive | ||||
Government ownership | Positive/ negative/not significant | ||||
Management ownership | Positive/negative | ||||
Family ownership | Positive | ||||
Dispersed ownership structure | Not significant | ||||
6 | Firm Age | Company age | Positive/not significant | Positive tendencies | Haladu and Nashwan (2021) [23], Tauringana (2020) [24], Orazalin and Mahmood (2019) [26], Dissanayake et al. (2016) [27], Siahaan et al. (2020) [32], Correa-Garcia et al. (2020) [33] |
7 | Industrial Sector | Industrial sector | Positive/not significant | Positive tendencies | Giron et al. (2020) [5], Kuzey and Ural (2016) [11], Sharma et al. (2020) [25], Dissanayake et al. (2019) [29], Amran and Haniffa (2011) [30], Oleiwi et al. (2020) [40] |
8 | Corporate Posture | Mention of the company’s social and environmental responsibilities in a mission or vision statement | Positive/not significant | Positive trend, research is still scarce | Chang et al. (2019) [28], Amran and Haniffa (2011) [30], Raquiba and Ishak (2020) [34], Amran et al. (2013) [38] |
9 | Board | Board experience and qualifications | Not significant | Positive trend, research is still scarce | Umukoro et al. (2019) [17], Tauringana (2020) [24], Amran and Haniffa (2011) [30] |
Council expertise | Positive | ||||
Executive director skills | Not significant | ||||
Skills of nonexecutive director | Not significant | ||||
Director’s education level | Positive |
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Farisyi, S.; Musadieq, M.A.; Utami, H.N.; Damayanti, C.R. A Systematic Literature Review: Determinants of Sustainability Reporting in Developing Countries. Sustainability 2022, 14, 10222. https://doi.org/10.3390/su141610222
Farisyi S, Musadieq MA, Utami HN, Damayanti CR. A Systematic Literature Review: Determinants of Sustainability Reporting in Developing Countries. Sustainability. 2022; 14(16):10222. https://doi.org/10.3390/su141610222
Chicago/Turabian StyleFarisyi, Sofwan, Mochammad Al Musadieq, Hamidah Nayati Utami, and Cacik Rut Damayanti. 2022. "A Systematic Literature Review: Determinants of Sustainability Reporting in Developing Countries" Sustainability 14, no. 16: 10222. https://doi.org/10.3390/su141610222