Department of Management and Marketing of Oil and Gas, College of Industrial Management for Oil and Gas, Basrah University for Oil and Gas, Basrah, Iraq.
School of Accounting and Finance, Faculty of Business and Law, Taylor's University, Subang Jaya, Malaysia.
Environ Sci Pollut Res Int. 2023 Aug;30(36):85508-85519. doi: 10.1007/s11356-023-28446-4. Epub 2023 Jun 30.
The objective of this paper is to investigate the impact of sustainability reporting (SR) quality on the corporate financial performance (CFP) of initial public offering (IPO) in Malaysia. This research applies the OLS and WLS regressions through content analysis of annual reports. The data was collected from Datastream, where 131 IPOs listed companies on Bursa Malaysia between 2007 and 2017. The findings indicate a positive and negative association between SR and its components with CFP. It is found that there is a negative and significant association between the SR characteristics of employees and products with CFP. However, it was discovered that the societal and environmental components have a significantly positive association with CFP. This finding shows that SR practices might be seen as an attempt to enhance IPO performance. The findings can facilitate financial institutions and regulatory agencies in driving responsibility on the part of companies regarding SR issues. The firms should involve SR practices in their SR decisions. Thus, this study emphasises the significance of combining social and organisational activities.
本文旨在研究可持续发展报告（SR）质量对马来西亚首次公开募股（IPO）的公司财务绩效（CFP）的影响。本研究通过对年度报告的内容分析，应用了 OLS 和 WLS 回归。数据来自 Datastream，其中包括 2007 年至 2017 年间在马来西亚证券交易所上市的 131 家 IPO 上市公司。研究结果表明，SR 及其组成部分与 CFP 之间存在正相关和负相关关系。研究发现，员工和产品的 SR 特征与 CFP 之间存在负相关且显著的关系。然而，社会和环境部分与 CFP 呈显著正相关。这一发现表明，SR 实践可能被视为提高 IPO 业绩的一种尝试。研究结果可以促进金融机构和监管机构推动公司在 SR 问题上承担责任。公司应该在其 SR 决策中涉及 SR 实践。因此，本研究强调了将社会和组织活动结合起来的重要性。
