Almaqtari Faozi A, Elsheikh Tamer, Abdelkhair Farah, Mazrou Yasser S A
College of Business Administration, A'Sharqiyah University (ASU), Ibra, Oman.
Faculty of Commerce, Kafrelsheikh University, Kafrelsheikh, Egypt.
Heliyon. 2023 Jul 21;9(8):e18453. doi: 10.1016/j.heliyon.2023.e18453. eCollection 2023 Aug.
This study analyzes the impact of environmental disclosure, board attributes, and firms' specifics on the levels of environmental and ESG performance in Europe and Asia. The study utilizes secondary data from Refinitiv Eikon database for 8094 firms for the period between 2016 and 2021. The study employs panel data analysis using fixed effect models to estimate the results. The findings suggest that disclosure on emissions, innovations, environmental controversies, environmentally friendly products, proactive environmental investments, environmental expenses, and fines charged by authorities have a positive and significant influence on the level of firms' environmental and ESG performance. Furthermore, the study identifies board tenure, independence, size, and meetings as being associated with greater levels of environmental disclosures, reporting, and sustainability score. However, board diversity is found to have a limited contribution to environmental disclosures, especially in Asian countries. Additionally, the results reveal that companies with higher revenue growth, larger size and market capitalization, and better performance have greater and better disclosure of environmental and sustainability issues. The study provides practical implications for policymakers to establish comprehensive guidelines for environmental and sustainability reporting based on the analysis of institutional, regulatory frameworks, legislation, and sustainability score enforcement status of the country.
本研究分析了环境披露、董事会特征和公司特定因素对欧洲和亚洲企业环境及ESG绩效水平的影响。该研究利用了路孚特Eikon数据库中2016年至2021年期间8094家公司的二手数据。该研究采用固定效应模型进行面板数据分析以估计结果。研究结果表明，关于排放、创新、环境争议、环保产品、积极的环境投资、环境支出以及当局收取的罚款等方面的披露，对企业的环境及ESG绩效水平具有积极且显著的影响。此外，该研究确定董事会任期、独立性、规模和会议次数与更高水平的环境披露、报告及可持续性得分相关。然而，研究发现董事会多元化对环境披露的贡献有限，尤其是在亚洲国家。此外，结果显示，收入增长较高、规模和市值较大且业绩较好的公司在环境和可持续性问题方面有更多且更好的披露。该研究为政策制定者提供了实际启示，以便基于对该国的制度、监管框架、立法及可持续性得分执行情况的分析，制定环境和可持续性报告的全面指南。
