Revisiting External Stakeholders’ Role in Environmental, Social and Governance (ESG) Disclosure: A Systematic Literature Review and Research Agenda


An increasing number of countries have implemented mandatory environmental, social and governance (ESG) disclosure to encourage listed companies in apprising their stakeholders on the 'non-financial' aspects of relevant operational risks, resilience and outcomes. Recent studies however revealed that mandatory disclosure in most cases does not increase the quality of filed reports, thus may hamper ESG investment decisions and the global corporate community’s ongoing effort in addressing sustainability challenges. To date, researchers have largely focused on investigating the effect of company characteristics (firm level) on ESG disclosures. This systematic literature review contributes to the scarce evidence concerning the growing influence of external stakeholders including international buyers, rating agencies, foreign investors, media, non-governmental organisations and regulatory bodies in demanding ESG credentials of companies. The findings offer insights to policy makers and industry practitioners on leveraging the stakeholders by channelling their distinctive sources of contextual pressure to influence ESG disclosure decisions by companies.

Author Information
Wong Wai Khuen, Multimedia University, Malaysia
Teh Boon Heng, Multimedia University, Malaysia

Paper Information
Conference: ACBPP2021
Stream: Business Administration and Business Economics; Marketing; Accounting

This paper is part of the ACBPP2021 Conference Proceedings (View)
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