DETERMINANTS OF SUSTAINABILITY DISCLOSURE: EMPIRICAL EVIDENCE FROM LISTED COMPANIES IN THAILAND
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Abstract
The disclosure of sustainability information, or environmental, social, and governance (ESG) information, by listed companies is increasing due to pressure from investors, regulatory requirements, and stakeholder expectations. However, the level of disclosure varies between companies and industries. This paper aims to measure the level of sustainability disclosure of listed companies in Thailand, study the effect of financial factors on such disclosure, and compare the differences between industries. The research uses secondary data from 2024 from One Report annual disclosure statements and capital market databases. The sample size is 566 companies. The level of disclosure was measured using the Self-Disclosure Index (SDI) through content analysis, and hypothesis testing was performed using OLS multiple regression with robust standard errors. The results show that profitability and company size have a significant positive influence on the level of sustainability disclosure, while financial risk has a negative influence. Company age showed no significant relationship. In addition, industry type has a significant relationship with the level of disclosure. The research results support the framework of stakeholder theory, legitimacy theory, and representation theory in the dimensions of transparency and information asymmetry reduction, providing policy recommendations to support companies with resource constraints in improving their sustainability reporting. And it offers management approaches to integrate sustainability disclosure with organizational financial and risk management.
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References
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