Article: An analysis of synergy between corporate governance and environmental sustainability disclosure in an emerging economy Journal: Global Business and Economics Review (GBER) 2025 Vol.33 No.2 pp.133 - 153 Abstract: This study aims to examine corporate governance as a potential determinant of environmental sustainability disclosure (ESD) in the Pakistani context. Data was collected from annual and stand-alone sustainability reports of 111 firms listed on the Pakistan Stock Exchange from 2010 to 2020. To reach statistical conclusion, OLS regression with fixed industry and year effect was applied. Findings revealed that board size and independence are positively associated with ESD. Conversely, family ownership, managerial ownership and board diversity negatively affect ESD. CEO duality, institutional ownership and ESD depicted insignificant association. This study contributes to literature on agency, resource dependency, stakeholder, and legitimacy theories. It will aid managers in enhancing the performance of eco-friendly initiatives. The scope of this exploration is confined to emerging countries. Future researchers can consider developed economies and other dimensions of corporate governance for better exploration. Besides inclusion of highly important variables, carrying this study in an emerging economy like Pakistan is a novelty in itself. Inderscience Publishers - linking academia, business and industry through research

Title: An analysis of synergy between corporate governance and environmental sustainability disclosure in an emerging economy

Authors: Affaf Asghar Butt; Fizza Ashfaq; Aamer Shahzad; Jamshaid Ahmad

Addresses: Department of Business Administration, University of the Punjab, Gujranwala Campus, Pakistan ' Department of Business Administration, University of the Punjab, Gujranwala Campus, Pakistan ' Department of Commerce, University of the Punjab, Gujranwala Campus, Pakistan ' Department of Commerce, Higher Education Department Punjab, Pakistan

Abstract: This study aims to examine corporate governance as a potential determinant of environmental sustainability disclosure (ESD) in the Pakistani context. Data was collected from annual and stand-alone sustainability reports of 111 firms listed on the Pakistan Stock Exchange from 2010 to 2020. To reach statistical conclusion, OLS regression with fixed industry and year effect was applied. Findings revealed that board size and independence are positively associated with ESD. Conversely, family ownership, managerial ownership and board diversity negatively affect ESD. CEO duality, institutional ownership and ESD depicted insignificant association. This study contributes to literature on agency, resource dependency, stakeholder, and legitimacy theories. It will aid managers in enhancing the performance of eco-friendly initiatives. The scope of this exploration is confined to emerging countries. Future researchers can consider developed economies and other dimensions of corporate governance for better exploration. Besides inclusion of highly important variables, carrying this study in an emerging economy like Pakistan is a novelty in itself.

Keywords: ownership structure; board composition; environmental sustainability disclosure; ESD; corporate governance.

DOI: 10.1504/GBER.2025.147990

Global Business and Economics Review, 2025 Vol.33 No.2, pp.133 - 153

Received: 28 Jul 2023
Accepted: 06 Jan 2024
Published online: 13 Aug 2025 *

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Title: An analysis of synergy between corporate governance and environmental sustainability disclosure in an emerging economy

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