Stakeholders and ESG disclosure strategies adoption: The role of goals compatibility and resources dependence

Environmental, social, and governance (ESG) disclosure plays a critical role in promoting corporations’ abilities to achieve sustainable development. Previous research has focused on the concept, antecedents, and consequences of ESG disclosure, ignoring that there are significant differences in ESG disclosure strategies of corporations and providing even less understanding of how corporations adopt ESG disclosure strategies. Therefore, we identify the factors and mechanisms of ESG disclosure strategy adoption in context of stakeholders. Using new institutional theory (NIT) and resource dependence theory (RDT), we suggest that goals compatibility and resources dependence are the 2 critical factors that affect a corporation’s ESG disclosure strategy adoption. Accordingly, we construct a framework of corporations’ ESG disclosure strategies adoption. We address the gaps in understanding of ESG disclosure strategies adoption of corporations, expand NIT and RDT, and provide rich practical guidance to promote the healthy development of ESG disclosure strategies.