Sustainability governance and greenwashing: the role of sustainability committees in ASEAN-5 countries

公司治理 持续性 会计 业务 可持续性报告 透明度(行为) 可持续发展组织 利益相关者 内生性 面板数据 杠杆(统计) 绿色洗涤 可持续发展科学 实证研究 经济 审查 匹配(统计) 企业可持续发展 公共经济学 社会可持续性 高管薪酬 经验证据 选择偏差 稳健性(进化) 现状 审计委员会
作者
Yani Permatasari,Meifaza Ainur Rosyidah,La Ode Sabaruddin,Sandra Sukma Embuningtiyas,Rizqy Aiddha Yuniawati
出处
期刊:Asian Review of Accounting [Emerald Publishing Limited]
卷期号:34 (3): 575-600 被引量:2
标识
DOI:10.1108/ara-03-2025-0067
摘要

Purpose This study examines the role of sustainability committees in mitigating greenwashing among publicly listed firms in ASEAN-5 countries. As firms increasingly face scrutiny over misleading ESG disclosures, this research investigates whether sustainability committees are an effective governance mechanism to enhance transparency and accountability. Design/methodology/approach This study applies a fixed-effects panel regression model to an unbalanced panel dataset of 1,256 firm-year observations from 2018 to 2022. Robustness checks, including Coarsened Exact Matching (CEM), Propensity Score Matching (PSM) and Two-Stage Least Squares (2SLS), address potential selection bias and endogeneity concerns. Additional COVID-19 period regression, dynamic and country-specific analyses further explore variations in governance effectiveness. Findings The results show that sustainability committees significantly reduce greenwashing. Their impact is more substantial in small and mature firms but weaker in large and young firms. Cross-country analysis highlights the role of regulatory environments and stakeholder pressures in shaping sustainability governance effectiveness. Research limitations/implications This study is limited to ASEAN-5 firms, making broader generalization arguable. Reliance on Bloomberg ESG data may also not capture all sustainability aspects. Future research should explore alternative ESG metrics, qualitative methods and interactions between sustainability committees and governance mechanisms such as board diversity and executive compensation for deeper insights. Originality/value This study contributes to corporate governance and ESG literature by providing empirical evidence on sustainability committees' role in reducing greenwashing. Unlike prior research focusing on external regulations, this study emphasizes internal governance mechanisms that enhance ESG reporting credibility.
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