Inclusivity at the Helm: The Influence of Diverse Boards on Sustainability Reporting

##plugins.themes.academic_pro.article.sidebar##

Published Jun 1, 2024
https://doi.org/10.61506/02.00306
Download
PDF
Statistic
Vol. 10 No. 2 (2024): Journal of Policy Research

##plugins.themes.academic_pro.article.main##

Quratulain Nazeer Ahmed
Assistant Professor Department of Accounting, Banking and Finance, Sindh Madressatul Islam University, Karachi, Pakistan
Syed Aamir Alam Rizvi
Research Scholar, Department of Business Management, Institute of Business Management, Karachi, Pakistan
Dr.Hasan Raza
Assistant Professor, Department of Commerce, University of Karachi
Muhammad Imran
Senior Executive IR at SAMI Pharmaceuicals Pvt Limited
Himani Navin
Research Scholar Department of Accounting, Banking and Finance, Sindh Madressatul Islam University, Karachi, Pakistan

Abstract

Sustainability disclosures are essential for fostering accountability, transparency, and ethical company conduct. This research is carried out to examine the effect of board diversity on the sustainable disclosures of a firm measured. Environmental Reporting Score (ER Score) and Social Score (S Score) measure the sustainability disclosures. At the same time, board diversity is measured concerning gender, religion, and independence. To get precise results, we also included some control variables that could have impacted the disclosures, like auditor type, size, profitability, growth, and a firm's financial leverage. We used a sample of the KSE100 index companies, and Tobit regression analysis was applied. The study's results postulate that firms with a larger board of directors, lesser religious diversity, employing big audit firms, and lower financial leverage tend to have more environmental disclosures.

##plugins.themes.academic_pro.article.details##

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
[1]
Ahmed, Q.N. , Rizvi, S.A.A. , Raza, H. , Imran, M. and Navin, H. 2024. Inclusivity at the Helm: The Influence of Diverse Boards on Sustainability Reporting. Journal of Policy Research. 10, 2 (Jun. 2024), 853–865. DOI:https://doi.org/10.61506/02.00306.
Crossref
Scopus
Google Scholar
Europe PMC

References

  1. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
  2. Alazzani, A., Hassanein, A., & Aljanadi, Y. (2017). Impact of gender diversity on social and environmental performance: Evidence from Malaysia. Corporate Governance (Bingley). https://doi.org/10.1108/CG-12-2015-0161
  3. Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations, and Society. https://doi.org/10.1016/S0361-3682(03)00032-1
  4. Andrikopoulos, A., & Kriklani, N. (2013). Environmental Disclosure and Financial Characteristics of the Firm: The Case of Denmark. Corporate Social Responsibility and Environmental Management, 20(1), 55–64. https://doi.org/10.1002/csr.1281
  5. Arif, H. M., & Tuhin, M. H. (2013). Disclosure of Non-Financial Information Voluntarily in the Annual Report of Financial Institutions: A Study on Listed Banks of Bangladesh. European Journal of Business and Economics. https://doi.org/10.12955/ejbe.v8i2.397
  6. Asika, R. (2022). Leverage and Social Sustainability Reporting on Listed Oil and Gas Firms in Nigeria. 8(3), 1–14.
  7. Barakat, F. S. Q., López Pérez, M. V., & Rodríguez Ariza, L. (2015). Corporate social responsibility disclosure (CSRD) determinants of listed companies in Palestine (PXE) and Jordan (ASE). Review of Managerial Science. https://doi.org/10.1007/s11846-014-0133-9
  8. Barako, D. G., & Brown, A. M. (2008). Corporate social reporting and board representation: Evidence from the Kenyan banking sector. Journal of Management and Governance, 12(4), 309–324. https://doi.org/10.1007/s10997-008-9053-x
  9. Basalamah, A. S., & Jermias, J. (2005). Social and Environmental Reporting and Auditing in Indonesia. Gadjah Mada International Journal of Business, 7(1), 109–127.
  10. Bayeh, E. (2016a). The role of empowering women and achieving gender equality in the sustainable development of Ethiopia. Pacific Science Review B: Humanities and Social Sciences. https://doi.org/10.1016/j.psrb.2016.09.013
  11. Bayeh, E. (2016b). The role of empowering women and achieving gender equality in the sustainable development of Ethiopia. Pacific Science Review B: Humanities and Social Sciences, 2(1), 37–42. https://doi.org/10.1016/j.psrb.2016.09.013
  12. Che Ahmad, A., Osazuwa, N., & Mgbame, C. (2015). Environmental Accounting and Firm Profitability in Nigeria: Do Firm-Specific Effects Matter? IUP Journal of Accounting Research & Audit Practices.
  13. De Masi, S., Słomka-Gołębiowska, A., Becagli, C., & Paci, A. (2021). Toward sustainable corporate behavior: The effect of the critical mass of female directors on environmental, social, and governance disclosure. Business Strategy and the Environment, 30(4), 1865–1878. https://doi.org/10.1002/bse.2721
  14. Ellili, N. O. D., & Nobanee, H. (2022). Impact of economic, environmental, and corporate social responsibility reporting on financial performance of UAE banks. Environment, Development and Sustainability, 0123456789. https://doi.org/10.1007/s10668-022-02225-6
  15. Ezeagba, C. E., Rachael, J.-A. C., & Chiamaka, U. (2017). Environmental Accounting Disclosures and Financial Performance: A Study of Selected Food and Beverage Companies in Nigeria (2006-2015). International Journal of Academic Research in Business and Social Sciences. https://doi.org/10.6007/ijarbss/v7-i9/3315
  16. Gallardo-Vázquez, D., Junior, F. H., Gabriel, M. L. D. da S., & Valdez-Juárez, L. E. (2021). On Earth as it is in Heaven: Proxy measurements to assess sustainable development goals at the company level through CSR indicators. Sustainability (Switzerland). https://doi.org/10.3390/su13020914
  17. Goni, F. A., Shukor, S. A., Mukhtar, M., & Sahran, S. (2015). Environmental sustainability: Research growth and trends. Advanced Science Letters, 21(2), 192–195. https://doi.org/10.1166/asl.2015.5850
  18. GRI - Standards. (n.d.). Retrieved January 26, 2022, from https://www.globalreporting.org/standards/
  19. Hecht, J. E. (2007). 2 A brief history of environmental accounting. International Review of Environmental and Resource Economics, 1(1), 7–13.
  20. Homan, H. S. (2016). Environmental Accounting Roles in Improving the Environmental Performance and Financial Performance of the Company. In South East Asia Journal of Contemporary Business, Economics and Law.
  21. Jones, M. J. (2010). Accounting for the environment: Towards a theoretical perspective for environmental accounting and reporting. Accounting Forum. https://doi.org/10.1016/j.accfor.2010.03.001
  22. Kuhlman, T., & Farrington, J. (2010). What is sustainability? In Sustainability. https://doi.org/10.3390/su2113436
  23. Kwarto, F., Nurafiah, N., Suharman, H., & Dahlan, M. (2022). The potential bias for sustainability reporting of global upstream oil and gas companies: A systematic literature review of the evidence. Management Review Quarterly, 1. https://doi.org/10.1007/s11301-022-00292-7
  24. Latif, R. A., Yahya, N. H., Mohd, K. N. T., Kamardin, H., & Ariffin, A. H. M. (2020). The influence of board diversity on environmental disclosures and sustainability performance in Malaysia. International Journal of Energy Economics and Policy. https://doi.org/10.32479/ijeep.9508
  25. Lima Ribeiro, V. P., & AibarGuzman, C. (2010). Determinants of environmental accounting practices in local entities: Evidence from Portugal. Social Responsibility Journal. https://doi.org/10.1108/17471111011064771
  26. Magness, V. (2006). Strategic posture, financial performance, and environmental disclosure: An empirical test of legitimacy theory. Accounting, Auditing and Accountability Journal. https://doi.org/10.1108/09513570610679128
  27. Mitchell Williams, S. (1999). Voluntary environmental and social accounting disclosure practices in the Asia-Pacific region: An international empirical test of political economy theory. International Journal of Accounting. https://doi.org/10.2469/dig.v30.n2.655
  28. Mohammad Rabi, A. (2019). Board Characteristics and Environmental Disclosure: Evidence from Jordan. International Journal of Business and Management. https://doi.org/10.5539/ijbm.v14n2p57
  29. Mohd-Said, R., Shen, L. T., Nahar, H. S., & Senik, R. (2018). Board compositions and social reporting: Evidence from Malaysia. International Journal of Managerial and Financial Accounting, 10(2), 128–143. https://doi.org/10.1504/IJMFA.2018.091661
  30. Mukherjee, A., Kamarulzaman, N. H., Vijayan, G., & Vaiappuri, S. K. N. (2016). Sustainability: A comprehensive literature. In Handbook of Research on Global Supply Chain Management. https://doi.org/10.4018/978-1-4666-9639-6.ch015
  31. Nguyen, L. S., & Tran, M. D. (2019). Disclosure levels of environmental accounting information and financial performance: The case of Vietnam. Management Science Letters. https://doi.org/10.5267/j.msl.2019.1.007
  32. Nguyen, L. S., Tran, M. D., Hong Nguyen, T. X., & Le, Q. H. (2017). Factors Affecting Disclosure Levels of Environmental Accounting Information: The Case of Vietnam. Accounting and Finance Research. https://doi.org/10.5430/afr.v6n4p255
  33. NI, T. (2017). Disclosure of the Environmental Accounting Information Research. DEStech Transactions on Economics, Business and Management. https://doi.org/10.12783/dtem/eced2017/9844
  34. Omnamasivaya, B., & Prasad, M. S. V. (2016a). Factors Influencing Environmental Accounting and Disclosure Practices in India: Empirical Evidence from NIFTY Companies. IUP Journal of Accounting Research & Audit Practices.
  35. Omnamasivaya, B., & Prasad, M. S. V. (2016b). The Influence of Financial Performance on Environmental Accounting Disclosure Practices in India: Empirical Evidence from BSE. IUP Journal of Accounting Research & Audit Practices.
  36. Pimpa, N. (2019). How mining companies promote gender equality through sustainable development? Cogent Business and Management, 6(1). https://doi.org/10.1080/23311975.2019.1647590
  37. Ramsden, J. J. (2010). What is sustainability? Nanotechnology Perceptions, 6(3), 179–195. https://doi.org/10.4024/N14RA10A.ntp.06.03
  38. Shafi, M., Liu, J., & Ren, W. (2020). Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization, 2, 100018. https://doi.org/10.1016/j.resglo.2020.100018
  39. Sidibé, M. (2016). Religion and Sustainable Development. Https://Doi.Org/10.1080/15570274.2016.1215848, 14(3), 1–4. https://doi.org/10.1080/15570274.2016.1215848
  40. Sinicropi, S., & Cortese, D. (2021). (Re)Thinking diversity within sustainable development: A systematic mapping study. Corporate Social Responsibility and Environmental Management, 28(1), 299–309. https://doi.org/10.1002/csr.2050
  41. System of Environmental Economic Accounting |. (n.d.). Retrieved January 25, 2022, from https://seea.un.org/
  42. The environmental issues in Pakistan—The Frontier Post. (n.d.). Retrieved February 7, 2022, from https://thefrontierpost.com/the-environmental-issues-in-pakistan/
  43. Veronica Siregar, S., & Bachtiar, Y. (2010). Corporate social reporting: Empirical evidence from Indonesia Stock Exchange. International Journal of Islamic and Middle Eastern Finance and Management, 3(3), 241–252. https://doi.org/10.1108/17538391011072435
  44. What is Board Independence | IGI Global. (n.d.). Retrieved July 17, 2022, from https://www.igi-global.com/dictionary/board-independence/71557
  45. Why Sustainability Is Now the Key Driver of Innovation. (n.d.). Retrieved October 10, 2022, from https://hbr.org/2009/09/why-sustainability-is-now-the-key-driver-of-innovation
  46. Wulf, C. (2013). Human development in a globalized world. Education towards peace, cultural diversity, and sustainable development. Revista Espanola de Pedagogia, 71(254), 71–86. https://doi.org/10.2139/ssrn.3648069
  47. Xin, Z., Tahajuddin, S., Lajuni, N., Bosi, M. K., & Hiung, A. L. C. (2020). Internal Stakeholders' Pressure on Environmental Accounting Reporting in SMEs in Shanxi Province, China. International Journal of Academic Research in Accounting, Finance and Management Sciences. https://doi.org/10.6007/ijarafms/v10-i3/8138
  48. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T DOI: https://doi.org/10.1016/0749-5978(91)90020-T
  49. Alazzani, A., Hassanein, A., & Aljanadi, Y. (2017). Impact of gender diversity on social and environmental performance: Evidence from Malaysia. Corporate Governance (Bingley). https://doi.org/10.1108/CG-12-2015-0161 DOI: https://doi.org/10.1108/CG-12-2015-0161
  50. Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations, and Society. https://doi.org/10.1016/S0361-3682(03)00032-1 DOI: https://doi.org/10.1016/S0361-3682(03)00032-1
  51. Andrikopoulos, A., & Kriklani, N. (2013). Environmental Disclosure and Financial Characteristics of the Firm: The Case of Denmark. Corporate Social Responsibility and Environmental Management, 20(1), 55–64. https://doi.org/10.1002/csr.1281 DOI: https://doi.org/10.1002/csr.1281
  52. Arif, H. M., & Tuhin, M. H. (2013). Disclosure of Non-Financial Information Voluntarily in the Annual Report of Financial Institutions: A Study on Listed Banks of Bangladesh. European Journal of Business and Economics. https://doi.org/10.12955/ejbe.v8i2.397 DOI: https://doi.org/10.12955/ejbe.v8i2.397
  53. Asika, R. (2022). Leverage and Social Sustainability Reporting on Listed Oil and Gas Firms in Nigeria. 8(3), 1–14.
  54. Barakat, F. S. Q., López Pérez, M. V., & Rodríguez Ariza, L. (2015). Corporate social responsibility disclosure (CSRD) determinants of listed companies in Palestine (PXE) and Jordan (ASE). Review of Managerial Science. https://doi.org/10.1007/s11846-014-0133-9 DOI: https://doi.org/10.1007/s11846-014-0133-9
  55. Barako, D. G., & Brown, A. M. (2008). Corporate social reporting and board representation: Evidence from the Kenyan banking sector. Journal of Management and Governance, 12(4), 309–324. https://doi.org/10.1007/s10997-008-9053-x DOI: https://doi.org/10.1007/s10997-008-9053-x
  56. Basalamah, A. S., & Jermias, J. (2005). Social and Environmental Reporting and Auditing in Indonesia. Gadjah Mada International Journal of Business, 7(1), 109–127. DOI: https://doi.org/10.22146/gamaijb.5565
  57. Bayeh, E. (2016a). The role of empowering women and achieving gender equality in the sustainable development of Ethiopia. Pacific Science Review B: Humanities and Social Sciences. https://doi.org/10.1016/j.psrb.2016.09.013
  58. Bayeh, E. (2016b). The role of empowering women and achieving gender equality in the sustainable development of Ethiopia. Pacific Science Review B: Humanities and Social Sciences, 2(1), 37–42. https://doi.org/10.1016/j.psrb.2016.09.013 DOI: https://doi.org/10.1016/j.psrb.2016.09.013
  59. Che Ahmad, A., Osazuwa, N., & Mgbame, C. (2015). Environmental Accounting and Firm Profitability in Nigeria: Do Firm-Specific Effects Matter? IUP Journal of Accounting Research & Audit Practices.
  60. De Masi, S., Słomka-Gołębiowska, A., Becagli, C., & Paci, A. (2021). Toward sustainable corporate behavior: The effect of the critical mass of female directors on environmental, social, and governance disclosure. Business Strategy and the Environment, 30(4), 1865–1878. https://doi.org/10.1002/bse.2721 DOI: https://doi.org/10.1002/bse.2721
  61. Ellili, N. O. D., & Nobanee, H. (2022). Impact of economic, environmental, and corporate social responsibility reporting on financial performance of UAE banks. Environment, Development and Sustainability, 0123456789. https://doi.org/10.1007/s10668-022-02225-6 DOI: https://doi.org/10.1007/s10668-022-02225-6
  62. Ezeagba, C. E., Rachael, J.-A. C., & Chiamaka, U. (2017). Environmental Accounting Disclosures and Financial Performance: A Study of Selected Food and Beverage Companies in Nigeria (2006-2015). International Journal of Academic Research in Business and Social Sciences. https://doi.org/10.6007/ijarbss/v7-i9/3315 DOI: https://doi.org/10.6007/IJARBSS/v7-i9/3315
  63. Gallardo-Vázquez, D., Junior, F. H., Gabriel, M. L. D. da S., & Valdez-Juárez, L. E. (2021). On earth as it is in heaven: Proxy measurements to assess sustainable development goals at the company level through CSR indicators. Sustainability (Switzerland). https://doi.org/10.3390/su13020914 DOI: https://doi.org/10.3390/su13020914
  64. Goni, F. A., Shukor, S. A., Mukhtar, M., & Sahran, S. (2015). Environmental sustainability: Research growth and trends. Advanced Science Letters, 21(2), 192–195. https://doi.org/10.1166/asl.2015.5850 DOI: https://doi.org/10.1166/asl.2015.5850
  65. GRI - Standards. (n.d.). Retrieved January 26, 2022, from https://www.globalreporting.org/standards/
  66. Hecht, J. E. (2007). 2 A brief history of environmental accounting. International Review of Environmental and Resource Economics, 1(1), 7–13. DOI: https://doi.org/10.1561/101.00000001
  67. Homan, H. S. (2016). Environmental Accounting Roles in Improving the Environmental Performance and Financial Performance of the Company. In South East Asia Journal of Contemporary Business, Economics and Law.
  68. Jones, M. J. (2010). Accounting for the environment: Towards a theoretical perspective for environmental accounting and reporting. Accounting Forum. https://doi.org/10.1016/j.accfor.2010.03.001 DOI: https://doi.org/10.1016/j.accfor.2010.03.001
  69. Kuhlman, T., & Farrington, J. (2010). What is sustainability? In Sustainability. https://doi.org/10.3390/su2113436 DOI: https://doi.org/10.3390/su2113436
  70. Kwarto, F., Nurafiah, N., Suharman, H., & Dahlan, M. (2022). The potential bias for sustainability reporting of global upstream oil and gas companies: A systematic literature review of the evidence. Management Review Quarterly, 1. https://doi.org/10.1007/s11301-022-00292-7 DOI: https://doi.org/10.1007/s11301-022-00292-7
  71. Latif, R. A., Yahya, N. H., Mohd, K. N. T., Kamardin, H., & Ariffin, A. H. M. (2020). The influence of board diversity on environmental disclosures and sustainability performance in Malaysia. International Journal of Energy Economics and Policy. https://doi.org/10.32479/ijeep.9508 DOI: https://doi.org/10.32479/ijeep.9508
  72. Lima Ribeiro, V. P., & AibarGuzman, C. (2010). Determinants of environmental accounting practices in local entities: Evidence from Portugal. Social Responsibility Journal. https://doi.org/10.1108/17471111011064771 DOI: https://doi.org/10.1108/17471111011064771
  73. Magness, V. (2006). Strategic posture, financial performance and environmental disclosure: An empirical test of legitimacy theory. Accounting, Auditing and Accountability Journal. https://doi.org/10.1108/09513570610679128 DOI: https://doi.org/10.1108/09513570610679128
  74. Mitchell Williams, S. (1999). Voluntary environmental and social accounting disclosure practices in the Asia-Pacific region: An international empirical test of political economy theory. International Journal of Accounting. https://doi.org/10.2469/dig.v30.n2.655 DOI: https://doi.org/10.1016/S0020-7063(99)00006-0
  75. Mohammad Rabi, A. (2019). Board Characteristics and Environmental Disclosure: Evidence from Jordan. International Journal of Business and Management. https://doi.org/10.5539/ijbm.v14n2p57 DOI: https://doi.org/10.5539/ijbm.v14n2p57
  76. Mohd-Said, R., Shen, L. T., Nahar, H. S., & Senik, R. (2018). Board compositions and social reporting: Evidence from Malaysia. International Journal of Managerial and Financial Accounting, 10(2), 128–143. https://doi.org/10.1504/IJMFA.2018.091661 DOI: https://doi.org/10.1504/IJMFA.2018.091661
  77. Mukherjee, A., Kamarulzaman, N. H., Vijayan, G., & Vaiappuri, S. K. N. (2016). Sustainability: A comprehensive literature. In Handbook of Research on Global Supply Chain Management. https://doi.org/10.4018/978-1-4666-9639-6.ch015 DOI: https://doi.org/10.4018/978-1-4666-9639-6.ch015
  78. Nguyen, L. S., & Tran, M. D. (2019). Disclosure levels of environmental accounting information and financial performance: The case of Vietnam. Management Science Letters. https://doi.org/10.5267/j.msl.2019.1.007 DOI: https://doi.org/10.5267/j.msl.2019.1.007
  79. Nguyen, L. S., Tran, M. D., Hong Nguyen, T. X., & Le, Q. H. (2017). Factors Affecting Disclosure Levels of Environmental Accounting Information: The Case of Vietnam. Accounting and Finance Research. https://doi.org/10.5430/afr.v6n4p255 DOI: https://doi.org/10.5430/afr.v6n4p255
  80. NI, T. (2017). Disclosure of the Environmental Accounting Information Research. DEStech Transactions on Economics, Business and Management. https://doi.org/10.12783/dtem/eced2017/9844 DOI: https://doi.org/10.12783/dtem/eced2017/9844
  81. Omnamasivaya, B., & Prasad, M. S. V. (2016a). Factors Influencing Environmental Accounting and Disclosure Practices in India: Empirical Evidence from NIFTY Companies. IUP Journal of Accounting Research & Audit Practices.
  82. Omnamasivaya, B., & Prasad, M. S. V. (2016b). The Influence of Financial Performance on Environmental Accounting Disclosure Practices in India: Empirical Evidence from BSE. IUP Journal of Accounting Research & Audit Practices. DOI: https://doi.org/10.1504/AJESD.2017.082801
  83. Pimpa, N. (2019). How do mining companies promote gender equality through sustainable development? Cogent Business and Management, 6(1). https://doi.org/10.1080/23311975.2019.1647590 DOI: https://doi.org/10.1080/23311975.2019.1647590
  84. Ramsden, J. J. (2010). What is sustainability? Nanotechnology Perceptions, 6(3), 179–195. https://doi.org/10.4024/N14RA10A.ntp.06.03 DOI: https://doi.org/10.4024/N14RA10A.ntp.06.03
  85. Shafi, M., Liu, J., & Ren, W. (2020). Impact of COVID-19 pandemic on micro, small, and medium-sized Enterprises operating in Pakistan. Research in Globalization, 2, 100018. https://doi.org/10.1016/j.resglo.2020.100018 DOI: https://doi.org/10.1016/j.resglo.2020.100018
  86. Sidibé, M. (2016). Religion and Sustainable Development. Https://Doi.Org/10.1080/15570274.2016.1215848, 14(3), 1–4. https://doi.org/10.1080/15570274.2016.1215848 DOI: https://doi.org/10.1080/15570274.2016.1215848
  87. Sinicropi, S., & Cortese, D. (2021). (Re)Thinking diversity within sustainable development: A systematic mapping study. Corporate Social Responsibility and Environmental Management, 28(1), 299–309. https://doi.org/10.1002/csr.2050 DOI: https://doi.org/10.1002/csr.2050
  88. System of Environmental Economic Accounting |. (n.d.). Retrieved January 25, 2022, from https://seea.un.org/
  89. The environmental issues in Pakistan—The Frontier Post. (n.d.). Retrieved February 7, 2022, from https://thefrontierpost.com/the-environmental-issues-in-pakistan/
  90. Veronica Siregar, S., & Bachtiar, Y. (2010). Corporate social reporting: Empirical evidence from Indonesia Stock Exchange. International Journal of Islamic and Middle Eastern Finance and Management, 3(3), 241–252. https://doi.org/10.1108/17538391011072435 DOI: https://doi.org/10.1108/17538391011072435
  91. What is Board Independence | IGI Global. (n.d.). Retrieved July 17, 2022, from https://www.igi-global.com/dictionary/board-independence/71557
  92. Why Sustainability Is Now the Key Driver of Innovation. (n.d.). Retrieved October 10, 2022, from https://hbr.org/2009/09/why-sustainability-is-now-the-key-driver-of-innovation
  93. Wulf, C. (2013). Human development in a globalized world. Education towards peace, cultural diversity, and sustainable development. Revista Espanola de Pedagogia, 71(254), 71–86. https://doi.org/10.2139/ssrn.3648069 DOI: https://doi.org/10.22550/2174-0909.3361
  94. Xin, Z., Tahajuddin, S., Lajuni, N., Bosi, M. K., & Hiung, A. L. C. (2020). Internal Stakeholders' Pressure on Environmental Accounting Reporting in SMEs in Shanxi Province, China. International Journal of Academic Research in Accounting, Finance and Management Sciences. https://doi.org/10.6007/ijarafms/v10-i3/8138 DOI: https://doi.org/10.6007/IJARAFMS/v10-i3/8138