Financial and Governance Factor Analysis on Sustainability Report Disclosure
Abstract
Sustainability reporting has become increasingly important as stakeholders demand greater transparency regarding corporate environmental, social, and governance practices. However, the extent of Sustainability Report Disclosure among basic materials firms in Indonesia remains varied, raising questions about whether Financial Factors and Governance Factors influence the level of disclosure. By considering financial traits and corporate governance practices, this study examines Sustainability Report Disclosure among basic materials firms listed on the Indonesia Stock Exchange between 2022 and 2024. Secondary data obtained from companies’ annual reports and Sustainability Reports served as the basis for this study. Purposive sampling resulted in 47 firms, yielding 141 firm-year observations. An index derived from the Global Reporting Initiative (GRI) Standards, encompassing the 200, 300, and 400 series, was used to assess Sustainability Report Disclosure. The analysis considered Liquidity, Leverage, Profitability, Proportion of Independent Commissioners, Audit Committee, and Firm Size as explanatory variables. Multiple linear regression was applied after the model met the classical assumption requirements. Liquidity and Leverage exhibited statistically significant negative associations with Sustainability Report Disclosure, while Profitability and Proportion of Independent Commissioners were not significantly associated with disclosure levels. Conversely, Audit Committee and Firm Size showed positive associations with Sustainability Report Disclosure. These findings indicate that Governance Factors and Firm Size contribute to broader Sustainability Report Disclosure, whereas certain Financial Factors are associated with lower disclosure levels.
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