Linear and Non-linear Impacts of Extent of Sustainability Disclosures on Real Sustainable Growth: Moderating Role of Board Independence
Abstract
This paper examines how the extent of economic, social, and environmental sustainability disclosures (ECON, SOC, and ENV) affects companies' real sustainable growth (Real_SGR) and the moderating role of board independence (BIND). It uses a balanced panel of 188 listed companies in the East African Community (EAC) and Southern African Development Community (SADC) from 2019 to 2023. It uses a two-step system generalized method of moments (Sys GMM) to address endogeneity and other econometric issues associated with panel data studies. Data is processed and analysed using STATA statistical software. The findings show that ECON and SOC have positive and significant impacts on Real_SGR, whereas the relationship between ENV and Real_SGR is significantly negative. In addition, the relationship between ECON and Real_SGR is inverted U-shaped, while the relationship between ENV and Real_SGR is U-shaped. The relationship between SOC and Real_SGR is monotonic, positive, and increasing. BIND, on its own, has a negative, insignificant effect on Real_SGR; however, it weakens the linear impacts of ECON and SOC on Real_SGR. It also weakens and ultimately reverses the initial negative relationship between ENV and Real_SGR. Furthermore, BIND shifts the turning points of ECON- and ENV-Real_SGR functions to lower sustainability disclosure levels. It also strengthens the non-linear effect of SOC on Real_SGR. Robustness checks confirm the stability of the findings. The research contributes to the sustainability reporting literature by demonstrating that disclosure-growth relationships are non-linear and that BIND influences their magnitude and functional form, with implications for corporate governance, investment, sustainability reporting, and regulatory practice.
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References
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