Article Sidebar

Download
Full text PDF
Statistic
Read Counter : 285 Download : 315

Downloads

Download data is not yet available.

Main Article Content

Abstract

This research examines corporate governance in relation reporting of Sustainable Development Goals (SDGs), with institutional ownership as a moderating variable. The sample for this empirical research comprises 71 manufacturing companies listed on the Indonesia Stock Exchange for over seven year period from 2017 to 2023, resulting in 497 observations. In addition, this research uses a content analysis method to obtain the extent of SDG reporting. The findings show that female directors and audit committees influence SDG reporting. Institutional ownership moderates the relationship between independent commissioners and SDG reporting. However, institutional ownership does not moderate the relationships between the board of commissioners, female directors, as well as audit committees and corporate SDG reporting. SDG disclosure in corporate reporting is essential for communicating and monitoring sustainable development and corporate sustainability. Furthermore, SDG disclosure helps mitigate agency problems by communicating the outcomes of SDG implementation.

Keywords

Corporate Governance Corporate Reporting Corporate Sustainable Development Goals Disclosures Institutional Ownership

Article Details

License

Copyright (c) 2026 Jurnal Akuntansi dan Auditing Indonesia

Creative Commons License

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

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).

References

  1. Achim, M. V., Văidean, V. L., Sabau, A. I., & Safta, I. L. (2022). The impact of the quality of corporate governance on sustainable development: an analysis based on development level. Economic Research-Ekonomska Istrazivanja, 1(1), 1–30. https://doi.org/10.1080/1331677X.2022.2080745 DOI: https://doi.org/10.1080/1331677X.2022.2080745
  2. Arena, M., Azzone, G., Ratti, S., Urbano, V. M., & Vecchio, G. (2023). Sustainable development goals and corporate reporting: An empirical investigation of the oil and gas industry. Sustainable Development, 31(1), 12–25. https://doi.org/10.1002/sd.2369 DOI: https://doi.org/10.1002/sd.2369
  3. Arslan, M., & Alqatan, A. (2020). Role of institutions in shaping corporate governance system: evidence from emerging economy. Heliyon, 6(3), e03520. https://doi.org/10.1016/j.heliyon.2020.e03520 DOI: https://doi.org/10.1016/j.heliyon.2020.e03520
  4. Awuah, B., Yazdifar, H., & Elbardan, H. (2024). Corporate reporting on the sustainable development goals: A structured literature review and research agenda. Journal of Accounting & Organizational Change, 20(4), 617–646. https://doi.org/10.1108/JAOC-10-2022-0155 DOI: https://doi.org/10.1108/JAOC-10-2022-0155
  5. Baah, C., & Jin, Z. (2019). Sustainable supply chain management and organizational performance: The intermediary role of competitive advantage. Journal of Management and Sustainability, 9(1), 119. https://doi.org/10.5539/jms.v9n1p119 DOI: https://doi.org/10.5539/jms.v9n1p119
  6. Bebbington, J., & Unerman, J. (2020). Advancing research into accounting and the UN Sustainable Development Goals. Accounting, Auditing and Accountability Journal, 33(7), 1657–1670. https://doi.org/10.1108/AAAJ-05-2020-4556 DOI: https://doi.org/10.1108/AAAJ-05-2020-4556
  7. Berraies, S., & Rejeb, W. Ben. (2019). Boards of directors’ roles and size: what effects on exploitative and exploratory innovations Case of listed Tunisian firms. International Journal of Entrepreneurship and Innovation Management, 23(2), 161. https://doi.org/10.1504/IJEIM.2019.098148 DOI: https://doi.org/10.1504/IJEIM.2019.098148
  8. Blay, M. W., Hoeyi, P. K., Badu, E. A., & Jibril, A. B. (2024). Impact of board committee characteristics on social sustainability reporting in sub-Saharan Africa: The moderating role of institutional ownership. Journal of Risk and Financial Management, 17(7), 302. https://doi.org/10.3390/jrfm17070302 DOI: https://doi.org/10.3390/jrfm17070302
  9. Boachie, C. (2023). Corporate governance and financial performance of banks in Ghana: The moderating role of ownership structure. International Journal of Emerging Markets, 18(3), 607–632. https://doi.org/10.1108/IJOEM-09-2020-1146 DOI: https://doi.org/10.1108/IJOEM-09-2020-1146
  10. Bui, H., & Krajcsák, Z. (2024). The impacts of corporate governance on firms’ performance: from theories and approaches to empirical findings. Journal of Financial Regulation and Compliance, 32(1), 18–46. https://doi.org/10.1108/JFRC-01-2023-0012 DOI: https://doi.org/10.1108/JFRC-01-2023-0012
  11. Buniamin, S., Jaffar, R., Ahmad, N., & Johari, N. H. (2022). The role of corporate governance in achieving SDGs among Malaysian companies. European Journal of Sustainable Development, 11(3), 326. https://doi.org/10.14207/ejsd.2022.v11n3p326 DOI: https://doi.org/10.14207/ejsd.2022.v11n3p326
  12. Chairina, C., & Tjahjadi, B. (2023). Green governance and sustainability report quality: The moderating role of sustainability commitment in ASEAN countries. Economies, 11(1), 27. https://doi.org/10.3390/economies11010027 DOI: https://doi.org/10.3390/economies11010027
  13. Chams, N., & García-Bland, J. (2019). Sustainable or not sustainable? The role of the board of directors. Journal of Cleaner Production, 226, 1067–1081. https://doi.org/10.1016/j.jclepro.2019.04.118 DOI: https://doi.org/10.1016/j.jclepro.2019.04.118
  14. Chien, F. (2022). The role of corporate governance and environmental and social responsibilities on the achievement of sustainable development goals in Malaysian logistic companies. Economic Research-Ekonomska Istraživanja, 36(1), 1610–1630. https://doi.org/10.1080/1331677X.2022.2090407 DOI: https://doi.org/10.1080/1331677X.2022.2090407
  15. Chong, L.-L., Ong, H.-B., & Tan, S.-H. (2018). Corporate risk-taking and performance in Malaysia: the effect of board composition, political connections and sustainability practices. Corporate Governance: The International Journal of Business in Society, 18(4), 635–654. https://doi.org/10.1108/CG-05-2017-0095 DOI: https://doi.org/10.1108/CG-05-2017-0095
  16. Correa-Mejía, D. A., García-Benau, M. A., & Correa-García, J. A. (2024). The critical role of corporate governance in sustainable development goals prioritisation: A 5 P s-based analysis for emerging economies. Heliyon, 10(3), e25480. https://doi.org/10.1016/j.heliyon.2024.e25480 DOI: https://doi.org/10.1016/j.heliyon.2024.e25480
  17. De Villiers, C., Dimes, R., & Molinari, M. (2025). Determinants, mechanisms and consequences of UN SDGs reporting by universities: conceptual framework and avenues for future research. Journal of Public Budgeting, Accounting and Financial Management, 37(2), 329–349. https://doi.org/10.1108/JPBAFM-07-2023-0125 DOI: https://doi.org/10.1108/JPBAFM-07-2023-0125
  18. Dienes, D., & Velte, P. (2016). The impact of supervisory board composition on CSR reporting. Evidence from the German two-tier system. Sustainability (Switzerland), 8(1), 63. https://doi.org/10.3390/su8010063 DOI: https://doi.org/10.3390/su8010063
  19. Directorate General of National Export Development. (2021). TPT Export. https://ditjenpen.kemendag.go.id/storage/publikasi/9dXV8A9ZMiIwn1qXwevcSM18CZsQA5VXbkOtXK6S.pdf
  20. Ditta, A. S. A., & Setiawan, D. (2019). Corporate governance in Indonesia: One decade perspective. Jurnal Keuangan Dan Perbankan, 23(1), 61–77. https://doi.org/10.26905/jkdp.v23i1.2182 DOI: https://doi.org/10.26905/jkdp.v23i1.2182
  21. Dosinta, N. F., & Astarani, J. (2021). Risk disclosures in bank reporting: Sustainable finance roadmap era. Journal of Accounting Research, Organization and Economics, 4(3), 248–263. https://doi.org/10.24815/jaroe.v4i3.22906 DOI: https://doi.org/10.24815/jaroe.v4i3.22906
  22. Dosinta, N. F., Djafar, F., & Yantiana, N. (2022). The role of corporate governance in corporate human development disclosures. Journal of Accounting Research, Organization and Economics, 5(3), 282–296. https://doi.org/10.24815/jaroe.v5i3.30933 DOI: https://doi.org/10.24815/jaroe.v5i3.30933
  23. Dosinta, N. F., & Yunita, K. (2024). Corporate governance and Islamic social reporting: Indonesia Islamic banking development roadmap era. Journal of Contemporary Accounting, 27–41. https://doi.org/10.20885/jca.vol6.iss1.art3 DOI: https://doi.org/10.20885/jca.vol6.iss1.art3
  24. Duong, H. K., Kang, H., & Salter, S. B. (2016). National culture and corporate governance. Journal of International Accounting Research, 15(3), 67–96. https://doi.org/10.2308/jiar-51346 DOI: https://doi.org/10.2308/jiar-51346
  25. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14, 57–74. https://api.semanticscholar.org/CorpusID:55516669 DOI: https://doi.org/10.2307/258191
  26. Elalfy, A., Weber, O., & Geobey, S. (2021). The sustainable development goals (SDGs): A rising tide lifts all boats? Global reporting implications in a post SDGs world. Journal of Applied Accounting Research, 22(3), 557–575. https://doi.org/10.1108/JAAR-06-2020-0116 DOI: https://doi.org/10.1108/JAAR-06-2020-0116
  27. Elfeky, M. I. (2017). The extent of voluntary disclosure and its determinants in emerging markets: Evidence from Egypt. The Journal of Finance and Data Science, 3(1–4), 45–59. https://doi.org/10.1016/j.jfds.2017.09.005 DOI: https://doi.org/10.1016/j.jfds.2017.09.005
  28. Elston, J. A. (2019). Corporate governance: what we know and what we don’t know. Journal of Industrial and Business Economics, 46(2), 147–156. https://doi.org/10.1007/s40812-019-00115-z DOI: https://doi.org/10.1007/s40812-019-00115-z
  29. Erin, O. A., & Bamigboye, O. A. (2022). Evaluation and analysis of SDG reporting: Evidence from Afric. Journal of Accounting & Organizational Change, 18(3), 369–396. https://doi.org/10.1108/JAOC-02-2020-0025 DOI: https://doi.org/10.1108/JAOC-02-2020-0025
  30. Faisal, F., Hapsari, M. A., Joseph, C., & Pramono Sari, M. (2024). Sustainable development goals on gender equality disclosure practices of Indonesian companies. Cogent Business and Management, 11(1), 1–16. https://doi.org/10.1080/23311975.2024.2362423 DOI: https://doi.org/10.1080/23311975.2024.2362423
  31. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037 DOI: https://doi.org/10.1086/467037
  32. Ferrero-Ferrero, I., Muñoz-Torres, M. J., Rivera-Lirio, J. M., Escrig-Olmedo, E., & Fernández-Izquierdo, M. Á. (2024). Sustainable development goals in the hospitality industry: a dream or reality? Journal of Accounting and Organizational Change, 20(5), 773–796. https://doi.org/10.1108/JAOC-09-2022-0146 DOI: https://doi.org/10.1108/JAOC-09-2022-0146
  33. Financial Services Authority. (2014). The Indonesia Corporate Governance Manual First Edition. https://www.ojk.go.id/Files/box/THE-INDONESIA-CORPORATE-GOVERNANCE-MANUAL-First-Edition.pdf%0A
  34. García-Sánchez, I. M., Aibar-Guzmán, B., Aibar-Guzmán, C., & Rodríguez-Ariza, L. (2020). “Sell” recommendations by analysts in response to business communication strategies concerning the Sustainable Development Goals and the SDG compass. Journal of Cleaner Production, 255. https://doi.org/10.1016/j.jclepro.2020.120194 DOI: https://doi.org/10.1016/j.jclepro.2020.120194
  35. García-Sánchez, I. M., Aibar-Guzmán, B., Aibar-Guzmán, C., & Somohano-Rodríguez, F. M. (2022). The drivers of the integration of the sustainable development goals into the non-financial information system: Individual and joint analysis of their influence. Sustainable Development, 30(4), 513–524. https://doi.org/10.1002/sd.2246 DOI: https://doi.org/10.1002/sd.2246
  36. Giordino, D., Jabeen, F., Nirino, N., & Bresciani, S. (2024). Institutional investors ownership concentration and its effect on disclosure and transparency of United Nations sustainable development goals. Technological Forecasting & Social Change, 200, 123132. https://doi.org/10.1016/j.techfore.2023.123132 DOI: https://doi.org/10.1016/j.techfore.2023.123132
  37. Girindratama, M. W., Juwita, N., Honggowati, S., & Setiawan, D. (2024). Commissioner diversity, environmental pressures, and sustainability disclosure before and during the COVID-19 pandemic. Jurnal Ilmiah Akuntansi, 9(1), 1–21. https://doi.org/10.23887/jia.v9i1.50610 DOI: https://doi.org/10.23887/jia.v9i1.50610
  38. Govindan, K., Shaw, M., & Majumdar, A. (2021). Social sustainability tensions in multi-tier supply chain: A systematic literature review towards conceptual framework development. Journal of Cleaner Production, 279, 123075. https://doi.org/10.1016/j.jclepro.2020.123075 DOI: https://doi.org/10.1016/j.jclepro.2020.123075
  39. Gunawan, J., Permatasari, P., & Tilt, C. (2020). Sustainable development goal disclosures: Do they support responsible consumption and production? Journal of Cleaner Production, 246, 118989. https://doi.org/10.1016/j.jclepro.2019.118989 DOI: https://doi.org/10.1016/j.jclepro.2019.118989
  40. Gupta, I., Mishra, N., & Tandon, D. (2020). Triple bottom line: Evidence from aviation sector. EuroMid Journal of Business and Tech-Innovation (EJBTI), 3(1), 71–80. https://doi.org/10.51325/ijbeg.v3i1.32 DOI: https://doi.org/10.51325/ijbeg.v3i1.32
  41. Habbash, M. (2016). Corporate governance and corporate social responsibility disclosure: Evidence from Saudi Arabia. Social Responsibility Journal, 12(4), 740–754. https://doi.org/10.1108/SRJ-07-2015-0088 DOI: https://doi.org/10.1108/SRJ-07-2015-0088
  42. Hamad, S., Lai, F. W., Shad, M. K., Khatib, S. F. A., & Ali, S. E. A. (2023). Assessing the implementation of sustainable development goals: does integrated reporting matter? Sustainability Accounting, Management and Policy Journal, 14(1), 49–74. https://doi.org/10.1108/SAMPJ-01-2022-0029 DOI: https://doi.org/10.1108/SAMPJ-01-2022-0029
  43. Hassan, M. K., & Lahyani, F. E. (2020). Media, independent non-executive directors and strategy disclosure by non-financial listed firms in the UAE. Corporate Governance: The International Journal of Business in Society, 20(2), 216–239. DOI: https://doi.org/10.1108/CG-01-2019-0032
  44. Hindasah, L., & Harsono, M. (2021). Gender diversity on the board of director and firm performance: Agency theory perspective. Jurnal Manajemen Bisnis, 12(2). https://doi.org/10.18196/mb.v12i2.10804 DOI: https://doi.org/10.18196/mb.v12i2.10804
  45. Huang, X., & Kang, J.-K. (2017). Geographic concentration of institutions, corporate governance, and firm value. Journal of Corporate Finance, 47, 191–218. https://doi.org/10.1016/j.jcorpfin.2017.09.016 DOI: https://doi.org/10.1016/j.jcorpfin.2017.09.016
  46. Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corporate governance and sustainability performance: Analysis of triple bottom line performance. Journal of Business Ethics, 149(2), 411–432. https://doi.org/10.1007/s10551-016-3099-5 DOI: https://doi.org/10.1007/s10551-016-3099-5
  47. Hussaini, M., Hussain, N., Nguyen, D. K., & Rigoni, U. (2021). Is corporate social responsibility an agency problem? An empirical note from takeovers. Finance Research Letters, 43, 102007. https://doi.org/10.1016/j.frl.2021.102007 DOI: https://doi.org/10.1016/j.frl.2021.102007
  48. Inekwe, M., Hashim, F., & Yahya, S. B. (2021). CSR in developing countries – the importance of good governance and economic growth: evidence from Africa. Social Responsibility Journal, 17(2), 226–242. https://doi.org/10.1108/SRJ-10-2019-0336 DOI: https://doi.org/10.1108/SRJ-10-2019-0336
  49. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
  50. Karamoy, H., & Tulung, J. E. (2020). The effect of financial performance and corporate governance to stock price in non-bank financial industry. Corporate Ownership and Control, 17(2), 97–103. https://doi.org/10.22495/cocv17i2art9 DOI: https://doi.org/10.22495/cocv17i2art9
  51. Karim, S., Manab, N. A., & Ismail, R. B. (2023). Assessing the governance mechanisms, corporate social responsibility and performance: The moderating effect of board independence. Global Business Review, 24(3), 550–562. https://doi.org/10.1177/0972150920917773 DOI: https://doi.org/10.1177/0972150920917773
  52. Kementerian PPN/BAPPENAS. (2021). Penetapan Rencana Aksi Nasional Tujuan Pembangunan Berkelanjutan/ Sustainable Development Goals (TPB/SDGs) Tahun 2021-2024.
  53. Khan, P. A., Johl, S. K., & Akhtar, S. (2021). Firm sustainable development goals and firm financial performance through the lens of green innovation practices and reporting: A proactive approach. Journal of Risk and Financial Management, 14(12), 605. https://doi.org/10.3390/jrfm14120605 DOI: https://doi.org/10.3390/jrfm14120605
  54. Kim, D., & Starks, L. T. (2016). Gender diversity on corporate boards: Do women contribute unique skills? American Economic Review, 106(5), 267–271. https://doi.org/10.1257/aer.p20161032 DOI: https://doi.org/10.1257/aer.p20161032
  55. Krismiaji, & Raharja, A. (2018). Corporate governance, accounting information quality , and cost of equity capital an Indonesia’ evidence. Jurnal Akuntansi Dan Auditing Indonesia, 22(1), 1–11. https://doi.org/10.20885/jaai.vol2 DOI: https://doi.org/10.20885/jaai.vol22.iss1.art1
  56. uswantoro, H., Sholihin, M., & Djajadikerta, H. G. (2022). Exploring the implementation of sustainable development goals : a comparison between private and state-owned enterprises in Indonesia. Environment, Development, and Sustainability, 24, 1–21. https://doi.org/10.1007/s10668-022-02505-1 DOI: https://doi.org/10.1007/s10668-022-02505-1
  57. Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance and Economics, 26(2), 1871–1885. https://doi.org/10.1002/ijfe.1883 DOI: https://doi.org/10.1002/ijfe.1883
  58. Lee, L.-C., Lau, W.-Y., & Yip, T.-M. (2023). Do environmental, social and corporate governance practices enhance Malaysian public-listed companies performance? Jurnal Institutions and Economies, 15(3), 5–32. https://doi.org/10.22452/IJIE.vol15no3.1 DOI: https://doi.org/10.22452/IJIE.vol15no3.1
  59. Loang, O. K. (2023). The road to sustainable investing: Corporate governance, sustainable development goals, and the financial market. Jurnal Institutions and Economies, 15(3), 33–57. https://doi.org/10.22452/IJIE.vol15no3.2 DOI: https://doi.org/10.22452/IJIE.vol15no3.2
  60. Lodhia, S. (2025). Sustainable development goals accounting and reporting for the “Other” sector. Journal of Public Budgeting, Accounting and Financial Management, 37(2), 350–360. https://doi.org/10.1108/JPBAFM-03-2023-0053 DOI: https://doi.org/10.1108/JPBAFM-03-2023-0053
  61. Lu, J., & Wang, J. (2021). Corporate governance, law, culture, environmental performance and CSR disclosure: A global perspective. Journal of International Financial Markets, Institutions and Money, 70, 101264. https://doi.org/10.1016/j.intfin.2020.101264 DOI: https://doi.org/10.1016/j.intfin.2020.101264
  62. Lutfi, L., Silvy, M., & Iramani, Rr. (2014). The role of board of commissioners and transparency in improving bank operational efficiency and profitability. Journal of Economics, Business, & Accountancy Ventura, 17(1), 81. https://doi.org/10.14414/jebav.v17i1.268 DOI: https://doi.org/10.14414/jebav.v17i1.268
  63. Maidani, M., Wijayanti, M., & Purnomo, R. (2020). The impact factors of corporate social responsibility disclosure. Trikonomika, 19(2), 103–108. https://doi.org/10.23969/trikonomika.v19i2.1619 DOI: https://doi.org/10.23969/trikonomika.v19i2.1619
  64. Makarenko, I., & Plastun, A. (2017). The role of accounting in sustainable development. Accounting and Financial Control, 1(2), 4–12. https://doi.org/10.21511/afc.01(2).2017.01 DOI: https://doi.org/10.21511/afc.01(2).2017.01
  65. Markopoulos, E., & Ramonda, M. B. (2022). An ESG-SDGs alignment and execution model based on the Ocean Strategies transition in emerging markets. Creativity, Innovation and Entrepreneurship, 31, 93–103. https://doi.org/10.54941/ahfe1001511 DOI: https://doi.org/10.54941/ahfe1001511
  66. Megawati, L. R., & Pratama, A. (2024). Sustainable development goals in corporate reporting: Analysis of economic, social, and environmental disclosure. International Journal of Energy Economics and Policy, 14(3), 625–638. https://doi.org/10.32479/ijeep.15495 DOI: https://doi.org/10.32479/ijeep.15495
  67. Mehadi, M., & Mazumder, M. (2025). An empirical analysis of SDG disclosure ( SDGD ) and board gender diversity : insights from the banking sector in an emerging economy. International Journal of Disclosure and Governance, 22(1), 47–63. https://doi.org/10.1057/s41310-023-00223-2 DOI: https://doi.org/10.1057/s41310-023-00223-2
  68. Mumtaz, R., Rehan, M. F., Khan, Q. I., & Zaidi, R. (2021). Board gender diversity, firm performance and risk-taking: The case of non-financial firms of Pakistan. IRASD Journal of Economics, 3(3). https://doi.org/10.52131/joe.2021.0303.0050 DOI: https://doi.org/10.52131/joe.2021.0303.0050
  69. Muskanan, M. W., Tilt, C., Rao, K., & Whait, R. (2025). Contributing to Indonesia’s SDG achievement: disclosures of regional-owned enterprises. Journal of Public Budgeting, Accounting and Financial Management, 37(2), 273–295. https://doi.org/10.1108/JPBAFM-06-2023-0104 DOI: https://doi.org/10.1108/JPBAFM-06-2023-0104
  70. Nicolo’, G., Zampone, G., De Iorio, S., & Sannino, G. (2024). Does SDG disclosure reflect corporate underlying sustainability performance? Evidence from UN Global Compact participants. Journal of International Financial Management & Accounting, 35(1), 214–260. https://doi.org/10.1111/jifm.12194 DOI: https://doi.org/10.1111/jifm.12194
  71. Nugrahani, T. S., Kusuma, H., Arifin, J., & Muhammad, R. (2023). Determining factors of sustainability report using the institutional isomorphism theory approach. Jurnal Akuntansi Dan Auditing Indonesia, 27(1), 1–10. https://doi.org/10.20885/jaai.vol27.iss1.art1 DOI: https://doi.org/10.20885/jaai.vol27.iss1.art1
  72. Nuhu, Y., & Alam, A. (2024). Ownership structure and sustainability reporting: emerging economies evidence. International Journal of Accounting and Information Management, 32(5), 883–908. https://doi.org/10.1108/IJAIM-09-2023-0228 DOI: https://doi.org/10.1108/IJAIM-09-2023-0228
  73. Parikh, A., Kumari, D., Johann, M., & Mladenović, D. (2023). The impact of environmental, social and governance score on shareholder wealth: A new dimension in investment philosophy. Cleaner and Responsible Consumption, 8, 100101. https://doi.org/10.1016/j.clrc.2023.100101 DOI: https://doi.org/10.1016/j.clrc.2023.100101
  74. Pham, V. Le, & Ho, Y.-H. (2024). Independent board members and financial performance: ESG mediation in Taiwan. Sustainability, 16(16), 6836. https://doi.org/10.3390/su16166836 DOI: https://doi.org/10.3390/su16166836
  75. PwC. (2019). PwC SDG Reporting Challenge 2019.
  76. Rahayu, R., & Djuminah, D. (2022). Are the board of commissioners’ characteristics relevant to sustainable finance disclosure in Indonesian banks? Journal of Accounting and Investment, 23(2), 209–228. https://doi.org/10.18196/jai.v23i2.14163 DOI: https://doi.org/10.18196/jai.v23i2.14163
  77. Ramos, D. L., Chen, S., Rabeeu, A., & Abdul Rahim, A. B. (2022). Does SDG coverage influence firm performance? Sustainability, 14(9), 4870. https://doi.org/10.3390/su14094870 DOI: https://doi.org/10.3390/su14094870
  78. osati, F., & Faria, L. G. D. (2019a). Addressing the SDGs in sustainability reports: The relationship with institutional factors. Journal of Cleaner Production, 215, 1312–1326. https://doi.org/10.1016/j.jclepro.2018.12.107 DOI: https://doi.org/10.1016/j.jclepro.2018.12.107
  79. Rosati, F., & Faria, L. G. D. (2019b). Business contribution to the sustainable development agenda: organizational factors related to early adoption of SDG reporting. Corporate Social Responsibility and Environmental Management, 26(3), 588–597. https://doi.org/10.1002/csr.1705 DOI: https://doi.org/10.1002/csr.1705
  80. Sari, T. K., & Fitriani, N. (2024). How do board characteristics influence the ESG disclosure in Indonesia? Jurnal Akuntansi Dan Auditing Indonesia, 27(2), 208–218. https://doi.org/10.20885/jaai.vol27.iss2.art9 DOI: https://doi.org/10.20885/jaai.vol27.iss2.art9
  81. SDGS BAPPENAS. (2017). Implementation of the Achievement of Sustainable Development Goals.
  82. Sekaran, U., & Bougie, R. (2016). Research Methods for Business. John Wiley & Sons Ltd.
  83. Sekarlangit, L. D., & Wardhani, R. (2021). The effect of the characteristics and activities of the board of directors on Sustainable Development Goal (SDG) disclosures: Empirical evidence from southeast asia. Sustainability, 13(14), 8007. https://doi.org/10.3390/su13148007 DOI: https://doi.org/10.3390/su13148007
  84. Shayan, N. F., Mohabbati-Kalejahi, N., Alavi, S., & Zahed, M. A. (2022). Sustainable development goals (SDGs) as a framework for corporate social responsibility (CSR). Sustainability, 14(3), 1222. https://doi.org/10.3390/su14031222 DOI: https://doi.org/10.3390/su14031222
  85. Shleifer, A., & Vishny, R. W. (1997). A survey of Corporate Governance. The Journal of Finance, LII(2), 737–783. https://doi.org/10.4324/9780203940136 DOI: https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
  86. Silva, S. (2021). Corporate contributions to the sustainable development goals: An empirical analysis informed by legitimacy theory. Journal of Cleaner Production, 292, 125962. https://doi.org/10.1016/j.jclepro.2021.125962 DOI: https://doi.org/10.1016/j.jclepro.2021.125962
  87. Subramaniam, N., Akbar, S., Situ, H., Ji, S., & Parikh, N. (2023). Sustainable development goal reporting: Contrasting effects of institutional and organisational factors. Journal of Cleaner Production, 411, 137339. https://doi.org/10.1016/j.jclepro.2023.137339 DOI: https://doi.org/10.1016/j.jclepro.2023.137339
  88. urifah, & Krismiaji. (2025). The role of corporate governance, type of ownership, and capital structure in the achievement of sustainable development goals. Journal of Indonesian Economy and Business, 40(2). https://doi.org/10.22146/jieb.v40i2.10086 DOI: https://doi.org/10.22146/jieb.v40i2.10086
  89. Syofyan, E., Septiari, D., Dwita, S., & Rahmi, M. (2021). The characteristics of the audit committee affecting timeliness of the audit report in Indonesia. Cogent Business and Management, 8(1), 1–17. https://doi.org/10.1080/23311975.2021.1935183 DOI: https://doi.org/10.1080/23311975.2021.1935183
  90. Tjahjadi, B., Soewarno, N., & Mustikaningtiyas, F. (2021). Good corporate governance and corporate sustainability performance in Indonesia: A triple bottom line approach. Heliyon, 7(3), e06453. https://doi.org/10.1016/j.heliyon.2021.e06453 DOI: https://doi.org/10.1016/j.heliyon.2021.e06453
  91. United Nations. (2015a). Transforming our world: the 2030 Agenda for Sustainable Development.
  92. United Nations. (2015b). Transforming our world: the 2030 agenda for sustainable development. Resolution adopted by the general assembly on 25 September 2015.
  93. Wahyuningrum, I. F. S., Baroroh, N., Yanto, H., Hidayah, R., Puspita, A. S., & Elviana, L. D. (2025). Corporate governance: Driving climate change disclosure and advancing SDGs. Journal of Risk and Financial Management, 18(5), 234. https://doi.org/10.3390/jrfm18050234 DOI: https://doi.org/10.3390/jrfm18050234
  94. Widarwati, E., Rohmah, N. N., & Wityasminingsih, E. (2024). Green investment and firm value : Does corporate governance matter ? Journal of Accounting and Investment, 25(3), 1156-1174. https://doi.org/10.18196/jai.v25i3.22159 DOI: https://doi.org/10.18196/jai.v25i3.22159
  95. Wooldridge, J. M. (2016). Introductory Econometrics. Cengange Learning.
  96. Yendrawati, R., & Kinanti, A. (2024). Corporate social responsibility (CSR) and good corporate governance (GCG) influence on corporate financial performance. Jurnal Akuntansi & Auditing Indonesia, 26–35. https://doi.org/10.20885/jaai.vol28.iss1.art3 DOI: https://doi.org/10.20885/jaai.vol28.iss1.art3
  97. Yudawisastra, H. G., Anwar, M., Nidar, S. R., & Azis, Y. (2022). The role of green entrepreneurship and green variables in sustainable development in the culinary sector in Indonesia: Early days of the COVID-19 pandemic. Indonesian Journal of Sustainability Accounting and Management, 6(2). https://doi.org/10.28992/ijsam.v6i2.689 DOI: https://doi.org/10.28992/ijsam.v6i2.689
  98. Zaid, A. A., Bon, T., & Jaaron, A. A. M. (2018). Green human resource management bundle practices and manufacturing organizations for performance optimization: A conceptual model. International Journal of Engineering & Technology, 7(3.20), 87–91. https://doi.org/10.14419/ijet.v7i3.20.18986 DOI: https://doi.org/10.14419/ijet.v7i3.20.18986
  99. Zampone, G., García-Sánchez, I.-M., & Sannino, G. (2023). Imitationis the sincerest form of institutionalization: understanding the effects of imitation and competitive pressures on the reporting of sustainable development goals in an international context. Business Strategy and the Environment, 32(7), 1–24. DOI: https://doi.org/10.1002/bse.3357
  100. Zampone, G., & Guidi, M. (2024). Sustainability reporting and assurance practices contribution to SDG disclosure: evidence from communication on progress (CoP). Meditari Accountancy Research, 32(7), 236–265. https://doi.org/10.1108/MEDAR-09-2023-2165 DOI: https://doi.org/10.1108/MEDAR-09-2023-2165
  101. Zampone, G., Nicolò, G., Sannino, G., & De Iorio, S. (2024). Gender diversity and SDG disclosure: the mediating role of the sustainability committee. Journal of Applied Accounting Research, 25(1), 171–193. https://doi.org/10.1108/JAAR-06-2022-0151 DOI: https://doi.org/10.1108/JAAR-06-2022-0151
  102. Zattoni, A., & Pugliese, A. (2021). Corporate governance research in the wake of a systemic crisis: Lessons and opportunities from the COVID‐19 pandemic. Journal of Management Studies, 58(5), 1405–1410. https://doi.org/10.1111/joms.12693 DOI: https://doi.org/10.1111/joms.12693
  103. Zhou, H., Owusu-Ansah, S., & Maggina, A. (2018). Board of directors, audit committee, and firm performance: Evidence from Greece. Journal of International Accounting, Auditing and Taxation, 31, 20–36. https://doi.org/10.1016/j.intaccaudtax.2018.03.002 DOI: https://doi.org/10.1016/j.intaccaudtax.2018.03.002
  104. Zulfikar, R., May, N., Sultan, U., Tirtayasa, A., & Agustiningsih, W. (2017). Independence commissioner against mandatory disclosure of financial performance as a moderating variable. Review of Integrative Business & Economics Research, 6(3), 205–2016. http://buscompress.com/journal-home.html