Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2018.1486722
Corporate sustainability disclosure and market valuation in a Middle Eastern Nation: evidence from listed firms on the Tehran Stock Exchange: sensitive industries versus non-sensitive industries
Massoud Alam Dad Mohammadi
; a Department of Business Administration, Azman Hashim International Business School, Universiti Teknologi Malaysia (UTM), Skudai, Malaysia
Abbas Mardani
; a Department of Business Administration, Azman Hashim International Business School, Universiti Teknologi Malaysia (UTM), Skudai, Malaysia
Mohd Noor Azli Ali Khan
; a Department of Business Administration, Azman Hashim International Business School, Universiti Teknologi Malaysia (UTM), Skudai, Malaysia
Dalia Streimikiene
; a Department of Business Administration, Azman Hashim International Business School, Universiti Teknologi Malaysia (UTM), Skudai, Malaysia
Sažetak
This article has received the considerable critical attention that seeking
to enhance sustainability disclosure may essentially make progress
firms’ market valuation. It aims to provide the corporate
sustainability disclosure level organized according to the ‘7 þ 1’,
seven core subjects of the International Organization for
Standardization (ISO) 26000 and the energy disclosure items, then
set out to assess the effectiveness of sustainability reporting on the
listed firms’ market valuation during the period 2010–2015. To
achieve this objective, data were collected from a sample of 98
Iranian manufacturing and service organizations from various industry
sectors at the Tehran Stock Exchange and generalized method of
moments (GMM) approach was conducted for a dynamic panel data
to evaluate the effect of the sustainability reporting level on the
listed firms’ market valuation. As can be seen from the results, the
overall extent of sustainability disclosure arranged in accordance
with the low rate of sustainability reporting for listed firms in TSE. It
was also found that the sensitive firms have a greater level of corporate
sustainability disclosure than the other firms. Moreover, sustainability
reporting has been shown to be related to market valuations
in which firms activating in sensitive industries environmentally with
sustainability reporting had higher market valuations than firms activating
in non-sensitive industries with sustainability reporting. Our
‘7 þ 1’ sustainability disclosure practice aspects all together with their
basic measurement items can be applied as a checklist for assessing
how well sustainability disclosure practices are performed at TSE.
Ključne riječi
Corporate sustainability disclosure; firm value; stakeholder theory; panel data; Tehran Stock Exchange
Hrčak ID:
209132
URI
Datum izdavanja:
3.12.2018.
Posjeta: 1.674 *