企业可持续发展报告是否影响财务业绩?肯尼亚上市公司的证据

C. K. Masila, W. Nyamute, Kennedy O. Okiro, Moris Irungu
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引用次数: 0

摘要

企业可持续发展报告是当前全球商界的一个突出问题,世界各地的公司都在积极发布可持续发展报告,以满足不同利益相关者在社会、环境、经济和治理方面的需求。现有文献证明,积极参与企业可持续发展报告的公司往往拥有更高的公司价值,在规模和盈利能力方面经历巨大的增长率,拥有较高的资本和资产基础,资产负债率较低,并在所处行业中获得竞争优势。本研究探讨了企业可持续发展报告与在内罗毕证券交易所上市的公司财务业绩之间的联系。公司治理、社会、环境和经济支柱被用作公司可持续发展报告的指标。研究将采用全球报告倡议组织框架来确定企业可持续发展报告得分并构建可持续发展报告指数。财务绩效以资产回报率来衡量。本研究以利益相关者理论为基础,辅以合法性和三重底线理论。研究对象包括 67 家在肯尼亚上市的公司。从公司综合报告、公布的账目以及向内罗毕证券交易所提交的 2011 年至 2020 年账目中收集了二手数据。研究采用了横截面相关研究设计。进行的描述性统计测试包括平均值、标准差、峰度和偏度。相关分析用于检验和确定研究变量之间的关系方向。采用回归分析来检验研究假设。总体而言,研究结果表明,企业可持续发展报告对财务业绩有显著的积极影响。本研究的实证结果表明,尽管肯尼亚的可持续发展报告纯属自愿性质,但企业可持续发展报告提高了上市公司的财务业绩。因此,肯尼亚资本市场管理局应考虑强制所有上市公司提交企业可持续发展报告。进一步的研究可以扩展到非上市公司以及其他可持续发展报告框架的应用:企业可持续发展报告、财务业绩、全球报告倡议组织、内罗毕证券交易所。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does Corporate Sustainability Reporting Influence Financial Performance? Evidence from Kenyan Listed Companies
Corporate sustainability reporting is currently a prominent issue in the global business world, with companies worldwide actively publishing sustainability reports to meet the demands of different stakeholders regarding social, environmental, economic, and governance concerns. The existing literature has proved that companies that participate aggressively in corporate sustainability reporting tend to have higher firm value, experience tremendous growth rates in terms of size and profitability, have a high capital and asset base, are lowly geared, and gain a competitive edge in the industry in which they operate. The study examines the link between corporate sustainability reporting and the financial performance of firms listed at the Nairobi Securities Exchange. Corporate governance, social, environmental, and economic pillars were used as indicators of corporate sustainability reporting. The Global Reporting Initiative framework will be employed to establish the corporate sustainability reporting scores and construct the sustainability reporting index. Financial performance was measured by return on assets. The study is anchored on the stakeholder theory supported by legitimacy and the tripled bottom-line theories. The target population comprises sixty-seven companies listed in Kenya. Secondary data was collected from the company integrated reports, published accounts, and the accounts filed with the Nairobi Securities Exchange for the period 2011 to 2020. The study adopted a cross-sectional correlational research design. Descriptive statistical tests carried out include mean, standard deviation, kurtosis and skewness. Correlation analysis was done to test and establish the direction of the relationship between the study variables. Regression analysis was employed to test the hypotheses of the study. Generally, the study findings are that corporate sustainability reporting had a significant positive effect on financial performance. The empirical results of this study showed that corporate sustainability reporting led to improved financial performance among listed companies, although sustainability reporting in Kenya was purely voluntary. Therefore, Kenya’s Capital Markets Authority should consider making corporate sustainability reporting compulsory for all listed companies. Further research can be extended to include non-listed companies and the application of other sustainability reporting frameworks. Keywords: Corporate Sustainability Reporting, Financial Performance, Global Reporting Initiative, Nairobi Securities Exchange.
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