Citation

Wong, Wai Khuen (2024) Stakeholder power, strategic posture, corporate financial performance and Environmental, Social, Governance (ESG) disclosure in Malaysia. Other thesis, Multimedia University.

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Abstract

In recent years, despite continued efforts of the government to promote sustainability commitments, the extent of ESG information disclosed by Malaysian companies remains low and inconsistent. The prevailing research gaps and limited practical knowledge impede decision makers' ability to identify and engage salient stakeholders to collectively promote stronger ESG commitment among Malaysian businesses. This study examines the extent to which stakeholder power determines ESG disclosure and evaluates whether the company’s strategic posture towards ESG affects this relationship, as well as the bidirectional relationship between corporate financial performance (CFP) and ESG disclosure perpetuated by powerful stakeholders. The results are based on a panel data set of 71 Malaysian companies observed from 2013 to 2022. Secondary data was used to measure all variables of interest. The data set combines ESG orientation scores from chairperson's letters published in annual reports, which are derived from computer-aided textual analysis, with ESG disclosure scores obtained from Bloomberg. The results of multiple regression analyses, which remain robust across alternative estimators, indicate that stakeholder power (represented by independent directors, news media, foreign and domestic regulators) and strategic posture serve as significant predictors of ESG performance. The study also shows that CFP has a reciprocal relationship with ESG. In the mediation analysis, strategic posture was found to exert a significant mediating effect on the relationship between ESG disclosure and selected stakeholder groups. This study is among the first research works in the context of a developing country to reconceptualise Ullmann's model (1985) by positioning strategic posture as the mediator in the underlying relationship between stakeholder power and ESG disclosure.

Item Type:	Thesis (Other)
Additional Information:	Call No.: HC79.E5 W66 2024
Uncontrolled Keywords:	Sustainable development—Malaysia
Subjects:	H Social Sciences > HC Economic History and Conditions > HC79 Special Topics. Including air pollution, automation, consumer demand, famines, flow of funds, etc.
Divisions:	Faculty of Management (FOM)
Depositing User:	Ms Nurul Iqtiani Ahmad
Date Deposited:	02 Oct 2025 02:20
Last Modified:	02 Oct 2025 02:20
URII:	http://shdl.mmu.edu.my/id/eprint/14635

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