BOARD CHARACTERISTICS AND DISCLOSURE OF ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) MATTERS: EVIDENCE FROM ASEAN COUNTRIES

Purpose: The aim of the study is to empirically examine the relationship between corporate governance characteristics and the level of ESG disclosure in the ASEAN countries. Design/methodology/approach: The dataset to test our hypotheses is taken from the Bloomberg Database for years 2011–2014 which is also supported by the firms’ corporate governance annual reports. This study focuses on firms from four ASEAN countries (Philippines, Indonesia, Malaysia, and Thailand). To test our econometric models, we used the STATA14 software package. Findings: The proposed hypotheses were confirmed. As hypothesized, CEO duality decreases ESG disclosure, while board size, the presence of women on the board and independent directors increased disclosure. Originality: This paper offers theoretical and empirical arguments for our understanding of corporate governance and its impacts on Environmental, Social, and Governance (ESG) disclosure in ASEAN countries.