Corporate Characteristics, Sustainability Reporting, and Financial Performance: Case of Indonesia’s and Thailand’s Firms

Gatot Nazir Ahmad, Rera Reime, Ari Warokka, Dicky Iranto


This research aimed to determine the effects of size, leverage, liquidity, and corporate activities on sustainability reporting on financial performance, with the government regulations serving as a moderator variable. This research used a sample of 45 manufacturing and mining corporations listed in Indonesia and Thailand over the observation period 2013–2017. The analysis method used in this research was the Partial Least Square (PLS) method, aided with the application WarpPLS Version 5.0. The results showed that size and corporate activities positively affected sustainability reporting, while leverage and liquidity had no effect. Meanwhile, sustainability reporting had a significant, positive effect on financial performance. The results also showed that government regulations did not moderate the effect of sustainability reporting on financial performance. Disclosure of sustainability reports has positive implications for the company's financial performance. This matter needs more attention from every company to commit to sustainability reporting in their business practices because this will bring many short-term and long-term benefits for the company. To the best of our knowledge, this research work is the first one that compiles two different countries' analyses. The findings also show how the stakeholder theory and the legitimacy theory affect the relationship between the financial parameter, sustainability reporting, and the firm performance moderated by the government. The existing research does not carry out this analysis.


Keywords: corporate characteristics, financial performance, government regulation, sustainability reporting.

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