Articlehybrid2022

The effect of chief sustainability officers on sustainability reporting—A management perspective

60 citations0/0 files storedBusiness Strategy and the Environment

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Governance, Compliance, and Sustainability

Abstract

Abstract More and more companies worldwide are appointing a chief sustainability officer (CSO) to anchor the topic of sustainability at the top management level. This study examines how a CSO on the management board influences the quantity and quality of sustainability reports. While quantity is measured by the amount of information disclosed (sustainability disclosure), quality is measured as the decision for external assurance of the sustainability report, using the Global Reporting Initiative (GRI) guidelines as a reporting framework and publishing a combined report. Using a sample of German listed companies for the years 2017–2020, regression analysis is first conducted to analyse the impact of CSOs on sustainability reports. Second, the study shows how a chief executive officer (CEO) and a chief financial officer (CFO) impact sustainability reports when they also serve as CSOs. The results suggest that CSOs improve sustainability disclosure. In addition, a CSO positively impacts the decision for external assurance of the sustainability report but shows no impact on using the GRI guidelines and publishing a combined report. The results also show that a CFO positively influences sustainability disclosure, while a CEO does not. This study contributes to the growing literature on sustainable governance and how having a CSO on the management board impacts sustainability reporting. The study has numerous implications for regulators and practitioners. The most important insight is which management position should be responsible for sustainability to improve reporting and the limitations of that decision.

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References

2007Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis 2013Determinants of sustainability reporting: a review of results, trends, theory, and opportunities in an expanding field of research 2004Business Ethics: Corporate Responses to Scandal 2014CSR reporting practices and the quality of disclosure: An empirical analysis 2010The effect of corporate governance on sustainability disclosure 2013Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector 2016Role of Country- and Firm-Level Determinants in Environmental, Social, and Governance Disclosure 2013The Influence of Governance Structure and Strategic Corporate Social Responsibility Toward Sustainability Reporting Quality

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