Article2023

The impact of COVID-19 on sustainability reporting: A perspective from the US financial institutions

Hani Alkayed · Khaled Hussainey · Esam Shehadeh

30 citations0/0 files storedJournal of Applied Accounting Research

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Corporate Social Responsibility Reporting Accounting and Financial Management Governance, Compliance, and Sustainability

Abstract

Purpose This article provides the first empirical study on the effects of the COVID-19 pandemic on sustainability reporting in US financial institutions using institutional, stakeholder and legitimacy theories. Design/methodology/approach The study used the independent sample t-test and Mann–Whitney U test throughout as well as OLS, random effects, fixed effects and heteroskedasticity corrected model to test the impact of the COVID-19 pandemic on sustainability reporting in the US financial sector. A sample from all listed US financial firms was used after controlling for both the Refinitiv Eikon sector classification and the NAICS sector classification. Findings Using U Mann–Whitney test and independent sample t-test the study revealed that the average ESG score for the pre-COVID19 period is 53% compared with 62.3% for the COVID-19 period, indicating that the sustainability reporting during COVID-19 is much higher compared with the pre-pandemic period. The findings of regression analysis also confirm that the US financial companies increased their sustainability reporting during the COVID-19 pandemic. Research limitations/implications This study is an early attempt to look at how the COVID-19 epidemic has affected financial reporting procedures, although it is focused only on one area and other entity-related factors like stock market implications, company governance, internal audit practice, etc could have been considered. Practical implications This research offers useful recommendations for policymakers to create standards for regulators on the significance of raising sustainability awareness. The findings are crucial for accounting regulators as they work to implement COVID-19 and enforce required integrated reporting rules and regulations. Originality/value The study provides the first empirical evidence on the impact of the COVID-19 pandemic on sustainability reporting, by examining how US financial institutions approach the topic of sustainability during the COVID-19 pandemic and assessing the pandemic's current consequences on sustainability.

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References

1995Managing Legitimacy: Strategic and Institutional Approaches 2014Gender diversity, board independence, environmental committee and greenhouse gas disclosure 2020The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China 2020The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy 2020Supply chain sustainability: learning from the COVID-19 pandemic 2008Give the Emperor a Mirror: Toward Developing a Stakeholder Measurement of Organizational Transparency 2016Organizing for Crisis Management: Building Governance Capacity and Legitimacy 2020Pandemics and Supply Chain Management Research: Toward a Theoretical Toolbox*

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