نوع مقاله : مقاله پژوهشی
نویسنده
دانشیار گروه حسابداری دانشگاه علامه طباطبائی
چکیده
افزایش اهمیت گزارشگری پایداری به عنوان یکی از آخرین و مهم‌ترین روندهای تحول در عرصه گزارشگری شرکتی، سبب افزایش قابل توجه پژوهش‌ها در این حوزه شده است. یکی از موضوعات کلیدی مورد توجه در پژوهش‌های مرتبط با گزارشگری پایداری، تأثیر آن بر عملکرد مالی شرکت‌ها است. با توجه به نتایج متنوع پژوهش‌های این حوزه، در این پژوهش به مرور سیستماتیک پژوهش‌های مرتبط با تأثیر گزارشگری پایداری بر عملکرد مالی پرداخته شده است. نمونه نهایی پژوهش شامل 95 مقاله نمایه‌شده در پایگاه‌های اسکاپوس و وب‌آف‌ساینس در بازده زمانی 2013 تا پایان ژوئن 2025 است. برای تدوین پروتکل مرور مقالات از چک‌لیست پریزما استفاده گردید. یافته‌های پژوهش حاکی از آن است که 70 درصد از مطالعات نشانگر تأثیر مثبت گزارشگری پایداری بر نرخ بازده دارایی‌ها، 64 درصد نشانگر تأثیر مثبت آن بر نرخ بازده حقوق مالکانه و 72 درصد نشانگر تأثیر آن بر شاخص‌های ارزیابی عملکرد مبتنی بر بازار هستند. این نتایج نشانگر اجماع نسبی در خصوص تأثیر مثبت گزارشگری پایداری بر عملکرد شرکت‌ها است. یافته‌های پژوهش همچنین نشان می‌دهد برخی عوامل زمینه‌ای و متغیرهای تعدیلگر نظیر سطح توسعه‌یافتگی، سازوکارهای حاکمیت شرکتی، حضور سرمایه‌گذاران علاقه‌مند به پایداری، رعایت استانداردهای GRI، می‌توانند این رابطه را تحت تاثیر قرار دهند. علاوه بر این یافته‌های پژوهش نشان می‌دهد که اجزای مختلف افشای محیطی، اجتماعی و راهبری می‌توانند اثرگذاری‌های متفاوتی بر عملکرد شرکت‌ها داشته باشند. پژوهش‌های مورد بررسی در مجموع پیشنهاد می‌کنند که گزارشگری پایداری نه‌تنها یک الزام نظارتی، بلکه یک دارایی استراتژیک است و شرکت‌ها نیاز به توسعه استراتژی بلندمدت برای اجرای گزارشگری پایداری دارند.
کلیدواژه‌ها
موضوعات
عنوان مقاله [English]
Investigating the Impact of Sustainability Reporting on Financial Performance: A Systematic Review
نویسنده [English]
- Javad Shekarkhah
Assistant professor of Accounting in department of management and Accounting Allameh tabatabai university
چکیده [English]
1. Introduction
In recent decades, corporate performance has been defined as a measure of a firm's effectiveness in utilizing limited resources to create value. In the context of value creation, companies strive to achieve sufficient returns while meeting the expectations of interested stakeholders (Brundtland, 1987). In the current era, investors increasingly consider not only financial reports but also non-financial disclosures to better inform their investment decisions. Sustainability reporting, which enhances transparency, enables investors to make more informed and positive investment choices (Leins, 2020). Environmental, social, and governance (ESG) issues and sustainability are closely intertwined concepts that have garnered significant attention in recent years due to the need to address global challenges and promote responsible business practices. Sustainability reporting is defined as a set of activities undertaken by organizations to provide evidence of the integration of social and environmental considerations into corporate operations and interactions with stakeholders. The concept of sustainability reporting emerged in the early 1980s with the advent of environmental reporting (Aifuwa, 2020).
The academic literature suggests that engaging in corporate social responsibility (CSR) activities not only enhances relationships with stakeholders and the broader community but also differentiates companies in competitive markets, fostering trust and maximizing value (Ameer & Othman, 2012; Van Linh et al., 2022). In recent years, sustainability reporting has garnered significant attention as companies, investors, and consumers increasingly prioritize sustainability. Sustainability is defined as meeting present needs without compromising the ability of future generations to meet their own needs. As companies strive to maintain their market position amid evolving landscapes, it has become evident that a sole focus on financial performance is no longer sufficient. Sustainability performance and disclosure have become increasingly critical for achieving competitive success (Hahn & Kühnen, 2013).
A substantial body of research has explored the relationship between sustainability and corporate performance, yielding varied results ranging from positive to insignificant or negative outcomes (Rodgers et al., 2019). The literature on the relationship between sustainability reporting and corporate financial performance has produced conflicting findings, with prior studies indicating that results are so diverse that definitive conclusions remain elusive (Nguyen et al., 2025). Given these considerations, the challenges associated with sustainability and corporate performance have attracted growing attention from researchers and practitioners, leading to a significant increase in related publications. Several studies have sought to synthesize this extensive literature, employing bibliometric analysis and systematic reviews to gain a comprehensive understanding of the field, identify knowledge gaps, explore new ideas, and position their contributions. While bibliometric analyses and systematic reviews on sustainability and its reporting have proliferated, few studies have specifically focused on the relationship between sustainability and corporate performance.
A review of the literature reveals that systematic reviews of the relationship between sustainability reporting and performance have received limited attention. Recent studies have primarily focused on bibliometric analyses to identify trends and key patterns in this field, without providing a comprehensive synthesis or analysis of the key findings of relevant research. Given the increasing importance of sustainability reporting as one of the latest transformative trends in corporate reporting, this study undertakes a systematic review of research examining the impact of sustainability reporting on financial performance.
2. Methodology
This research is classified as applied and exploratory in terms of its objectives and aligns with the interpretive paradigm and qualitative research methodology. Consistent with the research objectives, a systematic review method was employed for data collection, and an inductive content analysis approach was used for analyzing the selected studies. The latest version of the PRISMA checklist (2020) was utilized to develop the review protocol. The search for articles was conducted in two reputable academic databases, Scopus and Web of Science. The research period was set from 2013 to the end of June 2025. To enhance the sensitivity and comprehensiveness of the search, equivalent and related keywords for the two main terms, "sustainability reporting" and "corporate financial performance," were used, along with the Boolean operator "OR." The search was limited to English-language journal articles that had undergone a rigorous peer-review process. The retrieved articles were imported into Zotero software based on the search protocol and subjected to multiple screening stages. Initially, duplicate articles from both databases were removed. Subsequently, articles relevant to the research topic and objectives were selected based on their titles. In the next stage, articles were screened based on their abstracts. Finally, after a full-text review, 95 studies were retained for analysis.
3. Results
The systematic review of the studies indicates that a significant majority of the examined research supports a positive relationship between sustainability reporting and both operational performance metrics (return on assets and return on equity) and market-based performance metrics (Tobin's Q and market-to-book value ratio). Specifically, 70% of the studies demonstrate a positive impact of sustainability reporting on return on assets, 64% indicate a positive effect on return on equity, and 72% show a positive influence on market-based performance indicators. These positive findings align with supporting theories, including signaling theory, legitimacy theory, and stakeholder theory. According to signaling theory, market signals that reduce information asymmetry assist investors in making informed decisions. Sustainability reporting enables companies to send positive signals to the market, reducing asymmetry and potentially enhancing value creation. Furthermore, legitimacy theory posits that companies operate with the implicit approval of society but must continually demonstrate their legitimacy to avoid losing public support. Companies may disclose additional information to maintain legitimacy, which can lead to higher firm value. Thus, firms engaging in sustainability reporting can sustain their legitimacy and enhance value creation. Similarly, stakeholder theory suggests that a company’s existence depends on its ability to meet stakeholders’ needs. This theory emphasizes that companies must engage in corporate social responsibility activities, beyond maximizing shareholder profits, to address the needs of non-financial stakeholders who can provide significant support. These findings support the legitimacy, stakeholder, and signaling theories and underscore the importance of policymakers encouraging or mandating sustainability reporting disclosures to enhance market transparency and efficiency.
4. Conclusion
Based on the confirmation of a positive impact of sustainability reporting on financial performance, the reviewed studies offer recommendations for policymakers and companies. Some studies suggest that sustainability reporting can serve as a risk mitigation strategy in uncertain environments. These studies advocate that sustainability reporting is not only a regulatory requirement but also a strategic asset for improving financial performance. Companies need to develop long-term strategies for implementing sustainability reporting. Governments should enhance the current legal framework to establish a robust foundation for implementing sustainability reporting. These studies strongly support the notion that corporate sustainability disclosure is a strategic tool for increasing firm value and competitive advantage. Another key implication of the reviewed research is the importance of regulations in improving transparency and corporate performance. According to some findings, adherence to the Global Reporting Initiative (GRI) standards in sustainability disclosures contributes to increased firm value, highlighting the importance of standardization and transparency in sustainability reporting to build investor confidence. The integration of reporting frameworks as a means to improve quality and create value has also been proposed by some studies. Additionally, certain studies emphasize the influence of environmental, social, and governance (ESG) dimensions, advocating that ESG considerations should be integrated into financial planning, regulations, and investment decisions to achieve long-term benefits.
کلیدواژه‌ها [English]
- Sustainability reporting
- Financial performance
- ESG disclosure
- Systematic review
- Operational performance
- Market performance
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