How Do Institutional Pressures Reshape the Association Between Corporate Sustainability Disclosure and Firm Value in Emerging Economies? The Moderating Role of the Audit Committee Function
研究了约旦上市公司中，自愿和强制制度压力如何影响可持续发展披露与财务绩效的关系，发现审计委员会规模和独立性会增强这一正向关联，但会议频率和专业知识可能削弱它。
ABSTRACT This study examines the influence of normative (e.g., voluntary sustainability reporting guidelines) and coercive (e.g., mandatory corporate governance [CG] requirements) pressures on the relationship between corporate sustainability disclosure (CSD) and financial performance (FP), focusing on the moderating role of audit committee characteristics. Using 1863 firm‐year observations from 207 companies listed and unlisted on the Amman Stock Exchange (2014–2022), the study employs panel quantile regression and two‐stage PQR to address endogeneity issues. Results show that CSD adoption increased after the 2018 sustainability guidelines, positively affecting FP. Audit committee size and independence strengthen the CSD–FP link, particularly after the 2017 CG reforms, indicating coercive pressures' role in enhancing governance. However, frequent audit committee meetings and technical expertise may weaken the CSD–FP relationship. The study emphasizes governance frameworks shaped by normative and coercive pressures as key to maximizing the financial benefits of sustainability disclosures for firms.