Powering Transparency: Global Drivers of Sustainability Reporting in the Electricity Sector
研究了电力企业可持续发展报告质量受哪些因素影响，发现更好的可持续绩效、采用GRI框架、机构与外资持股能提升报告质量，而法治和碳定价反而降低披露相关性。
ABSTRACT We examine the drivers of sustainability reporting quality (QSR), conceptualised along two complementary dimensions, relevance and reliability, to assess how firm‐level attributes and institutional conditions jointly shape disclosure practices in the electricity sector. Using data from S&P Global Top 250, we find that stronger sustainability performance, the adoption of the Global Reporting Initiative framework, and the presence of institutional and foreign investors are positively associated with higher QSR. These underscore the importance of internal performance, established reporting frameworks, and market‐based mechanisms in enhancing the credibility and decision usefulness of sustainability reporting. In contrast, rule of law and carbon pricing policies exhibit negative associations with disclosure relevance, suggesting strategic opacity or compliance fatigue in more highly regulated environments. This study provides industry‐specific, cross‐national evidence from a critical yet underexplored sector. The findings offer timely insights for managers, regulators, investors and standard setters as mandatory sustainability reporting under IFRS S1 and S2 is implemented across jurisdictions.