Exploring the Governance–Disclosure Nexus: Board Structures and ESG Disclosures in South Africa
研究了2012至2022年间90家南非上市公司董事会结构（规模、独立性、审计委员会特征）对环境、社会和治理（ESG）披露的影响，发现董事会规模与ESG整体披露正相关，但与环境披露无关；董事会独立性和审计委员会会议频率对所有ESG披露均有正面作用。
ABSTRACT This study examines how governance structures such as board composition and board functions influence environmental, social and governance (ESG) reporting among listed South African firms. This study examines 90 public listed companies on the Johannesburg Stock Exchange between 2012 and 2022. Over an 11‐year period, board size shows a significant positive relationship with ESG, Social (SOC) and Governance (GOV) disclosures, but not with environmental (ENV). Board independence and audit committee meeting frequency are positively and significantly linked to all four ESG disclosure models. Furthermore, audit committee size is positively associated with ENV and GOV disclosures but shows no effect on ESG or SOC. The findings emphasise the critical role of board structures in shaping strategic decisions, particularly regarding ESG disclosure. These insights may prove valuable to regulators, policymakers and investors seeking to make informed governance and investment decisions.