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<p>Despite the growing emphasis on corporate carbon disclosure, limited empirical attention has been devoted to understanding the determinants of carbon footprint reporting quality (CFRQ), particularly within emerging markets and carbon-intensive industries. This study investigates how sustainable governance attributes influence CFRQ and further examines the moderating role of investor-driven stakeholder pressure in strengthening environmental reporting practices within the MENA energy sector. Drawing upon stakeholder theory and institutional theory, the study further examines the moderating role of stakeholder pressure in strengthening the relationship between governance mechanisms and CFRQ. Using an unbalanced panel dataset of 281 oil and gas firms across 18 MENA countries from 2012 to 2024, this study employs the two-step System Generalized Method of Moments (System GMM) as the baseline estimator, Difference GMM for robustness along with several endogeneity homogeneity tests. The findings reveal that board independence, sustainability committees, gender diversity, and foreign directors significantly improve CFRQ, whereas board size and CEO duality negatively affect reporting quality. Furthermore, investor-driven stakeholder pressure positively moderates the relationship between governance attributes and CFRQ, indicating that external stakeholder demands strengthen firms’ environmental reporting practices. The study contributes to the sustainable governance and carbon reporting literature by distinguishing reporting quality from disclosure quantity and by providing evidence from the underexplored MENA energy sector. The findings offer important implications for policymakers, regulators, and corporate managers seeking to strengthen environmental transparency and advance Sustainable Development Goal 13.</p>

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Driving carbon footprint reporting quality through sustainable governance and stakeholder engagement: A pathway to achieving SDG 13 in emerging markets

  • 期刊论文

  • 发表日期：

    2026年7月30日

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  • Ishmael Wiredu,
  • Samuel Yayra Agbadzidah

摘要

Despite the growing emphasis on corporate carbon disclosure, limited empirical attention has been devoted to understanding the determinants of carbon footprint reporting quality (CFRQ), particularly within emerging markets and carbon-intensive industries. This study investigates how sustainable governance attributes influence CFRQ and further examines the moderating role of investor-driven stakeholder pressure in strengthening environmental reporting practices within the MENA energy sector. Drawing upon stakeholder theory and institutional theory, the study further examines the moderating role of stakeholder pressure in strengthening the relationship between governance mechanisms and CFRQ. Using an unbalanced panel dataset of 281 oil and gas firms across 18 MENA countries from 2012 to 2024, this study employs the two-step System Generalized Method of Moments (System GMM) as the baseline estimator, Difference GMM for robustness along with several endogeneity homogeneity tests. The findings reveal that board independence, sustainability committees, gender diversity, and foreign directors significantly improve CFRQ, whereas board size and CEO duality negatively affect reporting quality. Furthermore, investor-driven stakeholder pressure positively moderates the relationship between governance attributes and CFRQ, indicating that external stakeholder demands strengthen firms’ environmental reporting practices. The study contributes to the sustainable governance and carbon reporting literature by distinguishing reporting quality from disclosure quantity and by providing evidence from the underexplored MENA energy sector. The findings offer important implications for policymakers, regulators, and corporate managers seeking to strengthen environmental transparency and advance Sustainable Development Goal 13.