Nelia Proskurina

Adopting agency and stakeholders theories, this study aims to investigate the relationship between corporate governance attributes (board size, board independence, female directors, and CEO duality) and sustainability reporting conduct in China. The empirical analysis is based on a sample of 10,330 firm-year observations of Chinese listed companies over the period from 2015 to 2018. Data are supplied by WIND and CSMAR databases, whilst regression analysis is applied to test the hypotheses. Results indicate that board size and board independence were found to be positively associated with the sustainability reporting conduct, while female directors and CEO duality both do not have a significant effect on sustainability reporting conduct in the Chinese institutional settings. This paper advances on arguments of the agency and stakeholders theories with these findings. The larger and more independent board facilitates better monitoring of the managers, what leads to decision-making based on a more appreciation of stakeholders’ perspectives. The study is premised on the presence/absence of sustainability reporting, and it does not take into consideration the quality aspect, which can result in erroneous interpretation. The results should not be generalized as the sample was based on China’s companies for 2015–2018. This study has policy implications for managers and policymakers alike concerning designing board composition conducive to sustainability reporting conduct.

This study examines the relationship between corporate social responsibility and the effectiveness of internal control, while simultaneously examining board gender diversity to check whether female directors contribute to corporate transparency or not. The sample of the study comprises 15,231 firm-year observations of companies listed on the Shanghai and Shenzhen stock exchanges from 2013 to 2018. The raw data for variable calculation come from authoritative and reputable sources, such as China Stock Market and Accounting Research (CSMAR), DIB Internal Control database, and RKS CSR score. The empirical study shows that socially high-performing firms possess a more effective internal control mechanism. However, the paper failed to find a positive association of gender diversity on the board with internal control effectiveness, and failed to attest reinforcing effect of female directors on internal control in socially responsible firms. This study suggests that in China’s institutional environment, female directors are unlikely to contribute to increased corporate transparency. This study is useful for both regulators and company management to establish a master plan and tactics for board composition to improve corporate transparency, taking into account the effect of the investigated phenomena within the jurisdiction under study.

Acknowledgment
This paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “EMBRACING EU CORPORATE SOCIAL RESPONSIBILITY: CHALLENGES AND OPPORTUNITIES OF BUSINESS-SOCIETY BONDS TRANSFORMATION IN UKRAINE” 101094100 — EECORE — ERASMUS-JMO-2022-HEI-TCH-RSCH-UA-IBA / ERASMUS-JMO-2022-HEI-TCHRSCH https://eecore.snau.edu.ua/

In today’s financial world, the pursuit of sustainable development has evolved from an ethical imperative to a strategic necessity. It has spurred corporations to enhance transparency regarding their non-financial and responsible or ESG practices. This paper aims to formalize the strategic dependencies between sustainability disclosure, SDG achievement, and the financial and information efficiency of the financial market. The research methods are normality tests, canonical correlation analysis, and multivariate multiple and univariate regression analysis. The object of the study is 137 countries. The time period is 2022. The results confirmed that a positive strong correlation was found between sustainability disclosure and the achievement of the SDGs on the one hand and financial and information efficiency of the financial market on the other. Identifying the direction of the relationship also confirmed two-way positive dependencies between the indicators, in particular, the SDG Index will have the most significant impact on the growth of GDP per capita, the change in the Economic Sustainability Competitiveness Index on the growth of the United Nations Global Compact participants. The specified connection can be used as the basis for the formation of the concept of ensuring transparency and leveling information asymmetry in the activities of enterprises.

This paper delves into the challenge of financing Sustainable Development Goal 3 “Ensure healthy lives and promote well-being for all at all ages” (SDG 3). Despite its ambitious nature, the achievement of this goal has been hindered by a substantial lack of funding. The study aims to investigate potential sources to bridge the investment gap in SDG 3, analyzing data from 28 European countries. This includes factors such as the index and progress in sustainable development, sources of investment resources, and healthcare costs for 2020. Logit and probit regression models are employed for the analysis. The results indicate the absence of a statistically significant relationship between the volume of investments from the state, businesses, and households of countries and their level of SDG 3 achievement. However, an interesting finding emerges regarding healthcare expenditures under state insurance programs among European countries, which show a greater extent of progress in achieving SDGs compared to voluntary insurance programs. The paper emphasizes the importance of a balanced approach that uses multiple funding sources and the need for focused policies and partnerships to mobilize resources to ensure healthy lives and promote well-being for all at all ages.

Acknowledgment
Alex Plastun gratefully acknowledges support from the Ministry of Education and Science of Ukraine (№ 0121U113830).

This study explores the nexus between internal audit, audit committee attributes, and Corporate Social Responsibility (CSR) disclosure quality in A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2019. Utilizing refined samples and robust datasets, this investigation reveals critical insights that a robust internal control system significantly correlates with higher-quality CSR disclosure, underscoring its pivotal role in safeguarding non-financial reporting integrity and enhancing transparency in CSR disclosures. Larger audit committees are positively associated with improved CSR disclosure quality. This highlights the strategic advantage of a diverse and expansive audit committee in navigating the complexities of CSR reporting. Contrary to expectations, the proportion of independent directors on the audit committee and the frequency of audit committee meetings do not show a significant positive relationship with CSR disclosure. Companies benefit from strategic investments in internal control systems, crucial for non-financial reporting integrity and fortified CSR disclosure practices. In conclusion, this study provides concise insights into critical factors influencing CSR disclosure quality in Chinese companies, offering actionable implications for corporate practices and regulatory frameworks.

Acknowledgment
This paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “EU BEST PRACTICE OF LIFE CYCLE ASSESSMENT, SOCIAL, ENVIRONMENTAL ACCOUNTING AND SUSTAINABILITY REPORTING” – 101047667-ERASMUS-JMO-2021-MODULE https://jm.snau.edu.ua/en/eu-best-practice-of-life-cycle-assessment-social-envi­ron­mental-accounting-and-sustainability-reporting/
Oleh Pasko expresses sincere gratitude for the support from the Kirkland Research Program, generously provided by the Leaders of Change Foundation established by the Polish-American Freedom Foundation.

This study aims to investigate whether stockholders and creditors place a positive value on corporate social responsibility (CSR) information disclosure when making decisions about providing financing to firms, thereby influencing their investment choices. Utilizing data from the China Stock Market & Accounting Research Database (CSMAR) and HEXUN, the study analyzes CSR disclosures and financial data of 7,123 firm-year observations of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2012 to 2020. A comprehensive methodology involving regression analysis was applied to assess the relationship between CSR quality and the cost of debt capital. Various robustness tests, including different model specifications and alternative variable measurements, were conducted to ensure the reliability and validity of the findings. The results obtained indicate that higher CSR quality significantly correlates with a lower cost of debt capital, supporting the hypothesis that improved CSR disclosure reduces perceived credit risk. However, CEO financial expertise shows a significantly positive relationship with the cost of debt capital. Furthermore, the study reveals that CSR assurance and engagement with Big 4 accounting firms do not noticeably affect the price of debt capital, whereas mandatory CSR reporting does. The findings underscore the importance of CSR quality in financial decision-making, offering valuable insights.

Acknowledgment
This paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “EU Best Practice of Life Cycle Assessment, Social, Environmental Accounting and Sustainability Reporting” – 101047667-ERASMUS-JMO-2021-MODULE https://jm.snau.edu.ua/en/eu-best-practice-of-life-cycle-assessment-social-environmental-accounting-and-sustainability-reporting/
Oleh Pasko expresses sincere gratitude for the support from the Kirkland Research Program, generously provided by the Leaders of Change Foundation established by the Polish-American Freedom Foundation.