Alessa, Noha; Akpa ep, John Yaw; Sulemana, Inusah; Agyemang, And ew Osei
A icle
Does s akeholde p essu e in luence i ms en i onmen al,
social and go e nance (ESG) disclosu e? E idence om
Ghana
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Alessa, Noha; Akpa ep, John Yaw; Sulemana, Inusah; Agyemang, And ew Osei
(2024) : Does s akeholde p essu e in luence i ms en i onmen al, social and go e nance (ESG)
disclosu e? E idence om Ghana, Cogen Business & Managemen , ISSN 2331-1975, Taylo &
F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-22,
h ps://doi.o g/10.1080/23311975.2024.2303790
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/326004
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Business & Managemen
ISSN: 2331-1975 (Online) Jou nal homepage: www. and online.com/jou nals/oabm20
Does s akeholde p essu e influence fi ms
en i onmen al, social and go e nance (ESG)
disclosu e? E idence om Ghana
Noha Alessa, John Yaw Akpa ep, Inusah Sulemana & And ew Osei Agyemang
To ci e his a icle: Noha Alessa, John Yaw Akpa ep, Inusah Sulemana & And ew Osei
Agyemang (2024) Does s akeholde p essu e influence fi ms en i onmen al, social and
go e nance (ESG) disclosu e? E idence om Ghana, Cogen Business & Managemen , 11:1,
2303790, DOI: 10.1080/23311975.2024.2303790
To link o his a icle: h ps://doi.o g/10.1080/23311975.2024.2303790
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup.
Published online: 05 Feb 2024.
Submi you a icle o his jou nal
A icle iews: 8411
View ela ed a icles
View C ossma k da a
Ci ing a icles: 31 View ci ing a icles
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oabm20
ACCOUNTING, CORPORATE GOVERNANCE & BUSINESS
ETHICS | RESEARCH ARTIClE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2303790
Does s akeholde p essu e in luence i ms en i onmen al, social and
go e nance (ESG) disclosu e? E idence om Ghana
Noha Alessaa, John Yaw Akpa epb, Inusah Sulemanac and And ew Osei Agyemangb
aDepa men o accoun ing, College o Business adminis a ion, P incess nou ah bin abdul ahman uni e si y, Riyadh, saudi
a abia; bschool o Business, s.D. Dombo uni e si y o Business and in eg a ed De elopmen s udies, Wa, ghana; cschool o
Business and Law, uni e si y o De elopmen s udies, amale, no he n Region, ghana
ABSTRACT
In he e a o clima e change, s akeholde s a e becoming mo e conce ned abou he
sus ainabili y disclosu e o businesses. Howe e , o de eloping economies like Ghana,
s udies on s akeholde s’ p essu e and sus ainable de elopmen has no ecei ed much
a en ion. Hence, his s udy examines he in luence o s akeholde s’ p essu e on
sus ainabili y disclosu e and employed g een echnological inno a ion (GTI) as a
media ing ac o . The s udy ocused on mining and manu ac u ing i ms because hei
p ocesses a e known o elease ca bon dioxide, c ea e was e. The da a u ilize in his
s udy was collec ed om 383 esponden s in Ghana ia online ques ionnai es. PlS-SEM
was used o analyze he da a and es ed he hypo hesis o he s udy using SMART-PlS
4. The esul s demons a ed ha s akeholde p essu e subs an ially imp o es
sus ainabili y disclosu e pe o mance. Also, he esul s e ealed ha a i m’s GTI media es
he connec ion be ween s akeholde p essu e in e ms o sha eholde and consume
p essu es. Howe e , go e nmen p essu e and sus ainabili y disclosu e we e ound o
be insigni ican . The s udy ecommends ha manage s should inco po a e GTI in o he
p oduc design and manu ac u ing p ocess since i enables i ms no only ul ill hei
clien ’s needs bu also educe hei en i onmen al impac s, like he p oduc ion o
ca bon dioxide and solid deb is.
1. In oduc ion
Almos all o he wo ld’s la ges i ms now egula ly p o ide sus ainabili y epo s ha ou line hei ope -
a ions and he impac s hey ha e had in he a eas o en i onmen , socie y, and go e nance (Agyemang
e al., 2023a). Majo i m publishes i s annual epo de ailing he impac s o hei business ope a ions
on socie y, he en i onmen , and he economy (Wi edu e al., 2023). En i onmen al, social, and go e -
nance (ESG) disclosu e has inc eased in impo ance o almos all economies as people h oughou he
wo ld a e conce ned abou he global ecological challenges and he associa ed need o p ese e he
ecosys em. Hence, se e al i ms a e ying o be mo e accoun able and en i onmen ally iendly. To
clea ly unde s and and sha e hei e ec on ESG conce ns, businesses and go e nmen s a ound he
wo ld seek guidance om g oups like he Global Repo ing Ini ia i e (GRI). E en as i ms may de ise
s a egies o enhance hei ESG epo ing o compe e in he global ma ke , s akeholde s may pu p es-
su e on businesses o e eal mo e ESG in o ma ion.
A i m may show he public ha i is no unning i s ope a ions jus o p o i a he expense o i s
esponsibili ies o i s cus ome s, wo ke s, he en i onmen , and socie y by epo ing ESG epo s. The e
a e se e al ad an ages o inco po a ing sus ainabili y in o business s a egy and p ac ices and enhancing
sus ainabili y epo ing, including inc eased anspa ency, enhanced b and alue, imp o ed epu a ion
and legi imacy, inc eased employee and cus ome loyal y, lowe cos s, be e business p ac ices, imp o ed
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT inusah sulemana [email p o ec ed]om school o Business and Law, uni e si y o De elopmen s udies, amale, ghana
h ps://doi.o g/10.1080/23311975.2024.2303790
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
Recei ed 9 Oc obe 2023
Re ised 1 Janua y 2024
Accep ed 4 Janua y 2024
KEYWORDS
De eloping economy;
g een echnological
inno a ion; s akeholde s
p essu e sus ainabili y
disclosu e
REVIEWING EDITOR
Collins N im, Uni e si y o
Sou hamp on, Uni ed
Kingdom o G ea B i ain
and No he n I eland
SUBJECTS
Accoun ing (Sus ainabili y
Repo ing)
2 N. AlESSA ETAl.
i m pe o mance and alua ion, and he c ea ion o compe i i e ad an age (Sanchez-Planelles e al.,
2020, Menassa & Daghe , 2020).
Fi ms in de eloping economies a e inc easingly unde sc u iny om owne s and o he in e es ed pa -
ies who wan o know mo e abou he alue hey p o ide and he consequences o hei ac ions o
he na u al wo ld and he communi y. A mo e anspa en and consis en epo ing sys em has also been
highligh ed as an a ea o emphasis o imp o e he pe o mance o i ms and a ac in es o s o he
i ms (Mensah e al., 2017). Hence, businesses a e becoming mo e anspa en abou hei sus ainabili y
p ac ices and adop ing s ic e measu es o sel - egula ion as a consequence o s akeholde engagemen
(Maama & Mkhize, 2020). Thus, i ms’ ESG disclosu e mus e ol e and ad ance due o a g owing ecog-
ni ion ha he oppo uni ies and issues acing a i m’s long- e m alue a e a mo e nuanced and com-
plex han inancial s a emen s alone can cap u e.
P e ious s udies ha e paid a en ion o s akeholde demands since hey a e he p ima y d i e o
sus ainabili y (Higgins e al., 2020; lulu, 2021). Howe e , none o hese s udies conside ed he media ing
ole o echnological inno a ion which is a majo ac o o sus ainabili y epo ing. Mo eo e , (Ramadhini
e al., 2020; K asodomska & Za zycka, 2021) s udies we e cen e ed on de eloped economies using sec-
onda y da a and elying on he EKC heo y. To he bes o ou knowledge, none o he ea lie s udies
ha e conside ed de eloping economies especially om Sub-Saha an A ica (SSA). Despi e he p emise
ha , a i m can ha e a bene icial and ad e se impac on i s a ious s akeholde g oups, ew o he s ud-
ies ocused on s akeholde p essu e and ecological epo ing o de eloped economies. Addi ionally,
incompa ible p oo exis s ega ding he impac o pa icula s akeholde demands e en hough p e ious
s udies ha e ound ha s akeholde p essu es gene ally in luence sus ainabili y disclosu e (Rudyan o &
Ve onica Si ega , 2018). This necessi a es mo e in es iga ion in o he ela ionship be ween s akeholde s
p essu es (SP) and sus ainabili y disclosu e (SD) using p ima y da a om a de eloping coun y in SSA.
Also, i is no explici how SP a ec s SD in exis ing li e a u e, which is an open ques ion in his s udy.
The ew known s udies ha e cen e ed on anspa ency and he alue o sus ainabili y epo s (Higgins
e al., 2020; lulu, 2021). The e o e, he goal o his s udy is o close a gap be ween exis ing s udies by
examining how p essu e om s akeholde s a ec s he deg ee o SD in Ghana.
This s udy aims o in es iga e how s akeholde p essu e in luences sus ainabili y disclosu e in Ghanaian
aded i ms. The unique goals o he s udy a e iden i ying he in luence o s akeholde p essu e on
sus ainabili y disclosu e in a de eloping economy in SSA. Es ablishing he impac o s akeholde p es-
su es on g een echnological inno a ion. Examining he media ing ole o g een echnological inno a ion
be ween s akeholde s’ p essu e and sus ainabili y epo ing.
The heo e ical inspi a ion o he s udy is oo ed in s akeholde heo y and ins i u ional heo y. The
s akeholde heo y, sugges ha i ms a e in luenced by he expec a ions and demands o a ious s ake-
holde s, while ins i u ional heo y emphasizes he impo ance o ex e nal o ces, cul u al expec a ions
and ins i u ional no ms in de e mining co po a e beha io s. By inco po a ing hese wo heo ies shed
ligh s on how di e en s akeholde s in luence i ms’ beha io .
To be e unde s and how s akeholde p essu e a ec s sus ainabili y epo ing, he s udy elied on
i s -hand da a and u ilized he pa ial leas squa es s uc u al equa ion model me hod. The da a analysis
was conduc ed using Sma PlS, e sion 4.0 which he au ho s ha e ob ained a copy igh license. The
esul s e ealed ha s akeholde , go e nmen , and cus ome p essu es signi ican ly in luence sus ainabil-
i y disclosu e pe o mance. Also, he s udy disco e ed ha g een echnological inno a ion plays a signi -
ican media ing ole be ween sha eholde p essu e, cus ome p essu e, and sus ainabili y disclosu e, and
an insigni ican media ing ole be ween go e nmen p essu e and sus ainabili y disclosu e. The ou come
o he s udy h ows ligh on he di e en s akeholde s’ p essu e on sus ainabili y disclosu e and p o ides
policy guide o businesses on which o he s akeholde s’ p essu e o conside so as o imp o e sus ain-
abili y disclosu e.
This s udy’s o iginali y canno be o e s a ed; i adds o he exis ing wo k o knowledge ega ding
s akeholde p essu e and sus ainabili y disclosu e in dis inc ways. Fi s , o he bes o ou knowledge,
he ela ionship be ween s akeholde p essu es and g een echnological inno a ion has no been ho -
oughly examined in de eloping economies. This s udy he e o e o e s an in-dep h insigh in o how
g een echnological inno a ion media es he ela ionship be ween s akeholde p essu e and sus ainabil-
i y disclosu e in a de eloping economy. This di e s om ea lie s udies ha only looked a he di ec
COGENT BUSINESS & MANAGEMENT 3
impac (lulu, 2021, Vi olla e al., 2019, Ramadhini e al., 2020). Hence, he s udy b idges he gap be ween
echnological inno a ion adop ion and sus ainabili y p ac ices, ecognizing he pi o al ole o g een ech-
nological inno a ion in shaping a i m en i onmen al, social and go e nance disclosu e. This in eg a ion
is c ucial o con empo a y businesses na iga ing he in e sec ion o echnology and sus ainabili y.
Second, he s udy’s o iginali y lies in inco po a ing bo h p ocess and p oduc inno a ions wi hin he
ealm o g een echnological inno a ion. Many s udies on ESG disclosu e ocuses p edominan ly on p od-
uc inno a ion (li e al., 2018, Jaya aman e al., 2023), o en o e looking he signi icance o p ocess
inno a ion in con ibu ing o sus ainable business p ac ices. This dual ocus adds complexi y and dep h
o he analysis, ecognizing ha a i ms’ en i onmen al and social e ec s and epo ing can be signi i-
can ly in luenced by inno a ion in he p oduc and he p ocess in which i ope a es.
Consequen ly, he cu en pape seeks o make he ollowing con ibu ions o he exis ing li e a u e.
Fi s by in oducing g een echnological inno a ion as a media ing a iable, he s udy con ibu es o a
mo e ad anced unde s anding o he mechanisms h ough which s akeholde p essu e in luences ESG
disclosu e. I goes beyond es ablishing a di ec ela ionship and explo es he ole o echnological-d i en
sus ainabili y ini ia i es in media ing his in luence.
Second, by ocusing on Ghana, he s udy adds a con ex ual dimension o ins i u ional heo y, acknowl-
edging ha he egula o y and no ma i e en i onmen in eme ging ma ke s may di e signi ican ly om
ha o de eloped economies, hence con ibu ing o he b oade unde s anding o how ins i u ional ac-
o s in e ac wi h s akeholde p essu es o shape ESG disclosu e p ac ices in a di e se global se ing.
Thi d, he s udy’ inclusion o bo h p ocess and p oduc inno a ions as componen s o g een echno-
logical inno a ion p o ides a holis ic iew. This ecogni ion acknowledges ha sus ainable p ac ices
ex end beyond he inal p oduc and encompasses he en i e p oduc ion p ocess. Such a comp ehensi e
pe spec i e con ibu es o a mo e nuanced unde s anding o he eco iendly ini ia i es wi hin i ms.
Fou h, he s udy’s esul s o a posi i e and signi ican in luence o s akeholde p essu e on ESG dis-
closu e con ibu es empi ical alida ion o exis ing li e a u e ha sugges a simila ela ionship. This sup-
po s and ein o ces he idea ha s akeholde p essu e se es as a ca alys o inc eased anspa ency
and disclosu e in en i onmen al social, and go e nance domains.
The au ho s di ided his a icle in o se en dis inc componen s. Sec ion 1 p o ided an in oduc ion.
Sec ion 2 looks a he con ex ual ac o s by le e aging egula o y policies and equi emen s o ESG dis-
closu e p ac ices and ad ancemen s. Sec ion 3 pe ains o he heo e ical li e a u e e iew. Sec ion 4
en ails an empi ical e iew o ele an s udies, o mula ing hypo heses, and es ablishing a concep ual
amewo k. The esea ch design o he s udy is elabo a ed on in sec ion i e. The six h sec ion o he
s udy p esen s he empi ical esul s and p o ides a comp ehensi e analysis and discussion o he
ob ained da a. The se en h sec ion encompasses a concise summa y and a sweeping conclusion.
2. Backg ound
Recen ly, he e has been a no able ans o ma ion in he global business en i onmen , cha ac e ized by
a g owing ocus on co po a e esponsibili y and sus ainabili y p ac ices (Impe iale e al., 2023). In con-
empo a y business e alua ion, i ms a e no longe assessed based only on hei inancial success; hei
in luence on he en i onmen , socie y, and go e nance p ac ices is now conside ed (Cicchiello e al.,
2023). The eme ging o he ESG amewo k has been a di ec consequence o his e olu ion. This ame-
wo k is an e alua i e ool o assessing a i m’s dedica ion o sus ainable p ac ices and e hical conduc
(Abeyseke a, 2022).
Ghana, a coun y in Wes A ica, has seen emendous economic expansion and ad ancemen la ely.
Co po a e social esponsibili y and sus ainable p ac ices a e becoming inc easingly impo an as he
na ion de elops (Te eh e al., 2024). Ghana’s business en i onmen is dis inguished by a blend o adi-
ional and mode n sec o s, which mi o s he coun y’s many economic pu sui s. Ghana has wi nessed
an inc easing ocus on adop ing sus ainable business p ac ices, e idenced by he implemen a ion o
egula o y amewo ks and policy ini ia i es (Wi edu e al., 2023). The go e nmen has been agg essi ely
ad oca ing o he p ese a ion o he en i onmen , p omo ing social esponsibili y, and implemen ing
good go e nance. This phenomenon is appa en in he o mula ion and execu ion o ules and egula-
ions designed o incen i ize en e p ises o emb ace and di ulge en i onmen al, social, and go e nance
4 N. AlESSA ETAl.
(ESG) p ac ices (Faseyi e al., 2023). The implemen a ion o he Ghana G een label Ce i ica ion Scheme
and he egula o y measu es imposed by he En i onmen al P o ec ion Agency, such as en i onmen al
impac assessmen s, exempli y he go e nmen ’s dedica ion o p omo ing en i onmen ally sus ainable
business p ac ices (O i olaiye e al., 2023). The Ghana’s Secu i ies and Exchange Commission has unde -
aken ini ia i es o inco po a e En i onmen al, Social, and Go e nance (ESG) ac o s in o i m epo ing,
he eby con o ming o p e ailing in e na ional pa e ns. lis ed i ms a e now equi ed by he Secu i ies
and Exchange Commission (SEC) o publish hei ESG p ac ices in hei annual epo s (Kau , 2021). The
pu pose o hese s anda ds is o gua an ee ha businesses p o ide s akeholde s wi h accu a e, us -
wo hy, and compa able ESG in o ma ion (Jahid e al., 2023). SEC is a signi ican o ce behind p omo ing
ESG disclosu e among businesses. Fi ms a e encou aged o p o ide pe inen in o ma ion abou hei
en i onmen al e ec , social ac i i ies, and co po a e go e nance p ac ices using ules and egula ions
published by he SEC (Annan, 2023).
Ghana has unde gone economic e o ms o a ac o eign in es men and p omo e sus ainable in es -
men . These e o ms a e ini ia i es o enhance accoun abili y, anspa ency, and co po a e go e nance
(Anaman e al., n.d.). Ghana’s business communi y inc easingly ealizes he impo ance o ollowing global
bes p ac ices o boos compe i i eness and access ou side ma ke s (Simpson e al., 2022). Hence, ESG
disclosu e in Ghana goes beyond me ely abiding by he ules and egula ions (Annan, 2023). I is an
oppo uni y o i ms o show ha hey a e dedica ed o sus ainabili y, e hical business conduc , and
gene a ing long- e m alue o all pa ies in ol ed. Fi ms may imp o e hei epu a ion, d aw in socially
awa e in es o s, and suppo Ghana’s gene al sus ainable g ow h by p o iding ESG in o ma ion. ESG dis-
closu e is an essen ial aspec o co po a e anspa ency and accoun abili y in Ghana (Appiah-Konadu
e al., 2022). I enables i ms o communica e hei commi men o en i onmen al s ewa dship, social
esponsibili y, and s ong co po a e go e nance p ac ices. The inc easing desi e o openness and s ake-
holde accoun abili y is a c ucial d i ing o ce behind adop ing ESG disclosu e p ac ices in Ghana
(Aboagye‐O che e e al., 2020). The e is a g owing emphasis among in es o s, consume s, wo ke s, and
he gene al public on he en i onmen al and social consequences o o ganiza ions alongside hei go -
e nance s a egies (Faseyi e al., 2023). Ghanaian en e p ises acknowledge he need o cul i a e us ,
main ain a a o able image, and a ac endu ing in es men s by disclosing hei en i onmen al, social,
and go e nance (ESG) pe o mance (Jahid e al., 2023).
Mo ing o wa d he na ion has a p o ound cul u al legacy ha places impo ance on ac i e pa icipa-
ion wi hin socie y, managing he en i onmen , and ul illing social obliga ions (Welbeck, 2017). Nume ous
Ghanaian en e p ises acknowledge he signi icance o ha monizing hei ope a ional s a egies wi h p e-
ailing cul u al no ms (A hu e al., 2017). Consequen ly, hey place a high p io i y on disclosing hei
en i onmen al, social, and go e nance (ESG) p ac ices as a means o showcase hei dedica ion o os e -
ing sus ainable de elopmen . In addi ion, i is no ed ha some sec o s, including mining and ag icul u e,
subs an ially in luence he na u al en i onmen and nea by popula ions (Amoako e al., 2022). These
sec o s a e seeing heigh ened sc u iny o publicly epo hei en i onmen al, social, and go e nance
(ESG) pe o mance and add ess ad e se social and ecological consequences (Famiyeh e al., 2021).
3.Theo e ical li e a u e e iew
In he ollowing sub-sec ions, he heo e ical jus i ica ion is p esen ed.
3.1. S akeholde heo y (ST)
S akeholde heo y is one o he mos common ideas o explain why i ms epo on ESG issues. The
s akeholde heo y s a es ha businesses ha e du ies o all o he s akeholde s in e es ed in he business
besides owne s, whose only goal is o make as much p o i as possible (F eeman, 1984). Acco ding o
s akeholde heo y, his goal canno be eached by igno ing he needs o o he s akeholde s. This means
ha while i ms a e esponsible o hei in es o s o s akeholde s, hey mus also balance he in e es s
o many di e en s akeholde s whose ac ions can a ec o be a ec ed by he i ms’ ac ions (Dissanayake
e al., 2019). To demons a e o s akeholde s ha hei expec a ions a e being acknowledged, i ms
COGENT BUSINESS & MANAGEMENT 5
ac i ely pa icipa e in and p o ide an accoun o en i onmen al, social, and go e nance (ESG) ma e s.
This may be done by including i in he annual epo s o by p oducing sepa a e sus ainabili y epo s
(Abeyseke a, 2022). Businesses s i e o minimize in o ma ion asymme y by epo ing non- inancial ma -
e s such as social and en i onmen al ac i i ies and epe cussions o con ey ESG in o ma ion e ec i ely
(Alsahali & Malagueño, 2022). ESG epo ing is used as a means o ac i ely in ol ing a ious s akeholde
g oups ha a e conside ed i al o he o ganiza ion’s ongoing ope a ions.
O ganiza ional manage s a e compelled by s akeholde heo y o espond mo e quickly o he ou -
side wo ld’s demands. Thus, s akeholde heo y s a es ha i ms should ac in a good and ai way
owa ds s akeholde s’ expec a ion, based on wha he s akeholde s hink is igh . I builds on legi imacy
heo y, which also ocuses on i ms beha ing e hically (Osei e al., 2023). S akeholde s lead o ganiza ion
manage s by ad ising hem on how o li e he i m’s alues (Wen e al., 2023). This o ien a ion helps
hem disce n be ween igh and sinis e . S akeholde s p o ide an o ien a ion o help i ms p ese e and
main ain he quali y o li e while con inually imp o ing i , such ha i becomes c i ical o how busi-
nesses app oaches he en i onmen in hei ope a ions and disclose sus ainabili y in o ma ion (Zhou
e al., 2022).
Acco ding o s akeholde heo y, businesses should p io i ize cul i a ing posi i e ela ionships wi h all
s akeholde s (Osei e al., 2019). Thus, i ms may be p omp ed o adop and elease sus ainabili y epo s
in esponse o p essu e om s akeholde s. The i m’s sus ainabili y epo s a e mean o be comp ehen-
si e sou ces o da a on how he business’s ope a ions a ec he local communi y and he na u al en i-
onmen . Fi ms decla e hei e o s owa ds he global objec i es as a means o discha ging hei
esponsibili ies and gaining he app o al and suppo o s akeholde s.
S udies ela ed o ESG o en use ST as an impo an heo e ical amewo k. Acco ding o Agyemang
e al. (2023b), o ensu e i m sus ainabili y, he i m mus mee he expec a ions o i s associa es. The
in icacy o ESG issues equi es he in ol emen o many di e en pa ies i e ec i e o sus ainable
answe s a e o be de ised (F euden eich e al., 2020). As a esul o compe ing in e es s, leade s o en
mus decide which ones o p io i ize, igno e, back, o ul ill. S akeholde in e es balance is hus an
impo an aspec o i ms.
3.2. Ins i u ional heo y
Ins i u ional heo y p o ides a holis ic explana ion on why a i m chooses a speci ic s uc u e o me hod
o epo ing. Businesses whose p incipal ac i i y is linked wi h g ea e ecological e ec s, like he mining
sec o , unde go g ea e p essu e o ope a e e hically in he manne hey do business han hose wi h
ewe ecological consequences (Simoni e al., 2020).
Acco ding o ins i u ional heo y, en i ies wi hin he same ield end o g ow inc easingly simila o
one ano he due o he p essu es hey ace, which include adop ing ins i u ional as well as social no ms
and s anda ds o gain legi imacy o p ese e access o esou ces. Isomo phism is a e m used o desc ibe
his kind o s anda diza ion, and se e al ypes ha e been iden i ied by: coe ci e ( egula o y), mime ic
(compe i ion), and no ma i e (ma ke ) (Kılıç e al., 2021).
Coe ci e isomo phism a ises when a i m is subjec ed o p essu e om ou side sou ces, such as sha e-
holde s o employees, o om he na ional decision and laws o al e i s long-s anding ins i u ional
no ms (He old, 2018). A i m may engage in mime ic isomo phism i i s leade s belie e ha doing so
would p o ide hem an edge in he ma ke place (Kılıç e al., 2021). One example o his is he adop ion
o co po a e social esponsibili y epo ing. Fi ms a ound he wo ld a e inc easingly u ning o he GRI
s anda ds o SD as an example o no ma i e isomo phism, which e e s o he p essu e o implemen
o ganiza ional p ac ices esul ing om sha ed belie s, ypically om clien s o endo s who equi e com-
pliance wi h ecological and social s anda ds (T an & Beddewela, 2020).
Acco ding o ins i u ional heo y, a i m’s co po a e s a egies a e signi ican ly impac ed by i s ins i u-
ional en i onmen , which consis s o i s ules, con en ions, and social belie s (Posadas e al., 2023).
None heless, his idea is compa able o he s a egy suppo ed by legi imacy heo y. Simila ly, Simoni
e al. (2020) a gued ha , businesses mus adhe e o egional social no ms, alues, and belie s o p ospe .
Building on his idea, ins i u ional heo y ep esen s ha a i m’s ac i i ies, e o s, and epo s may lead
o s akeholde s ha ing ce ain expec a ions. The e o e, implemen ing sus ainabili y p ac ices means
6 N. AlESSA ETAl.
abiding by laws, social con en ions, and alues o enhance o p ese e a i m’s epu a ion among s ake-
holde s (Ala awi e al., 2023).
4. Empi ical e iew and hypo heses de elopmen
4.1. S akeholde p essu e and sus ainabili y disclosu e
The s udy o he ac o s ha in luence sus ainabili y epo s om businesses migh bene i om he
heo e ical g oundwo k p o ided by s akeholde heo y. Acco ding o s akeholde heo y, manage s may
use s akeholde s’ expec a ions (o ou pu es ic ions) as a benchma k o en i onmen al pe o mance
when hey see widesp ead consensus on he impo ance o en i onmen al conce ns (Sa kis e al., 2010).
E o s o inco po a e en i onmen al conce ns and p ac ices in o s a egic, ac ical, and ope a ional
ac ions ha e inc eased as a esponse o ising challenges. Simila ly, he legi imacy heo y a gues ha
businesses’ social p ac ices should emphasize how i ms espond o communi y expec a ions. As a esul ,
a i m may need o explain how i s ac ions align wi h social alues since he communi y o s akeholde s
may eac nega i ely, especially when he e a e disc epancies be ween i m and socie al alues (Ala awi
e al., 2023). The e o e, businesses mus adap o socie al demands o uphold hei social s anding and
cul i a e a ela ionship based on us wi h s akeholde s. Fi ms can be e an icipa e socie al conce ns by
dissemina ing and publishing in o ma ion abou hei sus ainabili y issues in publicly accessible epo s
(Ala awi e al., 2023).
S akeholde heo y was conside ed by Sa kis e al. (2010) while analyzing he implemen a ion o sus-
ainable measu es in he Spanish au omobile sec o . Thei esul s sugges ed ha s akeholde s may ha e
a ied e ec s gi en he pa icula scena io unde conside a ion. Thus, he e is a signi ican associa ion
be ween en i onmen al demands ac oss s akeholde s and a ious g oups’ s akeholde p essu es on sus-
ainabili y p ac ices.
E e y decision made by he i m is a di ec e lec ion o he majo i y sha eholde ’s desi es (Raub &
Ma in-Rios, 2019). The e o e, sha eholde s need o exe cise e ec i e o e sigh o he i m’s managemen
o dec ease ins ances o concealing in o ma ion and p omo e mo e comp ehensi e disclosu es. Fi ms a e
being pushed o conside hei b oade social and en i onmen al impac s as a esul o sha eholde
p essu e on sus ainabili y, which is a welcome end.
In es o s a e beginning o see he po en ial o sus ainabili y as a ool o c ea ing a mo e equal and
jus socie y as well as a sa e and mo e p ospe ous one. As a consequence, s akeholde s a e u ilizing
hei o ing powe and o he o ms o in luence o p essu e businesses o imp o e hei ESG e ec i e-
ness (Cadez e al., 2019, lee e al., 2018). The esul s by Chi hambo e al. (2022) demons a e ha
s akeholde p essu e, as ep esen ed by en i onmen al, consume , employee, and sha eholde p essu es,
signi ican ly a ec he en i onmen al pe o mance o manu ac u ing businesses lis ed on he Indonesia
S ock Exchange (ISE).
Go e nmen egula ions a e c ucial ac o s o businesses o conside . Pe mi s o doing business,
labo laws, and o he equi emen s ha e all been p omulga ed by a ious s a e ins i u ions. As a esul
o inc eased public sc u iny and demands anspa ency, s a e au ho i ies a e pu ing p essu e on busi-
ness leade s o p o ide sus ainabili y epo s (les a i e al., 2021). The go e nmen and egula ions
may use a a ie y o ools o encou age businesses o ake en i onmen al p o ec ion measu es. The
ad en o emission limi s and en i onmen al p og ams has pu conside able egula o y p essu e on
many businesses in de eloped coun ies. Wi hou he e ec o legisla ion o o ce hei accep ance,
ce ain indus ies, like he ene gy indus y, would no e en be in exis ence. The use o o ce is o en
implici in egula o y e o s. Because o he isk o ines, jail ime, o o he legal epe cussions, busi-
nesses a e compelled o comply wi h legal p onouncemen s by ins i u ing in e nal sus ainabili y poli-
cies ha educe emissions, esou ce usage, and was e du ing p oduc ion (Es ahbodi e al., 2017).
Mo eo e , ules place s ess on businesses by necessi a ing he de elopmen o o ganiza ional espon-
sibili y epo s ha de ail he in i m o ex e nal and in e nal sus ainabili y measu es. Hence, i s ands
o eason ha coe ci e cons ain s om go e nmen s and egula o s would ha e a de imen al impac
on supplie sus ainabili y coope a ion, al hough some academics ha e claimed o he wise (Talbo
e al., 2021).
COGENT BUSINESS & MANAGEMENT 7
Cus ome s a e o en ega ded as he mos in luen ial s akeholde g oup (Chi hambo e al., 2022). The
ecological impac o p oduc s is inc easingly communica ed o consume s. Ecologically conscious cus-
ome s a e willing o pay mo e o g een i ems ha a e o e ed by i ms wi h a s ong ecological epu-
a ion. So, he e is an incen i e o supplie s o implemen sus ainable p ac ices o enhance hei ma ke
pe o mance and mee he needs o hei cus ome s. Cus ome s on he B2B le el o en manda e ha
endo s ha e en i onmen al ce i ica ions like ISO 14000. Recen s udies by Gong e al. (2019) shows ha
consume demands a e c ucial o encou aging businesses o build hei sus ainabili y capabili ies and
communica e sus ainabili y o hei supply chain collabo a o s h ough he use o a ious s akeholde s’
p essu e. Thus, i is an icipa ed ha he adop ion and execu ion o bo h inside and ou side g een ini ia-
i es would be a o ably impac ed by demands om cus ome s. Acco ding o s udies conduc ed by
Ramadhini e al. (2020), ex e nal s akeholde s, such as c edi o s and he media, impac social and en i-
onmen al disclosu e. In addi ion, s udies by Fe nandez-Feijoo e al. (2014) ound ha p essu e om
speci ic s akeholde g oups—including cus ome s, clien s, employees, and he en i onmen — aises he
ba o epo openness.
Based on he abo e li e a u e, he ollowing hypo heses a e de eloped:
H1. Sha eholde p essu e signi ican ly in luences sus ainabili y disclosu e.
H2. Go e nmen p essu e has a posi i e and signi ican in luence on sus ainabili y disclosu e.
H3. Cus ome p essu e has a posi i e and signi ican link wi h sus ainabili y disclosu e.
4.2. S akeholde p essu e and g een echnological inno a ion
The ins i u ional heo y ocuses on how he ou side wo ld a ec s g een echnologies. G een inno a ion
may be seen om he pe spec i e o analy ical logic as a me hod o dealing wi h he demands o he
cus ome s and egula o y p essu e. The goal is o make businesses adhe e o social no ms, egula o y
equi emen s, and public pe cep ion (Be one e al., 2013).
S udies conduc ed by Rui and lu (2021) used a sample o 278 businesses o explo e he d i ing
mechanism o s akeholde s’ egula o y, no ma i e, and imi a ion p essu es on i ms’ g een inno a ion,
espec i ely. These h ee ypes o p essu e come om he go e nmen , consume s, and i als. The esul s
o hie a chical eg ession analysis indica e ha p essu e om s akeholde s may imp o e he en i onmen-
al e hics o i ms and he de elopmen o g een echnology. Simila ly, Tian and Tian (2021) conduc ed
a s udy o examine how g een inno a ion eme ges and a ec s a i m’s en i onmen al pe o mance. The
empi ical s udy esul s using 306 i ms sample da a demons a e ha s akeholde p essu e a o s i m
sus ainabili y pe o mance and ha esponsible inno a ion is a pa ial media ing ac o in his connec-
ion. In addi ion o con i ming he logic o s akeholde heo y, which p edic ed ha s akeholde p es-
su es would ha e a signi ican impac on i ms’ decisions abou g een inno a ion (Cadez e al., 2019, lee
e al., 2018), his inding also ex ends i by illumina ing he he e ogeneous in luences o a ious s ake-
holde p essu es on g een p oduc inno a ion.
Following o he s akeholde heo y, o ganiza ions should p io i ize mee ing he demands and expec-
a ions o all cons i uencies a he han jus hose o sha eholde s wi h inancial s akes (F eeman, 1984).
Hence, i m now includes g een inno a ion s a egies in i s policies. Sha eholde p essu e on sus ainabil-
i y desc ibes he ising mo emen o sha eholde s, no ably ins i u ional sha eholde s, o equi e busi-
nesses o disclose hei ESG esul s and p io i ize g een echnological inno a ions ini ia i es. As a
consequence, sha eholde s a e u ilizing hei o ing powe and o he o ms o in luence o p essu e busi-
nesses o imp o e hei g een echnological inno a ion (Kılıç e al., 2021). Thus, i ms a e being pushed
o conside hei b oade social and en i onmen al impac s as a esul o sha eholde p essu e on g een
echnological inno a ion adop ion, which is a welcome end.
Go e nmen p essu e o en desc ibes go e nmen al es ic ions upon businesses, like en i onmen al
laws. Businesses mus cease engaging in en i onmen ally ha m ul ac i i ies and adop g een echnolog-
ical inno a ion p ac ices o a oid go e nmen penal ies and p ese e egula o y lexibili y. Nume ous
s udies ha e suppo ed his idea. Fo ins ance, i was disco e ed ia a s udy o 92 indus ial i ms in
Ge many ha he igo o s a u o y ecological ules inc eased he possibili y o implemen ing g een
inno a ion (Kamme e , 2009). In o de o compe e in e na ionally, businesses mus also adhe e o
14 N. AlESSA ETAl.
sus ainabili y disclosu e. This implies ha , p essu e om sha eholde s and consume has a signi ican
indi ec impac on sus ainabili y disclosu e h ough g een echnological inno a ion. On he o he hand,
GTI showed a negligible media ion e ec is obse ed be ween go e nmen p essu e and sus ainabili y
disclosu e denying he hypo hesis 8. This clea ly indica es ha g een echnological inno a ion does no
in luence he ela ionship be ween go e nmen p essu e and sus ainabili y disclosu e.
6.2.3. Goodness o i
A e e alua ing he impo ance o he pa h coe icien in he s uc u al model, we de e mined he mod-
el’s goodness o i (GOF). The R-squa e (R2) de e mina ion coe icien is he mos widely applied c i e ion.
Acco ding o Sahoo. (2019), R2 quan i ies he explana o y powe o he model. In gene al, R2 alues o
0.25, 0.50, and 0.75 a e ega ded as weak, mode a e, and signi ican , espec i ely (Sahoo, 2019). Acco ding
o Hai (2020), R2 alues all in o h ee ca ego ies: a e age (0.333), weak (0.190), and app oxima ely la ge
(0.670). Table 8 displays he cons uc s’ p edic i e powe , as well as how e ec i ely he explana o y a i-
ables o he model o ecas esul s. Fo g een echnology inno a ion and sus ainabili y disclosu e, he
esul s e ealed a p edic i e capaci y (R2) o 0.764 and 0.924, espec i ely.
6.2.4. E ec sizes
E ec sizes quan i y he deg ee o which an independen cons uc in luences he dependen cons uc .
An independen cons uc , o exogenous la en a iable, has a li le, medium o high e ec on he
dependen cons uc , wi h alues alling be ween 0.020 and 0.150, 0.150 and 0.350 and 0.350 and abo e
0.350. The e o e, om Table 9 he independen cons uc s ha e a ied e ec on g een echnological
inno a ion and sus ainabili y disclosu e.
6.3. Discussion
Sus ainabili y disclosu e p ac ices can be in luenced by s akeholde p essu e. Success ul ecological sus-
ainabili y is con ingen upon in e ac ions wi h businesses and cons i uen s. As pe he s akeholde he-
o y, a i m’s ela ionship wi h i s s akeholde s is enhanced by i s s ead as commi men o ecological
ini ia i es o ac i i ies (Wi edu e al., 2023).
Some p e ious s udies ha e unco e ed a posi i e and bene icial ela ionship be ween s akeholde
p essu e, g een echnology, and sus ainabili y disclosu e (Thomas e al., 2022; lulu, 2021). Fo ins ance,
Chi hambo e al. (2022) sugges ed ha ins i u ional sha eholde s a ec a i m’s ESG pe o mance, which
is essen ial o long- e m co po a e sus ainabili y. Gi en he pu pose o he esea ch, he s udy hypo h-
esize ha sha eholde p essu es ha e posi i e and subs an ial e ec s on sus ainabili y disclosu e. The
analysis o he esul s con i med ha sha eholde p essu e is posi i ely associa ed wi h sus ainabili y
disclosu e. This implies ha sha eholde s wi h o ing igh s can in luence he execu i e decision o
include ESG- ela ed in o ma ion in annual epo s in o de o enhance he i m’s image and economic
iabili y o e he long e m. Ou esul s we e consis en wi h he assump ion. Hence, he i s hypo hesis
was accep ed. Ou esul suppo s he s akeholde heo y, which s a es ha business en i ies ha e an
Table 8. R-squa e.
Cons uc s R-squa e R-squa e adjus ed
g een echnological inno a ion 0.764 0.763
sus ainabili y disclosu e 0.924 0.924
Table 9. e ec size.
Cons uc s CP gP g i sP sD
CP 0.350 0.054
gP 0.030 0.543
g i 0.041
sP 0.090 0.294
sD
COGENT BUSINESS & MANAGEMENT 15
obliga ion o all o he g oups o s akeholde s who ha e a es ed in e es in he business apa om
sha eholde s, and o ul ill his objec i e, i ms engaged and disclosed in o ma ion ela ed o ESG o
mee he equi emen and in e es o o he s akeholde s. Mo eo e , ou esul s is consis en wi h he
esul s by Rui and lu (2021), who concluded ha sha eholde p essu e signi ican ly a ec s he en i on-
men al pe o mance o manu ac u ing businesses lis ed on he Indonesia S ock Exchange.
The go e nmen has he powe o impose ules ha mus be adhe ed o by all pa ies, including
p essu e o disclose sus ainabili y in o ma ion. Thus, go e nmen egula ions may exe p essu e on he
business o publish sus ainabili y epo s. Acco ding o he ins i u ional heo y, i ms may p o ide an
inc easing amoun o ESG da a o comply wi h legal equi emen s, a oid ines om en i onmen al
au ho i ies, and legi imize hei business p ac ices (Posadas e al., 2023). The e o e, he s udy assumed
ha go e nmen p essu e has a posi i e and signi ican in luence on sus ainabili y disclosu e. This
hypo hesis is suppo ed by he signi icance o he pa h coe icien esul s. Hence, he second hypo hesis
is accep ed. The s udy’s esul s a e consis en wi h (E yadi e al., 2021) asse ion ha go e nmen p es-
su e signi ican ly imp o es he publica ion o sus ainabili y epo s.
As s a ed in he hypo hesis, cus ome p essu e is posi i ely ela ed wi h sus ainabili y disclosu e. This
is e idence o he legi imacy heo y, which posi s ha i ms epo mo e on en i onmen al, social, and
go e nance issues o suppo and jus i y hei con inued exis ence (O azalin e al., 2023). Businesses ha
wan o compe e in he global ma ke may enhance hei ESG epo ing o d aw in and keep en i on-
men ally conscious cus ome s. Due o he ac ha businesses wi h a high deg ee o consume p oximi y
end o be mo e dis inc i e and a e mos likely o in luence o he businesses o ul ill hei social and
en i onmen al obliga ions. These esul s indica e ha consume s a e ex emely conce ned wi h he qual-
i y o he p oduc s and se ices hey pu chase. In addi ion o pu chasing a o dable goods o se ices
om a i m, consume s also pay a en ion o he p oduc ’s en i onmen al iendliness, labo condi ions,
and o he sus ainabili y pe o mance ac o s. Hence, he assump ion is accep ed.
Wi h ega ds o he ela ionship be ween s akeholde s’ p essu e and g een echnological inno a ion.
We assumed ha sha eholde p essu e has posi i e a signi ican impac on g een echnological inno a-
ion. The esul s o his s udy alida ed his hypo hesis. This esul aligns wi h an empi ical s udy by
Singh e al. (2022), which shows ha s akeholde s pu p essu e on g een inno a ion capabili y.
Sha eholde s may encou age manage s o implemen and p ac ice g een inno a ion since cus ome s a e
in e es ed and eady o pay mo e o en i onmen ally iendly p oduc s. This will boos he economic
pe o mance o he i m as well as sha eholde s’ e u n on in es men .
Also, he au ho hypo hesized ha go e nmen p essu e has a posi i e and signi ican ela ionship
wi h g een inno a ion. This claim is no suppo ed by he s udy esul s. This may be as esul s o no
go e nmen al ules and egula ions binding i ms o adop g een echnological inno a ion in hei p o-
duc ion p ocess.
A posi i e associa ion be ween consume p essu e and g een echnological inno a ion is assumed as
pa o he s udy’s hypo hesis. Pa h signi icance esul s suppo ed he hypo hesis. Gi en ha cus ome s
may al e hei consump ion pa e ns om e e yday goods o g een echnological o en i onmen ally
iendly p oduc s, hey may do so. Many consume s a e e icen o pay an ex a cos o swi ch o a di -
e en p oduc solely because a p oduc is eco- iendly. In esponse, businesses may enhance g een ech-
nological inno a ion o keep and a ac addi ional consume s. An empi ical piece o e idence indica es
ha cus ome p essu e encou ages i ms o implemen g een inno a ions and has been shown o
inc ease compe i ion due o p oduc s ha a e dis inc om compe i o s and enhance p oduc image
and i m c edibili y (Chu e al., 2019).
Fu he , a ying esul s a e achie ed conce ning he media ing oles o g een echnological inno a-
ion. The s udy esul s e ealed ha g een echnological inno a ion does no media e he ela ionships
be ween go e nmen p essu e and sus ainabili y disclosu e. This inding disapp o ed H7, which assumed
ha g een echnological inno a ion mode a es he ela ionship be ween sha eholde p essu e and sus-
ainabili y. Howe e , he s udy esul s e ealed ha g een echnological inno a ion media es he ela ion-
ship be ween sha eholde p essu e, cus ome p essu e and sus ainabili y disclosu e, alida ing H8 and
H9. This conclusion is in line wi h he empi ical esul s o a s udy by Xu e al. (2022), which ound ha
he ela ionship be ween CSR and ecological pe o mance is posi i ely and signi ican ly media ed by
g een echnology inno a ion.
16 N. AlESSA ETAl.
7. Summa y and conclusion
We examined he ex en o which i ms in Ghana disclose in o ma ion ega ding sus ainabili y. Speci ically,
we in es iga ed he in luence o s akeholde s’ p essu e on sus ainabili y disclosu e, wi h g een echno-
logical inno a ion se ing as a media o . 383 ou o 421 iden i ied esponden s om a ious mining and
manu ac u ing i ms in Ghana submi ed alid esponses o he su ey ques ionnai e.
The esul s o he a icle demons a ed ha s akeholde p essu e (sha eholde p essu e, go e nmen
p essu e, and consume p essu e) a ha e a signi ican in luence on i ms’ ESG disclosu e. Mo eo e , he
esul s demons a e ha a i m’s GTI media es he connec ion be ween s akeholde p essu e in e ms o
sha eholde p essu e and consume p essu e. None heless, he s udy e ealed ha GTI played a negligi-
ble media ing ole be ween go e nmen and ESG disclosu e.
I is he e o e ecommended ha p oduc de elopmen manage s implemen new echnologies and
echniques, as well as o conside eco- iendly ini ia i es. Inco po a ing GTI in o he p oduc design and
manu ac u ing p ocess enables i ms o no only ul ill hei clien ’s needs bu also educe hei en i on-
men al impac s, like he p oduc ion o ca bon dioxide and solid deb is. Also, o enhance i ms’ epu a-
ions, businesses should ake he necessa y s eps, such as using eco- iendly lo a, p epa ing annual
in eg a ed epo s, and disclosing sus ainabili y in o ma ion, o esol e socie y and o he pa ies’ issues.
The s udy made he ollowing con ibu ions: Fi s , by including g een echnology inno a ion as a
media ing a iable, he s udy ad ances ou knowledge o he mechanisms in luencing ESG disclosu e
h ough s akeholde p essu e. Secondly, his s udy adds a con ex ual dimension o ins i u ional heo y
by looking a Ghana. I ecognizes ha eme ging ma ke s’ egula o y and no ma i e en i onmen s may
di e signi ican ly om de eloped economies. This helps us unde s and how ins i u ional ac o s in e ac
wi h s akeholde p essu es o shape ESG disclosu e p ac ices in a di e se global se ing. Thi dly, he s udy
p o ides a holis ic iew by looking a p ocess and p oduc inno a ion as pa s o g een echnology
inno a ion. This ecogni ion acknowledge ha en i onmen ally iendly p ac ices co e mo e han jus
he inished p oduc ; hey also include he p oduc ion p ocesses. This b oad iew helps us unde s and
he eco- iendly e o s in businesses mo e complexly.
7.1. Policy implica ion
The s udy’s esul s ha e nume ous implica ions o decision-make s, execu i es a businesses, egula o y
agencies, and o he s akeholde s. Fi s , h ough s akeholde p essu e and GTI ini ia i es, he s udy o e s
a i al unde s anding o he s eps ha mus be aken o imp o e sus ainabili y disclosu e. Since ecolog-
ical issues a e o g ea e wo y o ecological p essu e o ganiza ions, he communi y, as well as au ho i-
ies o egula ion as a whole, he s udy ecommends ha businesses e alua e he demands o in e es s
o s akeholde s when making business decisions. The p io i iza ion o s akeholde demands and in e es s
by businesses no only acili a es hei a ainmen o a common compe i i e ad an age and compliance
bu also acili a es hei achie emen o imp o ed sus ainabili y disclosu e pe o mance.
Mo eo e , ega ding s a egic decision-making, Ghanaian businesses may use he s udy esul s o guide
s a egic decision-making p ocesses, ecognizing he in luence o s akeholde p essu e on ESG disclosu e
p ac ices. Policymake s may u ilize he esul s o de elop ESG anspa ency in e en ions o a ious i ms.
The inclusion o s akeholde expec a ions in o s a egic decision-making p ocesses has he po en ial o
imp o e s akeholde in e ac ions, hence con ibu ing o a i m commi men o clima e p o ec ion.
7.2. Limi a ion and u u e esea ch
This esea ch has i s d awbacks. Fi s , da a we e ga he ed om managing di ec o s o selec ed mining
and manu ac u ing i ms in Ghana, wi h no o he coun ies o egions conside ed. The e o e, he esea ch
canno be gene alized egionally. Hence, u u e esea ch should conside mul iple na ions. Secondly, he
p essu e exe ed by s akeholde s is measu ed using only h ee dimensions (sha eholde , go e nmen ,
and cus ome p essu es). O he o ms o s akeholde s’ p essu e such as employee and c edi o p essu e
we e no conside ed. Fu u e esea ch should conside adding o he o ms o s akeholde p essu e ha
possibly in luence sus ainabili y disclosu e.
COGENT BUSINESS & MANAGEMENT 17
Thi d, gi en ha he s udy did no include any mode a ing a iables, i limi s he abili y o in es iga e
he po en ial nuanced e ec s and in e ac ions. Se e al ac o s, including o ganiza ional cul u e, egula-
o y en i onmen , and indus y cha ac e is ics, ha e he po en ial o impac he link be ween s akeholde
p essu e and ESG disclosu e which we e no conside ed in his s udy. Hence, u u e s udies should con-
side hese a iables.
Fou h, he e we e no con ol a iables in he s udy, which means he e is a possibili y o bias caused
by missing ac o s. The e may be ac o s ha need o be conside ed ha in luence bo h s akeholde
p essu e and ESG disclosu e, which con ounds he link ha has been seen. I is ecommended ha
u u e s udies conside including ele an con ol ac o s o make he esul s mo e eliable.
Au ho con ibu ions
Noha Alessa: concep ualiza ion & design; me hodology; analysis & in e p e a ion; d a ing o he pape ; e ising i
c i ically o in ellec ual con en . John Yaw Akpa ep: concep ualiza ion & design; me hodology; analysis & in e p e-
a ion; d a ing o he pape ; and e ising i c i ically o in ellec ual con en . Inusah Sulemana: concep ualiza ion &
design; analysis & in e p e a ion; me hodology; d a ing o he pape ; and e ising i c i ically o in ellec ual con en .
And ew Osei Agyemang: concep ualiza ion & design; me hodology; analysis & in e p e a ion; d a ing o he pape
and e ising i c i ically o in ellec ual con en . All au ho s ag ee o be accoun able o all aspec s o he wo k.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Da a a ailabili y s a emen
The s udy elied on p ima y da a ha we e collec ed h ough he adminis a ion o ques ionnai e om managemen
o manu ac u ing businesses in Ghana.
Re e ences
Abeyseke a, I. (2022). A amewo k o sus ainabili y epo ing. Sus ainabili y Accoun ing, Managemen and Policy
Jou nal, 13(6), 1–22. h ps://doi.o g/10.1108/SAMPJ-08-2021-0316
Aboagye‐O che e, F. K., Simpson, S. N. Y., & Kusi, J. A. (2020). The in luence o en i onmen al pe o mance on en i-
onmen al disclosu es: An empi ical s udy in Ghana. Business S a egy & De elopmen , 3(1), 98–111. h ps://doi.
o g/10.1002/bsd2.81
Agyemang, A., Yusheng, K., Kongkuah, M., Musah, A., & Musah, M. (2023a). Assessing he impac o en i onmen al
accoun ing disclosu e on co po a e pe o mance in China. En i onmen al Enginee ing and Managemen Jou nal,
22(2), 389–397. h ps://doi.o g/10.30638/eemj.2023.030
Agyemang, A. O., Yusheng, K., Twum, A. K., Ayamba, E. C., Kongkuah, M., & Musah, M. (2021). T end and e-
la ionship be ween en i onmen al accoun ing disclosu e and en i onmen al pe o mance o mining compa-
nies lis ed in China. En i onmen , De elopmen and Sus ainabili y, 23(8), 12192–12216. h ps://doi.o g/10.1007/
s10668-020-01164-4
Agyemang, A. O., Yusheng, K., Twum, A. K., Edziah, B. K., & Ayamba, E. C. (2023b). En i onmen al accoun ing and
pe o mance: Empi ical e idence om China. En i onmen , De elopmen and Sus ainabili y, 1–26. h ps://doi.
o g/10.1007/s10668-022-02853-y
Ala awi, I. A., N im, C. G., Z as, A., & Elmag hi, M. H. (2023). CSR, inancial and non- inancial pe o mance in he
ou ism sec o : A sys ema ic li e a u e e iew and u u e esea ch agenda. In e na ional Re iew o Financial Analysis,
89, 102734. h ps://doi.o g/10.1016/j.i a.2023.102734
Alsahali, K. F., & Malagueño, R. (2022). An empi ical s udy o sus ainabili y epo ing assu ance: cu en ends and new
insigh s. Jou nal o Accoun ing & O ganiza ional Change, 18(5), 617–642. h ps://doi.o g/10.1108/JAOC-05-2020-0060
Amoah, P., & Eweje, G. (2020). CSR in Ghana’s gold-mining sec o : Assessing expec a ions and pe cep ions o pe o -
mance wi h ins i u ional and s akeholde lenses. Social Business, 10(4), 339–363. h ps://doi.o g/10.1362/20444082
0X15929907056661
Amoako, K. O., Amoako, I. O., Tu ou , J., & Ma o, E. O. (2022). Fo mal and in o mal sus ainabili y epo ing: An insigh
om a mining company’s subsidia y in Ghana. Jou nal o Financial Repo ing and Accoun ing, 20(5), 897–925.
h ps://doi.o g/10.1108/JFRA-12-2020-0368
Anaman, P. D., Dzakah, G. A., Anyass, I., Ahmed, O. N., & Somiah-Quaw, F. (n.d.). Unde s anding Ghanaian banks’ iews
on he in luence o ESG Repo ing on hei inancial pe o mance.
18 N. AlESSA ETAl.
Annan, B. A. (2023). En i onmen al social go e nance; The new age o co po a e go e nance in Ghana. The New Age
o Co po a e Go e nance in Ghana (May 4, 2023). h p://dx.doi.o g/10.2139/ss n.4438349
Appiah-Konadu, P., Ape o gbo , V. K., & A anya, O. (2022). Non- inancial epo ing egula ion and he s a e o sus ain-
abili y disclosu e among banks in Sub-Saha an A ica (SSA): A li e a u e e iew on banks in Ghana and Nige ia.
Managemen and Leade ship o a Sus ainable A ica, Volume 2: Roles, Responsibili ies, and P ospec s, 2, 55–72.
A hu , C. l., Wu, J., Yago, M., & Zhang, J. (2017). In es iga ing pe o mance indica o s disclosu e in sus ainabili y
epo s o la ge mining companies in Ghana. Co po a e Go e nance: The In e na ional Jou nal o Business in Socie y,
17(4), 643–660. h ps://doi.o g/10.1108/CG-05-2016-0124
Be one, P., Fos u i, A., Gelabe , l., & Gomez‐Mejia, l. R. (2013). Necessi y as he mo he o ‘g een’in en ions:
Ins i u ional p essu es and en i onmen al inno a ions. S a egic Managemen Jou nal, 34(8), 891–909. h ps://doi.
o g/10.1002/smj.2041
Cadez, S., & Cze ny, A. (2016). Clima e change mi iga ion s a egies in ca bon-in ensi e i ms. Jou nal o Cleane
P oduc ion, 112, 4132–4143. h ps://doi.o g/10.1016/j.jclep o.2015.07.099
Cadez, S., Cze ny, A., & le ma he, P. (2019). S akeholde p essu es and co po a e clima e change mi iga ion s a egies.
Business S a egy and he En i onmen , 28(1), 1–14. h ps://doi.o g/10.1002/bse.2070
Cadez, S., & Guilding, C. (2017). Examining dis inc ca bon cos s uc u es and clima e change aba emen s a egies
in CO2 pollu ing i ms. Accoun ing, Audi ing & Accoun abili y Jou nal, 30(5), 1041–1064. h ps://doi.o g/10.1108/
AAAJ-03-2015-2009
Chege, S. M., & Wang, D. (2020). The in luence o echnology inno a ion on SME pe o mance h ough en i onmen-
al sus ainabili y p ac ices in Kenya. Technology in Socie y, 60, 101210. h ps://doi.o g/10.1016/j. echsoc.2019.101210
Chi hambo, l., Tau ingana, V., Tingbani, I., & Achi o, l. (2022). S akeholde p essu e and g eenhouses gas olun-
a y disclosu es. Business S a egy and he En i onmen , 31(1), 159–172. h ps://doi.o g/10.1016/j. ech-
soc.2019.101210
Chu, Z., Wang, l., & lai, F. (2019). Cus ome p essu e and g een inno a ions a hi d pa y logis ics p o ide s in China:
The mode a ion e ec o o ganiza ional cul u e. The In e na ional Jou nal o Logis ics Managemen , 30(1), 57–75.
h ps://doi.o g/10.1108/IJlM-11-2017-0294
Cicchiello, A. F., Ma azza, F., & Pe dichizzi, S. (2023). Non‐ inancial disclosu e egula ion and en i onmen al, social,
and go e nance (ESG) pe o mance: The case o EU and US i ms. Co po a e Social Responsibili y and En i onmen al
Managemen , 30(3), 1121–1128. h ps://doi.o g/10.1002/cs .2408
Dhanda, K. K., Sa kis, J., & Dha ale, D. G. (2022). Ins i u ional and s akeholde e ec s on ca bon mi iga ion s a egies.
Business S a egy and he En i onmen , 31(3), 782–795. h ps://doi.o g/10.1002/bse.2917
Dissanayake, D., Til , C., & Qian, W. (2019). Fac o s in luencing sus ainabili y epo ing by S i lankan companies. Paci ic
Accoun ing Re iew, 31(1), 84–109. h ps://doi.o g/10.1108/PAR-10-2017-0085
E yadi, V. U., Wahyudi, I., & Jumaili, S. (2021 Penga uh Kepemilikan Ins i usional, Kepemilikan Mayo i as, Kepemilikan
Peme in ah, dan P o i abili as Te hadap Sus ainabili y Repo ing Assu ance. Con e ence on Economic and Business
Inno a ion (CEBI),
Es ahbodi, A., Zhang, Y., Wa son, G., & Zhang, T. (2017). Go e nance p essu es and pe o mance ou comes o sus ain-
able supply chain managemen –An empi ical analysis o UK manu ac u ing indus y. Jou nal o Cleane P oduc ion,
155, 66–78. h ps://doi.o g/10.1016/j.jclep o.2016.07.098
Esposi o De Falco, S., Scandu a, G., & Thomas, A. (2021). How s akeholde s a ec he pu sui o he En i onmen al,
Social, and Go e nance. E idence om inno a i e small and medium en e p ises. Co po a e Social Responsibili y
and En i onmen al Managemen , 28(5), 1528–1539. h ps://doi.o g/10.1002/cs .2183
Famiyeh, S., Opoku, R. A., Kwa eng, A., & Asan e-Da ko, D. (2021). D i ing o ces o sus ainabili y in he mining in-
dus y: E idence om a de eloping coun y. Resou ces Policy, 70, 101910. h ps://doi.o g/10.1016/j. esou -
pol.2020.101910
Faseyi, C. A., Miyi ah, M. K., & Ya e o, l. (2023). Assessmen o en i onmen al deg ada ion in wo coas al communi-
ies o Ghana using D i e P essu e S a e Impac Response (DPSIR) amewo k. Jou nal o En i onmen al Managemen ,
342, 118224. h ps://doi.o g/10.1016/j.jen man.2023.118224
Fe nandez-Feijoo, B., Rome o, S., & Ruiz, S. (2014). E ec o s akeholde s’ p essu e on anspa ency o sus ainabili y
epo s wi hin he GRI amewo k. Jou nal o Business E hics, 122(1), 53–63. h ps://doi.o g/10.1007/s10551-013-1748-5
Fo nell, C., & la cke , D. F. (1981). S uc u al equa ion models wi h unobse able a iables and measu emen e o :
Algeb a and s a is ics. Sage Publica ions.
F eeman, R. E. (1984). S a egic managemen : A s akeholde pe spec i e Bos on: Piman. Ha pe and Row.
F euden eich, B., lüdeke-F eund, F., & Schal egge , S. (2020). A s akeholde heo y pe spec i e on business mod-
els: Value c ea ion o sus ainabili y. Jou nal o Business E hics, 166(1), 3–18. h ps://doi.o g/10.1007/
s10551-019-04112-z
Gong, M., Gao, Y., Koh, l., Su cli e, C., & Cullen, J. (2019). The ole o cus ome awa eness in p omo ing i m sus ain-
abili y and sus ainable supply chain managemen . In e na ional Jou nal o P oduc ion Economics, 217, 88–96.
Hai , J. F. J , (2020). Nex -gene a ion p edic ion me ics o composi e-based PlS-SEM. Indus ial Managemen & Da a
Sys ems, 121(1), 5–11. h ps://doi.o g/10.1108/IMDS-08-2020-0505
Hai , J. F., Black, W. C., & Babin, B. J. (2010). RE Ande son Mul i a ia e da a analysis: A global pe spec i e. Pea son
P en ice Hall.
COGENT BUSINESS & MANAGEMENT 19
Hai J , J. F., Hul , G. T. M., Ringle, C. M., Sa s ed , M., Danks, N. P., & Ray, S. (2021). Pa ial leas squa es s uc u al
equa ion modeling (PLS-SEM) using R: A wo kbook. Sp inge Na u e.
Hai , J. F., Rishe , J. J., Sa s ed , M., & Ringle, C. M. (2019). When o use and how o epo he esul s o PlS-SEM.
Eu opean Business Re iew, 31(1), 2–24. h ps://doi.o g/10.1108/EBR-11-2018-0203
Hai , J. F., J , Sa s ed , M., Hopkins, l., & G. Kuppelwiese , V. (2014). Pa ial leas squa es s uc u al equa ion modeling
(PlS-SEM) An eme ging ool in business esea ch. Eu opean Business Re iew, 26(2), 106–121. h ps://doi.o g/10.1108/
EBR-10-2013-0128
He old, D. M. (2018). Demys i ying he link be ween ins i u ional heo y and s akeholde heo y in sus ainabili y e-
po ing. Economics, Managemen and Sus ainabili y, 3(2), 6–19. h ps://doi.o g/10.14254/jems.2018.3-2.1
Higgins, C., Tang, S., & S ubbs, W. (2020). On managing hypoc isy: The anspa ency o sus ainabili y epo s. Jou nal
o Business Resea ch, 114, 395–407. h ps://doi.o g/10.1016/j.jbus es.2019.08.041
Impe iale, F., Pizzi, S., & lippolis, S. (2023). Sus ainabili y epo ing and ESG pe o mance in he u ili ies sec o . U ili ies
Policy, 80, 101468. h ps://doi.o g/10.1016/j.jup.2022.101468
Jahid, M. A., Yaya, R., P a olo, S., & P ibadi, F. (2023). Ins i u ional ac o s and CSR epo ing in a de eloping coun y:
E idence om he neo-ins i u ional pe spec i e. Cogen Business & Managemen , 10(1), 2184227. h ps://doi.o g/10
.1080/23311975.2023.2184227
Jaya aman, K., Jayash ee, S., & Do asamy, M. (2023). The e ec s o g een inno a ions in o ganiza ions: In luence o
s akeholde s. Sus ainabili y, 15(2), 1133. h ps://doi.o g/10.3390/su15021133
Kamme e , D. (2009). The e ec s o cus ome bene i and egula ion on en i onmen al p oduc inno a ion.: Empi ical
e idence om appliance manu ac u e s in Ge many. Ecological Economics, 68(8-9), 2285–2295. h ps://doi.
o g/10.1016/j.ecolecon.2009.02.016
Kau , R. (2021). Impac o inancial dis ess, CEO powe and compensa ion on en i onmen , social and go e nance (ESG)
pe o mance: E idence-based on UK i ms.
Kılıç, M., Uya , A., Kuzey, C., & Ka aman, A. S. (2021). Does ins i u ional heo y explain in eg a ed epo ing adop ion
o Fo une 500 companies? Jou nal o Applied Accoun ing Resea ch, 22(1), 114–137. h ps://doi.o g/10.1108/
JAAR-04-2020-0068
K asodomska, J., & Za zycka, E. (2021). Key pe o mance indica o s disclosu e in he con ex o he EU di ec i e:
When does s akeholde p essu e ma e ? Medi a i Accoun ancy Resea ch, 29(7), 1–30. h ps://doi.o g/10.1108/
MEDAR-05-2020-0876
lee, J. W., Kim, Y. M., & Kim, Y. E. (2018). An eceden s o adop ing co po a e en i onmen al esponsibili y and g een
p ac ices. Jou nal o Business E hics, 148(2), 397–409. h ps://doi.o g/10.1007/s10551-016-3024-y
les a i, E., Dania, W., Ind iani, C., & Fi dausyi, I. (2021). The impac o cus ome p essu e and he en i onmen al eg-
ula ion on g een inno a ion pe o mance. IOP Con e ence Se ies: Ea h and En i onmen al Science, 733(1), 012048.
h ps://doi.o g/10.1088/1755-1315/733/1/012048
li, D., Huang, M., Ren, S., Chen, X., & Ning, l. (2018). En i onmen al legi imacy, g een inno a ion, and co po a e
ca bon disclosu e: E idence om CDP China 100. Jou nal o Business E hics, 150(4), 1089–1104. h ps://doi.
o g/10.1007/s10551-016-3187-6
liesen, A., Hoepne , A. G., Pa en, D. M., & Figge, F. (2015). Does s akeholde p essu e in luence co po a e GHG emis-
sions epo ing? Empi ical e idence om Eu ope. Accoun ing, Audi ing & Accoun abili y Jou nal, 28(7), 1047–1074.
h ps://doi.o g/10.1108/AAAJ-12-2013-1547
lin, C.-Y., & Ho, Y.-H. (2011). De e minan s o g een p ac ice adop ion o logis ics companies in China. Jou nal o
Business E hics, 98(1), 67–83. h ps://doi.o g/10.1007/s10551-010-0535-9
lulu, C. l. (2021). S akeholde p essu e and he quali y o sus ainabili y epo : E idence F om Indonesia. Jou nal o
Accoun ing, En ep eneu ship and Financial Technology (Jae ), 2(1), 53–72. h ps://doi.o g/10.37715/jae . 2i1.1864
Maama, H., & Mkhize, M. (2020). In eg a ed epo ing p ac ice in a de eloping coun y—Ghana: legi imacy o s ake-
holde o ien ed? In e na ional Jou nal o Disclosu e and Go e nance, 17(4), 230–244. h ps://doi.o g/10.1057/
s41310-020-00092-z
Menassa, E., & Daghe , N. (2020). De e minan s o co po a e social esponsibili y disclosu es o UAE na ional banks:
A mul i-pe spec i e app oach. Social Responsibili y Jou nal, 16(5), 631–654. h ps://doi.o g/10.1108/
SRJ-09-2017-0191
Mensah, E., F impong, K., & Maama, H. (2017). En i onmen al epo ing p ac ices by lis ed manu ac u ing i ms: The
pe spec i e o an eme ging economy. Asian Jou nal o Economics, Business and Accoun ing, 2(3), 1–12. h ps://doi.
o g/10.9734/AJEBA/2017/32817
Mooneeapen, O., Abhayawansa, S., & Mamode Khan, N. (2022). The in luence o he coun y go e nance en i onmen
on co po a e en i onmen al, social and go e nance (ESG) pe o mance. Sus ainabili y Accoun ing, Managemen and
Policy Jou nal, 13(4), 953–985. h ps://doi.o g/10.1108/SAMPJ-07-2021-0298
Mukh a , B., Shad, M. K., Won, l. F., Waqas, A., & Mukh a , Z. (2023). ole o g een echnology inno a ion o p omo e
sus ainabili y pe o mance in Malaysian manu ac u ing sola PV indus y: A concep ual amewo k. Pla o m: A
Jou nal o Managemen and Humani ies, 6(1), 36–46.
O azalin, N. S., N im, C. G., & Malagila, J. K. (2023). Boa d sus ainabili y commi ees, clima e change ini ia-
i es, ca bon pe o mance, and ma ke alue. B i ish Jou nal o Managemen , 35(1), 295–320. h ps://doi.
o g/10.1111/1467-8551.12715
20 N. AlESSA ETAl.
Osei, A., Osei Agyemang, A., Amoah, J., & Sulemana, I. (2023). Empi ical s udy on he impac o wo king capi al
managemen on going conce n o manu ac u ing i ms in Ghana. Cogen Business & Managemen , 10(2), 2218177.
h ps://doi.o g/10.1080/23311975.2023.2218177
Osei, A. A., Yusheng, K., Caesa , E. A., Kissiwaa, A. T., & Shaibu, A. (2019). Impac o boa d cha ac e is ics on co po a e
social esponsibili y disclosu e in Ghana. In e na ional Jou nal o Sciences: Basic and Applied Resea ch, 46(1), 104–116.
O i olaiye, E. D., Siyanbola, T. T., & Nwaobia, A. N. (2023). Sus ainabili y epo ing and capi al adequacy o lis ed DMBs
in Ghana, 7(6), 212–227.
Posadas, S. C., Ruiz-Blanco, S., Fe nandez-Feijoo, B., & Ta quinio, l. (2023). Ins i u ional isomo phism unde he es o
non- inancial epo ing di ec i e. E idence om I aly and Spain. Medi a i Accoun ancy Resea ch, 31(7), 26–48.
h ps://doi.o g/10.1108/MEDAR-02-2022-1606
Raihan, A. (2023). Towa d sus ainable and g een de elopmen in Chile: Dynamic in luences o ca bon emission e-
duc ion a iables. Inno a ion and G een De elopmen , 2(2), 100038. h ps://doi.o g/10.1016/j.igd.2023.100038
Ramadhini, A., Adha iani, D., & Djakman, C. D. (2020). The e ec s o ex e nal s akeholde p essu e on CSR disclosu e:
E idence om Indonesia. DLSU Business and Economics Re iew, 29(2), 29–39.
Raub, S. P., & Ma in-Rios, C. (2019). “Think sus ainable, ac local”–A s akeholde - il e -model o ansla ing SDGs in o
sus ainabili y ini ia i es wi h local impac . In e na ional Jou nal o Con empo a y Hospi ali y Managemen , ahead-o -
p in (ahead-o -p in ), 2428–2447. h ps://doi.o g/10.1108/IJCHM-06-2018-0453
Rudyan o, A., & Ve onica Si ega , S. (2018). The e ec o s akeholde p essu e and co po a e go e nance on he sus-
ainabili y epo quali y. In e na ional Jou nal o E hics and Sys ems, 34(2), 233–249. h ps://doi.o g/10.1108/
IJOES-05-2017-0071
Rui, Z., & lu, Y. (2021). S akeholde p essu e, co po a e en i onmen al e hics and g een inno a ion. Asian Jou nal o
Technology Inno a ion, 29(1), 70–86. h ps://doi.o g/10.1080/19761597.2020.1783563
Sahoo, M. (2019). S uc u al equa ion modeling: Th eshold c i e ia o assessing model i . In Me hodological issues in
managemen esea ch: Ad ances, challenges, and he way ahead. Eme ald Publishing limi ed.
Sanchez-Planelles, J., Sega a-Oña, M., & Pei o-Signes, A. (2020). Building a heo e ical amewo k o co po a e sus-
ainabili y. Sus ainabili y, 13(1), 273. h ps://doi.o g/10.3390/su13010273
Sa e, Y. A., Agyemang, A. O., Ayamba, E. C., Bawuah, B., & Gyaawa Ko an eng, A. (2023). Insu ance and sec o ial
g ow h nexus: E idence om a de eloping economy. Cogen Economics & Finance, 11(2), 2228096. h ps://doi.o g/
10.1080/23322039.2023.2228096
Sa kis, J., Gonzalez-To e, P., & Adenso-Diaz, B. (2010). S akeholde p essu e and he adop ion o en i onmen al p ac-
ices: The media ing e ec o aining. Jou nal o Ope a ions Managemen , 28(2), 163–176. h ps://doi.o g/10.1016/j.
jom.2009.10.001
Sa s ed , M., Hai , J. F., J , Cheah, J.-H., Becke , J.-M., & Ringle, C. M. (2019). How o speci y, es ima e, and alida e
highe -o de cons uc s in PlS-SEM. Aus alasian Ma ke ing Jou nal, 27(3), 197–211. h ps://doi.o g/10.1016/j.aus-
mj.2019.05.003
Sa s ed , M., Ringle, C. M., & Hai , J. F. (2021). Pa ial leas squa es s uc u al equa ion modeling. In Handbook o
ma ke esea ch, (pp. 587–632). Sp inge .
Se oka-S olka, O. (2023). Enhancing en i onmen al sus ainabili y: S akeholde p essu e and co po a e CO2- ela ed
pe o mance—An examina ion o he media ing and mode a ing e ec s o co po a e deca boniza ion s a egies.
Sus ainabili y, 15(19), 14257. h ps://doi.o g/10.3390/su151914257
Simoni, l., Bini, l., & Bellucci, M. (2020). E ec s o social, en i onmen al, and ins i u ional ac o s on sus ainabili y
epo assu ance: E idence om Eu opean coun ies. Medi a i Accoun ancy Resea ch, 28(6), 1059–1087. h ps://doi.
o g/10.1108/MEDAR-03-2019-0462
Simpson, S. N. Y., Aboagye-O che e, F., & Ahadzie, R. (2022). Assu ance o en i onmen al, social and go e nance disclo-
su es in a de eloping coun y: Pe spec i es o egula o s and quasi- egula o s. Accoun ing Fo um, 46(2), 109–133.
h ps://doi.o g/10.1080/01559982.2021.1927481
Singh, S. K., Del Giudice, M., Chiappe a Jabbou , C. J., la an, H., & Sohal, A. S. (2022). S akeholde p essu e, g een
inno a ion, and pe o mance in small and medium‐sized en e p ises: The ole o g een dynamic capabili ies.
Business S a egy and he En i onmen , 31(1), 500–514. h ps://doi.o g/10.1002/bse.2906
Talbo , D., Raine i, N., & Daou, A. (2021). Implemen a ion o sus ainabili y managemen ools: The con ibu ion o
awa eness, ex e nal p essu es, and s akeholde consul a ion. Co po a e Social Responsibili y and En i onmen al
Managemen , 28(1), 71–81. h ps://doi.o g/10.1002/cs .2033
Te eh, l. A., Agyenim‐Boa eng, C., & Simpson, S. N. Y. (2024). Ins i u ional p essu es and accoun abili y p ocesses in
pu sui o sus ainable de elopmen goals: Insigh s om Ghanaian indigenous oil companies. Co po a e Social
Responsibili y and En i onmen al Managemen , 31(1), 89–107.
Thomas, A., Scandu a, G., & Ca o a, A. (2022). Adop ion o g een inno a ions by SMEs: An in es iga ion abou he
in luence o s akeholde s. Eu opean Jou nal o Inno a ion Managemen , 25(6), 44–63. h ps://doi.o g/10.1108/
EJIM-07-2020-0292
Tian, H., & Tian, J. (2021). The media ing ole o esponsible inno a ion in he ela ionship be ween s akeholde p es-
su e and co po a e sus ainabili y pe o mance in imes o c isis: E idence om selec ed egions in China. In e na ional
Jou nal o En i onmen al Resea ch and Public Heal h, 18(14), 7277. h ps://doi.o g/10.3390/ije ph18147277
T an, M., & Beddewela, E. (2020). Does con ex ma e o sus ainabili y disclosu e? Ins i u ional ac o s in Sou heas
Asia. Business E hics: A Eu opean Re iew, 29(2), 282–302. h ps://doi.o g/10.1111/bee .12265
COGENT BUSINESS & MANAGEMENT 21
T uan , E., Co azza, l., & Scagnelli, S. D. (2017). Sus ainabili y and isk disclosu e: An explo a o y s udy on sus ainabil-
i y epo s. Sus ainabili y, 9(4), 636. h ps://doi.o g/10.3390/su9040636
Vi olla, F., Raimo, N., Rubino, M., & Ga zoni, A. (2019). How p essu e om s akeholde s a ec s in eg a ed epo ing qual-
i y. Co po a e Social Responsibili y and En i onmen al Managemen , 26(6), 1591–1606. h ps://doi.o g/10.1002/cs .1850
Wang, l., long, Y., & li, C. (2022). Resea ch on he impac mechanism o he e ogeneous en i onmen al egula ion
on en e p ise g een echnology inno a ion. Jou nal o En i onmen al Managemen , 322, 116127. h ps://doi.
o g/10.1016/j.jen man.2022.116127
Welbeck, E. E. (2017). The in luence o ins i u ional en i onmen on co po a e esponsibili y disclosu es in Ghana.
Medi a i Accoun ancy Resea ch, 25(2), 216–240. h ps://doi.o g/10.1108/MEDAR-11-2016-0092
Wen, K., Agyemang, A., Alessa, N., Sulemana, I., & Osei, A. (2023). The mode a ing ole o owne ship concen a ion
on inancing decisions and i m’s sus ainabili y: E idence om China. Sus ainabili y, 15(18), 13385. h ps://doi.
o g/10.3390/su151813385
Wi edu, I., Osei Agyemang, A., & Agbadzidah, S. Y. (2023). Does g een accoun ing in luences ecological sus ainabili y?
E idence om a de eloping economy. Cogen Business & Managemen , 10(2), 2240559. h ps://doi.o g/10.1080/233
11975.2023.2240559
Xu, X., Im an, M., Ayaz, M., & lohana, S. (2022). The media ing ole o g een echnology inno a ion wi h co po a e
social esponsibili y, i m inancial, and en i onmen al pe o mance: The case o Chinese manu ac u ing indus ies.
Sus ainabili y, 14(24), 16951. h ps://doi.o g/10.3390/su142416951
Zhang, H., He, J., Shi, X., Hong, Q., Bao, J., & Xue, S. (2020). Technology cha ac e is ics, s akeholde p essu e, social
in luence, and g een inno a ion: Empi ical e idence om Chinese exp ess companies. Sus ainabili y, 12(7), 2891.
h ps://doi.o g/10.3390/su12072891
Zhang, F., & Zhu, l. (2019). Enhancing co po a e sus ainable de elopmen : S akeholde p essu es, o ganiza ional
lea ning, and g een inno a ion. Business S a egy and he En i onmen , 28(6), 1012–1026. h ps://doi.o g/10.1002/
bse.2298
Zhou, Y., Agyemang, A. O., Adam, I. O., & Twum, A. K. (2022). Assessing he impac o echnological inno a ion on
en i onmen al and inancial pe o mance o Chinese ex ile manu ac u ing companies. In e na ional Jou nal o
Technology, Policy and Managemen , 22(4), 369–393. h ps://doi.o g/10.1504/IJTPM.2022.126152
22 N. AlESSA ETAl.
Appendix A
Please indica e he ex en o which you ag ee o disag ee wi h each s a emen by selec ing he app op ia e e-
sponse on he scale p o ided.
An eceden s
1 = s ongly disag ee; 2 = Disag ee; 3 = Neu al; 4 = Ag ee; 5 = S ongly Ag ee
Code sha eholde p essu e 1 2 3 4 5
sP1 sha eholde p essu e signi ican ly in luences ou i m’s commi men o
sus ainabili y epo ing
sP2 ou sus ainabili y disclosu e aligns wi h he p io i ies and conce ns
exp essed by ou sha eholde s.
sP3 sha eholde p essu e is a p ima y d i e o ou i m o enhance i s
sus ainabili y epo ing p ac ices.
sP4 sus ainabili y disclosu e p ac ices a e modi ied in esponse o he
expec a ions and demands o ou sha eholde s.
Code Go e nmen p essu e
gP1 go e nmen p essu e plays a signi ican ole in mo i a ing ou i m o
disclose i s sus ainabili y ini ia i es.
gP2 ou i m ac i ely esponds o go e nmen manda es and egula ions by
enhancing sus ainabili y disclosu e.
gP3 he in luence o go e nmen p essu e is e iden in he comp ehensi e
na u e o ou sus ainabili y disclosu e p ac ices.
Code Cus ome p essu e
CP1 Cus ome expec a ions ha e a subs an ial impac on ou i m’s
commi men o sus ainabili y disclosu e.
CP2 ou sus ainabili y disclosu es align wi h he alues and p io i ies o ou
cus ome base.
CP3 Cus ome p essu e signi ican ly in luences he anspa ency and dep h o
ou sus ainabili y disclosu e p ac ices.
CP4 Feedback om cus ome s ega ding sus ainabili y p ac ices leads o
con inuous imp o emen in ou disclosu e s a egies.
Code G een echnological inno a ion
g i1 he in eg a ion o g een echnological inno a ion is c ucial in sa is ying
sha eholde expec a ions and p omo ing anspa ency in sus ainabili y
disclosu e.
g i2 g een echnological inno a ion is a key enable in esponding o
go e nmen p essu e o enhanced sus ainabili y disclosu e in ou
i m.
g i3 he adop ion o g een echnological inno a ion is ins umen al in
mee ing and exceeding cus ome expec a ions ega ding
sus ainabili y disclosu e.
Code Sus ainabili y disclosu e
sD1 ou i m is commi ed o main aining a high le el o anspa ency in
sus ainabili y disclosu e due o s akeholde expec a ions.
sD2 ou i m ac i ely seeks ways o enhance sus ainabili y disclosu e in
esponse o changing expec a ions and p essu es om s akeholde s.
sD3 he in luence o s akeholde p essu e has a measu able impac on he
quali y and quan i y o sus ainabili y in o ma ion disclosed by ou
i m.
sD4 s akeholde p essu e signi ican ly in luences he s a egic decisions made
ega ding sus ainabili y disclosu e in ou i m.
