Company and CEO characteristics of climate change disclosure in Malaysia: A proposed empirical framework

https://doi.org/10.35912/ijfam.v7i2.3117
Published: Sep 15, 2025

Abstract:

Purpose: This study examines how company-specific characteristics (profitability, size, leverage) and CEO traits (duality, tenure, education, and meeting attendance) influence Climate Change Disclosure (CCD) practices among Malaysian listed companies. Grounded in legitimacy theory, the research seeks to identify internal determinants of voluntary climate reporting in emerging markets.

Methodology/approach: A quantitative content analysis is conducted on 114 Malaysian listed firms from four environmentally sensitive sectors during 2021–2022. Data are manually collected from annual and sustainability reports available on corporate websites and Bursa Malaysia. CCD is measured using a disclosure index based on TCFD recommendations. Descriptive statistics, Pearson correlation, and multiple regression analysis are employed to evaluate relationships between company and CEO characteristics and CCD.

Results/findings: Findings reveal that company-level variables such as profitability, firm size, and leverage, alongside CEO attributes including duality, tenure, education, and meeting attendance, significantly affect CCD practices. Larger and more profitable firms, as well as CEOs with stronger educational backgrounds and greater governance engagement, are more likely to adopt higher disclosure levels.

Conclusions: The study highlights the combined importance of structural and leadership factors in shaping CCD in Malaysia. It provides empirical insights to guide Malaysia’s transition toward compulsory climate reporting under IFRS S1 and S2.

Limitations: The research focuses only on voluntary disclosures in four environmentally sensitive sectors, limiting generalization across industries.

Contribution: This study contributes by integrating company and CEO characteristics into a single framework, offering implications for regulators, policymakers, and corporate governance reform in emerging economies.

Keywords:
1. CEO Characteristics
2. Climate Change Disclosure
3. IFRS S2
4. Legitimacy Theory
5. Malaysian Market
Authors:
1 . Farah Syafiqa Adlina
Universiti Sultan Zainal Abidin (UniSZA), Kuala Terengganu, Malaysia
2 . Ummi Junaidda
Universiti Sultan Zainal Abidin (UniSZA), Kuala Terengganu, Malaysia
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Adlina, F. S. ., & Junaidda, U. . (2025). Company and CEO characteristics of climate change disclosure in Malaysia: A proposed empirical framework . International Journal of Financial, Accounting, and Management, 7(2), 275–288. https://doi.org/10.35912/ijfam.v7i2.3117
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Issue & Section
Vol. 7 No. 2 (2025): September
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Biography

Ummi Junaidda, Universiti Sultan Zainal Abidin (UniSZA), Kuala Terengganu, Malaysia

Senior Lecturer at School of Accountancy, Faculty of Business and Management, University Sultan Zainal Abdidin

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  2. Al-Hiyari, A., Latif, R. A., & Amran, N. A. (2016). Goodwill impairment: An examination of chief executive officer tenure in Malaysia. Advanced Science Letters, 22(5-6), 1356-1359. doi:https://doi.org/10.1166/asl.2016.6612
  3. Al-Sabri, H. M. H., Nordin, N., & Shahar, H. K. (2022). The impact of chief executive officer (CEO) and deal characteristics on mergers and acquisitions (M&A) duration: A quantile regression evidence from an emerging market. Asian Academy of Management Journal of Accounting and Finance. doi:https://doi.org/10.21315/aamjaf2022.18.1.5
  4. Alarussi, A. S., & Alhaderi, S. M. (2018). Factors affecting profitability in Malaysia. Journal of Economic Studies, 45(3), 442-458. doi:https://doi.org/10.1108/JES-05-2017-0124
  5. Ali, M., Razak, L. A., Besar, M. H. A., & Abidin, S. (2023). Board Gender Diversity and ESG Disclosure: Does Board Meeting Attendance Matters? European Proceedings of Social and Behavioural Sciences, 131, 1230-1250. doi:https://doi.org/10.15405/epsbs.2023.11.98
  6. Alqatamin, R., Aribi, Z. A., & Arun, T. (2017). The effect of CEOs’ characteristics on forward-looking information. Journal of Applied Accounting Research, 18(4), 402-424. doi:https://doi.org/10.1108/JAAR-03-2016-0027
  7. Altarawneh, M., Shafie, R., & Ishak, R. (2020). Chief executive officer characteristics and financial restatements in Malaysia. International Journal of Financial Research. doi:https://doi.org/10.5430/ijfr.v11n2p173
  8. Attig, N., Rahaman, M. M., & Trabelsi, S. (2021). When Silence Is Golden: Greenwashing and the Cost of Private Debt. Available at SSRN 3786458.
  9. Ayedh, A. M., Fatima, A., & Mohammad, M. H. S. (2019). Earnings management in Malaysian companies during the global financial crisis and the coincidental effect of IFRS adoption. Australasian Accounting, Business and Finance Journal, 13(1). doi:https://doi.org/10.14453/aabfj.v13i1.2
  10. Bingler, J. A., Kraus, M., Leippold, M., & Webersinke, N. (2022). Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures. Finance Research Letters, 47. doi:https://doi.org/10.1016/j.frl.2022.102776
  11. Bolden, E. C. (2019). A critical review of statistical techniques and applications used to study tourism impacts. The Routledge Handbook of Tourism Impacts, 455-468. doi:https://doi.org/10.4324/9781351025102-34
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  13. Chen, L., & Tsang, A. (2017). CEO tenure and corporate social responsibility (CSR) reporting. Fairfax: George Mason Univerisity, 1-51.
  14. Cho, C. H., Bohr, K., Choi, T. J., Partridge, K., Shah, J. M., & Swierszcz, A. (2020). Advancing sustainability reporting in Canada: 2019 report on progress. Accounting Perspectives, 19(3), 181-204. doi:https://doi.org/10.1111/1911-3838.12232
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  16. Das, M. (2022). Corporate Sustainable Practices and Profitability–Compatible? Journal of economics and management sciences, 5(2), p13-p13. doi:https://doi.org/10.30560/jems.v5n2p13
  17. Dey, D., Richards, L., Arora, M., Boyle, E., Bryson, R., Jackman, S., . . . Shirazi, C. (2024). Overview of climate disclosures. British Actuarial Journal, 28(e13). doi:https://doi.org/10.1017/S135732172300017X
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