Do Audit Committee Attributes Moderate Sustainability Reporting’s Impact On Firm Performance?

https://doi.org/10.35912/jgas.v6i1.3160
Diterbitkan: Jan 7, 2026

Abstrak:

Purpose: Sustainability reporting has been frequently used globally to provide corporate transparency to stakeholders on environmental, social, and governance matters. Therefore, this study investigates how audit committee attributes act as moderators on sustainability reporting and firm performance relationships in India.

Research Methodology: This research employs the DWH Test for Endogeneity and OLS regression on data collected from the listed BSE 500 companies, with 840 observations from March 2019 to 2024. It takes ESGScore as independent, ACMeet and ACSize as moderators, and RONW and Tobin’s q as dependent variables.

Results: The empirical results indicate a significant positive association between firm performance and ESG reporting. They also show a moderation effect of AC Size (p-value-0.06) and AC Meeting (p-value-0.00) on the relationship between RONW and ESG, implying that good audit management increases the benefits of sustainability projects.

Conclusions: It indicates the high trust of stakeholders which improves corporate reputation, creates brand value and drive innovation to gain competitive advantage and long-term growth which leads to positive IRR and helps in managing the various potential risks causing by environmental and societal factors.

Limitations: This study considers only two AC attributes and depends on secondary ESG data, thus there may be chance of potential bias and unobserved variables.

Contribution: This research contributes in terms of describing the deeper insights into governance quality by introducing AC size and AC meetings as moderators on ESG reporting and FP relationship.

Penulis:
Nidhi Mittal
Guru Jambheshwar University of Science & Technology, Hisar, Haryana, India
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Mittal, N. . (2026). Do Audit Committee Attributes Moderate Sustainability Reporting’s Impact On Firm Performance?. Journal of Governance and Accountability Studies, 6(1), 43–56. https://doi.org/10.35912/jgas.v6i1.3160
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Referensi

    Aggarwal, P. (2013). Impact of sustainability performance of company on its financial performance: A study of listed Indian companies. Global Journal of Management and Business Research (C: Finance) Volume, 13.

    Aggarwal, P., & Singh, A. K. (2019). CSR and sustainability reporting practices in India: an in-depth content analysis of top-listed companies. Social Responsibility Journal, 15(8), 1033-1053. doi:https://doi.org/10.1108/SRJ-03-2018-0078

    Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management, 28(3), 429-444. doi:https://doi.org/10.1108/IJAIM-09-2019-0108

    Anasweh, M. (2021). The relationship between audit committee characteristics and banks performance. Turkish Journal of Computer and Mathematics Education, 12(6), 2962-2983. doi:https://doi.org/10.17762/turcomat.v12i6.6273

    Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2011). Statistics for Business and Economics (11th Edition).

    Appuhami, R., & Tashakor, S. (2017). The impact of audit committee characteristics on CSR disclosure: An analysis of Australian firms. Australian Accounting Review, 27(4), 400-420. doi:https://doi.org/10.1111/auar.12170

    Arora, A., & Bhandari, V. (2017). Do firm-level variables affect corporate governance quality and performance? Evidence from India. International Journal of Corporate Governance, 8(1), 1-24. doi:https://doi.org/10.1504/IJCG.2017.085230

    Ashari, S., & Krismiaji, K. (2019). Audit committee characteristics and financial performance: Indonesian evidence. Equity, 22(2), 139-152. doi:https://doi.org/10.34209/equ.v22i2.1326

    Awa, H. O., Etim, W., & Ogbonda, E. (2024). Stakeholders, stakeholder theory and corporate social responsibility (CSR). International Journal of Corporate Social Responsibility, 9(1), 11. doi:https://doi.org/10.1186/s40991-024-00094-y

    Bhatia, A., & Tuli, S. (2017). Corporate attributes affecting sustainability reporting: an Indian perspective. International Journal of Law and Management, 59(3), 322-340. doi:https://doi.org/10.1108/IJLMA-11-2015-0057

    Bicer, A. A., & Feneir, I. M. (2019). The impact of audit committee characteristics on environmental and social disclosures: evidence from Turkey. International Journal of Research in Business and Social Science, 8(3), 111-121. doi:https://doi.org/10.20525/ijrbs.v8i3.262

    Bloomberg. (2024 ). Bloomberg Publishes 2023 Impact Report. Retrieved from https://www.3blmedia.com/news/bloomberg-publishes-2023-impact-report

    Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal, 30(1), 98-115. doi:https://doi.org/10.1108/MEQ-12-2017-0149

    Buallay, A., & Al-Ajmi, J. (2020). The role of audit committee attributes in corporate sustainability reporting: Evidence from banks in the Gulf Cooperation Council. Journal of Applied Accounting Research, 21(2), 249-264. doi:https://doi.org/10.1108/JAAR-06-2018-0085

    Bui, N. T., Kawamura, A., Kim, K. W., Prathumratana, L., Kim, T.-H., Yoon, S.-H., . . . Truong, N. T. (2017). Proposal of an indicator-based sustainability assessment framework for the mining sector of APEC economies. Resources Policy, 52, 405-417. doi:https://doi.org/10.1016/j.resourpol.2017.05.005

    Collier, P. (1996). The rise of the audit committee in UK quoted companies: a curious phenomenon? Accounting, Business & Financial History, 6(2), 121-140. doi:https://doi.org/10.1080/09585209600000035

    Deegan, C. (2019). Legitimacy theory: Despite its enduring popularity and contribution, time is right for a necessary makeover. Accounting, Auditing & Accountability Journal, ahead-of-print. doi:https://doi.org/10.1108/AAAJ-08-2018-3638?urlappend=%3Futm_source%3Dresearchgate

    El-Deeb, M. S., Alarabi, Y., & Mohamed, A. (2024). The role of audit committee characteristics in improving the risk disclosure of companies examining the moderating role of audit quality. Future Business Journal, 10(1), 130. doi:https://doi.org/10.1186/s43093-024-00417-2

    Girón, A., Kazemikhasragh, A., Cicchiello, A. F., & Panetti, E. (2021). Sustainability Reporting and Firms’ Economic Performance: Evidence from Asia and Africa. Journal of the Knowledge Economy, 12(4), 1741-1759. doi:https://doi.org/10.1007/s13132-020-00693-7

    Goel, P. (2021). Rising standards of sustainability reporting in India: A study of impact of reforms in disclosure norms on corporate performance. Journal of Indian Business Research, 13(1), 92-109. doi:https://doi.org/10.1108/JIBR-06-2018-0166

    Goel, P., & Misra, R. (2017). Sustainability reporting in India: Exploring sectoral differences and linkages with financial performance. Vision, 21(2), 214-224. doi:https://doi.org/10.1177/0972262917700996

    Haladu, A., & Bin-Nashwan, S. A. (2022). The moderating effect of environmental agencies on firms’ sustainability reporting in Nigeria. Social Responsibility Journal, 18(2), 388-402. doi:https://doi.org/10.1108/SRJ-07-2020-0292

    Hasan, M. T., Molla, M. S., & Khan, F. (2019). Effect of board and audit committee characteristics on profitability: Evidence from pharmaceutical and chemical industries in Bangladesh. Finance & Economics Review, 1(1), 64-76.

    Hutagaol, A. (2017). Kedudukan camat dalam penyelenggaraan pemerintahan daerah menurut UU No. 23 Tahun 2014. Jurnal Hukum & Pemerintahan, 9(1), 45-57.

    Karaman, A. S., Kilic, M., & Uyar, A. (2018). Sustainability reporting in the aviation industry: worldwide evidence. Sustainability Accounting, Management and Policy Journal, 9(4), 362-391. doi:https://doi.org/10.1108/SAMPJ-12-2017-0150

    Khalifa, H. (2019). The effect of board and audit committee characteristics on the financial performance of United Arab Emirates firms. Victoria University.

    Laskar, N. (2018). Impact of corporate sustainability reporting on firm performance: an empirical examination in Asia. Journal of Asia Business Studies, 12(4), 571-593. doi:https://doi.org/10.1108/JABS-11-2016-0157

    Laskar, N. (2019). Does sustainability reporting enhance firms profitability? A study on select companies from India and South Korea. Indian Journal of Corporate Governance, 12(1), 2-20. doi:https://doi.org/10.1177/0974686219836528

    Laskar, N. (2024). Assessing the drivers of corporate sustainability performance disclosures using the global reporting initiative (GRI) G4 framework. Journal of Risk and Financial Management, 17(11), 513. doi:https://doi.org/10.3390/jrfm17110513

    Laskar, N., & Maji, S. G. (2016). Disclosure of corporate social responsibility and firm performance: Evidence from India. Asia-Pacific Journal of Management Research and Innovation, 12(2), 145-154. doi:https://doi.org/10.1177/2319510X16671555

    Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166, 114104. doi:https://doi.org/10.1016/j.jbusres.2023.114104

    Mukerjee, H. S., Deshmukh, G., Mukherjee, D., & Chawla, N. (2023). Investigating influence of moderators in adopting internet: Indian seniors perspective. Global Business Review, 24(4), 721-741. doi:https://doi.org/10.1177/0972150920908690

    Nguyen, D. T. T. (2020). An empirical study on the impact of sustainability reporting on firm value. Journal of Competitiveness. doi:https://doi.org/10.7441/joc.2020.03.07

    Odinkonigbo, J., Nwafor, N., & Nwoke, U. (2019). Disclosures of unethical practices: framework for the promotion of whistle-blowing in Nigeria's corporate governance. International Journal of Corporate Governance, 10(1), 1-19. doi:https://doi.org/10.1504/IJCG.2019.098043

    Omnamasivaya, B., & Prasad, M. (2017). Does financial performance really improve the environmental accounting disclosure practices in India: an empirical evidence from nifty companies. African Journal of Economic and Sustainable Development, 6(1), 52-66. doi:https://doi.org/10.1504/AJESD.2017.082801

    Ooi, B. W., Mayes, D. G., Dhaliwal, D., & Shane, P. (2020). Mandatory financial reporting frequency and market efficiency: evidence from Malaysia. International Journal of Corporate Governance, 11(2), 109-128. doi:https://doi.org/10.1504/IJCG.2020.110148

    Orazalin, N., & Mahmood, M. (2020). Determinants of GRI-based sustainability reporting: evidence from an emerging economy. Journal of Accounting in Emerging Economies, 10(1), 140-164. doi:https://doi.org/10.1108/JAEE-12-2018-0137

    Pant, A., & Nidugala, G. K. (2017). Macro determinants of car in Indian banking sector. The Journal of Developing Areas, 51(2), 59-70. doi:https://doi.org/10.1353/jda.2017.0031

    Patten, D. M. (2020). Seeking legitimacy. Sustainability Accounting, Management and Policy Journal, 11(6), 1009-1021. doi:https://doi.org/10.1108/SAMPJ-12-2018-0332

    Prince, J. B., & Dwivedi, N. (2020). Voluntary disclosures in formal reports: influence of a third dimension?-Evidence from India. International Journal of Corporate Governance, 11(3-4), 317-340. doi:https://doi.org/10.1504/IJCG.2020.115513

    Qeshta, M. H., Alsoud, G. F. A., Hezabr, A. A., Ali, B. J., & Oudat, M. S. (2021). Audit committee characteristics and firm performance: Evidence from the insurance sector in Bahrain. Revista Geintec-Gestao Inovacao E Tecnologias, 11(2), 1666-1680. doi:https://doi.org/10.47059/revistageintec.v11i2.1789

    Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331-1344. doi:https://doi.org/10.1108/MEQ-08-2018-0155

    Shamsuddin, A. B., & Alshahri, G. M. (2022). The effect of audit committee characteristics on firm performance: Evidence from non-financial sectors in Oman. Asian Economic and Financial Review, 12(9), 816. doi:https://doi.org/10.55493/5002.v12i9.4612

    Sharma, P., Panday, P., & Dangwal, R. C. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance, 17(4), 208-217. doi:https://doi.org/10.1057/s41310-020-00085-y

    Singhania, A. K., & Panda, N. M. (2025). Does audit committee composition influence firm performance? Evidence from the top NSE-listed non-financial companies of India. Asian Journal of Accounting Research, 10(1), 2-18.

    Sobhan, R., Mim, F. F., & Rahman, F. (2025). Nexus between audit committee characteristics and audit report lag in an emerging economy: an analysis using frequentist and Bayesian regression models. Asian Journal of Economics and Banking, 9(2), 311-333. doi:https://doi.org/10.1108/AJEB-04-2024-0043

    Tumwebaze, Z., Bananuka, J., Kaawaase, T. K., Bonareri, C. T., & Mutesasira, F. (2022). Audit committee effectiveness, internal audit function and sustainability reporting practices. Asian Journal of Accounting Research, 7(2), 163-181. doi:https://doi.org/10.1108/AJAR-03-2021-0036

    Yadava, R. N., & Sinha, B. (2016). Scoring sustainability reports using GRI 2011 guidelines for assessing environmental, economic, and social dimensions of leading public and private Indian companies. Journal of Business Ethics, 138(3), 549-558. doi:https://doi.org/10.1007/s10551-015-2597-1

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  2. Aggarwal, P., & Singh, A. K. (2019). CSR and sustainability reporting practices in India: an in-depth content analysis of top-listed companies. Social Responsibility Journal, 15(8), 1033-1053. doi:https://doi.org/10.1108/SRJ-03-2018-0078
  3. Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. M. (2020). ESG disclosure and firm performance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting & Information Management, 28(3), 429-444. doi:https://doi.org/10.1108/IJAIM-09-2019-0108
  4. Anasweh, M. (2021). The relationship between audit committee characteristics and banks performance. Turkish Journal of Computer and Mathematics Education, 12(6), 2962-2983. doi:https://doi.org/10.17762/turcomat.v12i6.6273
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  7. Arora, A., & Bhandari, V. (2017). Do firm-level variables affect corporate governance quality and performance? Evidence from India. International Journal of Corporate Governance, 8(1), 1-24. doi:https://doi.org/10.1504/IJCG.2017.085230
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  14. Buallay, A., & Al-Ajmi, J. (2020). The role of audit committee attributes in corporate sustainability reporting: Evidence from banks in the Gulf Cooperation Council. Journal of Applied Accounting Research, 21(2), 249-264. doi:https://doi.org/10.1108/JAAR-06-2018-0085
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  22. Haladu, A., & Bin-Nashwan, S. A. (2022). The moderating effect of environmental agencies on firms’ sustainability reporting in Nigeria. Social Responsibility Journal, 18(2), 388-402. doi:https://doi.org/10.1108/SRJ-07-2020-0292
  23. Hasan, M. T., Molla, M. S., & Khan, F. (2019). Effect of board and audit committee characteristics on profitability: Evidence from pharmaceutical and chemical industries in Bangladesh. Finance & Economics Review, 1(1), 64-76.
  24. Hutagaol, A. (2017). Kedudukan camat dalam penyelenggaraan pemerintahan daerah menurut UU No. 23 Tahun 2014. Jurnal Hukum & Pemerintahan, 9(1), 45-57.
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  26. Khalifa, H. (2019). The effect of board and audit committee characteristics on the financial performance of United Arab Emirates firms. Victoria University.
  27. Laskar, N. (2018). Impact of corporate sustainability reporting on firm performance: an empirical examination in Asia. Journal of Asia Business Studies, 12(4), 571-593. doi:https://doi.org/10.1108/JABS-11-2016-0157
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  36. Ooi, B. W., Mayes, D. G., Dhaliwal, D., & Shane, P. (2020). Mandatory financial reporting frequency and market efficiency: evidence from Malaysia. International Journal of Corporate Governance, 11(2), 109-128. doi:https://doi.org/10.1504/IJCG.2020.110148
  37. Orazalin, N., & Mahmood, M. (2020). Determinants of GRI-based sustainability reporting: evidence from an emerging economy. Journal of Accounting in Emerging Economies, 10(1), 140-164. doi:https://doi.org/10.1108/JAEE-12-2018-0137
  38. Pant, A., & Nidugala, G. K. (2017). Macro determinants of car in Indian banking sector. The Journal of Developing Areas, 51(2), 59-70. doi:https://doi.org/10.1353/jda.2017.0031
  39. Patten, D. M. (2020). Seeking legitimacy. Sustainability Accounting, Management and Policy Journal, 11(6), 1009-1021. doi:https://doi.org/10.1108/SAMPJ-12-2018-0332
  40. Prince, J. B., & Dwivedi, N. (2020). Voluntary disclosures in formal reports: influence of a third dimension?-Evidence from India. International Journal of Corporate Governance, 11(3-4), 317-340. doi:https://doi.org/10.1504/IJCG.2020.115513
  41. Qeshta, M. H., Alsoud, G. F. A., Hezabr, A. A., Ali, B. J., & Oudat, M. S. (2021). Audit committee characteristics and firm performance: Evidence from the insurance sector in Bahrain. Revista Geintec-Gestao Inovacao E Tecnologias, 11(2), 1666-1680. doi:https://doi.org/10.47059/revistageintec.v11i2.1789
  42. Shakil, M. H., Mahmood, N., Tasnia, M., & Munim, Z. H. (2019). Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Management of Environmental Quality: An International Journal, 30(6), 1331-1344. doi:https://doi.org/10.1108/MEQ-08-2018-0155
  43. Shamsuddin, A. B., & Alshahri, G. M. (2022). The effect of audit committee characteristics on firm performance: Evidence from non-financial sectors in Oman. Asian Economic and Financial Review, 12(9), 816. doi:https://doi.org/10.55493/5002.v12i9.4612
  44. Sharma, P., Panday, P., & Dangwal, R. C. (2020). Determinants of environmental, social and corporate governance (ESG) disclosure: a study of Indian companies. International Journal of Disclosure and Governance, 17(4), 208-217. doi:https://doi.org/10.1057/s41310-020-00085-y
  45. Singhania, A. K., & Panda, N. M. (2025). Does audit committee composition influence firm performance? Evidence from the top NSE-listed non-financial companies of India. Asian Journal of Accounting Research, 10(1), 2-18.
  46. Sobhan, R., Mim, F. F., & Rahman, F. (2025). Nexus between audit committee characteristics and audit report lag in an emerging economy: an analysis using frequentist and Bayesian regression models. Asian Journal of Economics and Banking, 9(2), 311-333. doi:https://doi.org/10.1108/AJEB-04-2024-0043
  47. Tumwebaze, Z., Bananuka, J., Kaawaase, T. K., Bonareri, C. T., & Mutesasira, F. (2022). Audit committee effectiveness, internal audit function and sustainability reporting practices. Asian Journal of Accounting Research, 7(2), 163-181. doi:https://doi.org/10.1108/AJAR-03-2021-0036
  48. Yadava, R. N., & Sinha, B. (2016). Scoring sustainability reports using GRI 2011 guidelines for assessing environmental, economic, and social dimensions of leading public and private Indian companies. Journal of Business Ethics, 138(3), 549-558. doi:https://doi.org/10.1007/s10551-015-2597-1