Towards the Achievement of Sustainable Development Goals (SDGs) in Malaysia: Corporate SDGs Disclosure and Stakeholder Power
List of Authors
Nor Hasimah Johari, Norkhazimah Ahmad, Razana Juhaida Johari, Sharifah Buniamin
Keyword
SDG Disclosure; Stakeholder Power; Malaysia; Stakeholder Theory
Abstract
Sustainable Development Goals (SDGs) have become a global benchmark for responsible and inclusive economic growth. In Malaysia, corporations play a crucial role in driving progress towards these goals through their sustainability practices and disclosures. This study investigates the extent of corporate SDGs disclosure and the influence of stakeholder power, particularly that of shareholders, creditors, auditors, government, and employees, on such disclosure among Malaysian listed companies. The SDGs disclosure as a dependent variable is gained using content analysis based on the 17 SDGs from 325 corporations for the years 2019-2023. Multiple regression analysis was applied to test the relationship between stakeholder power and SDG disclosure levels. The findings indicate that only 106 companies, representing 32.6% of the total sample, disclosed information on SDG initiatives in their annual reports. The study also implies that auditor power significantly influences corporate SDG disclosure. The study contributes to understanding how stakeholder dynamics shape sustainability communication in emerging economies and offers policy recommendations for enhancing Malaysia’s progress toward the SDGs by 2030.