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Theoretical Underpinnings of Sustainability Reporting and Financial Performance: Focusing on Stakeholder Theory and Legitimacy Theory
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Author(s): Chokkamreddy Prakash (Guru Nanak Institutions Technical Campus, India), B. Raghava Reddy (Mohan Babu University, India), T. Praveen Kumar (Guru Nanak Institutions Technical Campus, India)and Ch Naresh (Guru Nanak Institutions Technical Campus, India)
Copyright: 2026
Pages: 30
Source title:
Risks, Innovations, and Corporate Social Responsibility in Finance and Accounting
Source Author(s)/Editor(s): Maizaitulaidawati Md Husin (Universiti Teknologi Malaysia, Malaysia), Muslim Amin (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia), Haliyana Khalid (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia), Nor Aiza Mohd Zamil (Universiti Teknologi Malaysia, Malaysia)and Mustafa Nourallah (Mid Sweden University, Sweden)
DOI: 10.4018/979-8-3373-5047-9.ch006
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Abstract
This chapterr is a discussion of the relationship between sustainability reporting and financial performance based on the Stakeholder and Legitimacy theories. It concludes that quality of disclosures as opposed to quantity affects financial performance measures such as ROA and ROE favourably. The Stakeholder Theory is concerned with trust and interaction whereas the Legitimacy Theory is based on acceptance by the society. The empirical evidence indicates mixed results in all sectors, firm size, and regions and SMEs in the emergent economies have peculiar issues. The research accentuates that the lack of standard measures, mechanisms of integration, and long-term works is required. It determines that the alignment of the sustainability reports to stakeholder and legitimacy expectations is a way of adding value to financial output and corporate reputation.
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