Ceo Duality And Firm Size As Determinants Of ESG Disclosure: Evidence From ASEAN And BRICS Developing Countries (2012-2021)

Abstract

Environmental, Social, and Governance (ESG) disclosure has become an increasingly important aspect of corporate reporting, particularly in developing economies where regulatory frameworks and governance practices often differ from those in developed markets. This study investigates how CEO duality and firm size are associated with ESG disclosure among 280 nonfinancial listed firms across seven ASEAN and BRICS countries Brazil, Indonesia, Malaysia, the Philippines, Russia, South Africa, and Thailand over the 2012–2021 period. Panel data were analysed using a fixed-effects regression model with standard errors clustered at the firm level to account for firm-specific characteristics. The findings suggest that CEO duality is associated with a negative, but statistically insignificant, relationship with ESG disclosure \((coefficient =-4.312\) , \(p>0.05\) ). This may indicate that combining the roles of chief executive officer and board chair does not consistently influence disclosure practices across the sampled developing economies. In contrast, firm size exhibits a strong and statistically significant positive association with ESG disclosure \((coefficient =2.151\) , \(p<0.001\) ), suggesting that larger firms are generally more likely to provide extensive sustainability-related information. Additional analyses across individual countries and regional groupings show that these patterns remain broadly consistent, although the institutional setting may still shape the strength of these relationships. The study adds to the growing body of ESG research by comparing the relative influence of leadership structure and organisational scale on voluntary disclosure in emerging markets. The findings also suggest that firm size appears to be a more consistent determinant of ESG disclosure than CEO duality in environments often characterised by concentrated ownership and relatively weak regulatory enforcement.