This study aims to examine corporate engagement with the Sustainable Development Goals (SDGs) by analyzing the annual report disclosures of listed non-financial companies in Bangladesh, an emerging economy. The key focus is to explore what these companies disclose and how they disclose it.
The paper conducts both form-oriented (mechanistic) and meaning-oriented (interpretive) content analyses of the SDG narratives in the annual reports. Drawing on legitimacy theory, this study assesses whether the SDG commitments reflect substantive efforts or are merely symbolic.
The findings reveal that only a small number of listed non-financial companies provide SDG-related disclosures, which are generally dispersed across various sections of the annual report rather than presented in a dedicated section. Most reporting companies focus on a narrow set of SDGs without a clear strategic rationale or explanation, and evidence of SDG operationalization is limited. Overall, the disclosures are largely generic and declarative, often relying on rhetoric. This suggests that reporting companies demonstrate a superficial commitment rather than substantive action toward the goals.
From a practical perspective, the study stresses the need for companies in emerging economies to move beyond superficial SDG commitments by integrating the agenda into core strategies and operations. Besides awareness building, the study highlights the necessity of regulatory push and scrutiny to promote the SDG agenda through clear reporting standards.
This is one of the very few studies that contributes to the limited literature on corporate SDG disclosure in emerging economies. Unlike most earlier studies on SDG reporting, this paper comprehensively applies both form- and meaning-oriented content analyses to SDG narratives in annual reports. Thus, this research offers a deeper reflection on corporate SDG commitments through the lens of symbolic versus substantive legitimacy.
