Table 5 Summary of determinants of...

Table 5

Summary of determinants of material or materiality related disclosures based on past literature

Determinants	Relationship	Sample coverage	Time-horizon	Study
Financial and Accounting Metrics
Abnormal accruals	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Firm age	positive	UK higher education institutions	2013–2016	Hassan et al. (2019)
Funding – endowments Funding – public	not sig. negative	UK higher education institutions	2013–2016	Hassan et al. (2019)
Growth	not sig.	UK higher education institutions	2013–2016	Hassan et al. (2019)
Liquidity	not sig.	UK higher education institutions	2013–2016	Hassan et al. (2019)
Leverage	not sig.	USA	1991–2014	Maniora et al. (2018)
	negative	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
	not sig.	Malaysia	2015	Ngu and Amran (2021)
	not sig.	Italy	2017	Torelli et al. (2020)
Return on assets	not sig.	USA	1991–2014	Maniora et al. (2018)
	positive	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	positive	Gulf cooperation council countries Italy	2013–2017	Farooq et al. (2021)
	not sig.		2017	Torelli et al. (2020)
Return on equity	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Return on equity	not sig.	Malaysia	2015	Ngu and Amran (2021)
Size	not sig.	USA	1991–2014	Maniora et al. (2018)
	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	positive	UK higher education institutions	2013–2016	Gerwanski et al. (2019)
	not sig.	Europe and South Africa	2013–2016	Hassan et al. (2019)
	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
	not sig.	Malaysia	2015	Ngu and Amran (2021)
	not sig.	Italy	2017	Torelli et al. (2020)
	positive	Spain	2017	Ruiz-Lozano et al. (2022)
Corporate Governance and Leadership
Audit committee	not sig.	Spain	2017	Ruiz-Lozano et al. (2022)
Board gender diversity	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
Board gender diversity	positive	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Board independence	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	positive	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
	positive	Malaysia	2015	Ngu and Amran (2021)
Board size	positive	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	not sig.	UK higher education institutions	2013–2016	Hassan et al. (2019)
	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
	not sig.	Malaysia	2015	Ngu and Amran (2021)
Board meeting	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
Board meeting	positive	Malaysia	2015	Ngu and Amran (2021)
Big 4 audit	not sig.	USA	1991–2014	Maniora et al. (2018)
Stakeholder engagement	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Stakeholder engagement	positive	Italy	2017	Torelli et al. (2020)
Reporting Characteristics
Assurance	positive	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
	not sig.	Italy	2017	Torelli et al. (2020)
	positive	Spain	2017	Ruiz-Lozano et al. (2022)
ESG rating	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Prior reporting	positive	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Prior reporting	not sig.	Italy	2017	Torelli et al. (2020)
Readability	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Market and Investment Factors
Cost of financing	not sig.	USA	1991–2014	Maniora et al. (2018)
Dow Jones Sustainability index	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
FTSE MIB index	not sig.	Italy	2017	Torelli et al. (2020)
Institutional ownership	not sig.	USA	1991–2014	Maniora et al. (2018)
Institutional ownership	not sig.	Spain	2017	Ruiz-Lozano et al. (2022)
Market-to-book	not sig.	USA	1991–2014	Maniora et al. (2018)
Market-to-book	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Shareholding dilution	negative	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Tobin’s Q	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Institutional and Regulatory Context
GDP growth	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
GDP	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Governance quality	positive	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
GRI	positive	Italy	2017	Torelli et al. (2020)
	positive	Germany	2017	Beske et al. (2020)
	positive	Spain	2017	Ruiz-Lozano et al. (2022)
IIRC Directive	positive	UK higher education institutions Italy	2013–2016	Hassan et al. (2019)
IIRC Directive	not sig.		2017	Torelli et al. (2020)
Mandatory reporting	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Regulatory quality	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Voice and accountability index	positive	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Industry Specifics
Industry	not sig.	Spain	2017	Ruiz-Lozano et al. (2022)
Industry competition	not sig.	USA	1991–2014	Maniora et al. (2018)
Sensitive industry	not sig.	Malaysia	2015	Ngu and Amran (2021)
Sensitive industry	negative	Italy	2017	Torelli et al. (2020)
Business Strategy
Strategy	negative	USA	1991–2014	Maniora et al. (2018)
Prospector	negative	USA	1991–2014	Maniora et al. (2018)
Defender	not sig.	USA	1991–2014	Maniora et al. (2018)

Determinants	Relationship	Sample coverage	Time-horizon	Study
Financial and Accounting Metrics
Abnormal accruals	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Firm age	positive	UK higher education institutions	2013–2016	Hassan et al. (2019)
Funding – endowmentsFunding – public	not sig.negative	UK higher education institutions	2013–2016	Hassan et al. (2019)
Growth	not sig.	UK higher education institutions	2013–2016	Hassan et al. (2019)
Liquidity	not sig.	UK higher education institutions	2013–2016	Hassan et al. (2019)
Leverage	not sig.	USA	1991–2014	Maniora et al. (2018)
	negative	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
	not sig.	Malaysia	2015	Ngu and Amran (2021)
	not sig.	Italy	2017	Torelli et al. (2020)
Return on assets	not sig.	USA	1991–2014	Maniora et al. (2018)
	positive	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	positive	Gulf cooperation council countries Italy	2013–2017	Farooq et al. (2021)
	not sig.		2017	Torelli et al. (2020)
Return on equity	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Return on equity	not sig.	Malaysia	2015	Ngu and Amran (2021)
Size	not sig.	USA	1991–2014	Maniora et al. (2018)
	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	positive	UK higher education institutions	2013–2016	Gerwanski et al. (2019)
	not sig.	Europe and South Africa	2013–2016	Hassan et al. (2019)
	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
	not sig.	Malaysia	2015	Ngu and Amran (2021)
	not sig.	Italy	2017	Torelli et al. (2020)
	positive	Spain	2017	Ruiz-Lozano et al. (2022)
Corporate Governance and Leadership
Audit committee	not sig.	Spain	2017	Ruiz-Lozano et al. (2022)
Board gender diversity	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
Board gender diversity	positive	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Board independence	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	positive	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
	positive	Malaysia	2015	Ngu and Amran (2021)
Board size	positive	IIRC pilot program	2012–2013	Fasan and Mio (2017)
	not sig.	UK higher education institutions	2013–2016	Hassan et al. (2019)
	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
	not sig.	Malaysia	2015	Ngu and Amran (2021)
Board meeting	not sig.	IIRC pilot program	2012–2013	Fasan and Mio (2017)
Board meeting	positive	Malaysia	2015	Ngu and Amran (2021)
Big 4 audit	not sig.	USA	1991–2014	Maniora et al. (2018)
Stakeholder engagement	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Stakeholder engagement	positive	Italy	2017	Torelli et al. (2020)
Reporting Characteristics
Assurance	positive	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
	not sig.	Italy	2017	Torelli et al. (2020)
	positive	Spain	2017	Ruiz-Lozano et al. (2022)
ESG rating	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Prior reporting	positive	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Prior reporting	not sig.	Italy	2017	Torelli et al. (2020)
Readability	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Market and Investment Factors
Cost of financing	not sig.	USA	1991–2014	Maniora et al. (2018)
Dow Jones Sustainability index	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
FTSE MIB index	not sig.	Italy	2017	Torelli et al. (2020)
Institutional ownership	not sig.	USA	1991–2014	Maniora et al. (2018)
Institutional ownership	not sig.	Spain	2017	Ruiz-Lozano et al. (2022)
Market-to-book	not sig.	USA	1991–2014	Maniora et al. (2018)
Market-to-book	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Shareholding dilution	negative	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Tobin’s Q	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Institutional and Regulatory Context
GDP growth	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
GDP	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Governance quality	positive	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
GRI	positive	Italy	2017	Torelli et al. (2020)
	positive	Germany	2017	Beske et al. (2020)
	positive	Spain	2017	Ruiz-Lozano et al. (2022)
IIRC Directive	positive	UK higher education institutions Italy	2013–2016	Hassan et al. (2019)
IIRC Directive	not sig.		2017	Torelli et al. (2020)
Mandatory reporting	not sig.	Europe and South Africa	2013–2016	Gerwanski et al. (2019)
Regulatory quality	not sig.	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Voice and accountability index	positive	Gulf cooperation council countries	2013–2017	Farooq et al. (2021)
Industry Specifics
Industry	not sig.	Spain	2017	Ruiz-Lozano et al. (2022)
Industry competition	not sig.	USA	1991–2014	Maniora et al. (2018)
Sensitive industry	not sig.	Malaysia	2015	Ngu and Amran (2021)
Sensitive industry	negative	Italy	2017	Torelli et al. (2020)
Business Strategy
Strategy	negative	USA	1991–2014	Maniora et al. (2018)
Prospector	negative	USA	1991–2014	Maniora et al. (2018)
Defender	not sig.	USA	1991–2014	Maniora et al. (2018)

Note(s): [positive] indicates positive relationship significance at 5% level; [negative] indicates negative relationship significance at 5% level; [not sig.] indicates no significance relationship at 5% level

Source(s): Authors’ own work

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