Prior research on sustainable (carbon) board governance and sustainability (carbon) assurance
| Year of publication | Author(s) | Journal | • State • Sample • Years • Method | Independent variable(s) | Dependent variable (s) | Significant results |
|---|---|---|---|---|---|---|
| Carbon assurance | ||||||
| 2023 | Simic et al. | International Journal of Auditing | • UK (CDP) • 2010–2018 • 1,326 Firm-year observations • Probit; Heckman two stage | Sustainability-related executive compensation (Refinitiv) Moderator: mandatory carbon reporting mandate, noncarbon intensive industry, gender diversity | Carbon assurance (scope 1 emissions; scope 1 and/or scope 2 emissions; dummy; CDP) | + Moderator: more pronounced |
| 2020 | Datt et al. | International Journal of Auditing | • International (CDP) • 3,635 Firm-year observations • 2010–2014 • Logit | Climate change board committee Employee incentives based on carbon emission reduction (CDP) | Carbon assurance (audit firms versus nonaudit firms; CDP) | +/− (committee) − (incentives and audit firms) |
| 2018 | Datt et al. | Journal of International Accounting Research | • International (CDP) • 5,184 Firm-year observations • 2010–2014 • Logit | Climate change board committee Employee incentives based on carbon emission reduction (CDP) | Carbon assurance (scope 1 emissions; dummy; CDP) | + |
| Sustainability assurance | ||||||
| 2023 | Garcia-Sanchez et al. | Journal of Management and Governance | • International • 2011–2017 • 44,282 Firm-year observations • Logit | Sustainability board committee (dummy) Moderator: integrated reporting (dummy) | Sustainability assurance (dummy; audit firm as assuror; full reporting assurance; reasonable assurance; ISAE 3000) | + (dummy); +/− (other dimensions) Mod.: +/− |
| 2023 | Mardawi et al. | Meditari Accountancy Research | • International (Europe) • 895-Year observations • 2016–2018 • Logit | Sustainability board committees (dummy) Board gender diversity | Sustainability assurance (dummy) | + + |
| 2022 | Aladwey et al. | Corporate Governance | • UK • 2016–2019 • 225 Firms • Logit | Board gender diversity (ratio) Female executive directors (ratio) | Sustainability assurance (dummy) Sustainability assuror (audit firm or not) | + + +/− + |
| 2022 | Bradbury et al. | Journal of Contemporary Accounting and Economics | • Australia • 2004–2016 • 403 Firm-year observations • Logit; 2SLS/IV | Sustainability board committee (dummy; effectiveness as composition (independence and CSR expertise), authority (average board tenure and average committee tenure), resources (gender, positions in other organizations and higher education qualifications, membership overlaps) and diligence (meeting frequency, meeting attendance and shares by committee members) Moderator: environmentally sensitive industries | Sustainability assurance (dummy) Sustainability assuror (big four audit firm; joint provision of financial and sustainability audit) | +/− (dummy) + (effectiveness) + (dummy; effectiveness) Moderator: + (dummy); more pronounced (effectiveness) |
| 2022 | Garcia-Sanchez et al. | Corporate Social Responsibility and Environmental Management | • International • 1,588 Firms • 2009–2017 • Logit | Board gender diversity Sustainability board committee (also as interaction) | Sustainability assurance (dummy) | + + Mod.: strengthened |
| 2021 | Buertey | Corporate Social Responsibility and Environmental Management | • South Africa • 2015–2018 • 97 Firms • Logit | Board gender diversity (ratio; critical mass of at least two; independent female directors) Moderator: ownership concentration | Sustainability assurance (dummy) | + Mod.: change to insignificant results |
| 2020 | Dalla Via and Perego | Auditing | • International • 2005–2013 • 1,248 Firm-year observations • Heckman two stage | Sustainability-related executive compensation (dummy) | Sustainability assurance quality (20 criteria based on ISAE 3000 and AA 1000AS) | + |
| 2020 | Garcia-Sanchez | Corporate Social Responsibility and Environmental Management | • International • 678 Firms • 2011–2017 • Tobit | Female CEO Board gender diversity Sustainability board committee | Sustainability assurance quality (self-created score) | + + +/− |
| 2019 | Sellami | Journal of Financial Reporting and Accounting | • France • 2010–2012 • 807 Firm-year observations • logit | Sustainability board committee (dummy) | Sustainability assurance | + |
| 2018 | Al-Shaer and Zaman | Business Strategy and the Environment | • UK • 333 Firms • 2012 • Logit | Sustainability board committee (dummy) Moderator: sustainability-sensitive industry | Sustainability assurance (dummy) Sustainability assuror: big four audit firm (dummy) sustainability assurance standard (AA 1000AS and ISAE 3000 are used) | −−+/− Mod.: +/− |
| 2018 | Liao et al. | Journal of Business Ethics | • China • 2,054 Firm-year observations • 2008–2012 • Logit | Board gender diversity | Sustainability assurance (dummy) | + |
| 2018 | Miras-Rodriguez and Di Pietra | Journal of Management and Governance | • International • 176 Energy firms • 2012 • Logit | Board gender diversity | Sustainability assurance (dummy) | +/− |
| 2017 | Martinez-Ferrero and Garcia-Sanchez | Journal of Management and Organization | • International • 610 Firms • 2007–2014 • Logit | Sustainability board committee meetings | Sustainability assurance (dummy) Sustainability assuror: big four audit firm | + |
| 2017 | Rossi and Tarquinio | Managerial Auditing Journal | • Italy • 143 CSR reports • 2008–2012 • OLS | Sustainability board committee (dummy) Expert on the sustainability board committee (dummy) Sustainability officer (dummy) | Sustainability assurance quality (score) | + + +/− |
| 2015 | Kend | Sustainability, Accounting, Management and Policy Journal | • Australia/UK • 220 Companies • 2010 • logit | Sustainability board committee (dummy) | Sustainability assurance (dummy) Sustainability assuror: audit firm | +/− + |
| 2015 | Peters and Romi | Auditing | • USA • 963 CSR reports • 2002–2010 • Logit | Sustainability board committee (dummy) CSO (dummy) | Sustainability assurance (dummy) sustainability assuror: audit firm | + + (stronger with more expertise) + (−) (consultant) |
| 2013 | Ruhnke and Gabriel | Journal of Business Economics | • International (Europe) • 2010 • 133 Firms • Logit | Sustainability board committee (dummy) | Sustainability assurance (dummy) | + |
| Year of | Author(s) | Journal | Independent variable(s) | Dependent variable (s) | Significant results | |
|---|---|---|---|---|---|---|
| 2023 | Simic | • UK (CDP) | Sustainability-related executive compensation (Refinitiv) | Carbon assurance (scope 1 emissions; scope 1 and/or scope 2 emissions; dummy; CDP) | + | |
| 2020 | Datt | • International (CDP) | Climate change board committee | Carbon assurance (audit firms versus nonaudit firms; CDP) | +/− (committee) | |
| 2018 | Datt | • International (CDP) | Climate change board committee | Carbon assurance (scope 1 emissions; dummy; CDP) | + | |
| 2023 | Garcia-Sanchez | • International | Sustainability board committee (dummy) | Sustainability assurance (dummy; audit firm as assuror; full reporting assurance; reasonable assurance; ISAE 3000) | + (dummy); +/− (other dimensions) | |
| 2023 | Mardawi | • International (Europe) | Sustainability board committees (dummy) | Sustainability assurance (dummy) | + | |
| 2022 | Aladwey | • UK | Board gender diversity (ratio) | Sustainability assurance (dummy) | + | |
| 2022 | Bradbury | • Australia | Sustainability board committee (dummy; effectiveness as composition (independence and CSR expertise), authority (average board tenure and average committee tenure), resources (gender, positions in other organizations and higher education qualifications, membership overlaps) and diligence (meeting frequency, meeting attendance and shares by committee members) | Sustainability assurance (dummy) | +/− (dummy) | |
| 2022 | Garcia-Sanchez | • International | Board gender diversity | Sustainability assurance (dummy) | + | |
| 2021 | Buertey | • South Africa | Board gender diversity (ratio; critical mass of at least two; independent female directors) | Sustainability assurance (dummy) | + | |
| 2020 | Dalla Via and Perego | • International | Sustainability-related executive compensation (dummy) | Sustainability assurance quality (20 criteria based on ISAE 3000 and AA 1000AS) | + | |
| 2020 | Garcia-Sanchez | • International | Female CEO | Sustainability assurance quality (self-created score) | + | |
| 2019 | Sellami | • France | Sustainability board committee (dummy) | Sustainability assurance | + | |
| 2018 | Al-Shaer and Zaman | • UK | Sustainability board committee (dummy) | Sustainability assurance (dummy) | −−+/− | |
| 2018 | Liao | • China | Board gender diversity | Sustainability assurance (dummy) | + | |
| 2018 | Miras-Rodriguez and Di Pietra | • International | Board gender diversity | Sustainability assurance (dummy) | +/− | |
| 2017 | Martinez-Ferrero and Garcia-Sanchez | • International | Sustainability board committee meetings | Sustainability assurance (dummy) | + | |
| 2017 | Rossi and Tarquinio | • Italy | Sustainability board committee (dummy) | Sustainability assurance quality (score) | + | |
| 2015 | Kend | • Australia/UK | Sustainability board committee (dummy) | Sustainability assurance (dummy) | +/− | |
| 2015 | Peters and Romi | • USA | Sustainability board committee (dummy) | Sustainability assurance (dummy) | + | |
| 2013 | Ruhnke and Gabriel | • International (Europe) | Sustainability board committee (dummy) | Sustainability assurance (dummy) | + | |
Notes:
AA = Account ability; SLS = stage least squares