Determinants of Environmental, Social, and Governance Reporting of Rail Companies: Does State Ownership Matter?
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This study examines the determinants of the environmental, social, and governance (ESG) disclosure performance of publicly traded rail companies, with a particular focus on government ownership. Based on a sample of 33 publicly traded rail companies from 9 countries over the 2007–2017 period, our findings suggest that government ownership has a positive association with ESG disclosure performance. This finding is valid when we check for the majority and minority government stakes. With respect to the control variables, our analyses reveal that board size, percentage of independent directors, company size, and financial leverage have a positive linkage with ESG disclosure scores, whereas higher profitability and tangibility ratios and being established in a common law country tend to decrease ESG disclosure performance.
KeywordsESG disclosure Government ownership Corporate governance Rail industry
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