Corporate Governance and Sustainability Reporting: A Study of Listed Pharmaceutical Companies in India


  • Arti
  • L. N. Koli



Sustainability Reporting (SR), Pharmaceutical Companies, Corporate Governance


The main objective is to depict the magnitude of Sustainability Reporting in ten selected BSE-listed Pharmaceutical Companies in India. The data analysis period from 2018–19 to 2022–23. The information was gathered from selected companies’ annual reports. Moreover, researchers used a multiple regression model to know the influences of the independent variables on the dependent variable. The hypothesis was found statistically significant for board size, board independence, promoter shareholdings, foreign shareholding, and institutional shareholdings. The remaining variables were insignificant. It indicates that good attributes of Corporate Governance minimize market information asymmetry and provide valuable information to the stakeholders. This research is important for policymakers and management to examine these companies’ disclosure strategies and trends.


Download data is not yet available.



How to Cite

Arti, & Koli, L. N. (2024). Corporate Governance and Sustainability Reporting: A Study of Listed Pharmaceutical Companies in India. Research Bulletin, 49(4), 25–36.





Al Farooque, O. and Ahulu, H. (2017), “Determinants of Social and Economic Reporting: Evidence from Australia, the U.K., and South African multinational enterprises,” International Journal of Accounting & Information Management, Vol. 25 No. 2, pp. 177- 200. DOI:

Al-Matari, Y.A. (2022), “Do the characteristics of the Board chairman influence corporate performance?Empirical evidence from Saudi Arabia”, Heliyon, Vol. 8 No. 4, p. e09286. DOI:

Aladwey, L., Elgharbawy, A. and Ganna, M.A. (2022), “Attributes of corporate Boards and assurance of corporate social responsibility Reporting: evidence from the U.K.,” Corporate Governance, Vol. 22 No. 4, pp. 748-780. DOI:

Alshbili, I., Elamer, A.A. and Beddewela, E. (2019), “Ownership types, corporate governance, and corporate social responsibility disclosures: Empirical evidence from a developing country,” Accounting Research Journal, Vol. 33 No. 1, pp. 148-166. DOI:

Andreassen, N. (2017), “Sustainability Reporting Guidelines-Safety Issues for Oil Companies,” European Journal of Sustainable Development, Vol. 6 No.1, pp. 377. DOI:

Artiach, T., Lee, D., Nelson, D. and Walker, J. (2010), “The determinants of corporate Sustainability performance,” Accounting and Finance, Vol. 50 No.1, pp. 31-51. DOI:

Atan, R., Alam, M.M., Said, J. and Zamri, M. (2018), “The impacts of environmental, social, and governance factors on firm performance: A panel study of Malaysian companies,” Management of Environmental Quality, Vol. 29 No. 2, pp. 182-194. DOI:

Dharmapala, D. and Khanna, V. (2018), “The impact of mandated corporate social responsibility: Evidence from India’s Companies Act of 2013’, International Review of Law and Economics, Vol. 56, pp. 92-104. DOI:

El-Bassiouny, D. and El-Bassiouny, N. (2019), “Diversity, corporate governance, and C.S.R. Reporting: A comparative analysis between toplisted firms in Egypt, Germany, and the U.S.A.,” Management of Environmental Quality, Vol. 30 No. 1, pp. 116-136. DOI:

Fatmawati, V., & Trisnawati, R. (2022, June). The Effect of Leverage, Profitability, Activity, and Corporate Governance on Sustainability Reporting Disclosure. In International Conference on Economics and Business Studies (ICOEBS 2022) (pp. 66-74). Atlantis Press. DOI:

Githaiga, P. N., & Kosgei, J. K. (2023). Board Characteristics and Sustainability Reporting: A case of listed firms in East Africa. Corporate Governance: The International Journal of Business in Society, 23(1), 3-17. DOI:

Global Reporting Initiative, G.R.I (2023), “Consolidated set of G.R.I. Sustainability Reporting Standards 2020”, available at:

Kumar, K., Kumari, R., Nandy, M., Sarim, M., & Kumar, R. (2022). Do Ownership structures and governance attributes matter for corporate Sustainability Reporting? An examination in the Indian context. Management of Environmental Quality: An International Journal, 33(5), 1077-1096. DOI:

M. Shamil, M., M. Shaikh, J., Ho, P. L., & Krishnan, A. (2014). The influence of board characteristics on sustainability reporting: Empirical evidence from Sri Lankan firms. Asian Review of Accounting, 22(2), 78-97. DOI:

Ong, T., & Djajadikerta, H. G. (2020). Corporate governance and sustainability reporting in the Australian resources industry: An empirical analysis. Social Responsibility Journal, 16(1), 1-14. DOI:

Raquiba, H., & Ishak, Z. (2020). Sustainability Reporting practices in the energy sector of Bangladesh. International Journal of Energy Economics and Policy, 10(1), 508-516. DOI: