The Influence of firm and governance characteristics and the moderating effect of Capital Markets Authority Code (2015) on environmental, social and governance disclosures among listed companies in Kenya

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The Influence of firm and governance characteristics and the moderating effect of Capital Markets Authority Code (2015) on environmental, social and governance disclosures among listed companies in Kenya.pdf(2.2 MB)
Date
2024
Authors
Mnyogha, D.
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Strathmore University
Abstract
The study examined the influence of firm and governance characteristics and the moderating effect of Capital Markets Authority Code (2015) on environmental, social and governance disclosures among listed companies in Kenya. The firm characteristics investigated are the leverage and profitability while the governance characteristics examined were board size, board independence and board gender. The study targeted 62 firms listed on the Nairobi Securities Exchange (NSE) from the year 2013 to 2021. Content analysis was used to measure environmental, social and governance disclosures (ESGD). Ontological research philosophy was used due to availability of secondary data. As well, the cause-effect among the study variables was underpinned by the following theories: legitimacy theory, agency theory, and institutional theory. Panel regression analysis was conducted to test the objectives. The results indicated that leverage, profitability, board size, board independence and board gender positively influence ESGD. In addition, firm size was found to have a positive controlling effect on ESGD. Regarding the moderating effect, CMA code (2015) moderates the effect of leverage, profitability, board size, board independence and board gender on ESGD as shown by improved r-square. The findings underscore the importance of leverage, profitability, board size, board independence and board gender in enhancing ESGD. These findings are useful to researchers, investors, policymakers and regulators in understanding what influences environmental, social and governance disclosures. Keywords- ESGD, Firm characteristics, Governance characteristics, Agency Theory, Institutional Theory, Legitimacy Theory, the CMA code (2015)
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Mnyogha, D. (2024). The Influence of firm and governance characteristics and the moderating effect of Capital Markets Authority Code (2015) on environmental, social and governance disclosures among listed companies in Kenya [Strathmore University]. http://hdl.handle.net/11071/15494
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http://hdl.handle.net/11071/15494
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MCOM Theses and Dissertations (2024)