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article · Sustainable Futures

Stakeholders and sustainability disclosure: Evidence from an emerging market

202536 citationsOpen accessUniversity for Development Studies

In plain language

Stakeholder pressure plays an important role in driving sustainability disclosure among mining and manufacturing firms in Ghana. Analysis of primary data gathered from 214 industry participants reveals that expectations and demands from governments, shareholders, and customers positively influence both sustainability disclosure and green technological innovation. Green technological innovation acts as an active mediating mechanism, demonstrating that external demands encourage businesses to adopt environmentally sound technologies, which subsequently facilitates clearer sustainability reporting. Furthermore, the internal corporate culture within these organisations partially moderates how shareholder and customer pressures translate into disclosure practices. Overall, the findings highlight the interplay between external accountability, technological adaptation, and organisational norms in shaping environmental reporting across emerging market enterprises.

Key takeaways

  • Pressures from governments, shareholders, and customers significantly drive green technological innovation and sustainability disclosure.
  • Green technological innovation mediates the relationship between stakeholder pressure and sustainability disclosure in mining and manufacturing businesses.
  • Corporate culture partially moderates how shareholder and customer pressures affect sustainability disclosure.

Why it matters

Understanding what motivates companies to report on environmental practices helps regulators, investors, and the public foster responsible industrial behaviour. By showing that stakeholder pressure drives green technology adoption and transparency, the findings provide evidence on how external demands successfully encourage cleaner operations and greater corporate accountability in an emerging market context.

Commercialisation angle

The abstract does not present a marketable product or technology, representing early-stage empirical governance research. However, the findings offer actionable insights for sustainability consultants, compliance advisers, and corporate strategists. These professionals can use the evidence to help industrial firms align corporate culture, respond effectively to regulatory and market scrutiny, and implement green technologies that underpin verified sustainability reporting programmes.

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Abstract

This study examines the relationship between stakeholders’ pressure and sustainability disclosure. This study used primary data from 214 participants from Ghana's mining and manufacturing firms. SmartPLS version 4 software was used to run the study's analysis following the Partial Least Square Structural Equation Modeling (PLS-SEM) approach. This study's results revealed that pressures from stakeholders (government, shareholders, and customers) significantly influence green technological innovation and sustainability disclosure. Additionally, green technological innovation mediates the relationships between government, shareholder, and customer pressure and sustainability disclosure. Additionally, corporate culture partially moderates the relationships between stakeholders’ (shareholder and customer) pressure and sustainability disclosure.

Research topics

  • Corporate Social Responsibility Reporting
  • Environmental Sustainability in Business
  • Auditing, Earnings Management, Governance

Read the original research

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DOI: 10.1016/j.sftr.2025.100445

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