The Relationship Between Sustainability Report Disclosure and Certification as a Member of the Thai Private Sector Collective Action Against Corruption of Listed Companies on the Stock Exchange of Thailand
Article Sidebar
Main Article Content
Abstract
This research aims to investigate the relationship between sustainability reports and the certification as a member of Thai private sector collective action against corruption (CAC) among listed companies on the Stock Exchange of Thailand. Secondary data were collected from Form 56-1 for the year 2023, totaling 546 samples. Statistical analysis, specifically logistic regression, was employed to test relationships. The findings reveal a positive association between sustainability reports and CAC membership certification. Furthermore, a detailed analysis indicated that increased environmental disclosure is associated with a higher likelihood of CAC membership certification. This research highlights the correlation between businesses prioritizing sustainable development and their emphasis on CAC membership certification. Compliance with standardized sustainability reporting and CAC membership demonstrates stakeholder engagement and responsible business operations. Anti-corruption measures foster transparency, regulatory compliance, and prevent illegal practices that harm both companies and economic growth.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
Aldaz Odriozola, M. & Alvarez Etxeberria, I. (2021). Determinants of corporate anti-corruption disclosure: The case of the emerging economics. Sustainability, 13(6), 3462. https://doi.org/10.3390/su13063 462
Barman, S. & Mahakud, J. (2024). Corruption and sustainability disclosure-firm performance sensitivity: an international evidence. Journal of Financial Reporting and Accounting, 1(1), 1-30. https://doi.org/10. 1108/ JF RA-01-2024-0040.
CAC. (2024) About CAC, Thai Private Action against Corruption (CAC). Retrieved September 2024, from https://www.thai-cac.com/en/who-we-are/about-cac/
Chalatharawat, J., Wu, D., Baotham, S., Suwiangtha, W. & Sukhirun, S. (2024). The Influence of Corporate Governance on Against Corruption of Thai Listed Companies. Maejo Business Review, 6(2), 1-18. https://doi.org/ 10.14456/ mbr.2024.6
Chen, Z., Zhou, M. & Ma, C. (2022). Anti-corruption and corporate environmental responsibility: Evidence from China’s anti-corruption campaign. Global Environmental Change, 72, 102449. https://doi.org/ 10.1016/j.gloenvcha.2021.102449
Cicchiello, A. F., Kazemikhasragh, A., Perdichizzi, S. & Rey, A. (2025). The impact of corruption on companies' engagement in sustainability reporting practices: an empirical examination. International Journal of Emerging Markets, 20(2), 722-744. https://doi.org/10.1108/IJOEM-03-2022-0418
Dowling, J. & Pfeffer, J. (1975). Organizational legitimacy: Social values and organizational behavior. Pacific sociological review, 18(1), 122-136. https://doi.org/10.2307/1388226
Enggaringtyas, L. P. & Hermawan, A. A. (2024). Building Integrity, Protecting The Environment: The Influence Of Anti Corruption Commitment On Corporate Environmental Management Performance In Southeast Asia. Eduvest-Journal of Universal Studies, 4(9), 8175-8189. https://doi.org/10.59188/ed uvest.v4i9.3791
Faisal, F., Joseph, C., Saputri, A. & Prastiwi, A. (2022). The content and determinants of CSR anti-corruption disclosure: the case of public-listed companies in Indonesia. Journal of Financial Crime, 29(3), 890-907. https://doi.org/10.1108/JFC-07-2021-0155
Freeman, E. R. (1984). Strategic Management: A Stakeholder Approach. Pitman, Boston.
George, G., Howard-Grenville, J., Joshi, A. & Tihanyi, L. (2016). Understanding and tackling societal grand challenges through management research. Academy of management journal, 59(6), 1880-1895. https://doi.org/ 10.5465/ amj.2016.4007
Greenwood, R. & Hinings, C. R. (1996). Understanding radical organizational change: bringing together the old and the new institutionalism, The Academy of Management Review, 21(4), 1022-1054. https://doi. org/10.2307/259163
Hoi, Y. H. & Lin, C. Y. (2012). Preventing corporate corruption: the role of corporate social responsibility strategy. International Journal of Business and Behavioral Sciences, 2(1), 12-22. http://csringreece .gr/files/research/CSR-1331563230.pdf
Issa, A. & Alleyne, A. (2018). Corporate disclosure on anti-corruption practice: A study of social responsible companies in the Gulf Cooperation Council. Journal of Financial Crime, 25(4), 1077-1093. https:// doi.org/10.1108/JFC-05-2017-0045
Koprowski, S., Krein, V., Mazzioni, S. & Magro, C. B. D. (2021). Corporate Governance and Political Connections in Anti-Corruption Practices. Revista de Administração de Empresas, 61, e20190797. https://doi.org/ 10.1590/S0034-759020210202
Landis, C. & Paglietti, P. (2024). Legitimacy and anti-corruption disclosures: insights into the early effects of the European Non-Financial Reporting Directive. Journal of Accounting & Organizational Change. https://doi.org/
1108/JAOC-04-2023-0077
Lloyd Bierstaker, J. (2009). Differences in attitudes about fraud and corruption across cultures: Theory, examples and recommendations. Cross Cultural Management: An International Journal, 16(3), 241-250. https://doi.org/ 10.1108/ 13527600910977337
Marzouki, A., Chouaibi, J. & Amara, T. (2023). Do business ethics moderate corporate corruption risk-ESG reporting relationship? Evidence from European ESG firms. International Journal of Ethics and Systems. https://doi.org/ 10.1108/IJOES-07-2023-0166
Masud, M. A. K., Rahman, M. & Rashid, M. H. U. (2022). Anti-corruption disclosure, corporate social expenditure and political corporate social responsibility: empirical evidence from Bangladesh. Sustainability, 14(10), 6140. https://doi.org/10.3390/su14106140
ONACC. (2024). Corruption Perceptions Index: CPI. Retrieved September 2024, from https://www.nacc.go.th/ categorydetail/2018083118464105/20240130143633
Previtali, P. & Cerchiello, P. (2023). Corporate governance and anti-corruption disclosure. Corporate Governance: The International Journal of Business in Society, 23(6), 1217-1232. https://doi.org/10. 1108/CG-06-2022-0275
Saraphat, S. (2022). The Impact of Sustainability Disclosure on Performance of the Listed Companies on the Stock Exchange of Thailand. Journal of Management Sciences, Kasetsart University, 1(2), 56-81. https://kuojs.lib.ku.ac.th
/index.php/jmsku/article/download/5175/2452/18955
Sarhan, A. A. & Gerged, A. M. (2023). Do corporate anti-bribery and corruption commitments enhance environmental management performance? The moderating role of corporate social responsibility accountability and executive compensation governance. Journal of Environmental Management, 341, 118063. https://doi.org/ 10.1016/ j.jenvman.2023.118063
SEC. (2024). Anti-corruption. Retrieved October 2024, from https://www.sec.or.thcgthailand/TH/Pages/ corruption.aspx.
SET. (2018). Raise the quality of sustainability reporting as well GRI Standards.Retrieved September 2024, from https://setsustainability.com/libraries?search=&type=&page=10
SET. (2024a).Sustainability Disclosure and Reporting.Retrieved September 2024, from https://setsustaina bility.com/page/disclosure
SET. (2024b).The stock exchange of Thailand. Retrieved September 2024, from https://www.set.or.th/th/ market/get-quote/stock/
Suchman, M. C. (1995). Managing Legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610. https://doi.org/10.1108/CG-06-2022-0275
Tanglamlert, P., Yodbutr, A., Bangmek, R. & Thanjunpong, S. (2023). The Influence of Industry on The Relationship Between sustainability Disclosure and Frim Performance : Empirical Evidence from Listed Companies on The Stock Exchane of Thailand. Journal of Liberal Art of Rajamangala University of Technology Suvarnabhumi, 5(3), 534-549. https://so03.tci-thaijo.org/index.php/art/ar ticle/view/271461
Thongchai, C., Srisawangwong, P. & Putekunsakon, A. (2023). Firms Characteristics and Environmental Disclosure:CaseStudy of the Listed Companies in the Stock Exchange of Thailand. KKBS Journal of Business Administration and Accountancy, 7(2), 47-62. https://so04.tci-thaijo.org/index.php/kkbs journal/article/view/247727
Ullah, B., Wei, Z. & Zhu, Y. (2021). Can a Signal Mitigate a Dilemma? Quality Management Standards, Corruption, and Business Ethics. 1-32. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=38533 53
UNODC, (2009). Corruption. Retrieved October 2024, from https://www.unodc.org/romena/en/corruption.
Vale, J. & Branco, M. C. (2019). Anti-corruption reporting in emerging country multinationals. Journal of Financial Crime, 26(3), 861-873. https://doi.org/10.1108/JFC-10-2018-0114