Relationship between Chief Financial Officers’ Characteristics and Sustainability Disclosures: Empirical Evidence from Listed Firms in the Market for Alternative Investment
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Abstract
The objective of this research is to investigate the relationship between Chief Financial Officer (CFO) characteristics and the extent of sustainability disclosure among companies listed on the Market for Alternative Investment (MAI). A comprehensive analysis utilizing multiple regression was conducted on 373 companies that were listed on the MAI in 2023 – 2024. The findings indicate a notable positive correlation between a CFO's academic qualifications in accounting or finance and the extent of sustainability reporting. Companies overseen by CFOs with formal education in accounting or finance demonstrate enhanced sustainability reporting relative to those with CFOs holding degrees in different discipline, w while other CFO characteristics such as age, tenure, ownership proportion, and being family member of major shareholders showed no significant relationship with the company's sustainability disclosure. Additionally, profitability, corporate governance quality, and industry classification employed as control variables were also found to be significantly associated with sustainability disclosure levels. These findings highlight the influential role of CFO’s accounting or financing educational background in shaping corporate sustainability reporting practices within the MAI context. These results contribute to MAI-listed firms in attracting CFOs.
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