Determinants and consequences of sustainable development goals disclosure: International evidence

The study examines the determinants and consequences of firm-level Sustainable Development Goals (SDG) disclosure using a sample of 6941 firm-year observations from 30 countries during 2016-2019. Based on 17 SDG indicators developed by the United Nations (UN), the study forms an SDG Disclosure Index. The findings reveal that approximately 48.40% of firms in the sample had active stakeholder engagement programs, 53.90% maintained a sustainability committee, and 62.60% issued standalone sustainability reports. The findings indi-cate that Environmental, Social and Governance (ESG) performance, stakeholder engagement, and the issuance of standalone sustainability reports positively influence firm-level SDG disclosure. Moreover, the study finds a positive association between higher levels of SDG disclosure and increased firm value. Our findings are robust using a battery of robustness tests. Given the growing global focus on SDGs and the extent of SDG disclosure by firms, this study's findings hold significant implications for decision-makers and other stakeholders.