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The relationship between sustainability reporting and financial performance under a meta-analysis
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Thi Thanh Loan Nguyen 
, Ngoc Hung Dang , Manh Dung Tran , Van Linh Nguyen
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
The relationship between sustainability reporting (SR) and corporate financial performance (CFP) has been a longstanding and debated topic in academic research (Orlitzky et al., 2003). However, past empirical studies have yielded varying results. This study aims to systematically and quantitatively assess the link between SR and CFP through a meta-analysis (MA) approach. Using 115 effect sizes from 30 studies, the analysis indicates a positive and significant overall relationship between SR and CFP, reinforcing the idea that SR contributes to improved financial performance. Additionally, the study explores the causal connection between SR and CFP, supporting various related theories. The MA also reveals that different measurement methods for SR and CFP account for some of the variability in the corporate social responsibility (CSR)-CFP relationship. Lastly, the research examines how the environmental context influences the SR-CFP link, finding that the relationship is stronger for firms in developing economies compared to those in developed economies.
Keywords: Sustainable Reporting, Financial Performance, Social Responsibility, Meta-Analysis
Authors’ individual contribution: Conceptualization — T.T.L.N. and M.D.T.; Methodology — N.H.D. and V.L.N.; Formal Analysis — N.H.D. and V.L.N.; Investigation — N.H.D. and V.L.N.; Writing — Original Draft — T.T.L.N. and M.D.T.; Writing — Review & Editing — N.H.D. and M.D.T; Supervision — T.T.L.N.
Declaration of conflicting interests: The Authors declare that there is no conflict of interest.
JEL Classification: F65, G34, O16, Q56
Received: 18.07.2024
Revised: 04.11.2024; 07.12.2024; 12.02.2025
Accepted: 18.02.2025
Published online: 20.02.2025
How to cite this paper: Nguyen, T. T. L., Dang, N. H., Tran, M. D., & Nguyen, V. L. (2025). The relationship between sustainability reporting and financial performance under a meta-analysis. Corporate Governance and Sustainability Review, 9(1), 42–55. https://doi.org/10.22495/cgsrv9i1p4
