Achieving SDGs: Exploring Financial Slack, Board Gender Diversity, Multiple Large Shareholders, and ESG Disclosure in Asia-Pacific Manufaturing Sector

Objective: The purpose of this research is to explore the relationship between financial slack, board gender diversity, and multiple large shareholders to ESG disclosure score controlled for firm age, firm size, ROA, and DER. Theoretical Framework: The study is grounded in RBV, Agency, and Stakeholder Theory, examining how resources and governance structures bolster innovation and sustainability efforts. Method: This study adopted a quantitative approach and conducted a focus on manufacturing firms in the Asia-Pacific region during the 2017–2022 period. Hypothesized relationships were tested using structural equation modeling, which was analyzed applying AMOS 22 software. Results and Discussion: The results have showed that the negative relationship between lower financial slack and ESG disclosure score and the positive effect of board gender diversity on ESG scores. Several dispersed large shareholders do not significantly impact ESG scores. Control variables reveal that older and larger companies have better ESG scores, and companies with lower leverage and better profitability more actively promote sustainability initiatives. Research Implications: This research presents a tangible roadmap for firms to attain sustainable performance and contribute to the UN Sustainable Development Goals (SDGs) such as SDG 5 (gender equality) and SDG 9 (industry innovation). In doing so, it provides practical recommendations for organizations and policymakers to manage their financial slack and gender diversity on boards to drive inclusive and sustainable growth. Originality/Value: This study contributes novel insights into how governance mechanisms and financial management drive ESG outcomes and firm valuation in the Asia-Pacific manufacturing sector.