SUSTAINABILITY DISCLOSURE, CEO DUALITY, AND OWNERSHIP CONCENTRATION:EVIDENCE FROM GEORGIA

This study examines the determinants of corporate sustainability disclosure in Georgia, emphasizing the influence of CEO duality and ownership concentration. The absence of significant external demand for sustainability information and a robust regulatory framework often limits the voluntary release of such information. This research utilizes a sustainability disclosure scorecard developed in accordance with the EU Corporate Sustainability Reporting Directive, encompassing key environmental, social, and governance dimensions. Analyzing annual reports from all listed companies in Georgia from 2018 to 2021 through descriptive statistics and hierarchical multiple regression, findings highlight that board chair/CEO role duality and concentrated ownership significantly undermine sustainability disclosure. Specifically, CEO duality adversely affects social and governance metrics, while concentrated ownership primarily diminishes environmental transparency. These insights enhance understanding of the factors influencing corporate sustainability disclosure in emerging economies. The findings of this study may also provide valuable implications for local policymakers, who could use this information to develop more detailed and rigorous draft laws concerning sustainability disclosure requirements.