Board Tenure and Specific Skills as Determinants of ESG Reporting: Evidence from ASEAN Listed Companies

This study investigates the influence of board characteristics—specifically board tenure and board-specific skills—on the quality of ESG reporting among listed firms in five ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, and the Philippines) from 2021 to 2023. Using panel data of 609 firms (1827 firm-year observations) obtained from Refinitiv Eikon, ESG reporting is measured through the reporting score, while board tenure is proxied by the average years of directors’ service and board-specific skills by the proportion of directors with financial or industry expertise. The analysis employs fixed-effects regression with firm-level clustered standard errors to account for unobserved heterogeneity and robust inference. The findings reveal that board tenure has no significant effect on ESG reporting, suggesting that accumulated experience does not necessarily enhance disclosure. In contrast, board-specific skills exhibit a positive and significant impact, highlighting the importance of technical competence in driving transparency. Control variables show that firm age contributes positively to ESG disclosure, while robustness checks confirm the stability of results across alternative specifications and clustering dimensions. Sub-sample country analyses further indicate institutional variations, with board expertise mattering more in Singapore and Indonesia, and firm age in Malaysia, Thailand, and the Philippines. The study offers theoretical and policy implications for strengthening governance reforms and advancing ESG transparency in emerging markets.