Board Characteristics, Climate Change Disclosures and the Moderating Role of Corporate Governance Code: Evidence from a Developing Economy

This present study aims to investigate the influence of board characteristics on the level of climate change disclosures and the extent to which the implementation of the corporate governance code (CGC) moderates these factors. The ordinary least squares statistical method is used to analyze the panel data. In addition, the Tobit regression model is also estimated to check the robustness of the study findings. This study suggests that larger board sizes, more independent directors, and board meeting frequency are positively associated with higher levels of climate change disclosure. However, the study does not find any association between CEO duality, foreign ownership, and climate change disclosure. In addition, it is also observed that CGC can enhance the influence of board characteristics on the likelihood of disclosing climate information. The study offers necessary directions for regulatory authorities, business firms, and practitioners to be more transparent in disclosing climate information and extends guidelines to tackle climate change disclosure issues.