A Comparative Study on Social ESG Disclosures in Emerging vs Developed Market

This study examines the differences in Environmental, Social, and Governance (ESG) disclosure practices between firms in emerging and developed markets, focusing on the influence of regulatory frameworks, stakeholder pressures, and firm characteristics. Utilizing a systematic literature review and empirical data from 2015 to 2023, the study identifies key drivers and outcomes of ESG disclosures across these markets. Findings reveal that developed markets exhibit higher ESG disclosure due to stringent regulations and mature governance structures, while emerging markets face challenges like inconsistent reporting standards and greenwashing. However, emerging markets show growing ESG adoption driven by stakeholder demands and competitive pressures. The study highlights the need for harmonized global ESG standards to enhance transparency and comparability, offering insights for policymakers and investors.