The latest regulations in Indonesia (SEOJK No 16/SEOJK.04/2021) have required public companies to make a sustainability report every year in order to increase sustainable in­vestment. Prior to this regulation, several public companies had made sustainability reports and received benefits of sustainability report. This makes issuers ask whether after being obligated, public companies still get the benefits that have been obtained from voluntary sustainability reports and under what conditions the mandatory sustainability reports are beneficial for public companies. This study answers the public companies' doubts by con­ducting a systematic literature review on research on mandatory and voluntary sustainability reports in Q1 and Q2 journals from 2008-2018. Before answering the issuers' doubts, this study explains the reasons why issuers make voluntary sustainability reports and the benefits derived from voluntary sustainability reports. After that, based on previous research, this study explains whether the benefits obtained from voluntary sustainability reports can still be obtained in mandatory sustainability reports. This study found that sus­tainability reports were made because of the desire to benefit from these reports initiated by company leaders coupled with institutional pressure. The benefits of voluntary sustainability reports are the positive perception of shareholders and increased concern for the company's sustainability. Mandatory sustainability reports can still provide some (though not all) of the same benefits as voluntary sustainability reports. In addition, the sustainability report must be able to cover the weaknesses of the voluntary sustainability report with the condi­tion that there is strict legal coercion, strict supervision, and the addition of an obligation to audit sustainability information which is strengthened by market demands to make a sus­tainability report. Therefore, the Indonesian government must pay attention to these condi­tions for this regulation to be implemented properly.

Bahasa Abstract

Peraturan terbaru di Indonesia (SEOJK No 16/SEOJK.04/2021) telah mewajibkan emiten untuk membuat laporan keberlanjutan setiap tahun dalam rangka meningkatkan investasi berkelanjutan. Sebelum peraturan ini dibuat, beberapa emiten telah membuat laporan keber­lanjutan dan mendapatkan banyak manfaat dari laporan keberlanjutan. Hal ini membuat emiten bertanya apakah setelah diwajibkan, emiten tetap mendapatkan keuntungan yang telah diperoleh dari laporan keberlanjutan sukarela dan dalam kondisi seperti apa laporan keberlanjutan wajib bermanfaat bagi emiten. Penelitian ini menjawab keraguan emiten dengan melakukan reviu literatur sistematis atas penelitian mengenai laporan keberlanjutan wajib dan sukarela pada jurnal Q1 dan Q2 dari tahun 2008-2018. Sebelum menjawab kera­guan emiten, penelitian ini menjelaskan alasan emiten membuat laporan keberlanjutan sukarela dan manfaat yang diperoleh dari laporan keberlanjutan sukarela. Setelah itu, ber­dasarkan penelitian sebelumnya, penelitian ini menjelaskan apakah manfaat yang diperoleh dari laporan keberlanjutan sukarela masih bisa diperoleh pada laporan keberlanjutan wajib. Penelitian ini menemukan bahwa laporan keberlanjutan dibuat karena keinginan untuk mendapatkan keuntungan dari laporan tersebut yang diinisiasi oleh pemimpin perusahaan ditambah dengan tekanan institusional. Manfaat laporan keberlanjutan sukarela adalah per­sepsi positif pemegang saham dan peningkatan kepedulian keberlanjutan perusahaan. Laporan keberlanjutan wajib masih dapat memberikan beberapa (walaupun tidak semua) manfaat yang sama dengan laporan keberlanjutan sukarela. Selain itu, laporan keberlanjutan wajib mampu menutup kelemahan laporan keberlanjutan sukarela dengan syarat adanya pemaksaan hukum yang ketat, pengawasan yang ketat, dan penambahan kewajiban untuk mengaudit informasi keberlanjutan yang diperkuat dengan tuntutan pasar untuk membuat laporan keberlanjutan. Karena itu, pemerintah Indonesia harus memperhatikan kondisi ter­sebut untuk peraturan ini dapat terlaksana dengan baik.


Abeydeera, S., T. Helen, and K. Kate. 2016. Sustainability Reporting More Global than Local?. Meditari Accountancy Research, 24 (4), 478–504.

Aerts, W., D. Cormier, and M. Magnan. 2008. Corporate Environmental Disclosure, Financial Markets and the Media: An International Perspective. Ecological Economics, 64 (3), 643–59.

Al-Dah, B., M. Dah, and M. Jizi. 2018. Is CSR Reporting Always Favorable?. Management Decision, 56 (7), 1506–25.

Alcaraz-Quiles, Francisco J., Andrés Navarro-Galera, and David Ortiz-Rodríguez. 2015. Factors Determining Online Sustainability Reporting by Local Governments. International Review of Administrative Sciences, 81 (1), 79–109.

Arena, C., R. Liong, and P. Vourvachis. 2018. Carrot or Stick: CSR Disclosures by Southeast Asian Companies. Sustainability Accounting, Management and Policy Journal, 9 (4), 422–54.

Axjonow, A, J. Ernstberger, and C. Pott. 2018. The Impact of Corporate Social Responsibility Disclosure on Corporate Reputation: A Non-Professional Stakeholder Perspective. Journal of Business Ethics, 151 (2), 429–50.

Bachmann, P., and D.Ingenhoff. 2016. Legitimacy through CSR Disclosures? The Advantage Outweighs the Disadvantages. Public Relations Review, 42 (3), 386–94.

Beck, C., G. Frost, and S. Jones. 2018. CSR Disclosure and Financial Performance Revisited: A Cross-Country Analysis.Australian Journal of Management, March, 21–25.

Belal, A. R., S. M. Cooper, and N. A. Khan. 2015. Corporate Environmental Responsibility and Accountability: What Chance in Vulnerable Bangladesh? Critical Perspectives on Accounting, 33, 44–58.

Bellringer, A. A. Ball, and R. Craig. 2011. Reasons for Sustainability Reporting by New Zealand Local Governments. Sustainability Accounting, Mana-gement and Policy Journal, 2 (1).

Bergmann, A., and P. Posch. 2018. Mandatory Sustainability Reporting in Germany: Does Size Matter? Sustainability, 10 (11), 3904.

Berthelot, S., M. Coulmont, and V. Serret. 2012. Do Investors Value Sustainability Reports? A Canadian Study. Corporate Social Responsibility and Environmental Management 19 (6), 355–63.

Birkey, R. N. et al. 2016. Mandated Social Disclosure: An Analysis of the Response to the California Transparency in Supply Chains Act of 2010. Journal of Business Ethics 152 (3), 1–15.

Bona-Sánchez, C., J. Pérez-Alemán, and D. J. Santana-Martin. 2017. Sustain-ability Disclosure, Dominant Owners and Earnings Informativeness. Research in International Business and Finance 39, 625–39.

Ceulemans, K., I. Molderez, and L. Van Liedekerke. 2015. Sustainability Reporting in Higher Education: A Comprehensive Review of the Recent Literature and Paths for Further Research. Journal of Cleaner Production 106, 127–43.

Christensen, H. B. et al. 2017. The Real Effects of Mandated Information on Social Responsibility in Financial Reports: Evidence from Mine-Safety Records. Journal of Accounting and Economics 64 (2–3), 284–304.

Clarkson, P. M. et al. 2008. Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis. Accounting, Organizations and Society 33 (4–5), 303–27.

Cormier, D., and M. Magnan. 2014. The Impact of Social Responsibility Disclosure and Governance on Financial Analysts’ Information Environment. Corporate Governance (Bingley) 14 (4), 467–84.

Crawford, E. P., and C. C. Williams. 2010. Should Corporate Social Reporting Be Voluntary or Mandatory? Evidence from the Banking Sector in France and the United States. Corporate Governance 10 (4), 512–26.

Dhaliwal, D. S., O. Z. Li, and A. Tsang. 2011. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review.

Dhaliwal, D. S., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. Accounting Review 86 (1), 59–100.

Dhaliwal, D. S., S. Radhakrishnan, A. Tsang, and Y. G. Yang. 2012. Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. Accounting Review 87 (3): 723–59.

Dienes, D., R. Sassen, and J. Fischer. 2016. What Are the Drivers of Sustainability Reporting? A Systematic Review. Sustainability Accounting, Mana-gement and Policy Journal 7 (2), 154–89.

Du, S., K. Yu, C.B. Bhattacharya, and S.Sen. 2017. The Business Case for Sustainability Reporting: Evidence from Stock Market Reactions. Journal of Public Policy & Marketing 36 (2), jppm.16.112.

Egginton, J. F., and Garrett A. McBrayer. 2018. Does It Pay to Be Forthcoming? Evidence from CSR Disclosure and Equity Market Liquidity. Corporate Social Responsibility and Environ-mental Management, 1–12.

Elijido-ten, Evangeline. 2011. Media Coverage and Voluntary Environ-mental Disclosures : A Developing Country Exploratory Experiment. Accounting Forum 35 (3), 139–57.

Francis, J., D. Nanda, and P. Olsson. 2008. Voluntary Disclosure, Earnings Quality, and Cost of Capital. Journal of Accounting Research 46 (1): 53–99.

Gallego-álvarez, Isabel, and E. Ortas. 2017. Corporate Environmental Sustain-ability Reporting in the Context of National Cultures : A Quantile Regression Approach. International Business Review, 26 (2), 337–53.

Gallego-álvarez, Isabel, and E. Ortas. 2017. Corporate Environmental Sustain-ability Reporting in the Context of National Cultures: A Quantile Regression Approach. International Business Review 26 (2), 337–53.

Garcia-Sanchez, I.Maria, B. Cuadrado-Ballesteros, and J. Valeriano Frias-Aceituno. 2016. Impact of the Institutional Macro Context on the Voluntary Disclosure of CSR Information. Long Range Planning 49 (1): 15–35.

Garrido-Miralles, P., A. Zorio-Grima, and M. A. García-Benau. 2016. Sustainable Development, Stakeholder Engagement and Analyst Forecasts’ Accuracy: Positive Evidence from the Spanish Setting. Sustainable Development 24 (2), 77–88.

Gavana, G., P. Gottardo, and A. M. Moisello. 2018. Do Customers Value CSR Disclosure? Evidence from Italian Family and Non-Family Firms. Sustainability (Switzerland) 10 (5), 1–17.

Global Reporting Initiative. 2017. About GRI.”2017. https://www.globalreporting.org/Information/about-gri/Pages/default.aspx.

Greco, G., N. Sciulli, and G. D’Onza. 2015. The Influence of Stakeholder Engagement on Sustainability Reporting: Evidence from Italian Local Councils. Public Management Review 17 (4), 465–88.

Guidry, R. P., and D. M. Patten. 2010. Market Reactions to the First‐time Issuance of Corporate Sustainability Reports. Sustainability Accounting, Management and Policy Journal 1 (1), 33–50.

Hahn, R., and M. Kühnen. 2013. Determinants of Sustainability Reporting: A Review of Results, Trends, Theory, and Opportunities in an Expanding Field of Research. Journal of Cleaner Production 59, 5–21.

Higgins, C. and B.Coffey. 2016. Improving How Sustainability Reports Drive Change: A Critical Discourse Analysis. Journal of Cleaner Production 136, 18–29.

Higgins, C., M. J. Milne, and B. V. Gramberg. 2015. The Uptake of Sustainability Reporting in Australia. Journal of Business Ethics 129 (2), 445–68.

Higgins, C., W. Stubbs, and M. Milne. 2018. Is Sustainability Reporting Becoming Institutionalised? The Role of an Issues-Based Field. Journal of Business Ethics 147 (2), 309–26.

Huang, X.B., and L. Watson. 2015. Corporate Social Responsibility Research in Accounting.Journal of Accounting Literature 34, 1–16.

Jain, A., M.Keneley, and D.Thomson. 2015. Voluntary CSR Disclosure Works! Evidence from Asia-Pacific Banks. Social Responsibility Journal 11 (1), 2–18.

Joseph, G.. 2012. Ambiguous but Tethered: An Accounting Basis for Sustain-ability Reporting. Critical Perspec-tives on Accounting 23 (2), 93–106.

Kansal, M., M.Joshi, S.Babu, and S. Sharma. 2018. Reporting of Corporate Social Responsibility in Central Public Sector Enterprises: A Study of Post Mandatory Regime in India. Journal of Business Ethics 151 (3), 813–31.

Karaman, A. S., M. Kilic, and A. Uyar. 2018. Sustainability Reporting in the Aviation Industry: Worldwide Evidence. Sustainability Accounting, Management and Policy Journal, 9 (4), 362–91.

Kolk, Ans. 2010. Trajectories of Sustainability Reporting by MNCs. Journal of World Business 45 (4), 367–74.

Kuo, T. C., G. E.O. Kremer, N. T. Phuong, and C. W. Hsu. 2016. Motivations and Barriers for Corporate Social Responsibility Reporting: Evidence from the Airline Industry. Journal of Air Transport Management 57, 184–95.

Leong, S. et al. 2014. Mine Site-Level Water Reporting in the Macquarie and Lachlan Catchments: A Study of Voluntary and Mandatory Disclosures and Their Value for Community Decision-Making. Journal of Cleaner Production 84 (1), 94–106.

Li, T., and A. Belal. 2018. Authoritarian State , Global Expansion and Corporate Social Responsibility Reporting : The Narrative of a Chinese State-Owned Enterprise. Accounting Forum 42 (2), 199–217.

Liao, L., T. P. Lin, and Y. Zhang. 2018. Corporate Social Responsibility and Insider Trading: Evidence from China. Sustainability 150 (1), 211–25.

Lin, K. Z., S. Cheng, and F. Zhang. 2017. Corporate Social Responsibility, Institutional Environments, and Tax Avoidance: Evidence from a Subnational Comparison in China. International Journal of Accounting 52 (4), 303–18.

Loh, L., T. Thomas, and Y. Wang. 2017. Sustainability Reporting and Firm Value: Evidence from Singapore-Listed Companies. Sustainability (Switzerland) 9 (11), 1–12.

Lozano, R., B. Nummert, and K.Ceulemans. 2016. Elucidating the Relationship between Sustainability Reporting and Organisational Change Management for Sustainability. Journal of Cleaner Production 125, 168–88.

Mahoney, L. S., L. Thorne, L. Cecil, and W. LaGore. 2013. A Research Note on Standalone Corporate Social Responsibility Reports: Signaling or Greenwashing? Critical Perspectives on Accounting 24 (4–5), 350–59.

Malik, M. S., and L. Kanwal. 2018. Impact of Corporate Social Responsibility Disclosure on Financial Performance: Case Study of Listed Pharmaceutical Firms of Pakistan. Journal of Business Ethics 150 (1), 69–78.

Malsch, B. 2013. Politicizing the Expertise of the Accounting Industry in the Realm of Corporate Social Responsibility. Accounting, Organizations and Society 38 (2), 149–68.

Martínez-Ferrero, J., L. Rodríguez-Ariza, I. M. García-Sánchez, and B. Cuadrado-Ballesteros. 2018. Corporate Social Responsibility Disclosure and Infor-mation Asymmetry: The Role of Family Ownership. Review of Managerial Science 12 (4), 885–916.

Martínez-Ferrero, J., D. Ruiz-Cano, and I. M. García-Sánchez. 2016. The Causal Link between Sustainable Disclosure and Information Asymmetry: The Moderating Role of the Stakeholder Protection Context. Corporate Social Responsibility and Environmental Management 23 (5), 319–32.

Massa, L., F. Farneti, and B. Scappini. 2015. Developing a Sustainability Report in a Small to Medium Enter-prise: Process and Consequences. Meditari Accountancy Research 23 (1), 62–91.

Mata, C., A. Fialho, and T. Eugénio. 2018. A Decade of Environmental Accounting Reporting: What We Know? Journal of Cleaner Production, 198, 1198–1209.

Miftahudin, H. 2021. OJK Dorong Inovasi Investasi Berkelanjutan Di Pasar Modal. Medcom.Id. 2021.

Moizer, P. 2009. Publishing in Accounting Journals: A Fair Game? Accounting, Organizations and Society 34 (2), 285–304.

Momin, M. A., and L. D. Parker. 2013. Motivations for Corporate Social Responsibility Reporting by MNC Subsidiaries in an Emerging Country: The Case of Bangladesh. British Accounting Review 45 (3), 215–28.

Monfardini, P., A. D. Barretta, and P. Ruggiero. 2013. Seeking Legitimacy: Social Reporting in the Healthcare Sector. Accounting Forum 37 (1), 54–66.

Muttakin, M. B., A. Khan, and M. I. Azim. 2015. Corporate Social Responsibility Disclosures and Earnings Quality: Are They a Reflection of Managers’ Opportunistic Behavior? Managerial Auditing Journal 30 (3), 277–98.

Nekhili, M., H. Nagati, T. Chtioui, and A. Nekhili. 2017. Gender-Diverse Board and the Relevance of Voluntary CSR Reporting. International Review of Financial Analysis 50: 81–100.

Nekhili, M., H. Nagati, T. Chtioui, and C. Rebolledo. 2017. Corporate Social Responsibility Disclosure and Market Value : Family versus Nonfamily Fi Rms. Journal of Business Research 77 (July 2016), 41–52.

Niemann, L., and T. Hoppe. 2018. Sustainability Reporting by Local Governments: A Magic Tool? Lessons on Use and Usefulness from European Pioneers. Public Management Review 20 (1), 201–23.

Nikolaeva, R., and M. Bicho. 2011. The Role of Institutional and Reputational Factors in the Voluntary Adoption of Corporate Social Responsibility Reporting Standards. Journal of the Academy of Marketing Science 39 (1), 136–57.

Nishitani, K., J. Unerman, and K. Kokubu. 2021. Motivations for Voluntary Corporate Adoption of Integrated Reporting: A Novel Context for Comparing Voluntary Disclosure and Legitimacy Theory. Journal of Cleaner Production 322 (March), 129027.

Orazalin, N., and M. Mahmood. 2018. Economic, Environmental, and Social Performance Indicators of Sustain-ability Reporting: Evidence from the Russian Oil and Gas Industry. Energy Policy 121 (January), 70–79.

Parsa, S., I. Roper, M. Muller-Camen, and E. Szigetvari. 2018. Have Labour Practices and Human Rights Disclosures Enhanced Corporate Accountability? The Case of the GRI Framework. Accounting Forum 42 (1), 47–64.

Patten, D. M, and N. Zhao. 2014. Standalone CSR Reporting by U.S. Retail Companies. Accounting Forum 38 (2), 132–44.

Pemerintah Republik Indonesia. 2021. Surat Edaran Otoritas Jasa Keuangan Republik Indonesia Nomor 16/ SEOJK.04/2021 Tentang Bentuk Dan Isi Laporan Tahunan Emiten Atau Perusahaan Publik. Vol. 1.

Perez-Batres, L., V. Miller, M. Pisani, I. Henriques, and J. Renau-Sepulveda. 2012. Why Do Firms Engage in National Sustainability Programs and Transparent Sustainability Reporting?: Evidence from Mexico’s Clean Industry Program. Management International Review 52 (1), 107–36.

Peters, G. F., and A. M. Romi. 2013. Discretionary Compliance with Mandatory Environmental Disclo-sures: Evidence from SEC Filings. Journal of Accounting and Public Policy 32 (4), 213–36.

Platonova, E., M. Asutay, R. Dixon, and S. Mohammad. 2016. The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics, 1–21.

Platonova, E., M. Asutay, R. Dixon, and S. Mohammad. 2018. The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics 151 (2), 451–71.

Qiu, Y., A. Shaukat, and R. Tharyan. 2016. Environmental and Social Disclo-sures : Link with Corporate Fi Nancial Performance. The British Accounting Review 48 (1), 102–16.

Ramón-Llorens, M. C., E. García-Meca, and M. C. Pucheta-Martínez. 2018. The Role of Human and Social Board Capital in Driving CSR Reporting. Long Range Planning, no. August: 0–1.

Ramos, T. B, T. Cecílio, C. H. Douglas, and S. Caeiro. 2013. Corporate Sustainability Reporting and the Relations with Evaluation and Mana-gement Frameworks : The Portuguese Case. Journal of Cleaner Production 52, 317–28.

Reverte, C. 2012. The Impact of Better Corporate Social Responsibility Disclosure on the Cost of Equity Capital. Corporate Social Responsi-bility and Environmental Management 19 (5), 253–72.

Reverte, C.. 2016. Corporate Social Responsibility Disclosure and Market Valuation: Evidence from Spanish Listed Firms. Review of Managerial Science 10 (2), 411–35.

Rudyanto, A.. 2019. Mimetic Isomorphism as a Reason for Preparing Sustain-ability Report. Jurnal Akuntansi Multiparadigma, 10, (3).

Sassen, R., D. Dienes, and J. Wedemeier. 2018. Characteristics of UK Higher Education Institutions That Disclose Sustainability Reports. International Journal of Sustainability in Higher Education, IJSHE-03-2018-0042.

Schreck, P., and S. Raithel. 2018. Corporate Social Performance, Firm Size, and Organizational Visibility: Distinct and Joint Effects on Voluntary Sustainability Reporting. Business and Society, 57 (4), 742–78.

Shabana, K. M., A. K. Buchholtz, and A. B. Carroll. 2017. The Institutiona-lization of Corporate Social Respon-sibility Reporting. Business and Society 56 (8), 1107–35.

Shafer, W. E., and L. Lucianetti. 2018. Machiavellianism, Stakeholder Orien-tation, and Support for Sustainability Reporting. Business Ethics 27 (3), 272–85.

Sheehy, B., and F. Farneti. 2021. Corporate Social Responsibility, Sustainability, Sustainable Development and Corporate Sustainability: What Is the Difference, and Does It Matter? Sustainability (Switzerland), 13 (11).

Skouloudis, A., N. Jones, C. Malesios, and K. Evangelinos. 2014. Trends and Determinants of Corporate Non-Financial Disclosure in Greece. Journal of Cleaner Production 68, 174–88.

Śmiechowski, K., and M. Lament. 2017. Impact of Corporate Social Responsibility (CSR) Reporting on pro-Ecological Actions of Tanneries. Journal of Cleaner Production 161. 991–99.

Speziale, Maria-Teresa, and L. Kloviene. 2014. The Relationship between Performance Measurement and Sustainability Reporting: A Literature Review. Procedia - Social and Behavioral Sciences 156 (April), 633–38.

Stekelorum, R., I. Laguir, and J. Elbaz. 2018. CSR Disclosure and Sustainable Supplier Management: A Small to Medium-Sized Enterprises Pers-pective. Applied Economics 50 (46), 1–14.

Stubbs, W., C. Higgins, and M. Milne. 2013. Why Do Companies Not Produce Sustainability Reports? Business Strategy and the Environ-ment 22 (7), 456–70.

Tempo. 2017. Menyambut Gembira POJK Keuangan Berkelanjutan. Tempo.Co. 2017. https://indonesiana.tempo.co/read/115078/2017/08/11/jalal.csri/menyambut-gembira-pojk-keuangan-berkelanjutan.

Thorne, L., L. S. Mahoney, and G. Manetti. 2014. Motivations for Issuing Standalone CSR Reports: A Survey of Canadian Firms. Accounting, Auditing and Accountability Journal 27 (4), 686–714.

Tian, Y., and J. Chen. 2009. Concept of Voluntary Information Disclosure and A Review of Relevant Studies, 55–59.

Traxler, A. A., D. Greiling, and H. Hebesberger. 2018. GRI Sustainability Reporting by INGOs: A Way Forward for Improving Accountability? Voluntas, 1–17.

Traxler, A. A., D. Schrack, and D. Greiling. 2020. Sustainability Reporting and Management Control – A Systematic Exploratory Literature Review. Journal of Cleaner Production 276, 122725.

Verbeeten, F. H.M., R. Gamerschlag, and K. Möller. 2016. Are CSR Disclosures Relevant for Investors? Empirical Evidence from Germany. Mana-gement Decision 54 (6), 1359–82.

Waagstein, P. R.. 2011. The Mandatory Corporate Social Responsibility in Indonesia: Problems and Implications. Journal of Business Ethics 98 (3), 455–66.

Wang, K. T., and D. Li. 2016. Market Reactions to the First-Time Disclosure of Corporate Social Responsibility Reports: Evidence from China. Journal of Business Ethics 138 (4), 661–82.

Wang, X., F. Cao, and K. Ye. 2018. Mandatory Corporate Social Responsibility (CSR) Reporting and Financial Reporting Quality: Evidence from a Quasi-Natural Experiment. Journal of Business Ethics 152 (1), 253–74.

Zhu, X., and C. Zhang. 2012. Reducing Information Asymmetry in the Power Industry: Mandatory and Voluntary Information Disclosure Regulations of Sulfur Dioxide Emission. Energy Policy 45, 704–13.