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The interplay of cash flow uncertainty and firm life cycle on sustainability disclosure

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  • K Shiljas
  • Dilip Kumar

Abstract

This study investigates the role of cash flow uncertainty and firm life cycle on sustainability disclosures using environmental, social and governance (ESG) disclosure score data. We conduct our analysis on a sample of 190 Indian firms for a period of 12 years from 2010 to 2021. Drawing upon the real‐option theory and organisational‐inertia theory, we document a negative impact of cash flow uncertainty and firm life cycle on a firm's commitment to disclose sustainability information. We also find a significant impact of managerial risk inclination and risk tolerance at the firm level in moderating the above relationships. Our findings can help managers equip themselves to meet the challenges of sustainability commitments during cash flow constraints and firm life‐cycle transitions. Moreover, our results can also help policymakers in assessing the need to enforce sustainability disclosures depending on the hurdles confronted by a firm.

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  • K Shiljas & Dilip Kumar, 2024. "The interplay of cash flow uncertainty and firm life cycle on sustainability disclosure," Business Strategy and the Environment, Wiley Blackwell, vol. 33(8), pages 8471-8492, December.
    • Handle: RePEc:bla:bstrat:v:33:y:2024:i:8:p:8471-8492
    DOI: 10.1002/bse.3908
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