IDEAS home Printed from https://ideas.repec.org/a/eee/riibaf/v78y2025ics0275531925002788.html

Military experience and sustainable development goal disclosure

Author

Listed:
  • Harymawan, Iman
  • Nasih, Mohammad
  • Putra, Fajar Kristanto Gautama
  • Taylor, Grantley
  • Amran, Azlan

Abstract

This study examines the association between the extent of Sustainable Development Goal (SDG) reporting and the military experience of the top management of non-financial firms listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. We find a significant and positive association between the military experience of managers and the level of corporate SDG disclosure. These results are validated through various robustness tests that include: Propensity Score Matching, Coarsened Exact Matching, Heckman’s two-stage regression analysis, and the Generalized Least Squares method. Underpinned by both upper echelon theory and imprinting theory tenets, this research enhances our understanding of how specific leadership characteristics, such as military experience, influence firms’ propensity to engage in sustainability practices and reporting.

Suggested Citation

  • Harymawan, Iman & Nasih, Mohammad & Putra, Fajar Kristanto Gautama & Taylor, Grantley & Amran, Azlan, 2025. "Military experience and sustainable development goal disclosure," Research in International Business and Finance, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:riibaf:v:78:y:2025:i:c:s0275531925002788
    DOI: 10.1016/j.ribaf.2025.103022
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0275531925002788
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ribaf.2025.103022?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Yongqiang Gao & Yingli Wang & Miaohan Zhang, 2021. "Who really cares about the environment? CEOs’ military service experience and firms’ investment in environmental protection," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 30(1), pages 4-18, January.
    2. Du, Linda Y.L. & Sun, Jianfei, 2023. "Washing away their stigma? The ESG of “Sin” firms," Finance Research Letters, Elsevier, vol. 55(PB).
    3. Halkos, George & Nomikos, Stylianos, 2021. "Corporate social responsibility: Trends in global reporting initiative standards," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 106-117.
    4. Nobanee, Haitham & Ellili, Nejla, 2016. "Corporate sustainability disclosure in annual reports: Evidence from UAE banks: Islamic versus conventional," Renewable and Sustainable Energy Reviews, Elsevier, vol. 55(C), pages 1336-1341.
    5. Yaping Wang & Mengting Zhang, 2024. "How Military Executives Shape Digital Transformation of Firms—The Moderating Role of Symbiosis Orientation and Market Power," Sustainability, MDPI, vol. 16(12), pages 1-17, June.
    6. Ying Hao & Junyi Li & Juan Ni & Danni Han, 2024. "Military experience and corporate social responsibility: evidence from china," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 31(1), pages 50-75, January.
    7. Mohammad Nasih & Iman Harymawan & Yuanita Intan Paramitasari & Azizah Handayani, 2019. "Carbon Emissions, Firm Size, and Corporate Governance Structure: Evidence from the Mining and Agricultural Industries in Indonesia," Sustainability, MDPI, vol. 11(9), pages 1-14, April.
    8. Minh Hue Nguyen & Anh Chi Phan & Yoshiki Matsui, 2018. "Contribution of Quality Management Practices to Sustainability Performance of Vietnamese Firms," Sustainability, MDPI, vol. 10(2), pages 1-31, January.
    9. Liu, Xianda & Hou, Wenxuan & Main, Brian G.M., 2024. "Military experience and subsequent effectiveness as a director," Journal of Economic Behavior & Organization, Elsevier, vol. 222(C), pages 144-176.
    10. Iman Harymawan, 2018. "Why do firms appoint former military personnel as directors? Evidence of loan interest rate in militarily connected firms in Indonesia," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 26(1), pages 2-18, February.
    11. Yasir Shahab & Collins G. Ntim & Yugang Chen & Farid Ullah & Hai‐Xia Li & Zhiwei Ye, 2020. "Chief executive officer attributes, sustainable performance, environmental performance, and environmental reporting: New insights from upper echelons perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 29(1), pages 1-16, January.
    12. Francesco Rosati & Lourenço Galvão Diniz Faria, 2019. "Business contribution to the Sustainable Development Agenda: Organizational factors related to early adoption of SDG reporting," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(3), pages 588-597, May.
    13. Yeoh, Siew-Boey & Hooy, Chee-Wooi, 2024. "Is the military CEO aggressive or conservative? Differences in legal and cultural factors around the world," Research in International Business and Finance, Elsevier, vol. 70(PA).
    14. Cai, Chen & Hasan, Iftekhar & Shen, Yinjie & Wang, Shuai, 2021. "Military directors, governance and firm behavior," Advances in accounting, Elsevier, vol. 55(C).
    15. Louise Metcalf & Sue Benn, 2013. "Leadership for Sustainability: An Evolution of Leadership Ability," Journal of Business Ethics, Springer, vol. 112(3), pages 369-384, February.
    16. Sylvestre A. Carvalho & Lira L. B. Lazaro & Andrea F. Young & Rooney R. A. Coelho & Fábio J. M. Ortega & Carolina B. M. C. Hecksher & José R. Cardoso & João S. W. Ferreira & Pedro R. Jacobi & Arlindo , 2024. "Assessing the Alignment of Brazilian Local Government Plans with the United Nations’ Sustainable Development Goals," Sustainability, MDPI, vol. 16(23), pages 1-27, December.
    17. Robert G. Eccles & Ioannis Ioannou & George Serafeim, 2014. "The Impact of Corporate Sustainability on Organizational Processes and Performance," Management Science, INFORMS, vol. 60(11), pages 2835-2857, November.
    18. T. Eaves & J. Allen & A. Rosellini & N. Bank, 2023. "Wisdom and Veterans: Enhancing the Workforce with Self-Insight, Experience, and Sound Judgement," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 22(04), pages 1-15, August.
    19. Paul Shrivastava & Amr Addas, 2014. "The Impact of Corporate Governance on Sustainability Performance," Post-Print hal-01513941, HAL.
    20. Jonah Tyan & Shih‐Ching Liu & Jyun‐Ying Fu, 2024. "How environmental, social, and governance implementation and structure impact sustainable development goals," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3235-3250, July.
    21. Lokita Rizky Megawati & Arie Pratama, 2024. "Sustainable Development Goals in Corporate Reporting: Analysis of Economic, Social, and Environmental Disclosure (Survey among Public Listed Companies in Indonesia)," International Journal of Energy Economics and Policy, Econjournals, vol. 14(3), pages 625-638, May.
    22. Liu, Wei & Shao, Xuefeng & De Sisto, Marco & Li, Wen Helena, 2021. "A new approach for addressing endogeneity issues in the relationship between corporate social responsibility and corporate financial performance," Finance Research Letters, Elsevier, vol. 39(C).
    23. Mayer, David M. & Kuenzi, Maribeth & Greenbaum, Rebecca & Bardes, Mary & Salvador, Rommel (Bombie), 2009. "How low does ethical leadership flow? Test of a trickle-down model," Organizational Behavior and Human Decision Processes, Elsevier, vol. 108(1), pages 1-13, January.
    24. Lintang D. Sekarlangit & Ratna Wardhani, 2021. "The Effect of the Characteristics and Activities of the Board of Directors on Sustainable Development Goal (SDG) Disclosures: Empirical Evidence from Southeast Asia," Sustainability, MDPI, vol. 13(14), pages 1-17, July.
    25. La Torre, Mario & Leo, Sabrina & Palma, Alessia & Zapata, Jenny Daniela Salazar, 2024. "Public spending and green finance: A systematic literature review," Research in International Business and Finance, Elsevier, vol. 68(C).
    26. Erik G. Hansen & Friedrich Grosse-Dunker & Ralf Reichwald, 2009. "Sustainability Innovation Cube — A Framework To Evaluate Sustainability-Oriented Innovations," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 13(04), pages 683-713.
    27. Iacus, Stefano & King, Gary & Porro, Giuseppe, 2009. "cem: Software for Coarsened Exact Matching," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 30(i09).
    28. Isabel Lourenço & Jeffrey Callen & Manuel Branco & José Curto, 2014. "The Value Relevance of Reputation for Sustainability Leadership," Journal of Business Ethics, Springer, vol. 119(1), pages 17-28, January.
    29. Hao, Ying & Li, Junyi & Ni, Juan & Yin, Ziqi, 2023. "Can military executives improve corporate performance? Evidence from industrial competitive pressure," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    30. Mohammad Nasih & Iman Harymawan & Fajar Kristanto Gautama Putra & Rizka Qotrunnada, 2019. "Military experienced board and corporate social responsibility disclosure: an empirical evidence from Indonesia," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(1), pages 553-573, September.
    31. ., 2022. "Cooperative arrangements to develop economies of scope," Chapters, in: The Entrepreneurial Solution to Poverty and the Science of What is Possible, chapter 8, pages 130-150, Edward Elgar Publishing.
    32. Conghua Hong & Youliang Yan & Xinxin Zhang, 2022. "Does Entrepreneurs’ Military Experience Promote Corporate Environmental Investment? Evidence from Chinese Private Firms," IJERPH, MDPI, vol. 19(4), pages 1-19, February.
    33. Herenia Gutiérrez-Ponce & Sigit Arie Wibowo, 2023. "Sustainability Reports and Disclosure of the Sustainable Development Goals (SDGs): Evidence from Indonesian Listed Companies," Sustainability, MDPI, vol. 15(24), pages 1-18, December.
    34. Chiara Mio & Silvia Panfilo & Benedetta Blundo, 2020. "Sustainable development goals and the strategic role of business: A systematic literature review," Business Strategy and the Environment, Wiley Blackwell, vol. 29(8), pages 3220-3245, December.
    35. Niloufar Fallah Shayan & Nasrin Mohabbati-Kalejahi & Sepideh Alavi & Mohammad Ali Zahed, 2022. "Sustainable Development Goals (SDGs) as a Framework for Corporate Social Responsibility (CSR)," Sustainability, MDPI, vol. 14(3), pages 1-27, January.
    36. Matthew Blackwell & Stefano Iacus & Gary King & Giuseppe Porro, 2009. "cem: Coarsened exact matching in Stata," Stata Journal, StataCorp LLC, vol. 9(4), pages 524-546, December.
    37. Paul Shrivastava & Amr Addas, 2014. "The impact of corporate governance on sustainability performance," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(1), pages 21-37, January.
    38. Henry Kuswantoro & Mahfud Sholihin & Hadrian Geri Djajadikerta, 2023. "Exploring the implementation of sustainable development goals: a comparison between private and state-owned enterprises in Indonesia," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 25(10), pages 10799-10819, October.
    39. Kelvin K. F. Law & Lillian F. Mills, 2017. "Military experience and corporate tax avoidance," Review of Accounting Studies, Springer, vol. 22(1), pages 141-184, March.
    40. Cain, Matthew D. & McKeon, Stephen B., 2016. "CEO Personal Risk-Taking and Corporate Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(1), pages 139-164, February.
    41. Mohammad Jizi, 2017. "The Influence of Board Composition on Sustainable Development Disclosure," Business Strategy and the Environment, Wiley Blackwell, vol. 26(5), pages 640-655, July.
    42. Kofi Mintah Oware, 2022. "Effect of CEO Duality and Board Characteristics on the Choice of Sustainability Report Format of Listed Firms in India," Indonesian Journal of Sustainability Accounting and Management, Asian Online Journal Publishing Group, vol. 6(2), pages 213-224.
    43. Rosmiati Jafar & Basuki Basuki & Windijarto Windijarto & Rahmat Setiawan & Zulnaidi Yaacob, 2024. "Environmental, social and governance (ESG) disclosure and cost of equity: the moderating effects of board structures," Cogent Business & Management, Taylor & Francis Journals, vol. 11(1), pages 2429794-242, December.
    44. Grigoris Giannarakis & Andreas Andronikidis & Nikolaos Sariannidis, 2020. "Determinants of environmental disclosure: investigating new and conventional corporate governance characteristics," Annals of Operations Research, Springer, vol. 294(1), pages 87-105, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mithilesh Gidage & Shilpa Bhide, 2025. "ESG and economic growth: Catalysts for achieving sustainable development goals in developing economies," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(2), pages 2060-2077, April.
    2. Nguyen Vinh Khuong & Vu Tran Trong Tai & Nguyen Thi Phuong Thao & Pham Minh Tuan & Tran Tuan Dung & Vo Tuong Khanh, 2024. "Corporate governance and corporate carbon disclosures: The moderating role of earnings management," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 4596-4611, September.
    3. Liu, Xianda & Hou, Wenxuan & Main, Brian G.M., 2024. "Military experience and subsequent effectiveness as a director," Journal of Economic Behavior & Organization, Elsevier, vol. 222(C), pages 144-176.
    4. Alicia Girón & Amirreza Kazemikhasragh & Antonella Francesca Cicchiello & Eva Panetti, 2021. "Sustainability Reporting and Firms’ Economic Performance: Evidence from Asia and Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(4), pages 1741-1759, December.
    5. Jonathan Taglialatela & Kevin Pirazzi Maffiola & Roberto Barontini & Francesco Testa, 2023. "Board of Directors' characteristics and environmental SDGs adoption: an international study," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2490-2506, September.
    6. Elías Domingo‐Posada & Pilar L. González‐Torre & Marta M. Vidal‐Suárez, 2024. "Sustainable development goals and corporate strategy: A map of the field," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2733-2748, July.
    7. Fatemi, Ali & Fooladi, Iraj & Sy, Oumar & Zaman, Ashraf, 2024. "Corporate headquarters relocation and CSR performance," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 622-637.
    8. Ruichao Yu & Ling Zhou & Xinyi Wu & Yingyue Tang, 2025. "The military imprint: military experience and ESG performance in Chinese enterprises," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
    9. Jonah Tyan & Shih-Ching Liu & Carol Yeh-Yun Lin & Tien-Yu Chang, 2025. "Unlocking the Connection between Corporate Social Responsibility Strategy and Firm Performance: Unveiling Mediating and Moderating Effects," Journal of Business Ethics, Springer, vol. 197(3), pages 597-611, March.
    10. Rohaida Abdul Latif & Kamarun Nisham Taufil Mohd & Hasnah Kamardin & Arifatul Husna Mohd Ariff, 2023. "Determinants of Sustainability Disclosure Quality among Plantation Companies in Malaysia," Sustainability, MDPI, vol. 15(4), pages 1-23, February.
    11. Majdi Anwar Quttainah & Ankita Pathak & Tarun Soni, 2025. "Configurations of Corporate Governance Mechanisms and Sustainable Development: A Review," Indian Journal of Corporate Governance, , vol. 18(1), pages 38-91, June.
    12. Lucas A. Mariani & Jose Renato Haas Ornelas & Bernardo Ricca, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," Working Papers Series 576, Central Bank of Brazil, Research Department.
    13. Jing Wang & Gen Li & Kai-Lung Hui, 2022. "Monetary Incentives and Knowledge Spillover: Evidence from a Natural Experiment," Management Science, INFORMS, vol. 68(5), pages 3549-3572, May.
    14. Guignet, Dennis & Jenkins, Robin R. & Belke, James & Mason, Henry, 2023. "The property value impacts of industrial chemical accidents," Journal of Environmental Economics and Management, Elsevier, vol. 120(C).
    15. Philipp vom Berge & Achim Schmillen, 2023. "Effects of mass layoffs on local employment—evidence from geo-referenced data," Journal of International Economic Law, Oxford University Press, vol. 23(3), pages 509-539.
    16. Willem Schramade, 2016. "Integrating ESG into valuation models and investment decisions: the value-driver adjustment approach," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 6(2), pages 95-111, April.
    17. Matteo Aquilina & Giulio Cornelli & Marina Sanchez del Villar, 2024. "Regulation, information asymmetries and the funding of new ventures," BIS Working Papers 1162, Bank for International Settlements.
    18. Annalisa Tassi & Adrien Bussy, 2025. "VAT collection only at the retail stage: Evidence on tax compliance," FBK-IRVAPP Working Papers 2025-05, Research Institute for the Evaluation of Public Policies (IRVAPP), Bruno Kessler Foundation.
    19. Giuliano Masiero & Michael Santarossa, 2020. "Earthquakes, grants, and public expenditure: How municipalities respond to natural disasters," Journal of Regional Science, Wiley Blackwell, vol. 60(3), pages 481-516, June.
    20. Christy Pu & Yu-Chen Tseng & Gau-Jun Tang & Yen-Hsiung Lin & Chien-Heng Lin & I-Jen Wang, 2021. "Perception and Willingness to Maintain Continuity of Care by Parents of Children with Asthma in Taiwan," IJERPH, MDPI, vol. 18(7), pages 1-11, March.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:riibaf:v:78:y:2025:i:c:s0275531925002788. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ribaf .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.