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Do Sustainability and Gender Diversity Constrain Earnings Management? Empirical Evidence from ASEAN

Author

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  • Frisky Jeremy Kasingku

    (Faculty of Economics and Business, Universitas Klabat, Indonesia Author-2-Name: Abby Ashraff Bin Saprudin Author-2-Workplace-Name: Faculty of Management, Multimedia University, Cyberjaya, Malaysia Author-3-Name: Boon Heng Teh Author-3-Workplace-Name: Faculty of Management, Multimedia University, Cyberjaya, Malaysia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)

Abstract

" Objective - This study examines the influence of ESG disclosure scores and their individual pillars (environmental, social, and governance), along with the critical mass of women on corporate boards, on earnings management in ASEAN countries. Methodology/Technique - The study employs a correlational research design using 4,066 firm-year observations from non-financial firms in the ASEAN region over the period 2008–2024. Earnings management is measured using discretionary accruals calculated through the Modified Jones Model. A fixed-effects panel regression model is applied to examine the relationships between ESG disclosures, the critical mass of women on boards, and earnings management. Findings - The results indicate that overall ESG disclosure and social disclosure negatively influence earnings management, suggesting that greater transparency is associated with lower earnings management. The critical mass of women on corporate boards also significantly reduces earnings management, indicating that women need to achieve sufficient representation to exert meaningful influence. However, environmental and governance disclosures have no significant influence on earnings management. Robustness tests confirm the reliability of these findings. Novelty - This study contributes to the literature by examining the combined effects of ESG disclosure pillars and the critical mass of women on corporate boards on earnings management in the ASEAN region. By using a large sample spanning 2008–2024, it provides new evidence on the distinct roles of social transparency and women's board representation in mitigating earnings management, while highlighting the limited influence of environmental and governance disclosures. Type of Paper - Empirical"

Suggested Citation

  • Frisky Jeremy Kasingku, 2026. "Do Sustainability and Gender Diversity Constrain Earnings Management? Empirical Evidence from ASEAN," GATR Journals afr253, Global Academy of Training and Research (GATR) Enterprise.
    • Handle: RePEc:gtr:gatrjs:afr253
    DOI: https://doi.org/10.35609/afr.2026.11.2(2)
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    Keywords

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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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