The Analysis of Peer Effects in Environmental, Social, and Governance (ESG) Disclosure: The Moderating Role of Firm Experience and Size

Iranian Journal of Accounting, Auditing and Finance

مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 19 آبان 1404

نوع مقاله: Original Article

شناسه دیجیتال (DOI): 10.22067/ijaaf.2025.92254.1530

نویسندگان

Hamed Parvizikia؛ Daruosh Foroghi^* ؛ Narges Hamidian؛ Hasan Fattahi Nafchi

Department of Accounting, Faculty of Administrative Sciences and Economics, University of Isfahan, Isfahan, Iran.

چکیده

This study examines the peer effect on Environmental, Social, and Governance (ESG) disclosure in industries, occurring in imitative and reciprocal forms, while assessing the moderating role of experience and company size. The statistical sample includes 117 companies listed on the Tehran Stock Exchange from 2012 to 2024. The hypotheses were tested using linear regression models, with the composite ESG index constructed via Principal Component Analysis (PCA). The findings reveal a significant intra-industry peer effect on ESG disclosure, indicating that peer firms’ ESG practices positively influence a company’s disclosure. Contrary to expectations, firm experience strengthened the intra-industry peer effect. A reciprocal peer effect was observed among large firms within the same industry, but no mimetic peer effect was found between large and small firms. Conversely, a mimetic peer effect was identified between small firms and large firms, while no reciprocal peer effect existed among small firms. This study innovatively examines intra-industry peer effects on ESG disclosure in Iran, distinguishing imitative and reciprocal dynamics while highlighting the moderating roles of firm size and experience. These results enrich the literature on peer influence in ESG disclosure and offer insights for policymakers and practitioners to enhance corporate transparency.

کلیدواژه‌ها

Peer Effect؛ ESG؛ Experience؛ Size