Corporate governance, ownership structure and sustainability reporting: a study on Malaysia's food and beverages sector

This study explores the relationship between corporate governance practices, ownership structure, and the level of sustainability reporting among public-listed companies (PLCs) in Malaysia’s food and beverage (F&B) sector. As sustainability reporting gains prominence among stakeholders, including regulators, investors, and consumers, it is understood that the internal corporate factors can influence such disclosure and become increasingly critical. Grounded in Agency Theory and supported by Legitimacy Theory, this study focuses on key governance attributes such as board independence and the presence of a sustainability committee, along with two dominant ownership structures: government-linked ownership and family ownership. A total of 40 F&B PLCs listed on Bursa Malaysia were selected for the period 2022 to 2024. Secondary data were collected from annual reports and sustainability reports and analyzed using multiple linear regression to test the hypothesized relationships. The findings reveal that board size, board independence, and the existence of a sustainability committee have a significant positive relationship with the level of sustainability disclosure. Firms with government-linked ownership also demonstrate a stronger commitment to sustainability reporting, likely due to public accountability and institutional pressure. Conversely, family ownership presents a negative relationship, as such firms may balance transparency with concerns over control and confidentiality. This study helps on understanding corporate sustainability in emerging markets by showing how governance and ownership shape sustainability practices. The insights guide policymakers, regulators, and corporate leaders in promoting greater transparency and accountability, particularly in Malaysia’s F&B sector.