Sustainability Reporting in Mining Industry: Does Board Structure and Ownership Matter?

¹ Magister Program in Accounting, Sebelas Maret University, Surakarta, Indonesia
² Department of Accounting, Sebelas Maret University, Surakarta, Indonesia
³ Department of Accounting, Janabadra University, Yogyakarta, Indonesia

^* Corresponding author: widagdo1998@staff.uns.ac.id

Abstract

This study examines the impact of board attributes and ownership structure on sustainability reporting disclosure (SRD) among mining companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Using a panel dataset of 265 firm-year observations, the research employs a fixed effects regression model to analyze how board size, board independence, and various types of ownership concentrated, foreign, institutional, and publica ffect the level of sustainability disclosure based on the Global Reporting Initiative (GRI) index. The findings reveal that board size does not significantly influence SRD, suggesting that the number of board members alone is insufficient to improve transparency. Conversely, board independence has a significant positive effect, indicating that independent directors enhance disclosure quality by strengthening oversight. Among ownership types, foreign ownership shows a significant negative impact on SRD, while institutional ownership is positively but weakly associated. Public ownership demonstrates a strong positive relationship, reflecting the importance of market-based transparency pressures. Concentrated ownership, however, is found to have no significant effect. These findings highlight the pivotal role of corporate governance in shaping ESG transparency in resource-intensive sectors and offer practical implications for regulators and policymakers seeking to promote sustainability accountability in emerging markets like Indonesia.