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Corporate sustainability accounting and reporting practices in the Saudi petrochemicals sector: a stakeholder salience approach using the best-worst method
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DOI：10.1108/JFRA-10-2024-0767.png)
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Abstract
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PurposeFollowing the stakeholder salience approach, this study aims to prioritize sustainability accounting and reporting practices of the Saudi petrochemicals industry in a comparative way using the best-worst method (BWM). Design/methodology/approachThe corporate social responsibility (CSR) in Asia was used. A survey was administered to a group of eight accounting professionals from the Saudi petrochemicals sector. Then, the BWM was used to assess the identified practices to determine their priorities in motivating corporate sustainability accounting and reporting. FindingsCorporate governance and policies were found to have the highest priority and most power over sustainability disclosures followed by workplace/human resources, marketplace and supply chain-product/service, environment, community investment and development and CSR strategy and communication. Therefore, the results support the stakeholders' salience arguments. Practical implicationsPolicymakers and professional bodies should actively encourage industries to enhance their awareness of sustainability disclosures and prioritize sustainability reporting practices to ensure efficient resource allocation. Social implicationsThis study contributes to the social accounting literature on sustainability practices and enhances the understanding of sustainability reporting in Saudi Arabia, the Gulf Cooperation Council and the Middle East and North Africa region. Originality/valueThis is one of the first studies to empirically prioritize sustainability practices using BWM. Furthermore, it contributes to the limited body of research on the influence or power of stakeholder groups on corporate sustainability accounting disclosures.
Keywords:
Stakeholders' salience approach
Sustainability accounting and reporting,
Petrochemicals industry
Social protection and welfare systems
Best-worst method (BWM)
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