Stakeholder theory is a major approach to research on sustainability management. Firm characteristics, including corporate governance and business characteristics, can be represented in terms of their effects on stakeholders. In this study, a multi-regression model is used to examine the relationship between firm characteristics and the disclosure of sustainability reporting for the Taiwan 50 Index-listed companies. Least-squares regression, panel data regression, and logistic regression analyses are applied. The results show that seven corporate governance and business characteristics, namely the size of the board of directors, ratio of independent directors, audit committee, ratio of export income, percentage of foreign shareholders' holdings, fixed asset staleness, and firm growth are positively related to the disclosure of sustainability reporting, whereas the percentage of director holdings and stock price per share are negatively related to the disclosure of sustainability reporting. This study supports the notion that stakeholder involvement is related to the disclosure of sustainability reporting.

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