“…Voluntary disclosures whereby managers communicate with stakeholders are a strategy for gaining and maintaining legitimacy (Radhouane et al, 2020). The literature concludes voluntary reporting is driven by strategic considerations (Radhouane, Nekhili, Nagati, & Paché, 2018) and argues that managers can misuse reports to mask poor sustainability performance (Deegan, 2019;Rudkin, Kimani, Ullah, Ahmed, & Farooq Syed, 2019). Certainly, voluntary reporting can shape stakeholder perceptions (Radhouane et al, 2020) by strategic selection (Hahn & Lülfs, 2014;Romero, Ruiz, & Fernandez-Feijoo, 2019)-reporting more positive information (Bini et al, 2018) and ignoring or so-called greenwashing negative and potentially harmful performance (Khalid Sharif et al, 2019).…”