“…As the concept of sustainable development takes root in people's minds, companies are receiving increasing attention for their actions related to social responsibility, such as environmental protection, employee welfare, and community service (Abubakar et al, 2022;Brammer et al, 2007;Carlini et al, 2019). More and more companies are voluntarily disclosing their sustainability reports to meet the information needs of investors (Albareda et al, 2007;Mahoney et al, 2013;Torugsa et al, 2012Torugsa et al, , 2013, and in some countries (such as China and France), companies are even mandated to publish their sustainability reports (Chen et al, 2018;Habek & Wolniak, 2016).…”