Corporate sustainability practices among Malaysian REITs and property listed companies, Prof. Muhammad Zahid and Zulkipli Ghazali
Prof. Muhammad Zahid, Zulkipli Ghazali
Department of Management and Humanities
Universiti Teknologi Petronas, Tronoh
Purpose: The purpose of this paper is to examine the implementation of corporate sustainability (CS) practice by Malaysian Real Estate Investment Trusts (REITs) and property listed companies, following the three dimensional (economic, environmental, and social) framework of CS.
Design/methodology/approach: A quantitative content analysis procedure was undertaken using 113 reports, including 23 REITs and 90 property companies. For the data collection company websites, annual reports, corporate social responsibility (CSR), and sustainability reports were employed. The global reporting initiative (GRI), reporting framework was used for data collection and recording. The content analysis examined the level of disclosures for three dimensions of sustainability, namely economic, social and environmental.
Findings: The content analysis indicates that the majority of companies among the sample have their social responsibility and sustainability strategies for the satisfaction of stakeholders and legitimizing firm practices. However, there are variations in their approaches and reporting processes. Among the three dimensions, environmental disclosures are on its least and social dimension has priority in the level of disclosures. Though the overall reporting is low, but having upward trends over time.
Research limitations/implications: This study has a limitation that it investigates the level of CS practices in REITs and property companies among Malaysian listed companies. The findings of the study are helpful for the government of Malaysia, practitioners, academia, researchers, banks, Bursa Malaysia, security commission and CEO’s of the listed companies to improve their organizational practices and reporting quality of CS.
Originality/value: There has been limited literature on CS practices among Malaysian REITs and property industry. The previous studies have only focused top companies or a single dimension of CS, while this study addressing all the three dimensions of sustainability. This is the first study addressing all the three dimensions (economic, environmental, and social) of CS after the 10th Malaysian Plan (2010-2015). The study using a large sample of REITs and property companies during 2011-2013. The study will significantly add value to CS practices in emerging economies like Malaysia.
Keywords: Sustainability; Sustainable development; Sustainable environment.
Citation: Zahid, M. and Ghazali, Z. (2015), "Corporate sustainability practices among Malaysian REITs and property listed companies", World Journal of Science, Technology and Sustainable Development, Vol. 12 No. 2, pp. 100-118. https://doi.org/10.1108/WJSTSD-02-2015-0008