This study investigated and compared energy conservation levels between listed companies in energy-intensive industries and non-energy-intensive industries in Thai capital markets. It also tested the impact of energy conservation on firm performance using companies in the two industries. The sample for the study was sourced from 552 companies in the Stock Exchange of Thailand (SET) and 169 companies in the Market for Alternative Investment (MAI). The data was collected from the companies' annual reports spanning the period from 2016 to 2020. Descriptive analysis, independent sample t-test, and unbalanced panel data analysis were used to analyze data. The findings revealed that energy conservation scores for Thai-listed companies were generally stable, averaging between 0.45 and 0.46. It was also revealed that the energy conservation of companies in energy-intensive industries was significantly greater than that of companies in non-energy-intensive industries, with average scores of 0.55 and 0.43, respectively. Additionally, the study found that energy conservation has a positive impact on the firm performance of energy-intensive industries, while no significant impact in energy-intensive industries was recorded. The findings demonstrate that stakeholder and legitimacy theories can help explain how energy conservation benefits companies in terms of increased firm performance.

The study investigates the relationship between corporate reporting quality, viewed through an integrated reporting perspective, and sustainable growth among Thai-listed companies during the period from 2019 to 2022. Utilizing a sample of 59 SET50 companies and analyzing 232 annual reports, an Integrated Reporting Quality Index (IRQI) was developed to assess reporting quality across three principal components—capitals, guiding principles, and content elements—as well as their respective sub-components, enabling comprehensive evaluation at both macro and micro levels. Although the component-level analysis identified no significant relationships with sustainable growth, the sub-component analysis revealed critical insights. Information connectivity, conciseness, and business model disclosure demonstrated positive associations with sustainable growth, whereas strategic focus exhibited a negative relationship. These findings contribute to the extension of stakeholders and signaling theories within emerging market contexts, emphasizing the importance of effective communication mechanisms over the sheer volume of disclosures. The study further documents substantial improvements in reporting quality following the implementation of the One Report framework, suggesting that well-designed regulatory interventions can elevate corporate disclosure standards. The results offer valuable implications for managers, regulators, and investors, underscoring that fostering effective information connectivity, conciseness, and clear articulation of business models contributes more significantly to sustainable growth than simply increasing the quantity of disclosed information.

Type of the article: Research ArticleAbstractMandatory reporting regulations challenge management adaptation. Organizational response patterns during regulatory transitions in emerging markets require further investigation. The study examines managerial responses of Thai-listed companies to the mandatory One Report regulation in 2021 and classifies firms into strategic clusters based on adaptation patterns to International Integrated Reporting Framework components. The paper used a comprehensive Integrated Reporting Quality Index and two-step cluster analysis on 232 annual reports from 58 largest companies in Thailand’s SET50 index (2019–2022) to move beyond simple compliance measurement and identify distinct managerial strategies and their organizational implications. Results demonstrate significant improvement in the quality of managerial responses to the regulation, representing a 36.4% increase, from moderate levels (X̄ = 1.21, SD = 0.24) before implementation to high levels (X̄ = 1.65, SD = 0.18) afterward. Wilcoxon signed-rank tests confirmed statistical significance (Z values between –3.205 and –5.526, p < 0.001). Notably, cluster analysis identifies two distinct strategic approaches: Strategic adopters (Cluster 1), who demonstrate comprehensive integrated thinking, and compliance-oriented responders (Cluster 2), who adopt minimalist approaches. The study reveals significant organizational learning over the study period, with strategic adopters growing from 27 to 44 companies (46.6% to 75.9%) while compliance-oriented responders declined from 31 to 14 companies (53.4% to 24.1%). Mandatory implementation successfully catalyzed strategic differentiation, though challenges in disclosing non-financial capital persist. These findings provide crucial insights for managers seeking competitive advantage during regulatory transitions and for policymakers designing effective governance frameworks.

Existing research on the linkage mechanisms among green technology innovation (GTI), executive green perception (EGP), carbon performance (CP), and financial performance (FP), particularly systematic investigations within the context of China’s high‑carbon industries, remains insufficient. To address this gap, this study explored the pathway through which GTI influences FP, as well as the mediating effect of EGP and the moderating effect of CP. Grounded in stakeholder theory and innovation diffusion theory, an integrated analytical framework was developed and tested using panel data from listed companies in China’s coal, energy, and manufacturing sectors spanning 2015 to 2023 (N = 11,302). The analysis employed a two-way fixed effects model. The results revealed that GTI significantly and positively impacts FP (β = 0.199, p < 0.01), with EGP serving a partial mediating role in this relationship. Furthermore, CP positively moderates the connection between GTI and FP (β = 0.096, p < 0.01). The key innovation of this research is its unique simultaneous examination of both mediating and moderating mechanisms within a single model. The approach provides a deeper theoretical explanation and practical managerial insights for utilizing green innovation to enhance financial outcomes in high-carbon transitional settings.