What Firms Disclose Versus What Employees Perceive: ESG–SDG Alignment in Kazakhstan

Abstract

Environmental, Social, and Governance (ESG) metrics are increasingly used to assess corporate sustainability performance, yet their reliance on public disclosure raises questions about whether they capture actual organizational implementation. This study examines the alignment between externally reported ESG–Sustainable Development Goal (SDG) performance and internal perceptions in Kazakhstan, an emerging market characterized by uneven disclosure norms, institutional enforcement, and sectoral exposure. The analysis combines disclosure-based ESGQ scores with original survey data; matched comparisons between the two resulted in 52 responses from 25 firms. Using linear mixed models and principal component analysis, the study identifies a systematic disclosure–perception gap, in which internal perceptions exceed external disclosure-based scores in the governance and SDG dimensions, where standards are least codified and hardest to verify. Additionally, industry membership is more consistently associated with this disclosure–perception gap than ownership structure or firm size. The findings suggest that ESG measurement gaps in emerging markets are not reducible to greenwashing; instead, disclosure-based evaluation systems may under-represent practices that organizational insiders perceive as embedded, although positive response bias among respondents cannot be ruled out. The results support the idea that future research should complement disclosure-based ESG assessment with internal organizational evidence.