Abstract

This paper explores whether firms imitate their peers’ non-financial reporting practices—particularly in the context of ESG (Environmental, Social, and Governance) disclosure—and under what conditions this imitation is more likely to occur. Drawing on neo-institutional and legitimacy theories, we examine both trait-based imitation (e.g., peer firm size, profitability, and high-status leadership) and outcome imitation (peer ESG disclosure scores). Using a dataset of 5,617 firms over nine years, our findings reveal that companies are more likely to emulate peers with greater size and superior ESG performance. Furthermore, we analyse how contextual uncertainties—such as divergent social expectations within industries and a firm’s prior disclosure experience—moderate this imitation process. Results suggest that uncertainty selectively amplifies certain forms of imitation. This study contributes to the literature on the determinants of non-financial reporting, highlighting the role of interorganizational imitation and legitimacy pressures in driving ESG disclosure practices.