From Private to Public Accountability: Designing Pre-IPO ESG Reporting and Governance under Stakeholder and Institutional Pressure

Sonia Abdennadher; Walid Cheffii; Khaled Ahmed Alharthi

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From Private to Public Accountability: Designing Pre-IPO ESG Reporting and Governance under Stakeholder and Institutional Pressure

Sonia Abdennadher

Faculty of Business, Higher Colleges of Technology, United Arab Emirates

Walid Cheffi

IRC-Finance and Digital Economy; Business School, King Fahd University of Petroleum and Minerals, Saudi Arabia

Khaled Ahmed Alharthi

Finance Program, Higher Colleges of Technology, United Arab Emirates

Volume 23: 2026 pp. 00-00: ABSTRACT

This teaching case examines Environmental, Social, and Governance (ESG) governance in the context of a pre-IPO institutional transition within an emerging market economy. It follows Green Valley, a privately held agritech company in the United Arab Emirates (UAE), preparing for a potential Initial Public Offering (IPO) within twelve months. As the listing approaches, the firm must determine how to strengthen its ESG control and reporting systems in anticipation of increased oversight from investors, regulators, and rating agencies. Although Green Valley has implemented several environmental and social initiatives, its internal data governance systems and ESG assurance practices remain underdeveloped. The case explores the strategic and ethical tension between proactive ESG alignment prior to listing and delayed institutionalization after market entry. Drawing on stakeholder salience theory, institutional theory, signaling theory, and bounded rationality, the case enables students to analyze how exposure to capital markets reshapes accountability structures and governance priorities. The case is suitable for MBA/EMBA and senior undergraduate students.

Keywords: sustainability reporting, sustainable finance, ESG assurance, emerging markets.