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Due to the large amounts of water needed for production, cooling machinery, and waste disposal, manufacturing companies face a major water management challenge. This stakeholder theory-based study evaluates water management disclosure volume and caliber. Annual, sustainability, and integrated reports from 2017 to 2021 were content analysed to achieve this goal. The study assessed corporate water disclosure and sufficiency using content analysis and benchmarking-scoring. This six-point scale evaluated G4 disclosures according to the Global Reporting Initiative. Qualitative findings showed modest corporate water disclosure for GRI-recommended sustainability indicators. The study found that listed manufacturing companies gradually increased disclosure. The Transparency and Adequacy Index (TAI) Score rose from 5.27 in 2017 to 7.24 in 2021. However, many manufacturing firms shared qualitative information but omitted key water management aspects. These neglected details included water resource impacts, recycling efforts, effluent management, negative effects, and grievance mechanisms. The data was examined using the System Method of Moments (GMM). ISO 14001 certification, water risk sensitivity, international presence, global operations, and Return on Assets (ROA) all predicted corporate water disclosure. ROE, profitability, and Tobin's Q had no significant impact. This paper provides empirical evidence of stakeholder influence on manufacturing water disclosure, making it unique. This study is the first to examine this influence from both quantitative and qualitative perspectives. These findings emphasise the need for new, internationally applicable, industry-specific sustainability reporting standards.

Keywords: Corporate Water Management Disclosure; Global Reporting Initiatives; Lower Middle-Income Country; Sustainable Development Goals.