How Has the COVID‐19 Crisis Affected the Link Between ESG Disclosure and Firm Value? A Two‐Level Analysis of European Listed Companies DOI Creative Commons
Aziza Garsaa

Business Ethics the Environment & Responsibility, Год журнала: 2024, Номер unknown

Опубликована: Дек. 16, 2024

ABSTRACT This paper examines the impact of environmental, social and governance (ESG) disclosure scores on firm value European listed companies before, during after COVID‐19 pandemic. Using a two‐level model unique dataset 264 multinational firms covering period 2019–2022, we find negative relationship between ESG value. Nevertheless, effect environmental disappears crisis, returns recovery period. Almost all empirical studies to date have found inverse effect, suggesting that even though transparency can improve reputation, it also damage reduce We show firm‐specific factors remain biggest source variability in value, crisis. Thus, this contributes existing literature by may vary depending economic financial context which operate. More specifically, shows benefits disclosure, namely reduction agency costs, stakeholder trust, legitimacy, are expected increase not predicted crisis context. Consequently, these findings provide both an theoretical contribution theory, signal legitimacy theory.

Язык: Английский

Navigating CSRD reporting: turning compliance into sustainable development with science-based metrics DOI
Luigi Operato, Andrea Gallo, Emanuele Marino

и другие.

Environmental Development, Год журнала: 2025, Номер unknown, С. 101138 - 101138

Опубликована: Янв. 1, 2025

Язык: Английский

Процитировано

1

EFRAG and ISSB: tensions and opportunities for convergence in the quest for the standardisation of sustainability reporting standards DOI
Jonida Carungu, Ruth Dimes, Matteo Molinari

и другие.

Management Decision, Год журнала: 2025, Номер unknown

Опубликована: Май 10, 2025

Purpose This study critically examines the roles of EFRAG SRB and ISSB in advancing sustainability standard-setting at European global levels. It investigates how these standard setters navigate alignment challenges while addressing unique stakeholder priorities broader implications for reporting landscape. Design/methodology/approach A detailed thematic analysis over 500 publicly available documents 178 h audio recordings from meetings discussions (March 2022–September 2024) is conducted. The research uses Alvesson Deetz’s (2000) critical framework, encompassing insight, critique transformative redefinition phases. Findings identifies key themes, such as interoperability, materiality, connectivity digital taxonomy highlights both convergence divergence approaches ISSB. Notable differences, including double materiality focus versus ISSB’s investor-centric expose tensions that influence process. Research limitations/implications advances understanding socio-political dynamics their impact on standardization efforts. Future can explore interpretations affect corporate practices engagement. Practical Insights are offered practitioners policymakers managing compliance with dual standards, emphasizing need integrated frameworks enhanced between financial reporting. calls to consider potential help Originality/value By integrating resistant innovation concepts platform dynamics, this contributes novel perspectives regional factors. provides a summary current state play two bodies outlines numerous avenues future research.

Язык: Английский

Процитировано

1

Disclosure of Sustainability Information Under the Corporate Social Responsibility Directive: The Degree of Compliance of Portuguese Stock Index Companies DOI Creative Commons
Graça Azevedo, Jonas Oliveira,

Ivone Sousa

и другие.

International Journal of Financial Studies, Год журнала: 2025, Номер 13(1), С. 13 - 13

Опубликована: Янв. 21, 2025

Europe has just published a new Directive on Corporate Sustainability Reporting disclosure and is elaborating European Standards. To analyze whether companies are complying with the requirements before (CRSD) sustainability comes into force, content analysis was carried out corporate reports of 12 in Portuguese Stock Index Euronext Lisbon for year 2022, complemented by score technique. From study general disclosures (European Standards—ESRS 2), we concluded that although some already comply various this standard, they not disclosing all information required ESRS 2 sustainability. We also concluded, analyzing companies’ CSRD have different levels disclosure.

Язык: Английский

Процитировано

0

Evaluating sustainability reporting in SMEs: insights from an ethical cooperative bank’s approach DOI
Ginevra Degregori, Valerio Brescia, Davide Calandra

и другие.

Journal of Global Responsibility, Год журнала: 2025, Номер unknown

Опубликована: Март 6, 2025

Purpose This study aims to explore the integration of digital technologies in sustainability reporting practices for small and medium-sized enterprises (SMEs) through approach adopted by an Italian cooperative bank committed ethical finance. It employs a dual evaluation framework combining traditional financial assessments with rigorous socio-environmental evaluations (VSA, Value Sustainability Assessment) ensure SMEs meet high social environmental responsibility standards. Design/methodology/approach The mixed method, joining qualitative case quantitative correlation analysis. Studying data from 3,431 questionnaires semistructured interviews key figures their correlation. highlights role Artificial Intelligence (AI)-driven Environmental, Social Governance (ESG) rating systems automated reports providing real-time performance aligning Sustainable Development Goals (SDGs). Findings results demonstrate between higher ESG scores lower probability default (PD), showcasing benefits practices. Trained assessors tools enhance transparency, accountability decision-making SMEs. Originality/value advances literature on transformation emphasizing practical impact AI SMEs’ reporting. uniquely examines link stability.

Язык: Английский

Процитировано

0

Underlying logics of SMEs’ attitudes to sustainability reporting: evidence from a post-communist country DOI
Nadia Albu, Cătălin Nicolae Albu, Maria-Silvia Săndulescu

и другие.

Management Decision, Год журнала: 2025, Номер unknown

Опубликована: Апрель 16, 2025

Purpose We aim to investigate the underlying logics of small and medium-sized enterprises’ (SMEs’) attitudes toward sustainability reporting (SR) in a post-communist country, namely Romania. Design/methodology/approach survey accountants as key actors SMEs mobilize an institutional perspective explore how deal with perceived significant shifts occurring arrival SR. employ convenience purposive (nonprobability) sampling identify respondents analyze 271 answers received June 2024 from experienced (187) junior (84) Romanian SME accountants. Findings find that legal tax-related factors, followed by SR expertise accounting infrastructure, are important enablers of, barriers to, SMEs. Accounting professionals begin see role for themselves SR, but different degrees. This diversity is explained through co-existence profit efficiency, sustainability, regulatory compliance (state) various also show influence state logic on relationship between logics, often considered being competition. Research limitations/implications only one which may limit transferability our findings other settings. Additional limitations stem research method employed, surveys measure perception lieu actual organizational practices. Originality/value Through chosen setting, we respond calls contextualize move away West. in-depth study intended inform literature insights under-researched setting.

Язык: Английский

Процитировано

0

Sustainability reporting regulation: hypes, myths and reflections DOI Creative Commons
Patrizia Di Tullio, Matteo La Torre, Michele A. Rea

и другие.

Management Decision, Год журнала: 2025, Номер unknown

Опубликована: Май 10, 2025

Purpose The corporate sustainability reporting directive (CSRD) and other mandatory disclosure requirements are reshaping practices to enhance transparency. However, like any change or innovation, they create shared expectations before their practical effects evident. This paper examines these by unveiling the potential hypes myths that new regulation may induce reflecting on implications for research practice. Design/methodology/approach study employs duality between reflect some surrounding requirements. It builds arguments at a normative level, drawing from academic literature examples. Findings CSRD regulations generated turned into four main can likely spread alongside them. unveils addresses them discussing costs of implementing reporting, particularly small medium-sized enterprises (SMEs), effect green hushing information completeness, shift social responsibility legal accountability assurance in reporting. Originality/value offers unique perspective sustainability, shedding light misinterpretations associated with implementation influence within both large companies SMEs. contributes practice exploring open points understanding debate impacts transparency behaviour.

Язык: Английский

Процитировано

0

A T-Shaped Perspective for Building Holistic Sustainability Reporting in the Digital Era DOI

Cristina Cervino,

Francesco Caputo

Опубликована: Май 12, 2025

In the last three decades, increasing attention around sustainability has stimulated several international debates about topic of performance measurement approaches. With aim conceptually addressing multiple challenges behind measurement, paper explores how recent reporting regulations, particularly Corporate Sustainability Reporting Directive can foster a holistic approach. Thanks to support provided by T-Shaped logic and Systems-Thinking approach, conceptual model is proposed analyse role, condition, contribution ongoing digital transition on management measurement. Reflections herein provide insights for researchers, professionals, policymakers integrating specialized skills with broader capabilities better capture contextual subjective dimensions sustainability. The originality lies in proposing an innovative framework bridging competences inter- multidisciplinary reporting.

Язык: Английский

Процитировано

0

Integrated reporting and the Corporate Sustainability Reporting Directive: bridging the gap or growing apart? DOI Creative Commons
Nicola Raimo, Vitiana L’Abate, Daniela Sica

и другие.

Management Decision, Год журнала: 2025, Номер unknown

Опубликована: Май 16, 2025

Purpose This study aims to examine, through the lens of legitimacy theory, compliance integrated reports – prepared according framework prior introduction Corporate Sustainability Reporting Directive (CSRD) with European Standards (ESRS). Additionally, it seeks assess impact firm size and industry environmental sensitivity on this level compliance. Design/methodology/approach employs manual content analysis evaluate ESRS disclosure requirements. Using a sample 166 Union companies that published an report in 2023, levels are assessed by systematically coding presence or absence required information each report. linear regression model is used examine Findings The results reveal relatively low average ESRS. They also demonstrate positive effect levels. Thus, larger those operating environmentally sensitive industries more likely align their Originality/value makes significant contribution literature addressing gap between current reporting practices based <IR> detailed requirements introduced CSRD. It provides some first empirical evidence expands knowledge factors influencing level. Furthermore, extends application framing as strategic response evolving regulatory expectations.

Язык: Английский

Процитировано

0

Do SMEs have an ESG communication strategy? Exploring the quality and influencing factors of voluntary ESG disclosures using web‐based and annual report channels DOI
Andrea Cardoni, Евгения Киселева

Business Strategy and the Environment, Год журнала: 2024, Номер unknown

Опубликована: Ноя. 10, 2024

Abstract This paper evaluates the influencing factors and disparities between web‐based annual report channels for environmental, social governance (ESG) disclosures by small medium‐sized enterprises (SMEs). In contrast to prevalent use of case‐studies in context SMEs, a quantitative study was conducted performing content analysis websites reports 100 manufacturing SMEs Italy. Based on collected evidence, exhibited higher level compared reports. These disclosure appear be independent each other, with financial resources significantly quality (i.e. profitability as proxy) size impacting information available turnover proxy). Both may explained resource‐based view, while agency characteristics (such having Big Four external auditor or board size) have relevant effect overall voluntary ESG score.

Язык: Английский

Процитировано

2

How Has the COVID‐19 Crisis Affected the Link Between ESG Disclosure and Firm Value? A Two‐Level Analysis of European Listed Companies DOI Creative Commons
Aziza Garsaa

Business Ethics the Environment & Responsibility, Год журнала: 2024, Номер unknown

Опубликована: Дек. 16, 2024

ABSTRACT This paper examines the impact of environmental, social and governance (ESG) disclosure scores on firm value European listed companies before, during after COVID‐19 pandemic. Using a two‐level model unique dataset 264 multinational firms covering period 2019–2022, we find negative relationship between ESG value. Nevertheless, effect environmental disappears crisis, returns recovery period. Almost all empirical studies to date have found inverse effect, suggesting that even though transparency can improve reputation, it also damage reduce We show firm‐specific factors remain biggest source variability in value, crisis. Thus, this contributes existing literature by may vary depending economic financial context which operate. More specifically, shows benefits disclosure, namely reduction agency costs, stakeholder trust, legitimacy, are expected increase not predicted crisis context. Consequently, these findings provide both an theoretical contribution theory, signal legitimacy theory.

Язык: Английский

Процитировано

0