This book provides a description of the state of the art on environmental disclosure, illustrating the key theoretical issues, the regulatory frameworks, and the main standards developed and reporting the results of an empirical analysis on the environmental disclosure released by listed firms.
Luigi Lepore and Sabrina Pisano begin by analysing the origin and evolution of environmental disclosure. They go on to provide a description of the main theoretical frameworks used by scholars, explaining the conceptual basis of each theory and describing how the specific theory has been used to explain the company’s decision to release environmental disclosure. The second part of the book highlights the role and evolution of the European regulatory frameworks, emphasising the transition from voluntary to mandatory disclosure, and the major standards and guidance developed. The book ends by providing a picture of the evolution of sustainability reporting practices in European Union nations over the past two decades.
This book investigates the critical issues and new directions in environmental disclosure, which are currently under examination by regulators and standard setters. It will therefore be of great interest to academics and students working in the areas of business and sustainability.
Author(s): Luigi Lepore, Sabrina Pisano
Series: Routledge Research in Sustainability and Business
Publisher: Routledge/Earthscan
Year: 2022
Language: English
Pages: 266
City: London
Cover
Half Title
Series Page
Title Page
Copyright Page
Table of Contents
Introduction
1 The role of environmental disclosure in the relationship with stakeholders
1.1 Origin and evolution of environmental disclosure
1.1.1 Corporate social responsibility, sustainability, and environmental disclosure
1.1.2 Environmental disclosure in European regulatory frameworks and in the main standards and guidance
1.2 The role of disclosure as a mechanism of corporate governance
1.3 Environmental disclosure, relations, and stakeholder management
1.4 Environmental disclosure and relational capital
2 Theoretical frameworks for environmental disclosure
2.1 Agency theory
2.2 Stakeholder theory
2.3 Legitimacy theory
2.4 Institutional theory
2.5 Signalling theory
3 Determinants and effects of environmental disclosure
3.1 Determinants of disclosure
3.1.1 Internal or firm-specific factors
3.1.1.1 Company characteristics
3.1.1.2 Corporate governance characteristics
3.1.2 External or institutional factors
3.1.2.1 Media exposure
3.1.2.2 Institutional factors
3.2 Effects of disclosure
3.2.1 Company performance
3.2.2 Financial markets
4 Regulatory frameworks for environmental disclosure
4.1 The European Union’s attention to environmental issues
4.2 Modernisation Directive 2003/51/EC
4.3 Non-Financial Reporting Directive 2014/95/EU
4.3.1 Environmental disclosure requirements according to Directive 2014/95/EU
4.3.2 European Commission Guidelines
4.3.2.1 Guidelines on non-financial reporting (methodology for reporting non-financial information)
4.3.2.2 Guidelines on non-financial reporting: Supplement on reporting climate-related information
4.3.3 Transposition of Directive 2014/95/EU into the laws of EU member states
4.4 The proposal Corporate Sustainability Reporting Directive
5 Main standards and guidance for environmental disclosure
5.1 Introduction
5.2 The GRI standards
5.3 The International IR Framework
5.4 The AA1000 Account Ability principles
5.5 Similarities and differences, and strengths and weaknesses of reporting frameworks
6 Empirical analysis of the determinants of the environmental disclosures released by European listed companies
6.1 Aim, research model, and hypotheses development
6.2 Method
6.2.1 Sample selection and data source
6.2.2 Dependent, independent, moderating and control variables
6.2.2.1 Dependent variable
6.2.2.2 Independent variables
6.2.2.3 Moderating variables
6.2.2.4 Control variables
6.2.3 Regression analysis
6.3 Results
6.3.1 Descriptive statistics
6.3.2 Regression results
6.3.2.1 Direct effects
6.3.2.2 Interaction effects
6.4 Discussion and concluding remarks
Conclusions
Index
