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Rethinking Sustainability and Sustainable Development in Business Reporting

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (10 January 2021) | Viewed by 73436

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Special Issue Editors

Prof. Maria Serena Chiucchi

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Department of Management, Università Politecnica delle Marche, Italy
Interests: intellectual capital; intangibles; management accounting; integrated reporting; social and sustainability accounting; case study; qualitative research

Prof. Dr. Mara Del Baldo

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Department of Economics, Society and Politics, School of Economics, University of Urbino Carlo Bo, 61029 Urbino, PU, Italy
Interests: entrepreneurship, small businesses management and SMEs: corporate social responsibility, sustainability and entrepreneurial business ethics; sustainable tourism; benefit corporations; cultural heritage revitalization; cultural ecclesiastic heritage management; integrated reporting; social and environmental accounting; accounting and gender
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Prof. Dr. Paola Demartini

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Department of Business Studies, University of Rome Tre, 00154 Rome, Italy
Interests: Sustainable management; Entrepreneurship; ESG business performance; Communities and participatory governance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate reporting is increasingly being required to communicate how sustainability is embedded in the corporate vision, how it informs the value creation process and the business strategy, and how it sustains environmental, social, and financial performances. A holistic and integrated representation of sustainability is the new frontier for managers and it is required by both financial and non-financial stakeholders. Hence, these issues are relevant both from an external and from an internal reporting point of view and involve private, public, third sector, and hybrid perspectives.

In addition, the adoption of the United Nations Sustainable Development Goals (SDGs) framework provides both an opportunity and a need for research on current challenges faced by companies who are required to implement SDGs.

Given this background, we are pleased to announce a Special Issue of Sustainability with the general theme of “Rethinking Sustainability and Sustainable Development in Business Reporting”.

The objective of this Special Issue is to publish high-quality papers that contribute to promoting our understanding of how these emerging challenges affect business reporting practices (i.e., including not only Sustainability Reporting and Financial Reporting but also Integrated Reporting, Corporate Governance Reporting, Managerial Reporting, etc.). The Special Issue is open to both conceptual studies and empirical analyses based on qualitative as well as quantitative methodological approaches.

Possible topics for contributions include, but are not limited to, the following:

relationships between sustainability practices and sustainability disclosure;
impact of sustainability practices on managerial reporting and the managerial decision-making process;
inclusion of SDG issues into an organization’s management and external reporting;
sustainability reporting in different kinds of organizations: private, public, third sector, and hybrid perspectives;
the impact of new media (e.g., company website, social networks) on sustainability disclosure; and
financial and non-financial stakeholders’ reaction to sustainability-oriented management and disclosure.

Prof. Mara Del Baldo
Prof. Maria Serena Chiucchi
Prof. Paola Demartini
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

sustainability reporting
integrated reporting
sustainable development goals (SDGs)
corporate reporting
social and environmental reporting
non-financial disclosure/reporting
multidimensional reporting

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Published Papers (10 papers)

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Research

24 pages, 3102 KiB

Open AccessArticle

Resilience Reporting for Sustainable Development in Cities

by Monica Bruzzone, Renata Paola Dameri and Paola Demartini

Sustainability 2021, 13(14), 7824; https://doi.org/10.3390/su13147824 - 13 Jul 2021

Cited by 15 | Viewed by 4336

Abstract

Recently, a new paradigm has emerged—the resilient city. It is an evolutionary concept rooted in recent—but more consolidated—city visions, such as a smart city or a sustainable city, from which it inherits the interweaving of different dimensions. This paper investigates the factors behind effective resilience reporting, as well as how a city should draw up an urban resilience strategy report to be accountable to its citizens. We first highlighted the main factors to design and implement reporting for the achievement of strategic resilience goals, by combining research on a resilient city and accountability practices. These factors could be organized following two different perspectives: political and sociotechnical. Then, we applied our framework to four pioneering municipalities selected as paradigmatic case studies. A qualitative content analysis applied to the city resilience reports has provided depth to our framework. We found that the “weak factor” is the ability to embed the resilience strategy in rooted connections and transform itself into an ecosystem that crosscuts different sectoral urban processes. Our exploratory research claims could be used for future research in this field, as cities are becoming increasingly complex systems, where the quality of life and well-being of a larger population depends. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

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25 pages, 638 KiB

Open AccessArticle

A Structured Literature Review about the Role of Management Accountants in Sustainability Accounting and Reporting

by Ilenia Ascani, Roberta Ciccola and Maria Serena Chiucchi

Sustainability 2021, 13(4), 2357; https://doi.org/10.3390/su13042357 - 22 Feb 2021

Cited by 42 | Viewed by 15553

Abstract

Management accountants have proven to be pivotal for introducing new forms of accounting and reporting in companies to support managers in their decision-making process. The purpose of this paper is to review the literature on the role management accountants play in sustainability accounting and reporting to understand how research is progressing, point out its focus, critique its developments, and finally, identify future research avenues. Results reveal that, to date, management accountants’ level of involvement is lower than that of non-accountants and that there is a consensus in academia and practice that a more significant involvement of management accountants is needed for promoting homogenization of sustainability accounting and reporting in companies and its more widespread diffusion and use among managers, thus embedding sustainability in corporate strategy and practices. Our findings show that more active involvement of management accountants depends, among other things, on their ability to broaden their competencies to include other domains of expertise and on the role of accounting education in improving their sustainability knowledge. Therefore, we call for more research on the competencies, skills, and roles that management accountants should play in order to promote the adoption and improvement of sustainability accounting and reporting. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

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16 pages, 309 KiB

Open AccessArticle

A Tone Analysis of the Non-Financial Disclosure in the Automotive Industry

by Valentina Beretta, Maria Chiara Demartini, Laura Lico and Sara Trucco

Sustainability 2021, 13(4), 2132; https://doi.org/10.3390/su13042132 - 17 Feb 2021

Cited by 18 | Viewed by 5443

Abstract

This study’s purpose is twofold. On the one hand, it analyzes the relationship between the profitability of firms and the tone of nonfinancial disclosures; on the other hand, it tests the relationship between the environmental, social, and governing (ESG) performance of firms and the tone of nonfinancial disclosures on the automotive sector under two different and competing approaches, which are incremental information and impression management. The sample is composed of 68 nonfinancial reports issued by 17 automotive organizations between the years 2016 and 2020. Data analysis proceeded in two stages. First, a content analysis was performed to assess the linguistic attributes of the nonfinancial disclosure. Second, an inferential regression analysis was performed to test the hypothesized associations between firms’ performance and tone of their disclosures. The results of this study are aimed at providing evidence of the determinants of the verbal tone in the corporate nonfinancial reporting in a specific industry. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

16 pages, 287 KiB

Open AccessArticle

Stakeholder Value Creation: Comparing ESG and Value Added in European Companies

by Silvana Signori, Leire San-Jose, Jose Luis Retolaza and Gianfranco Rusconi

Sustainability 2021, 13(3), 1392; https://doi.org/10.3390/su13031392 - 29 Jan 2021

Cited by 34 | Viewed by 12377

Abstract

In recent years, a renewed interest in value creation for stakeholders has been witnessed in different contexts. Different tools have been proposed to try to grasp and measure such value(s) but, in many cases, the main perspective remains that of the shareholders. To contribute to the field of research that aims to discuss novel ways of thinking about value creation measurement, this paper addresses the relationship between ESG (Environmental, Social, and Governance) ratings and Value Added, as proxies of value creation and distribution for stakeholders. In particular, we consider whether ESG ratings are able to capture companies that are characterized by their capacity for generating higher Value Added for stakeholders. Our analysis uses the frontier methodology combined with means comparison. Data from 2018 were downloaded from EIKON, for all companies within the Euro zone and for all sectors (1932 companies, of which 399 held an ESG rating, compared with 1533 without ESG analysis). Our analysis reveals that, although ESG is theoretically considered a good social responsibility proxy, ESG indices cannot be used as an indicator of value creation for stakeholders but, rather, must be considered as only one of the components. This implies a need to review the limitations of ESG ratings and establish that the relevant indices are not suitable for use in universal or absolute decision-making. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

23 pages, 328 KiB

Open AccessArticle

Non-Financial Disclosure and Intra-Industry Comparability: A Macro, Meso and Micro Analysis

by Eva Cerioni, Alessia D’Andrea, Marco Giuliani and Stefano Marasca

Sustainability 2021, 13(3), 1177; https://doi.org/10.3390/su13031177 - 23 Jan 2021

Cited by 11 | Viewed by 4014

Abstract

The inadequacy of financial reports for meeting the information needs of stakeholders has prompted companies to adopt non-financial communication systems (also called non-financial disclosure—NFD). Comparability of NFD is an issue as it allows making sense of the information. Nevertheless, while some argue that comparability is particularly difficult to pursue in practice on a general level, it can be achieved among companies belonging to the same industry. This study aims to understand whether, at the empirical level, the comparability of NFD is achieved and to what extent (macro, meso or micro). To achieve this aim, a text analysis of the NFD was performed. The object of analysis is represented by the NFD published by the listed companies belonging to the energy and banking industries, and that is part of the Dow Jones sustainability index. The main results are the following. First, there is a de facto comparability in terms of adopted standards, but not in terms of how the standards are applied. Second, the phenomenon of label creativity represents a relevant barrier. Third, although content standardization is lacking, common information dimensions in the reports seem to emerge. This appears to be an invitation to policymakers to transpose virtuous behavior and to implement the desired harmonization of jure. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

20 pages, 4020 KiB

Open AccessArticle

Including Sustainable Reporting Practices in Corporate Management Reports: Assessing the Impact of Transparency on Economic Performance

by Anca Băndoi, Claudiu George Bocean, Mara Del Baldo, Lucian Mandache, Leonardo Geo Mănescu and Cătălina Soriana Sitnikov

Sustainability 2021, 13(2), 940; https://doi.org/10.3390/su13020940 - 18 Jan 2021

Cited by 14 | Viewed by 5629

Abstract

In terms of sustainability, traditional disclosure does not provide the necessary information to all stakeholders, mainly addressing the company’s shareholders’ expectations. As a result, organisations need to disclose more non-financial information, which implies social and environmental issues. Many organisations currently provide sustainability reports in addition to the annual management reports containing financial and economic data. Several studies have focused on adopting practices and tools in the sustainability area and their overlap with traditional managerial techniques and tools. Nevertheless, integration involves a harmonising process, compatibility and alignment between different management practices. This study aims to assess the impact that the inclusion of sustainable reporting practices in corporate management reports has on economic performance, and to support filling the gap in the specific literature by proposing an integrated reporting model achieved through a harmonising process, compatibility and alignment. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

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19 pages, 269 KiB

Open AccessArticle

CSR in Non-Large Public Interest Entities: Corporate Talk vs. Actions

by Joanna Krasodomska and Justyna Godawska

Sustainability 2020, 12(21), 9075; https://doi.org/10.3390/su12219075 - 31 Oct 2020

Cited by 4 | Viewed by 2829

Abstract

Smaller companies’ understanding of and attitude toward corporate social responsibility (CSR), both in terms of actions and disclosure, is distinct from that of other organizations, including large public interest entities (PIEs) that dominate the existing literature in the field. In this study, we examine the interdependencies between non-large PIEs’ CSR practices and disclosures with the use of the organizational hypocrisy concept as a theoretical lens. Our sample consists of 111 companies operating in Poland and pursuing 646 CSR-related practices in 2017. We perform content analysis of their websites using the disclosure index to assess the extent of their CSR disclosures. The total number of observations equals 1227. Both practices and disclosures are analyzed according to ISO 26000 standards. The relationship between the sample companies’ CSR talk and actions is analyzed by means of the Pearson coefficient. Our findings suggest that CSR practices and disclosures of non-large PIEs are loosely coupled. For the whole sample and for the non-SMEs (small and medium sized entities) subsample, the strongest association between the two was observed as regards the organizational governance area. As far as the SMEs are concerned, the statistically significant association between their CSR reporting and actions was identified for the environmental area. Our study contributes to the CSR literature, as it provides new insights into the relation between voluntary CSR talk and actions of non-large PIEs operating in a relatively unexplored setting. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

18 pages, 421 KiB

Open AccessArticle

Effect of B Corp Certification on Short-Term Growth: European Evidence

by Valerie Paelman, Philippe Van Cauwenberge and Heidi Vander Bauwhede

Sustainability 2020, 12(20), 8459; https://doi.org/10.3390/su12208459 - 14 Oct 2020

Cited by 31 | Viewed by 9342

Abstract

This paper investigates the effect of sustainability certification on the short-term growth rates of socially responsible companies. A changing business environment in which stakeholders became more sensitive to the sustainability practices of companies induced a growing popularity of hybrid firms, which use market-based approaches to pursue environmental and social goals. However, stakeholders do not take unsubstantiated claims about companies’ sustainability efforts for granted, creating a potential economic role for independent certification organizations. In addition, the internal processes brought about by the external verification procedure could turn the social mission, which is often creating tension with financial goals, into a strategic advantage. B Lab is one such well-known and rapidly growing organization, granting so-called B Corp certificates across many countries around the world. This paper contributes to the hybrid firm literature by ascertaining the benefit of certification as measured by firm growth. Using a panel dataset of financial data of European firms that obtained B Corp certification between 2012 and 2018 and a quasi-experimental difference-in-difference research design, this paper empirically shows that B Corp certification positively impacts the turnover growth rates one year pre versus one year post certification. No significant effects on employee growth rates or total asset growth rates are found. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

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11 pages, 244 KiB

Open AccessEditor’s ChoiceArticle

How Does Integrated Reporting Change in Light of COVID-19? A Revisiting of the Content of the Integrated Reports

by Isabel-María García-Sánchez, Nicola Raimo, Arcangelo Marrone and Filippo Vitolla

Sustainability 2020, 12(18), 7605; https://doi.org/10.3390/su12187605 - 15 Sep 2020

Cited by 54 | Viewed by 6501

Abstract

The crisis connected to the spread of the COVID-19 pandemic represents an epochal event destined to generate strong economic and social consequences. The impact of the pandemic on business activities and business models also entails rethinking reporting practices. The pandemic has, in fact, created an enormous need for investors and stakeholders in general for future-oriented information relating to the impacts of this event on organizations. Integrated reporting is an ideal tool to provide information related to the effects of the pandemic and provide a holistic view of the future prospects of organizations. This study, using legitimacy theory and based on a two-step methodology, highlighted a series of information that companies will need to have to include in integrated reports to maintain and defend legitimacy. The results provide a double perspective: the first based on content elements and the second based on capitals. The results represent an important guideline for companies for the preparation of future integrated reports. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

21 pages, 551 KiB

Open AccessArticle

Exploring CEO Messages in Sustainability Management Reports: Applying Sentiment Mining and Sustainability Balanced Scorecard Methods

by Hyung Jong Na, Kun Chang Lee, Seung Uk Choi and Seong Tae Kim

Sustainability 2020, 12(2), 590; https://doi.org/10.3390/su12020590 - 13 Jan 2020

Cited by 17 | Viewed by 5129

Abstract

The purpose of this study is to apply a combination of sentiment mining techniques and a sustainability balanced scorecard to CEO messages in sustainability management reports to predict corporate financial ratios. We classify the contents of CEO messages into the six perspectives suggested by the sustainability balanced scorecard (SBSC). From the sentiment mining results, we first document that positive words dominate CEO messages in sustainability management reports. Moreover, words related to the sustainability perspective do not generally exhibit a significant relationship with financial ratios. This finding indicates that CEOs’ messages in sustainability management reports seemingly fail to properly represent the firms’ current financial status. Therefore, the results indicate that a stronger supervisory standard may be required to induce CEO disclosures that are more responsible for sustainable management reports. Full article

(This article belongs to the Special Issue Rethinking Sustainability and Sustainable Development in Business Reporting)

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