Discerning the state of the art in Italy of voluntary disclosure on biodiversity and endemic species

Silvia Solimene, Daniela Coluccia, Stefano Fontana, Carmela Gulluscio, Alessandro Bernardo and Garry D. Carnegie

Meditari Accountancy Research, 2024, vol. 32, issue 6, 2348-2395

Abstract: Purpose - This study aims to examine the extent and quality of biodiversity reporting within publicly traded companies in Italy during 2022, amidst growing calls worldwide for enhanced corporate environmental responsibility. Design/methodology/approach - The study proposes a framework derived from existing biodiversity reporting literature and international guidelines on the topic. Using data from companies’ non-financial reports, the voluntary biodiversity disclosure index is quantified on disclosed information. Various quality reporting characteristics are also deepened. Sector-specific analysis is conducted across 11 industries. Findings - Approximately 30% of companies in the sample release information on their biodiversity practices/initiatives regarding biodiversity and extinction loss risks. Quantitative analysis reveals a general commitment to disclosure yet falls short of optimal standards. Qualitative insights suggest a genuine intention towards reporting exists, with notable gaps in future orientation, double materiality and mitigation strategies. The quality analysis underscores that the reporting is mainly generalised, narrative and disaggregated concerning actions to restore habitats and ecosystems. Research limitations/implications - A limitation of this study is the observation of annual reports during one reporting period. Future studies of longer duration would provide cross-period insights into corporate behaviour. Practical implications - Policymakers should implement regulations and guidelines specifically tailored to biodiversity reporting, providing clear frameworks and standards for companies. Collaborative initiatives between governments, businesses and environmental organisations offer potential to develop best practices and facilitate knowledge-sharing in biodiversity reporting. Social implications - Collaborative initiatives between governments, businesses and environmental organisations offer potential to develop best practices and facilitate knowledge sharing in biodiversity reporting. Originality/value - The study contributes to future biodiversity disclosure research by introducing a comprehensive framework that fosters stakeholder trust and environmental accountability. It also sheds light on biodiversity stewardship among Italian companies, under EU directives.

Keywords: Sustainability; Biodiversity disclosure; Emancipatory accounting; Environmental accountability; Extinction accounting (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:medarp:medar-04-2024-2450

DOI: 10.1108/MEDAR-04-2024-2450

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