Capital market perspectives on sustainability accounting and reporting

Richard Slack

Chapter 5 in Handbook of Accounting and Sustainability, 2022, pp 67-88 from Edward Elgar Publishing

Abstract: There has been a volumetric increase in sustainability reporting information over the last 30 years coupled with the advent of reporting frameworks and reflective of global awareness of sustainability issues. This chapter reports on those qualitative-based studies that have examined, over that period, the (perceived) decision-usefulness of sustainability reporting to capital market users comprising equity and debt financing perspectives. Research methods have predominantly employed survey/questionnaire and experimental studies and since 2000, the growth in interview-based studies. Whilst recognising increased investor awareness of sustainability related issues over time from initial ignorance, clear tensions are consistently reported concerning its decision-usefulness. Primarily these encompass the prevalence of financial measurement and the associated focus on the economic impact of sustainability issues, and criticisms regarding reporting balance, consistency and comparability. The chapter reflects on investor led demand that may help redress these tensions and the need for the wider appreciation of the significance of sustainability beyond its financial impact. The current international developments surrounding sustainability reporting are highlighted as well as offering suggestions for future research.

Keywords: Business and Management; Economics and Finance; Environment (search for similar items in EconPapers)
Date: 2022
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