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Climate Change Risk Disclosure in Europe: The Role of Cultural-Cognitive, Regulative, and Normative Factors

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  • Silvia Panfilo
  • Joanna Krasodomska

Abstract

Climate change is a key issue faced by the contemporary world. Through the lens of neoinstitutionalism and the normativity concept, this study examines whether cultural, regulative, and normative dimensions affect the quality of climate change risk disclosures. This paper uses a sample of 653 European companies and measures the quality of their disclosures based on Carbon Disclosure Project (CDP) ratings. The results show that the quality of such disclosures is associated with cultural and normative dimensions, but substantive legitimacy is found to be influenced by all the examined institutional factors. The interactions between the examined cultural and normative dimensions are shown to be (not) important for firms that operated in weaker (stronger) regulative contexts prior to Directive 2014/95/EU. This study provides a better understanding of the challenges related to climate change reporting and the role of institutional differences in the process of achieving normativity in cross-national contexts such as that of the European Union.

Suggested Citation

  • Silvia Panfilo & Joanna Krasodomska, 2022. "Climate Change Risk Disclosure in Europe: The Role of Cultural-Cognitive, Regulative, and Normative Factors," Accounting in Europe, Taylor & Francis Journals, vol. 19(1), pages 226-253, January.
    • Handle: RePEc:taf:acceur:v:19:y:2022:i:1:p:226-253
    DOI: 10.1080/17449480.2022.2026000
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    Cited by:

    1. Monique Bruwer & Salomé Elizabeth Scholtz & Leon Tielman De Beer & Johanna Christina Rothmann, 2022. "The Human Capital Risk Reporting of Listed South African Companies: Exploring a Reporting Framework to Support Corporate Governance," Administrative Sciences, MDPI, vol. 12(4), pages 1-24, September.
    2. Salvatore Principale & Simone Pizzi, 2023. "The Determinants of TCFD Reporting: A Focus on the Italian Context," Administrative Sciences, MDPI, vol. 13(2), pages 1-12, February.

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