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Regulating Sustainability Reporting in Europe: De Jure Harmonisation or De Facto Standardisation?

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  • Simone Pizzi
  • Andrea Venturelli
  • Fabio Caputo

Abstract

The paper aims to contribute to the debate about sustainability reporting through an evidence-based analysis of the contribution of the Global Reporting Initiative (GRI) to the standardisation of the non-financial disclosures prepared by the Italian public interest entities (PIEs). For the purpose of this study, we considered a sample of Italian PIEs affected by the effects of the Directive 2014/95/EU during the period 2017-2020. Following previous studies about financial accounting harmonisation, the analysis was built using the Herfindahl index (H-Index) and Comparability index (C-Index). The analysis reveals that the GRI standards contributed to achieving a higher degree of harmonisation. Furthermore, the analysis underlines an isomorphic approach related to the disclosure of non-financial information on a mandatory basis. Despite common legal requirements, we found virtuous companies voluntarily adopted a more sophisticated reporting approach to signal their orientation to sustainable and ethical paradigms.

Suggested Citation

  • Simone Pizzi & Andrea Venturelli & Fabio Caputo, 2025. "Regulating Sustainability Reporting in Europe: De Jure Harmonisation or De Facto Standardisation?," Accounting in Europe, Taylor & Francis Journals, vol. 22(1), pages 51-75, January.
    • Handle: RePEc:taf:acceur:v:22:y:2025:i:1:p:51-75
    DOI: 10.1080/17449480.2024.2330976
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