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Research Question: How do EU-based nuclear energy producers align their operations with the EU Taxonomy for sustainable activities, and what are the implications for their long-term sustainability strategies and financial performance? Motivation: The integrated analysis of sustainability disclosures, financial metrics and cross-national comparisons of firms provides a lens on how nuclear energy is recast as sustainable within a new policy paradigm. Idea: This paper compares the deployment of nuclear energy by significant producers in the European Union (EDF, Nuclearelectrica and Vattenfall) over the 2020-2024 period. While every company has a unique approach to nuclear within their energy mix and national goals, all are viewing it as a critical component to the decarbonization strategy. Data: We analyze how these companies comply with the EU Taxonomy and how they add to the establishment of (4.26) electricity generation from nuclear, (4.27) construction of nuclear installations and (4.28) safe decommissioning of nuclear installations. Tools: Comparative analysis, content analysis, financial analysis. Findings: This paper also shows how the reports of selected European Union companies are different regarding the disclosure of information on nuclear activities. It additionally provides a financial framework to facilitate future analysis of the efficiency with which these firms deploy capital and operate their nuclear assets, based on fixed assets turnover. Contribution: In summary, the paper paints a much clearer picture of the role of nuclear energy in reaching the clean energy ambitions of Europe and the need for uniform sustainability reporting if green investment is sought.

The objective of this study is to present and validate a pedagogical method based on practice testing and student-generated questions, delivered in a blended learning environment. The research is founded on assessment-based approaches for two consecutive management accounting disciplines (management accounting and performance measurement and control) at the most prestigious economics university in Romania. Our study is motivated by the desire to improve the student learning process, as students, in general, find management accounting difficult. The moment is especially significant given the large-scale adoption of blended learning after the COVID-19 pandemic. Data were collected for a period of two semesters, starting with the moment that marked the return to traditional learning after lockdown. A new variable labeled “consistent learning” was developed to account for student participation in these learning strategies throughout the semester. The sample comprised 107 students. Hypotheses were formulated to identify and test learning patterns within and between these disciplines using the self-determination theory. The results show that the learning outcomes are positively correlated with consistent learning, for both disciplines. Two clusters were identified: involved learners versus a voluntary non-involvement group. For all learning outcomes, the group that adopted the learning strategy had significantly better results at the end of the semester than the rest of the sample. This study provides an opportunity for professors, showing that the implementation of assessment-based learning strategies in a blended environment leads to significant improvements in student learning outcomes in related disciplines.

The aim of the present study is to assess the impact of structural capital intensity and utilization on firm profitability in an international setting: the European Union countries, plus Norway, Switzerland and the United Kingdom. The indicators are calculated based on financial data downloaded from the Refinitiv Eikon database. Two financial ratios are used as proxies for the intensity and utilization of structural capital. The balanced panel consists of 625 companies from 25 countries, over the period from 2013 to 2022. The panel includes financial information on two industries that are considered innovation-oriented, namely technology and healthcare. Alternative model specifications are proposed to test the robustness of the basic model, including dynamic models (with lagged dependent variables). The present study indicates that a higher proportion of structural capital (intangible assets, excluding goodwill) is a negative factor for company profitability in the technology and healthcare sectors. There is no indication that a more intense use of intangible assets and more investments in R&D positively contribute to company profitability in the respective industries, for a large sample of listed companies. A higher proportion of intangible assets, as reported in financial statements, is possibly related to inefficiencies in the management of structural capital. The inverse relationship between profitability and investments in intangible assets is likely due to failures in cost accounting. Limitations and future research propositions are provided in the conclusions.

The European Green Deal, as a priority of the European Commission, includes a plan to make the EU economy sustainable and competitive. The way this can be done is to turn climate and environmental challenges into opportunities. To achieve this goal, massive investments from public funds are foreseen, as well as a reorientation of the financial system and private investments towards projects that reduce the carbon footprint and entail other positive environmental externalities. These intentions have been welcomed by the governments of the member states, the business community, and European citizens.

The purpose of this study is to investigate the differences between developed countries in terms of corporate governance outcomes at aggregate and granular levels. The population of companies was collected from the database curated by Refinitiv. The sample was selected according to two criteria: the existence of governance scores for the financial year 2021 and the registration of a company in any of the G20 countries or the European Union. The results are presented by ranking the G20 countries based on four aggregate indicators and four granular indicators of corporate governance quality. While the differences regarding the aggregate indicators are not statistically strong, the intercountry differences on board independence, board gender diversity, board skills, and auditor tenure are especially relevant. The present article opens an avenue of research on international corporate governance linked to cultural dimensions, comparative legal systems, national approach to corporate social responsibility, and corporate governance principles.

There is a growing interest in identifying the benefits that companies may have once they disclose financial and sustainability information in integrated reports. The aim of this study is to analyze the relationship between integrated thinking and reporting (ITR) and financial risk in nonfinancial companies worldwide. Data were collected mainly from the Refinitiv Eikon database for 7111 companies from 85 countries over the period 2017–2021. The focal industries are basic materials, consumer discretionary, consumer staples, energy, healthcare, industrials, real estate, technology, telecommunications, and utilities. Panel regression was used as a statistical procedure and random effects models are preferred. Hypotheses related to signaling theory are confirmed, as companies are interested in high-quality disclosures in integrated reports, reflecting a positive outlook and reduced financial risk. Our results show a negative relationship between ITR and the weighted average cost of capital, and a positive association between the main predictor and liquidity measured by the cash ratio. In addition, designing a compensation system linked to sustainability performance leads to a reduced cost of financing through debt and equity. Robustness tests were applied to the relationship between ITR and the weighted average cost of capital; the results show that stricter board oversight and holistic stakeholder management can decrease the average cost of capital and the financial risk for the company. This research is important for stakeholders looking to improve their knowledge about integrated reports and for practitioners seeking to enhance the quality of integrated reports and reduce the financial risk of companies.

The United Nations Sustainable Development Goals (UN SDGs) were introduced in 2015 to advance the 2030 Agenda of sustainable development in all supporting countries. The SDGs are applicable to countries, non-governmental organizations, industries, and companies. In this article, we focus on the contribution of listed companies headquartered in the European Union (EU) to the SDGs. The EU intends to be the front-runner in the race for sustainable development and has adopted comprehensive strategies that mirror the UN SDGs. For this reason, we collected relevant data points from the Refinitiv Eikon database for 1156 companies headquartered in EU countries for the financial year 2022. The data collected refer to contributions to each SDG and the adoption of corporate sustainability policies. Data were statistically analyzed per country and sector to generate a comprehensive image of industry contributions to the SDGs in the EU. By applying a comparative analysis of country-level achievements and policies, the results point to four EU countries that are significant contributors to the SDGs through their economic activities. At the same time, other EU countries are still facing significant challenges in this domain. The socioeconomic considerations for these cases are laid out in the Discussion section. The present article offers a snapshot of corporate contributions to the SDGs as climate and geopolitical challenges become more prominent.

This article explores the role of the Corporate Sustainability Reporting Directive 2022/2464 (CSRD) and the European Sustainability Reporting Standards (ESRS) in enabling contributions toward the United Nations Sustainable Development Goals (UN SDGs). The objective is to present and test a mapping tool for assessing corporate contributions to the SDGs, based on the European Sustainability Reporting Standards (ESRS). By selecting the quantitative datapoint indicators from the ESRS, we create a point-by-point triple-way matching (ESRS → GRI → SDG) between the ESRS, GRI and SDGs. Moreover, we include the EU Taxonomy indicators (Regulation 852/2020) into this mapping. A Microsoft Access application was developed as a practical mapping instrument to assess corporate contributions to the SDGs, automate the connections between ESRS indicators and SDGs, and improve the transparency and comparability of sustainability reporting. This tool was tested for a sample of 20 large European companies, from different sectors. The results show that the companies’ disclosures follow the pattern of the ESRS datapoints contributions to the SDGs: SDGs 8, 12, and 13 dominate indicators and disclosures, while SDGs 2, 4, 11, and 17 remain underrepresented. The original contribution is a database of ESRS data points and EU Taxonomy ratios linked to each SDG and clarifying the contributions to sustainable development. We show how each ESRS standard contributes to SDG reporting, and which are the disclosure gaps that need to be addressed by the standard-setter EFRAG.

The purpose of this article is to investigate the development of sustainable business models (SBMs) of renewable energy companies. To assess the degree of alignment with the European Union Taxonomy for sustainable activities (Regulation 2020/852), the European Green Deal, and the Sustainable Development Goals of five renewable energy companies—Ørsted, Engie, Vattenfall, Iberdrola, and Enel—we have used their sustainability reports from 2023. We have analyzed how each company contributes to the EU climate targets and strategy to achieve a 55% reduction in greenhouse gas emissions by 2030 and net zero by 2050. The results showed the challenges faced by each company in switching from traditional fossil fuel models to renewable models. Due to regulatory constraints and different organizational structures, each company has adopted a specific SBM with respect to power generation and the green transition. The advantages and disadvantages of these SBMs were identified and described comparatively to help regulators, policymakers, and industry associations improve sustainability reporting for the energy sector.

Research question- What are the effects of non-financial reporting (NFR) for companies and stakeholders? Motivation- We draw on previous research that examines the effects and limitations of the Non-Financial Reporting Directive on key stakeholders. Idea- This article investigates the increasing significance of the sustainability orientation in corporate operations, as well as the role of NFR in providing information about social, ethical, and environmental aspects of a particular organization. Additionally, the article explores the possible benefits of sustainability reporting, such as improved reputation, in addition to the company's ability to contribute to the sustainable development goals. Data and tools- This paper provides a scoping review that explores the influence of NFR on the decisions of various stakeholders, such as companies, investors, governments or regulators, accountants and auditors, employees, and the general public. The review discusses existing studies in the literature focusing on NFR and the legislative context in respect to the transition from NFR to sustainability reporting. Findings and Contribution- This article shows that Directive 2014/95/EU positively influenced the quality and transparency of the sustainability disclosure process of companies. Also, we identify various gaps in the literature, along with challenges faced by firms when reporting on non-financial information and ensuring accuracy and completeness. Based on summarized evidence from the literature, the limitations of NFR include inconsistent formats, lack of standardization, weaknesses in the reliability and comparability of information used in decision-making process, and limited assurance. Finally, our study highlights the importance of transitioning from NFR to sustainability reporting, the latter having significant effects in increasing stakeholder participation, safeguarding business reputation, boosting investor confidence and achieving the sustainable development goals, while complying with legislation. It explores the challenges and opportunities linked to NFR (a synonym of ESG reporting) and specifies the necessary components of sustainability reporting frameworks.