LAPSE:2023.35579
Published Article
LAPSE:2023.35579
Sustainability Reporting in Energy Companies—Is There a Link between Social Disclosures, the Experience and Market Value?
May 23, 2023
As a result of the dissemination of the sustainability concept, social disclosures have become an important area of non-financial reporting, and the energy sector is no exception. The purpose of our article is a multi-faceted evaluation of sustainability reports published by companies operating in the Polish energy sector, from the perspective of social disclosures. The study involved the Polish listed companies that made up the WIG-Energia index. The time scope of the study covers the 2017−2021 period. In total, 54 non-financial reports were analyzed. In the first place, a comparative analysis was carried out to assess the social disclosures made by the WIG-Energia companies against the background of the biggest and the most liquid (blue chip) WIG20 companies. All the applied tools: ESG rating, NFR_S index, and multidimensional data visualization, have confirmed that the energy companies year by year have been presenting larger and larger extents of social disclosures. At the same time, it was observed that the companies appearing for the first time in the WIG-Energia index showed a very small extent of disclosures, whereas the companies which figured in the index throughout the studied period presented a relatively large extent of disclosures, due to their experience in preparing sustainability reports. Next, using the Pearson correlation coefficient (r), we examined the relationship between the energy companies’ market values and the extent of their social disclosures. The results of the statistical analyses have validated the strong and very strong correlation between capitalization and extent of disclosures. It is therefore possible to state that companies with higher market values are characterized by larger extents of social disclosures.
Record ID
Keywords
energy sector, ESG reporting, non-financial reporting, Renewable and Sustainable Energy, responsibility, social disclosures, sustainability reporting
Subject
Suggested Citation
Czaja-Cieszyńska HE, Kordela D. Sustainability Reporting in Energy Companies—Is There a Link between Social Disclosures, the Experience and Market Value?. (2023). LAPSE:2023.35579
Author Affiliations
Czaja-Cieszyńska HE: Institute of Economics and Finance, Faculty of Economics, Finance and Management, University of Szczecin, 70-453 Szczecin, Poland
Kordela D: Institute of Economics and Finance, Faculty of Economics, Finance and Management, University of Szczecin, 70-453 Szczecin, Poland [ORCID]
Kordela D: Institute of Economics and Finance, Faculty of Economics, Finance and Management, University of Szczecin, 70-453 Szczecin, Poland [ORCID]
Journal Name
Energies
Volume
16
Issue
9
First Page
3642
Year
2023
Publication Date
2023-04-24
Published Version
ISSN
1996-1073
Version Comments
Original Submission
Other Meta
PII: en16093642, Publication Type: Journal Article
Record Map
Published Article
LAPSE:2023.35579
This Record
External Link
doi:10.3390/en16093642
Publisher Version
Download
Meta
Record Statistics
Record Views
111
Version History
[v1] (Original Submission)
May 23, 2023
Verified by curator on
May 23, 2023
This Version Number
v1
Citations
Most Recent
This Version
URL Here
https://psecommunity.org/LAPSE:2023.35579
Original Submitter
Calvin Tsay
Links to Related Works