| Abstract [eng] |
Sustainability is becoming an integral part of modern bussiness strategy, as companies increasingly seek not only financial results but also the creation of long-term value, taking into account the environmental aspects of their operations. The growing importance of sustainability, climate change mitigation and responsible resource use has made the disclosure of environmental information one of the most important tools for assesing companies‘ efforts to implement environmental initiatives and reduce their negative impact on the environment. Stakeholders are increasingly analyzing not only financial results but also companies‘ ability to manage environmental risks and transparently disclose related information. Insufficient or inaccurate disclosure of environmental information increases information assymetry, complicates decision-making for investors and may negatively impact a company‘s reputation. In response to these challenges, the Corporate Sustainability reporting Directive and the European Sustainability Reporting Standards were adopted, which consistently and comprehensively define the requirements for the disclosure of environmental information. Since polluting and non-polluting companies face different regulatory pressures and public expectations, the scope of their environmental disclosures may vary, and consequently, the impact of these disclosures on financial results may also differ. The subject of the study is the impact of environmental information diclosure on corporate financial performance across sectors with different level of pollutions. The objective of the study is to determine the impact of environmental information disclosure on corporate financial performance across sectors with different levesl of pollution. To achieve this objective, the following research tasks were set: to substantiate the interrelationships between a company‘s environmental information disclosure, financial performance and sector pollution levels, to develop a conceptual model explaining the theoretical aspects related to environmental information disclosure and its impact on corporate financial performance across sectors with different levels of pollution, to present a quantitative research methodology, to conduct an empirical study in the context of European Union companies, to describe the results of hypothesis testing and tol provide recommendations. The results of the study showed that in polluting sectors, the disclosure of environmental information can have a positive impact on the financial performance of European Union companies. This may be related to compliance with regulatory requirements, meeting stakeholder expectations, improved reputation which are particularly important for the operations of polluting companies. In non-polluting sectors, environmental disclosures may also have a positive impact on return on assets, as more transparent communication about sustainability initiatives can contribute to more efficient resource management, greated stakeholder trust. However, the impact on return on equity is insignificant and the disclosure of environmental aspects does not affect shareholder returns in the short term. |
