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Sustainability Reporting: Is Convergence Possible?

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  • Hervé Stolowy
  • Luc Paugam

Abstract

In this essay, we discuss the factors influencing the likelihood of convergence in corporate sustainability reporting. We identify several factors that negatively influence the probability of convergence in the short term. The first factor is the heterogeneity of concepts and definitions surrounding sustainability (e.g. ESG, CSR). This heterogeneity of definitions is pervasive at three levels: (1) across organizations claiming legitimacy in sustainability reporting standard-setting, (2) within standard-setting organizations over time, and (3) across firms reporting about their activities. A second factor is the large number of organizations claiming legitimacy in sustainability reporting. A third factor is related to a diversity of reporting requirements among three influential international standard setters (i.e. EFRAG, ISSB, SEC), leading to various corporate reporting choices. A fourth factor is the diversity in the objectives of standard-setting organizations. Overall, we believe that due to these sources of diversity, the probability of convergence in sustainability reporting appears limited, at least in the short term, although we identify progress in carbon emissions reporting.

Suggested Citation

  • Hervé Stolowy & Luc Paugam, 2023. "Sustainability Reporting: Is Convergence Possible?," Accounting in Europe, Taylor & Francis Journals, vol. 20(2), pages 139-165, May.
    • Handle: RePEc:taf:acceur:v:20:y:2023:i:2:p:139-165
    DOI: 10.1080/17449480.2023.2189016
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    Cited by:

    1. Mio, Chiara & Fasan, Marco & Costantini, Antonio & Scarpa, Francesco & Fitzpatrick, Aoife Claire, 2024. "Unveiling the consequences of esg rating disagreement: An empirical analysis of the impact on the cost of equity capital," SAFE Working Paper Series 440, Leibniz Institute for Financial Research SAFE.
    2. Giuseppe Nicolo & Lukasz Bryl & Diana Ferullo, 2025. "The Impact of National Cultural Dimensions on Corporate Environmental, Social and Governance Disclosure: Evidence From Social Media Practices," Business Strategy and the Environment, Wiley Blackwell, vol. 34(5), pages 6345-6362, July.
    3. Francesca Francioli & Alessandra Lardo & Raffaele Fiume, 2023. "Dialogue with standard setters. The creation of the International Sustainability Standards Board: Evidence from the steps undertaken by the IFRS Foundation for Sustainability Reporting," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2023(2), pages 123-136.
    4. Anna Borcuch, 2025. "A Quality of ESG (Environment, Social, Governance) Reporting by Financial Groups in the Insurance Sector: Evidence from Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 674-681.
    5. Giuseppe Nicolo & Giovanni Zampone & Giuseppe Sannino & Paolo Tartaglia Polcini, 2025. "Ready for Change After the Omnibus Package? Early Compliance With the European Sustainability Reporting Standards and Its Key Determinants in the New Regulatory Era," Business Strategy and the Environment, Wiley Blackwell, vol. 34(7), pages 9040-9058, November.
    6. Ioannis Adamopoulos & Lester Allan Lasrado & Raghava Rao Mukkamala, 2026. "A Systematic Literature Review of Machine Learning and Artificial Intelligence Applications for Sustainable Logistics: Current Trends and Future Directions," Circular Economy and Sustainability, Springer, vol. 6(2), pages 1-48, April.
    7. M. Arena & G. Azzone & G. Piantoni & B. I. Tabarelli De Fatis & M. Wang, 2025. "ESG Rating Disagreement and Sustainability Reporting: The Role of Reporting Standards and Assurance Practices," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(4), pages 5446-5468, July.

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