Stakeholder theory and sustainability disclosure: A comparative analysis of different approaches

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Abstract

Sustainability strategies require management systems aimed at risk and performance enhancement. By engaging stakeholders and monitoring sentiments, organizations can identify and prioritize environmental and social issues that need to be addressed, as well as develop solutions that cater to their needs. Stakeholder engagement extends beyond merely maintaining a dialogue; it involves integrating diverse perspectives into the company’s sustainability strategy. The relevance of this study is represented by the research focus that aims at investigating how the most widespread reporting frameworks lead to effective stakeholder engagement. Even if sustainability accounting should integrate the goal of mitigating unsustainability issues or contributing to sustainable development, the discourse surrounding sustainability accounting is largely uninformed by stakeholder theory. This paper aims to explore how to operationalize stakeholder selection and engagement, referencing various initiatives in the field of sustainability reporting, such as the Global Reporting Initiative (GRI), the United Nations Global Compact (UNGC) and Sustainable Development Goals (SDGs), and the Corporate Sustainability Reporting Directive (CSRD), while considering both voluntary and mandatory provisions. The paper’s contribution is to enhance the discussion on sustainability disclosure by analysing the aforementioned frameworks; the research seeks to highlight whether the proposed operating rules and practices align with the main literature on stakeholders.

Keywords: Stakeholders, Sustainability Disclosure, Corporate Sustainability Reporting Directive (CSRD), Global Reporting Initiative (GRI), United Nations Global Compact (UNGC)

Authors’ individual contribution: Conceptualization — P.V., G.C., and S.G.; Methodology — P.V. and G.C.; Validation — G.C. and S.G.; Formal Analysis — P.V., G.C., and S.G.; Data Curation — G.C. and S.G.; Writing — Original Draft — P.V., G.C., and S.G.; Writing — Review & Editing — P.V. and G.C.; Project Administration — P.V. and G.C.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: M14, M19, Q56

Received: 25.11.2024
Revised: 10.03.2025; 23.03.2025; 18.04.2025
Accepted: 12.05.2025
Published online: 15.05.2025

How to cite this paper: Vola, P., Cantino, G., & Gransinigh, S. (2025). Stakeholder theory and sustainability disclosure: A comparative analysis of different approaches. Corporate Ownership & Control, 22(2), 63–74. https://doi.org/10.22495/cocv22i2art6