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Volume 16
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10.3390/en16031398
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Article

Examining the Causality between Integrated Reporting and Stock Market Capitalization. The Case of the European Renewable Energy Equipment and Services Industry

by
Daniela Nicoleta Sahlian
1,*,
Adriana Florina Popa
1,
Ștefania Amalia Nicoară
2 and
Corina Graziella Bâtcă-Dumitru
1
1
Department of Accounting and Audit, Bucharest University of Economic Studies, 010374 Bucharest, Romania
2
Department of Economic and Technical Sciences, Faculty of Economics, Computer Science and Engineering, “Vasile Goldiș” Western University of Arad, 310045 Arad, Romania
*
Author to whom correspondence should be addressed.
Energies 2023, 16(3), 1398; https://doi.org/10.3390/en16031398
Submission received: 11 December 2022 / Revised: 19 January 2023 / Accepted: 25 January 2023 / Published: 31 January 2023
(This article belongs to the Special Issue Sustainability and Corporate Governance Disclosure in Non-Financial Reporting in Energies Companies)
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Abstract

The International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) of the IFRS Foundation support the integrated reporting of companies’ financial and sustainability performance to stakeholders. This paper aims to investigate whether financial and environmental, social, and corporate governance (ESG) practices have a real impact on the success of the companies in the European renewable energy equipment and services industry. Using the Granger test, the causality between the market capitalization and financial indicators was established, whereas no causality was identified between the market capitalization and ESG performance. The research led to the conclusion that the investment decision is mainly based on the information provided by the financial statements of the companies, the early stages of sustainability reporting regulation, and the need for increasing the quality and availability of corporate social responsibility information for investors.
Keywords: CSR reporting; ESG performance; financial reporting; granger causality; non-financial reporting CSR reporting; ESG performance; financial reporting; granger causality; non-financial reporting

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MDPI and ACS Style

Sahlian, D.N.; Popa, A.F.; Nicoară, Ș.A.; Bâtcă-Dumitru, C.G. Examining the Causality between Integrated Reporting and Stock Market Capitalization. The Case of the European Renewable Energy Equipment and Services Industry. Energies 2023, 16, 1398. https://doi.org/10.3390/en16031398

AMA Style

Sahlian DN, Popa AF, Nicoară ȘA, Bâtcă-Dumitru CG. Examining the Causality between Integrated Reporting and Stock Market Capitalization. The Case of the European Renewable Energy Equipment and Services Industry. Energies. 2023; 16(3):1398. https://doi.org/10.3390/en16031398

Chicago/Turabian Style

Sahlian, Daniela Nicoleta, Adriana Florina Popa, Ștefania Amalia Nicoară, and Corina Graziella Bâtcă-Dumitru. 2023. "Examining the Causality between Integrated Reporting and Stock Market Capitalization. The Case of the European Renewable Energy Equipment and Services Industry" Energies 16, no. 3: 1398. https://doi.org/10.3390/en16031398

APA Style

Sahlian, D. N., Popa, A. F., Nicoară, Ș. A., & Bâtcă-Dumitru, C. G. (2023). Examining the Causality between Integrated Reporting and Stock Market Capitalization. The Case of the European Renewable Energy Equipment and Services Industry. Energies, 16(3), 1398. https://doi.org/10.3390/en16031398

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