The cooperative ESG disclosure index: an empirical approach

Francisca Castilla Polo · Gabriel García Martínez · María Dolores Guerrero-Baena · Fernando Polo Garrido

30 citations0/0 files storedEnvironment Development and Sustainability

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Corporate Social Responsibility Reporting Cooperative Studies and Economics Governance, Compliance, and Sustainability

Abstract

Abstract Growing concern about Environmental, Social, and Governance (ESG) performance is pushing businesses, including social economy enterprises such as cooperatives, to seek solutions for Sustainable Development (SD) challenges. This study explores the current landscape of ESG reporting by Spanish cooperatives, adding to the limited knowledge about their sustainability disclosure practices. We propose a specific framework for these entities based on non-financial indicators as a preliminary step to develop an index for ESG reporting, the Cooperative ESG Reporting Index (COOPESG). In terms of methodology, the first step is to create an ad hoc database of primary data sourced through the analysis of cooperative websites. Then, by reviewing the indicators reported by these companies, these primary data are then used to develop an index. Our findings show that only half of the sampled cooperatives have a specific section on their website for ESG reporting. Regarding formats, Codes of Ethics were the most frequent type of report used, followed by the publication of information on SDGs. In terms of content disclosed, the social and governance blocks stand out, while the least information is disclosed on the economic and environmental blocks. Furthermore, there is evidence of a size and sector effect on the disclosed content. All this provides valuable insights for scholars and practitioners alike. Thus, the main practical contribution of this paper for cooperative managers is that it supports the effective disclosure of ESG in line with prevailing good practice, addressing emerging social regulation in the context of the European Union. Also, for academia this study offers a practical breakthrough in the analysis of this subject, helping to fill the gap on cooperatives found in the ESG reporting literature and setting a new research agenda.

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References

2018Transforming Our World: The 2030 Agenda for Sustainable Development 2021Firms and social responsibility: A review of ESG and CSR research in corporate finance 2005Handbook on Constructing Composite Indicators 2017Achieving the United Nations Sustainable Development Goals 2020Nonfinancial reporting regulation and challenges in sustainability disclosure and corporate governance practices 2015Composite indicator for measuring corporate sustainability 2018Empirical Analysis of Non-Financial Reporting by Spanish Companies 2020The information content of corporate social responsibility disclosure in Europe: an institutional perspective

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