The Sustainability of Esas Triumvirate for Sustainability-Related Disclosures in the Financial Sector - All for One and One for All?

• Autorzy: Filip Rubáček , Radka MacGregor Pelikánová , Robert MacGregor

Warianty tytułu

Trwałość triumwiratu ESA dla zrównoważonego rozwoju - ujawnianie informacji w sektorze finansowym: jeden za wszystkich, wszyscy za jednego?

• Języki publikacji: EN

Abstrakty

EN

Sustainability is definitely one of the top priorities of the current highly competitive global society. For almost three decades, the EU has been declaring its commitment to sustainable growth, while progressively recognizing that the concept of shared values, the multi-stakeholder model and corporate social responsibility (CSR) are indispensable. The EU moved, in the context of the COVID-19 pandemic, the war in Ukraine and other events, from mere Directives to Regulations, i.e. the genuine reporting about sustainability is becoming a duty for certain businesses, especially in the financial sector. This political and legislative trend is boosted by the engagement of three special EU institutions (ESAs) entrusted with the development, standardization and monitoring of sustainability-related disclosures based on Regulation 2019/2088. Who belongs in this triumvirate? What are their competencies and tasks? And most importantly, how is this triumvirate and its operations perceived? A holistic multi-disciplinary research of legislative sources and performed surveys and studies yields both quantitative and qualitative data. An open-minded critical analysis of such data, along with a comparison, Socratic questioning and forensic glossing brings answers to these three burning questions and offers fresh recommendations regarding EU pro-sustainability endeavours as well as modern European integration. (original abstract)

Zrównoważony rozwój jest jednym z głównych priorytetów dzisiejszego rywalizuącego globalnego społeczeństwa. Od prawie trzech dekad UE deklaruje swoje zaangażowanie na rzecz zrównoważonego wzrostu, stopniowo uznając, że koncepcja wspólnych wartości, model wielu interesariuszy i społeczna odpowiedzialność biznesu (CSR) są niezbędne. W kontekście pandemii COVID-19, wojny w Ukrainie i innych wydarzeń UE przeszła od zwykłych dyrektyw do rozporządzeń, co oznacza, że adekwatne raportowanie o zrównoważonym rozwoju staje się obowiązkiem niektórych przedsiębiorstw, zwłaszcza w sektorze finansowym. Ta tendencja polityczna i legislacyjna jest wzmacniana przez zaangażowanie trzech wyspecjalizowanych instytucji UE (ESA), którym powierzono opracowywanie, standaryzację i monitorowanie ujawnień nieprawidłowości związanych ze zrównoważonym rozwojem na podstawie rozporządzenia 2019/2088. Kto należy do tego triumwiratu? Jakie są ich kompetencje i zadania? I co najważniejsze, jak postrzegany jest ten triumwirat i jego działania? Całościowe, multidyscyplinarne badanie źródeł legislacyjnych oraz przeprowadzonych ankiet i sondaży dostarcza zarówno danych ilościowych, jak i jakościowych. Otwarta i krytyczna analiza tych danych wraz z porównaniami, sokratejskimi pytaniami i opiniami specjalistów przynosi odpowiedzi na te trzy palące pytania i oferuje nowe zalecenia dotyczące wysiłków UE na rzecz zrównoważonego rozwoju, a także współczesnej integracji europejskiej. (abstrakt oryginalny)

Słowa kluczowe

EN

Responsibility; Enterprises; Financial services; Sustainable development

PL

Odpowiedzialność; Przedsiębiorstwo; Usługi finansowe; Rozwój zrównoważony

• Czasopismo: Acta Universitatis Lodziensis. Folia Iuridica
• Rocznik: 2023
• Numer: nr 105 Varia
• Strony: 123--143

Twórcy

autor

Filip Rubáček

• Metropolitan University Prague, Czech Republic

autor

Radka MacGregor Pelikánová

• Metropolitan University Prague, Czech Republic

autor

Robert MacGregor

• Metropolitan University Prague, Czech Republic

Bibliografia

• 1. Areeda, Phillip E. 1996. "The Socratic method." Harvard Law Review 109(5): 911-922.
• 2. Balcerzak, Adam. Radka MacGregor Pelikánová. 2020. "Projection of SDGs in Codes of Ethics - Case Study about Lost in Translation?" Administrative Sciences 10(4): 1-18. https://doi.org/10.3390/admsci10040095
• 3. Balcerzak, Adam. Robert K. MacGregor. Radka MacGregor Pelikánová. Elżbieta Rogalska. Dawid Szostek. 2023. "The EU Regulation of Sustainable Investment: The End of Sustainability Trade-offs?" Entrepreneurial Business and Economics Review 11(1): 199-212. https://doi.org/10.15678/EBER.2023.110111
• 4. Botopoulos, Kostas, 2020. "The European Supervisory Authorities: Role-models or in Need of Re-modelling?" ERA Forum 21: 177-198. https://doi.org/10.1007/s12027-020-00609-7
• 5. Busch, Danny, 2023. "EU Sustainable Finance Disclosure Regulation." Capital Markets Law Journal 18(3): 303-328. https://doi.org/10.1093/cmlj/kmad005
• 6. Carroll, Archie B. 2016. "Carroll's Pyramid of CSR: Taking Another Look." International Journal of Corporate Social Responsibility 1. https://doi.org/10.1186/s40991-016-0004-6
• 7. Chmelíková, Gabriela. Annette Krauss. Ondřej Dvouletý. 2019. "Performance of Microfinance Institutions in Europe-Does Social Capital Matter?" Socio-Economic Planning Sciences 68. https://doi.org/10.1016/j.seps.2018.11.007
• 8. DʼAdamo, Idiano. Gianluca Lupi. 2021. "Sustainability and Resilience after COVID-19: A Circular Premium in the Fashion Industry." Sustainability 13(4): 1861. https://doi.org/10.3390/su13041861
• 9. de Bakker, Frank G.A. Andreas Rasche. Stefano Ponte. 2019. "Multi-stakeholder Initiatives on Sustainability: A Cross-disciplinary Review and Research Agenda for Business Ethics." Business Ethics Quarterly 29(3): 343-383. https://doi.org/10.1017/beq.2019.10
• 10. Dumas, Alexandre. 1844. Les Trois Mousquetaires - Three Musketeers. Paris: Baudry.
• 11. Eger, Claudia. Graham Miller. Caroline Scarles. 2019. "Corporate Philanthropy through the Lens of Ethical Subjectivity." Journal of Business Ethics 156: 141-153. https://doi.org/10.1007/s10551-017-3551-1
• 12. European Commission - Directorate-General for Financial Stability, Financial Services and Capital Markets Union. 2022. Targeted Consultation on the Supervisory Convergence and the Single Rulebook. https://ec.europa.eu/info/consultations/finance-2021-esas-review_en (accessed: 17.07.2022).
• 13. Ferraro, Fabrizio. Daniel Beundza. 2018. "Creating Common Ground: A Communicative Action Model of Dialogue in Shareholder Engagement." Organization Science 29: 1187-1207. https://doi.org/10.1287/orsc.2018.1226
• 14. Glass, Gene V. 1976. "Primary, Secondary, and Meta-analysis of Research." Educational Researcher 5(10): 3-8. https://doi.org/10.3102/0013189X005010003
• 15. Gortsos, Christos V. 2015. "Competence Sharing between the ECB and the National Competent Supervisory Authorities within the Single Supervisory Mechanism (SSM)." European Business Organization Law Review 16(3): 401-420. https://doi.org/10.1007/s40804-015-0019-6
• 16. Kramer, Mark R. Marc W. Pfitzer. 2016. "The Ecosystem of Shared Value. Business and Society." Harvard Business Review (October): 3-11.
• 17. Krippendorff, Klaus. 2013. Content Analysis: An Introduction to its Methodology. Los Angeles: Sage.
• 18. Kuckartz, Udo. 2014. Qualitative Text Analysis - A Guide to Methods, Practice and Using Software. London: Sage. https://doi.org/10.4135/9781446288719
• 19. MacGregor Pelikánová, Radka. Filip Rubáček. 2022. "Taxonomy for Transparency in Non-financial Statements - Clear Duty with Unclear Sanction." Danube 13(3): 173-195. https://doi.org/10.2478/danb-2022-0011
• 20. MacGregor Pelikánová, Radka. Martin Hála. 2021. "CSR Unconscious Consumption by Generation Z in the COVID-19 Era - Responsible Heretics not Paying CSR Bonus?" Journal of Risk and Financial Management 14(8): 390. https://doi.org/10.3390/jrfm14080390
• 21. MacGregor Pelikánová, Radka. Robert K. MacGregor. 2020. "The EU Puzzling CSR Regime and the Confused Perception by Ambassadors of Luxury Fashion Businesses: A Case Study from Pařížská." Central European Business Review 9(3): 74-108. https://doi.org/10.18267/j.cebr.240
• 22. MacGregor Pelikánová, Radka. Robert K. MacGregor. Martin Černek. 2021a. "New trends in codes of ethics: Czech business ethics preferences by the dawn of COVID-19." Oeconomia Copernicana 12(4): 973-1009. https://doi.org/10.24136/oc.2021.032
• 23. MacGregor Pelikánová, Radka. Tereza Němečková. Robert K. MacGregor. 2021b. "CSR Statements in International and Czech Luxury Fashion Industry at the Onset and during the COVID-19 Pandemic - Slowing Down the Fast Fashion Business?" Sustainability 13(7): 3715. https://doi.org/10.3390/su13073715
• 24. MacGregor, Robert K. Włodzimierz Sroka. Radka MacGregor Pelikánová. 2020. "The CSR Perception of Front-line Employees of Luxury Fashion Businesses." Organizacija 53(3): 198- 211. https://doi.org/10.2478/orga-2020-0013
• 25. Małecka, Joanna. Teresa Łuczka. Jarmila Šebestová. Roman Šperka. 2017. "Economic Activity and Social Determinants versus Entrepreneurship in SMEs - Selected Aspects." Copernican Journal of Finance & Accounting 6: 47-61. https://doi.org/10.12775/CJFA.2017.016
• 26. Porter, Michael E. Mark R. Kramer. 2011. "Creating Shared Value." Harvard Business Review 89(1-2): 62-77.
• 27. Schmidt, Frank L. John E. Hunter. 2014. Methods of Meta-analysis - Correcting Error and Bias in Research Findings. London: Sage. https://doi.org/10.4135/9781483398105
• 28. Silverman, David. 2013. Doing Qualitative Research - A Practical Handbook. London: Sage.
• 29. Škapa, Stanislav. Nina Bočková. Karel Doubravský. Mirko Dohnal. 2022. "Fuzzy Confrontations of Models of ESG Investing versus non-ESG Investing Based on Artificial Intelligence Algorithms." Journal of Sustainable Finance & Investment 13: 763-775. https://doi.org/10.1080/20430795.2022.2030666
• 30. Sroka, Włodzimierz. Richard Szántó. 2018. "Corporate Social Responsibility and Business Ethics in Controversial Sectors: Analysis of Research Results." Journal of Entrepreneurship, Management and Innovation (JEMI) 14: 111-126. https://doi.org/10.7341/20181435
• 31. Stepien, Sebastian. Jan Polcyn. 2019. "Risk Management in Small Family Farms in Poland." Economic Science for Rural Development 50: 382-388. https://doi.org/10.22616/ESRD.2019.048
• 32. Streimikiene, Dalia. Rizwan R. Ahmed. 2021. "The Integration of Corporate Social Responsibility and Marketing Concepts as a Business Strategy: Evidence from SEM-based Multivariate and Toda-Yamamoto Causality Models." Oeconomia Copernicana 12(1): 125-157. https://doi.org/10.24136/oc.2021.006
• 33. Tulder, Rob. May Seitanidi. Andrew Crane. Stephen Bramer. 2016. "Enhancing the Impact of Cross-Sector Partnerships. Four Impact Loops for Channelling Partnership Studies." Journal of Business Ethics 135: 1-17. https://doi.org/10.1007/s10551-015-2756-4
• 34. Turečková, Kamila. Jan Nevima. 2019. "Smart Approach in Regional Development." In Proceedings of MIRDEC-12th, International Academic Conference Multidisciplinary and Interdisciplinary Studies on Social Sciences. 77-84. Edited by Kemal Cebeci, Joaquim Ramos Silva, Tamer Budak, Antonio Focacci. Rome: University of Washington Rome Center.
• 35. Van Tulder, Rob. Nienke Keen. 2018. "Capturing Collaborative Challenges: Designing Complexity- Sensitive Theories of Change for Cross-Sector Partnerships." Journal of Business Ethics 150: 315-332. https://doi.org/10.1007/s10551-018-3857-7
• 36. Vourvachis, Petros. Thérèse Woodward. 2015. "Content Analysis in Social and Environmental Reporting Research: Trends and Challenges." Journal of Applied Accounting Research 16(2): 166-195. https://doi.org/10.1108/JAAR-04-2013-0027
• 37. Washburn, Nathan T. David A. Waldman. Mary F. Sully de Luque. Min Z. Carter. 2018. "Executives' Stakeholder Values in the Prediction of Work Process Change." Journal of Management Studies 55: 1423-1451. https://doi.org/10.1111/joms.12394
• 38. Yin, Robert K. 2008. Study Research. Design Methods. Thousand Oaks: Sage.

Identyfikatory

DOI

https://doi.org/10.18778/0208-6069.105.08