Environmental risk factor disclosures in the 10-K reports of U.S. energy companies

• Authors: Godawska Justyna

Title variants

PL

Ujawnienia dotyczące czynników ryzyka środowiskowego w raportach 10-K amerykańskich firm energetycznych

• Languages of publication: EN

Abstracts

EN

Purpose: This study examines changes in the volume and specificity of environmental risk factor disclosures in the 10-K reports of U.S. energy companies between 2017 and 2021. Methodology/approach: A total of 210 reports were analyzed using the content analysis method, a specificity index, the Wilcoxon signed-rank test and the Pearson correlation coefficient. Findings: Starting from the 2019 reports, the volume of environmental risk factor disclosures increased significantly year on year. In the 2021 reports, energy companies provided, on average, 31% more information than in 2017 reports (measured by word count). This growth was due to changes in the volume of disclosures on climate-related risk factors. However, the increase was not accompanied by an increase in detail. The level of specificity in the disclosure of both climate-related and other environmental risk factors was low (with the former being higher) and did not change significantly over the period considered. In general, boilerplate language was often used when discussing environmental risk factors. Research limitations/implications: The findings suggest the need for regulators to detail requirements for specific disclosures on environmental risk factors. Originality/value: Previous studies based on 10-K reports examined the disclosures regarding any risk, tax risk, mergers and acquisitions risk, and security risk. This paper is the first to analyze the volume and specificity of disclosures devoted to environmental risk factors. In addition, it provides a more complete picture of environmental risk reporting practices by considering climate-related and non-climate-related risk factors separately.

PL

Cel: Celem artykułu jest analiza zmian w ujawnieniach czynników ryzyka środowiskowego pod względem wolumenu i szczegółowości w raportach 10-K amerykańskich spółek energetycznych za lata 2017–2021. Metodyka/podejście badawcze: Łącznie przeanalizowano 210 raportów, wykorzystując metodę analizy treści, wskaźnika specyficzności, testu Wilcoxona i współczynnika korelacji Pearsona. Wyniki: Począwszy od raportów za 2019 rok, corocznie znacząco wzrastała liczba ujawnień dotyczących czynników ryzyka środowiskowego. W raportach za 2021 rok spółki energetyczne przedstawiły średnio o 31% więcej informacji o tych czynnikach niż w raportach za 2017 rok (mierzonych liczbą wyrazów). Wzrost ten wynikał ze zmian w wolumenie ujawnień dotyczących czynników ryzyka klimatycznego. Wzrostowi liczby ujawnianych informacji nie towarzyszył jednak wzrost ich szczegółowości. Poziom szczegółowości ujawniania zarówno czynników ryzyka związanych z klimatem, jak i innych czynników ryzyka środowiskowego był niski (przy czym ten pierwszy był wyższy) i nie zmienił się znacząco w badanym okresie. Ogólnie spółki energetyczne często używały szablonowego języka podczas omawiania czynników ryzyka środowiskowego. Ograniczenia/implikacje badawcze: Wyniki sugerują potrzebę uszczegółowienia przez organy regulacyjne wymogów dotyczących ujawnień na temat konkretnych czynników ryzyka środowiskowego Oryginalność/wartość: Poprzednie badania oparte na raportach 10-K zawierały analizę ujawnień dotyczących ogólnie ryzyka, ryzyka podatkowego, ryzyka fuzji i przejęć oraz ryzyka bezpieczeństwa. W niniejszym artykule po raz pierwszy przeanalizowano wielkość i szczegółowość ujawnień poświęconych czynnikom ryzyka środowiskowego. Ponadto przedstawiono pełniejszy obraz praktyk raportowania ryzyka środowiskowego, uwzględniając oddzielnie czynniki ryzyka związane z klimatem i pozostałe (niezwiązane z klimatem).

Keywords

EN

environmental reporting; energy companies; disclosure quality; environmental risk; 10-K reports.

PL

sprawozdawczość środowiskowa; spółki energetyczne; jakość ujawnień; ryzyko środowiskowe; raporty 10-K.

• Publisher: Stowarzyszenie Księgowych w Polsce (SKwP), Zarząd Główny, Rada Naukowa
• Journal: Zeszyty Teoretyczne Rachunkowości
• Year: 2024
• Issue: 48(2)
• Pages: 37-54

Contributors

author

Godawska Justyna

• AGH University, Faculty of Management, Department of Finance and Accounting

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