ABSTRACT

Owing to its substantial impact on the environment, economy, and society, we choose to examine the oil and gas industry, drawing on neo-institutionalist scholarship to concentrate on the mimetic, coercive, and/or normative effects discernible in the industry’s non-financial disclosure (NFD) behaviour. Focusing on Directive 2014/95/EU, we construct scores to assess the evolution of the sector’s NFD over time and the spillover effects beyond EU large and listed firms, the latter being directly subject to the legislation. We scrutinise NFD over a decade, producing three main results. First, we find that NFD increases immediately after the directive’s publication and further increases during the implementation phase. Second, the directive has a spillover effect, sparking significantly increased NFD among non-EU firms during the implementation period. Third, the NFD level of non-EU firms is associated with the number of EU employees and the extent of EU operations of these firms, but only following the implementation of the directive. These findings have clear repercussions for firms operating both inside and outside the EU as well as implications for EU public policymakers.

摘要

由于石油和天然气行业对环境、经济和社会的重大影响，我们选择利用新制度主义学术研究来研究石油和天然气行业，重点研究该行业非金融领域中明显的模仿、强制和/或规范效应。披露（NFD）行为。我们重点关注 2014/95/EU 指令，构建分数来评估该行业 NFD 随着时间的推移的演变以及对欧盟大型上市公司的溢出效应，后者直接受立法约束。我们对 NFD 进行了十多年的审查，得出了三个主要结果。首先，我们发现 NFD 在指令发布后立即增加，并在执行阶段进一步增加。其次，该指令具有溢出效应，导致执行期间非欧盟企业的 NFD 大幅增加。第三，非欧盟企业的 NFD 水平与这些企业的欧盟员工数量和欧盟业务范围相关，但仅与指令的实施有关。这些发现对在欧盟境内和境外运营的公司产生了明显的影响，并对欧盟公共政策制定者产生了影响。