Sustainability information disclosure as an instrument of marketing communication with stakeholders: markets, social and economic aspects

Authors:
T. Vasilieva1, S. Lieonov2, I. Makarenko1, N. Sirkovska3
1. umy State University (Sumy, Ukraine)
2. Sumy State University (Sumy, Ukraine)
3. Rossmann (Czech Republic)
Pages:
350 - 357
Language:
English
Cite as:


Annotation

Loss of confidence in corporate reporting since the last global financial crisis and its failure to meet deepened accounting information needs of stakeholders led to the formation of a new sustainability accounting paradigm, which has significant differences from the traditional accounting paradigm. The new paradigm and its communication instrument – sustainability information disclosure as a basis for creating a positive image of companies, promoting their reputation as through the corporate social responsibility mechanism provides increased management and economic efficiency.

The aim of the article is analyzing advantages of sustainability information disclosure as communicational instrument, study its role in the management of innovative development of Ukrainian companies and the development prospects of its application on national ground.

The results of the analysis. In terms of failure of traditional corporate reporting paradigm, the new sustainability accounting paradigm and its communication tool – sustainability information disclosure has a number of marketing, social and economic benefits. This paradigm becomes the basis for raising finance innovation and innovation activities of companies. The analysis of distribution sustainability reporting among Ukrainian companies certifying the initial stage of its development. Main economic, managerial, methodological and social factors, which are barriers for sustainability reporting spreading, were investigated by authors. Authors insist that consequences of low level of corporate responsibility perceptions among Ukrainian companies should be grouped at different levels: state, companies and society. Those consequences concern lost profits and gaining in competitiveness by these subjects. Improving of innovation potential of Ukrainian companies authors see through more transparent sustainability reporting, taking into account environmental and socio-economic aspects of the business and meet the needs of stakeholders. Creation of institutional ground, normative, informational, assurance provisions are proposed by authors as main way of sustainability information disclosure In Ukraine to achieve its marketing, economic and social advantages.

Conclusions and directions of further researches. Studying the experience of Ukrainian companies to conduct sustainability accounting and reporting, based on the GRI database showed a low perception of the advantages of this reporting by Ukrainian companies. However, the aggregate consideration of economic, social and marketing advantages of sustainability reporting ensures effective management of innovation development in Ukrainian companies. Sustainability reporting is information-communication framework that fully meets a wide range of information needs of stakeholders in terms of implementing Sustainable Development Goals of the United Nations in general and particular Goal 12.6. and the concept of responsible investing on financial markets. Implementation of sustainability reporting not only at the corporate level but also at the regional and national levels requires further development


Keywords
marketing, reporting on sustainable development, accounting for ESG-criteria, sustainable development, innovation development, stakeholder, marketing communications


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