Evaluation of Corporate Sustainability Disclosure Practices in Listed Companies of the Baltic States

The paper aims to evaluate the extent of sustainability disclosure in the annual report’s oil and gas industries. The study retrieves secondary data on
\nsustainability disclosure for 10 years (2010 - 2019) from eight oil and gas industries listed in the Nigerian stock exchange through a desktop approach
\nand content analysis methodology. Content analysis of the sustainability disclosure is to identify items of sustainability disclosed in the annual reports.
\nThe paper assesses the extent of disclosure by adopting the global reporting initiative’s scoring index. Findings from the analysis indicate a very lowlevel
\nclimate change and environmental pollution disclosure. Only 13.8% of the companies disclosed their impact on climate change and environmental
\npollution. On the contrary, all the companies revealed their community investment, which this paper regards as legitimizing smokescreen ecological
\npollution. The paper contributes to the literature by connecting the legitimacy theory to the decoying sustainability disclosure of oil and gas companies
\nin Nigeria. In conclusion, the study recommends more stringent sustainability disclosure policies for the oil and gas to provide more information for
\nenvironmental and climate change advocates and investors in censuring the companies, which might instill improved environmental compliance.

The article uses the methodology of geopolitics analysis to identify the basic characteristics of NATO’s current policy towards Latvia and the rest of the Baltic Sea countries. This region with the collapse of the former Soviet Union seemed to be one of the most stable in terms of military security. However, at present, especially after the Revolution of Dignity in Ukraine and the subsequent Russian aggression against our country, there is a noticeable increase in general tensions in the Baltics between NATO states and the Russian Federation and its allies. A study on the example of Latvia, devoted to the development of the military-political situation in the region, gives grounds to conclude that the current increase in the military presence in the Baltics is due to the need to strengthen the protection of the Baltic States from the Russian threat. The latter does not rule out the possibility of further NATO expansion not only to the East but also to the North at the expense of Sweden and Finland. Modern events in the Baltic region can be characterized as part of the next stage of the positional game on the world “chessboard”, where today the winning situation for the Anglo-Saxon strategy is obvious. At the same time, Russia’s geopolitical interests in the Baltic area, including Latvia, have remained virtually unchanged. The western vector of the republic’s development only strengthened Moscow’s attention through deeper and timely monitoring and analysis of the situation in its western neighbors in order to prevent the final and irreversible exit of the Baltic countries from the sphere of Russian influence. The article is intended to help Ukraine to understand and study the unique experience of the transition of a certain post-Soviet country from one political state to another, which is needed not so much for history, but for the purpose of developing modern political and diplomatic methods of cooperation with the leadership of Latvia, as well as the practical application of its experience in its activities on the path of Euro-Atlantic integration. The focus of NATO and, first of all, the United States, on strengthening its presence in the Baltic Sea region is capable of influencing the relations between the Baltic countries that have developed as a result of many years of cooperation. The emphasis on the military component clearly outlines the differences in approaches between NATO member states (Denmark, Poland, Germany, the Baltic countries and Norway), neutral states (Sweden, Finland) and the CSTO allies (Russia and Belarus).

The global energy crisis of 2021—2022 significantly impacted the financial markets of many countries. The shock of price volatility in the oil and gas market triggered the transmission of crisis processes across various European countries, including those in the Baltic Sea region. This article analyses the effects of the energy crisis on these countries using the financial contagion methodology. The study aimed to estimate the financial contagion that spread through stock market channels in the Baltic Sea region during 2021—2022, as well as to systematize measures aimed at mitigating the consequences of the energy crisis and countering financial contagion. Using statistical analysis methods, the current state of the energy market in the Baltic region and its response to the conflict between Russia and Ukraine were examined. By reviewing a range of publications on the Baltic countries, evidence of financial contagion that emerged in different years under the influence of various shocks was identified. The financial contagion methodology was implemented by constructing DCC-GARCH models and estimating contagion effects using specialized test statistics. The calculations revealed that the energy crisis led to financial contagion in the markets of most Baltic Sea region countries. The study identified the causes of these countries’ vulnerability to financial contagion and provided additional estimates of contagion from a sectoral perspective. This allowed for conclusions to be drawn regarding the resilience of individual economic sectors to the crisis. The varying degrees of exposure to financial contagion were explained by differences in dependence on external energy supplies and the nature of anti-crisis policies. The paper systematized a set of specific anti-crisis measures for households and businesses in the Baltic Sea region and outlined strategies for countering financial contagion.

The book examines the security puzzles posed by the remaining legacies of dominance and conflict in the Baltic Sea region as governments seek to integrate the three Baltic sates in a more stable system of cooperative security.

The primary aim of this study is to thoroughly investigate the prevalence and determinants of loneliness among older adults in the Baltic-Nordic region. Utilizing high-quality data sources and employing a methodologically rigorous approach, the study endeavors to enhance our understanding of how loneliness manifests and varies across different cultural and socio-economic contexts within these regions. By identifying key factors influencing loneliness, including demographic, social, and economic variables, the research seeks to contribute significantly to the existing body of knowledge on loneliness and inform targeted public health strategies and interventions tailored to the unique needs of older adults in the Baltic and Nordic countries. This research, centered on older adults aged 67 and above within the Baltic-Nordic region, draws upon data from the Survey of Health, Ageing and Retirement in Europe (SHARE), specifically its eighth wave conducted between June and August 2020. The demographic analysis of this study covers a diverse sample of 5,313 participants from the Baltic and Nordic regions. Specifically, the sample includes 2,377 participants from Nordic countries, namely Sweden, Denmark, and Finland, and 2,936 from the Baltic countries of Estonia, Latvia, and Lithuania. The investigation extends to the financial well-being of households, involving an analysis of 3,925 individuals, with 1,748 from Nordic countries and 2,177 from Baltic countries. Although Iceland is categorized as a Nordic country, the analysis within this study is conducted separately due to the unavailability of SHARE data for this region. Instead, the HL20 study, focusing on the health and well-being of the older adult population in Iceland, contributes data for 1,033 respondents. This methodological distinction allows for a comprehensive understanding of regional differences, highlighting the importance of specialized approaches to examine the intricate dynamics of loneliness and well-being across the Baltic-Nordic region. The study reveals significant regional variations in loneliness among older adults during the COVID-19 outbreak, with the Baltic countries (Estonia, Latvia, Lithuania) reporting a lower prevalence of loneliness compared to the Nordic countries (Sweden, Denmark, Finland). Iceland, while grouped with the Nordic countries, was analysed separately. Employment emerges as a key factor in reducing loneliness across all regions, suggesting the benefits of social interactions and structured routines. Gender and marital status significantly influence loneliness, with notable disparities in the Baltic region and smaller gaps in the Nordic countries, reflecting the impact of societal and cultural norms. Additionally, educational attainment and health status show varied associations with loneliness, highlighting the complex interplay of individual and societal factors in these regions.

The societal consequences of climate change are still hard to measure, mostly because it is difficult to connect the physical effects of climate change to economic processes and because future climate change and economic estimates are unpredictable. The tourism industry is one of the areas where evaluating the effects of climate change has proven to be especially challenging. The primary influencing environmental elements in the coastal waters of the Baltic Sea are expected to alter as a result of climate change. This study investigates the impact of climate change on the growth of tourism in the Baltic Sea Region, focusing on international tourism. To analyze the possible short-run and long-run impact of climate change on international tourism, a dynamic panel model is used, with data for the period 2005–2022. International tourism is measured through the inbound travel expenditure and the number of overnight visitors. The effect of climate change is captured through the variables of temperature and precipitation, with real GDP and government effectiveness as control variables. Results show a significant negative impact of climate change variables on international tourism in the Baltic Sea countries. There are relatively few studies on the impact of climate change on the tourism industry in the Baltic region; this article complements the existing literature on this very important issue.

Agricultural nature management is one of the most ancient though dynamic branches of economy The author considers the development of the agricultural nature management systems of the Baltic Sea countries through the methods of historical and geographical studies and calculates the rates of change in the areas of cultivated land and the intensity of their use. The balanced regional model of nature management is based on the conjugate analysis of an array of statistical data for the period from 1909–13 to 2014–16. The method of process modeling for agricultural production development made it possible to identify key factors affecting the dynamics of the nature use of the Baltic sea region as a whole and its particular countries. The general dynamics tendency of agricultural nature management is seen as simultaneous compression of the areas of cultivated land and the growth of crop yields, while each of the Baltic sea countries has individual patterns of these processes. In accordance with the trajectories of agricultural development, the countries of the Baltic region are divided into three subregions. In the northern subregion, which includes Finland Sweden, and the Leningrad Region, agriculture has played an additional role in the nature management system over the past hundred years. In the southern subregion (Poland, Denmark, and Germany), agriculture is the leading type of nature management, but its role has been steadily falling throughout the period of research. In the southeastern part of the Baltic region (the Baltic countries and the Kaliningrad region) the agricultural nature management is gradually recovering after the 90s crisis and its role in the environmental management system of the subregion is increasing.

The challenges of sustainable development require that everybody, every institution and every nation work towards long-term strategies in order to move away from unsustainable practices. The same line of thinking applies to all nations around the Baltic Sea. A general challenge for the Baltic Sea region is to broaden the interest of people in discussions of national approaches supporting sustainability. Finding effective instruments to support the process of sustainable development in countries in transition with an emerging and largely inexperienced entrepreneur community and economically fragile, is as important as the promotion of long-term integrated sustainability strategies in countries which have well established democracies. The knowledge of the ongoing changes and the driving social, economic and ecological factors essential for the implementation of sustainable development in countries in transition must be broadened. A special need seen in the three Baltic countries - Lithuania, Latvia, and Estonia - as elsewhere in the Baltic region, is the need to avoid development patterns of « business as usual and to gain access to information and to advancements in sustainable development both in Europe and worldwide. The Baltic countries now joining the EU have to build capacity, for example by establishing teams of young researches to draw up sustainable development strategies at the national level, which are consistent with European strategies. A bottom-up flow from the grass-root level is required to change the pattern of development strategies in the Baltic countries. The Conference « Integrative Approaches Towards Sustainability, whose experiences are documented inthis book, was held on 26-29 March, 2003.

Regional integration oriented transformations in the Baltic region, as well as the unified social, economic and technological space formation processes are described and analysed. These processes are comprehended as an important factor of further social, economic and technological modernization in the Baltic countries, as a precondition for more intensive and active integration of Baltic economic systems into the European and global economic and technological structures, as well as a knowledge based society and knowledge economy creation factor. The arguments determining the idea of the Baltic region community and unity, as well as opposing arguments are evaluated. The main principles of integration in the Baltic region, as well as the possible integration strategies are analyzed. The unified social, economic and technological space in the Baltic region as a research area is described. Formation of the unified social, economic and technological space in the Baltic region could be defined as an important precondition for further modernization and for more intensive and active integration of the national and regional societal and economic systems into the common European and global development processes. Formation of this unified space in the Baltic region could be comprehend as a successful case of the regional integration oriented transformations in the European Union: regional integration oriented transformations could be defined as an important aspect of the social, economic and technological modernization in the European Union in general, and as an important factor of the knowledge based society and knowledge economy creation. Regional integration oriented transformations and the unified spaces in the Baltic region formation processes could be defined as an important and a complicated scientific research area. The main research priorities in the area of formation of the unified social, economic and technological space in the Baltic region are the following ones: - the preparation of the conception of the Baltic region as a whole, including preparation and evaluation of various system indicators of Baltic region, - the complex analysis of the expressions of centripetal and centrifugal force forming in the Baltic region as a system, - the complex analysis of the arguments - determining the idea of the Baltic region community and unity, - the complex analysis of the opposing arguments to the idea of the Baltic region being a community, - the formation of regulating and self- regulating mechanisms for Baltic region’s development, - the social, economic and technological integration strategies for Baltic region. The basis for the formation of a unified social, economic, technological space in the Baltic region is the comprehension of this region as a whole. The comprehension of the Baltic region as a whole is based upon the formation and implementation of political, economic, and social development regulations, and the Baltic region as a unified geopolitical, social and economic system's development strategy preparation and realization should be understood as the principle problem of the Baltic countries' more intensive and active integration into European and world structures. The solution of these problems, requiring a deep and complete set of arguments, could be the essential basis to modernize the Baltic countries, their economic systems and societal structures. The comprehension of the Baltic region as a whole includes these important problem areas: - the commonality of the Baltic countries and unified activity system and the evaluation of the effects of these actions, - the specific distinguishing features of the countries, due to their shared problems and integration difficulties, - external and internal effects and environments, determining their integration prospects and limitations, - the integration mechanisms and conditions for them to surface and spread, - the mechanisms, and their dynamic possibilities, for more intensive and active integration into European and world structures by the Baltic region as a whole. The development of the Baltic region as a whole and its effectiveness, is largely based upon how sensible and effective these development regulations are, and also the self-regulation mechanisms. Regulating and self-regulating mechanism targeting allows the programming and planning of development, and foreseeing the forms of rational separate country specializations and their cooperation and ties with other countries. The basis of these mechanisms could be spread even in the inter-regional integration processes of the Baltic countries. The systematic studies of the Baltic region as a geopolitical, economic, technological, social and cultural whole are very prospective and actual in various ways toward the direction of practical and scientific activity.

A number of events in 1992 proved to be of importance to the security of the Baltic Sea region. It was the first full year of independence of the Baltic States — Estonia, Latvia and Lithuania — and they also signed ‘first generation’ agreements with the European Communities in May 1992, beginning their increasing relationship with that organisation and its successor, established by the Treaty of Maastricht, the European Union (EU). It was this treaty, signed in 1992, that introduced the security element into the range of policies of the EU. It was also in 1992 that the three Baltic States declared their interest in joining NATO and that the then Secretary-General of NATO, Manfred Worner, underlined the vital interest of the alliance in the Baltic region. Finally, the Council of the Baltic Sea States (CBSS) was established in 1992 and, though not directly interested in ‘hard security,’ dealt with a number of issues that affected in other ways the security of Baltic Sea states.

The transnational cooperation is seen as important research object especially in the light of today’s world challenges such as war in Ukraine, Covid-19, Euroscepticism, migration and others. In this context intensive cooperation among the Nordic and Baltic countries can be discovered as new normal for transnational development. The rationale of Nordic and Baltic countries cooperation is common interest in stability, security and welfare in the Baltic Sea region and beyond, and has existed for quite some time. It should be emphasized that the cooperation in the Nordic and Baltic region has overcome many challenges. Nevertheless, the idea of cooperation in this region is stronger than ever. In the light of global and regional political instability, it is crucial to maintain political dialogue, strengthen and develop cooperation between the Nordic and Baltic countries. A spread of stronger populism uncovered an existential tension of European integration processes. In response to the European-wide crisis it is the possibility for Nordic States react to emerging challenges by deepening the integration between the Nordic countries in the light of European integration processes during their critical moment. With reference to the context described above, the purpose of the research is to identify the added value of cooperation of Nordic and Baltic countries for further regional development. The tasks of the research were set as follows: 1) to identify benefits of cooperation among countries in the context of different theories and practices; 2) to analyse the cooperation of the Nordic-Baltic countries in the period from 1990 - 2020 and its implications for growth of Baltic sea region; 3)to discuss the EU macro-regional strategies and identify their added value for further regional development. Research methods: scientific literature analysis, analytical interpretations of the EU documents as well as future prognosis on cooperation in the Nordic-Baltic region.

Political and economic development processes in the Baltic region in the context of the challenges of creation of knowledge based society and knowledge economy in the European Union are analyzed. The main priorities of the political and economic changes in the Baltic countries, as well as of the modernization towards Europe of knowledge are discussed. Modernization processes, as well as controversial changes and the unified social, economic and technological space formation processes in the Baltic region are described and analyzed. The processes of the creation of knowledge based society and knowledge economy are comprehended as an important factor of further social, economic and technological modernization in the Baltic countries, as an precondition for more intensive and active integration of Baltic social and economic systems into the European and global economic and technological structures. The inter-Baltic countries integration processes are analyzed holistically. It is shown that the inter-Baltic countries integration cannot be separated from the formation of a unified social, economic and technological space. It is far more detailed, comprehending the complexity and duality of the formation of such a space, to discuss the array of questions which affect the Baltic region on the basis of its' being a system, as well as on the Baltic countries unified development details. The multidimensional conception of the Baltic region as a whole is described. This conception represents some possibilities for the formation of a unified social, economic and technological space. The main idea of this conception is the multidimensional evaluation of the development factors and processes in the Baltic countries. The conception of the Baltic region as a whole is related to ethnic, social, cultural, political and economic development process varieties, as well as the formation of a evaluation criteria for this region as a whole. The base condition, which must be followed for understanding the Baltic region as a system, is that the Baltic region must be understood as that whole together with the characteristic differences and signs of internal conflict. Also, these signs in the Baltic region are very clear; the analysis of these signs is a crucial link to understanding the Baltic region as a system. The problems and priorities of networking in the Baltic region are described in detail. The regularities of the political and economic development in the context of the changes towards Europe of knowledge, as well as the processes of formation of the unified social, economic and technological space in the Baltic region as an perspective research area is described. DOI: http://dx.doi.org/10.5755/j01.eis.0.7.4521

ABSTRACTThis study explores the relationship between sustainability disclosure and greenwashing among Chinese companies in the context of climate change, with a focus on the moderating role of third‐party certification. The analysis is based on data from 963 A‐share‐listed companies on the Shanghai and Shenzhen Stock Exchanges, covering the period from 2016 to September 2024. Sustainability disclosure and greenwashing‐related data were obtained from the LSEG and Huazheng databases. ISO standards were used as a proxy variable for third‐party certification, and data scraping was performed using Python via an API interface. Greenwashing was measured as the discrepancy between preperformance and postperformance, with larger gaps indicating higher levels of greenwashing. A mixed‐effects regression model was employed, controlling for fixed effects (year) and random effects (region and industry). The results show that, in theory, third‐party certification has significant potential to reduce information asymmetry and enhance the reliability of sustainability disclosure. However, when standards are weak or poorly implemented, third‐party certification may inadvertently promote greenwashing behavior. This study underscores the importance of establishing robust third‐party certification and sustainability disclosure frameworks to effectively address greenwashing. It offers recommendations for policymakers on strengthening third‐party certification regulations and urges companies to adopt more authentically sustainable practices. Additionally, it provides strategic insights for stakeholders to advance reliable third‐party certification measures, ensuring genuine environmental efforts and contributing to global climate change mitigation.

Research aims: This study examines does sustainability report disclosure and external assurance affect Indonesian publicly listed enterprises' financial performance. This study analyses how external assurance moderates sustainability disclosure and business financial performance.Design/Methodology/Approach: This quantitative analysis uses 71 Indonesia Stock Exchange-listed non-financial companies over 5 years. Financial records, company sustainability reports, and the Indonesia Stock Exchange database gave five years of data. Sustainability report disclosure and business financial performance were examined using multiple linear regression with external assurance as a moderating variable.Research findings: Economic and social disclosures in sustainability reports improve firm financial performance. External assurance improves financial outcomes directly and supports the favorable influence of sustainability disclosures on corporate performance. These findings demonstrate the strategic importance of transparent and validated sustainability reporting for financial success.Theoretical contribution/Originality: Results demonstrate that external assurance boosts sustainability disclosure and financial success. Credible reporting supports stakeholder theory by meeting expectations and building trust. It supports legitimacy theory, which says assurance fosters company social norms. Signaling theory says external assurance indicates to investors that the firm is transparent, improving its credibility.Practitioner/Policy implication: According to the findings, practitioners should use external assurance in sustainability reporting to promote transparency, stakeholder trust, and financial performance. According to theory, credible and externally confirmed disclosures boost business sustainability efforts. To encourage accountable and trustworthy corporate reporting, policymakers could incentivize or mandate external assurance.Research limitation/Implication: The study only covers Indonesian companies; thus, future research should expand or add qualitative perspectives to acquire deeper insights.

Companies currently produce many impacts, such as air pollution and industrial waste, which also cause global warming. As part of the company's responsibility for international and sustainability problems, the company carries out several things related to green things, ultimately leading to company profits. This research examines the effect of green accounting and sustainability disclosure on company profitability. The sustainability disclosure includes economic, environmental, and social indicators. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange in 2019-2022. Researchers selected the sample using a purposive sampling method with three criteria, resulting in 15 eligible companies. This research uses panel data regression analysis using the Eviews 12 program. This research measures the green accounting variable using PROPER, the sustainability disclosure variable using GRI G4, and the profitability variable using ROA. The analysis results show that the green accounting and sustainability disclosure variables do not affect a company's profitability. Indonesia has required the disclosure of sustainability reports for specific companies, including those used in this research. Even though there are mandatory regulations, there are still several challenges in implementing sustainability reporting in Indonesia. For example, a lack of awareness and varying reporting standards. The obligation to prepare sustainability reports is an essential step for Indonesia in realizing sustainable development. A sustainability report hopes to encourage companies to be more responsible for the environment and society while increasing global competitiveness and making a profit.