Re-thinking the Role of Corporate Reporting: Supporting Students in the Transition
DOI:
https://doi.org/10.33423/2r5v5q69Keywords:
higher education, sustainability reporting, material topics, sustainability education, transformative learning, online modulesAbstract
We are living in a changing business world, in which sustainability strategies are increasingly integrated into core business operations. As business models evolve to reflect these changes, so must corporate reporting, requiring future employees to develop novel competencies. Considering that defining and reporting material environmental and social topics is critical to credible sustainability reporting, we developed a learning module (used either online or as a class presentation) that addresses key materiality concepts. Furthermore, our analysis adds to the literature relating to the effectiveness of online or in-person sustainability education modules. Student reviewers completed pre- and post-surveys assessing their own knowledge and opinions about material environmental and social topics and their connection to financial reporting. The analysis of the responses showed a significant increase in learning and a change in some opinions about corporate reporting after the student reviewers completed the materiality segments. We found that such resources (online or in-person) can support students’ learning about the changing corporate reporting context, which could lead to more in-depth discussions in appropriate courses.
References
Amladi, D. (2025, January 20). How are billionaire and corporate power intensifying global inequality? Oxfam. Retrieved from https://www.oxfamamerica.org/explore/stories/how-are-billionaire-and-corporate-power-intensifying-global-inequality/
Arnot, W. (2024, November 27). IN-DEPTH: How different markets approach CEO pay ratio disclosure. Diligent. Retrieved from https://www.diligent.com/resources/blog/in-depth-how-different-markets-approach-ceo-pay-ratio-disclosure
Bank, S.A., & Georgiev, G.S. (2019). Securities disclosure as soundbite: The case of CEO pay ratios. BCL Rev., 60, 1123. DOI: https://doi.org/10.2139/ssrn.3324882
Beamond, M.T., Schmitz, M., Cordova, M., Ilieva, M.V., Zhao, S., & Panina, D. (2024). Sustainability in business education: A systematic review and future research agenda. Critical Perspectives on International Business. DOI: https://doi.org/10.1108/cpoib-06-2022-0071
Bhattarai, N., Lee, L.C., & Masaya, T. (2025, September 15). Diversity, interrupted? Diversity hushing and political pressure. DOI: https://doi.org/10.2139/ssrn.5525559
Boyer, M. (2021). CEO pay in perspective. Journal of Leadership, Accountability & Ethics, 18(3). DOI: https://doi.org/10.33423/jlae.v18i3.4407
Business Roundtable. (2019, August 19). Business Roundtable redefines the purpose of a corporation to promote “an economy that serves all Americans.” Retrieved from https://www.businessroundtable.org/business-roundtable-redefines-the-purpose-of-a-corporation-to-promote-an-economy-that-serves-all-americans
Butcher, D. (2022). Leading the way on sustainability. Strategic Finance, 103(10), 25–27.
Calleja, C. (2014). Jack Mezirow's conceptualisation of adult transformative learning: A review. Journal of Adult and Continuing Education, 20(1), 117–136. DOI: https://doi.org/10.7227/JACE.20.1.8
CDP. (2024, June). The state of play: 2023 climate transition plan disclosure.
CFA Institute. (2025). Programs. Retrieved from https://www.cfainstitute.org/programs/all-programs
Chartered Professional Accountants of Canada. (2022, February). Leading the way: Competency map 2.0. Retrieved from https://assets.cpaontario.ca/students/pdf/cpa-competency-map.pdf
Cheng, M., & Zhang, Y. (2023, September 6). Corporate stakeholders and CEO-worker pay gap: Evidence from CEO pay ratio disclosure. Harvard Law School Forum on Corporate Governance. DOI: https://doi.org/10.1007/s11142-023-09803-7
Coalition for Inclusive Capitalism. (2023). Retrieved from https://coalitionforinclusivecapitalism.com/
Conklin, M., & Houston, C. (2024). Boldly going where no AACSB standard has gone before: How AACSB business colleges are complying with the new standard 9. [Publication information as provided], 14, 40–51. DOI: https://doi.org/10.2139/ssrn.4760859
Conscious Capitalism. (2024). Mission. Retrieved from https://www.consciouscapitalism.org/mission-and-vision
Council on Foreign Relations. (n.d.). Global conflict tracker. Retrieved from https://www.cfr.org/global-conflict-tracker
Dumitru, V.F., Chersan, I.C., & Gorgan, C. (2023). Early disclosure of the double materiality concept in a European oil and gas company. In R. Pamfilie, V. Dinu, C. Vasiliu, D. Pleșea, & L. Tăchiciu (Eds.), Proceedings of the 9th BASIQ International Conference on New Trends in Sustainable Business and Consumption (pp. 425–432). ASE. DOI: https://doi.org/10.24818/BASIQ/2023/09/006
Ernst & Young LLP. (2025, May). Financial reporting developments: A comprehensive guide—Statement of cash flows: Accounting Standards Codification 230.
Freeman, R.E., Martin, K., & Parmar, B. (2007). Stakeholder capitalism. Journal of Business Ethics, 74(4), 303–314. https://doi.org/10.1007/s10551-007-9517-y DOI: https://doi.org/10.1007/s10551-007-9517-y
Freire, P. (2007). Education for critical consciousness (Reprinted ed.). Continuum. (Original work published 1974)
Global Reporting Initiative. (2013). G4 guidelines.
Global Reporting Initiative. (2021). GRI 3: Material topics. Effective January 1, 2023.
Gore, A., & Blood, D. (2012). Sustainable capitalism [White paper].
Habermas, J. (1971). Knowledge and human interests. Beacon Press.
Habermas, J. (1984). The theory of communicative action: Reason and the rationalization of society (Vol. 1). Beacon Press.
Habermas, J. (1987). The theory of communicative action: Lifeworld and system: A critique of functionalist reason (Vol. 2). Beacon Press.
Hakkarainen, V., King, J., Brundiers, K., Redman, A., Anderson, C. B., Goodall, C. N., … Raymond, C. M. (2024). Online sustainability education: Purpose, process and implementation for transformative universities. International Journal of Sustainability in Higher Education, 25(9), 333–357. DOI: https://doi.org/10.1108/IJSHE-06-2023-0227
Hemphill, T. (2010). The “creative capitalism” corporate governance model: How radical an approach to modern capitalism? International Journal of Law and Management, 52(2), 110–123. DOI: https://doi.org/10.1108/17542431011029415
International Financial Reporting Standards Foundation. (2023, June). IFRS S1 sustainability disclosure standard: Accompanying guidance on general requirements for disclosure of sustainability-related financial information.
International Financial Reporting Standards Foundation. (2023, June). IFRS S2 climate-related disclosures.
International Financial Reporting Standards Foundation. (n.d.). International Accounting Standard (IAS) 7.
KPMG International. (2013, June). Cutting through complexity: GRI’s G4 guidelines: The impact on reporting. Retrieved from https://assets.kpmg.com/content/dam/kpmg/pdf/2013/06/g4-the-impact-on-reporting-v2.pdf
Lackmann, J., Ernstberger, J., & Stich, M. (2012). Market reactions to increased reliability of sustainability information. Journal of Business Ethics, 107(2), 111–128. DOI: https://doi.org/10.1007/s10551-011-1026-3
Mende, J. (2019). The concept of modern slavery: Definition, critique, and the human rights frame. Human Rights Review, 20(2), 229–248. DOI: https://doi.org/10.1007/s12142-018-0538-y
Mishel, L., & Wolfe, J. (2019, August 14). CEO compensation has grown 940% since 1978. Typical worker compensation has risen only 12% during that time. Economic Policy Institute. Retrieved from https://www.epi.org/publication/ceo-compensation-2018/
MSCI. (2023, May). The MSCI net-zero tracker.
OECD. (2016). OECD due diligence guidance for responsible supply chains of minerals from conflict-affected and high-risk areas (3rd ed.). OECD Publishing. https://doi.org/10.1787/9789264252479-en DOI: https://doi.org/10.1787/9789264252479-en
Rodríguez Aboytes, J.G., & Barth, M. (2020). Transformative learning in the field of sustainability: A systematic literature review (1999–2019). International Journal of Sustainability in Higher Education, 21(5), 993–1013. DOI: https://doi.org/10.1108/IJSHE-05-2019-0168
Sanders, M. (2023, October 12). What’s driving the boom in billion-dollar disasters? A lot. Pew Research Center. Retrieved from https://www.pew.org/en/research-and-analysis/articles/2023/10/12/whats-driving-the-boom-in-billion-dollar-disasters-a-lot
Silva, S., & Schaltegger, S. (2019). Social assessment and management of conflict minerals: A systematic literature review. Sustainability Accounting, Management and Policy Journal, 10(1), 157–182. DOI: https://doi.org/10.1108/SAMPJ-02-2018-0029
United Nations Principles for Responsible Management Education. (2023). PRME annual report 2023. Retrieved from https://d30mzt1bxg5llt.cloudfront.net/public/uploads/PDFs/2023-PRME-Annual-Report.pdf
