Lungu, Camelia Iuliana; Ca aiani, Chi a a; Bojan, And eea Mădălina; Dascălu,
Co nelia; Achim, Raluca And eea
A icle
Double ma e iali y in sus ainabili y epo ing: Re ealing
ESG-SDGs connec ions o businesses' awa eness
Am i ea u Economic
P o ided in Coope a ion wi h:
The Bucha es Uni e si y o Economic S udies
Sugges ed Ci a ion: Lungu, Camelia Iuliana; Ca aiani, Chi a a; Bojan, And eea Mădălina; Dascălu,
Co nelia; Achim, Raluca And eea (2025) : Double ma e iali y in sus ainabili y epo ing: Re ealing
ESG-SDGs connec ions o businesses' awa eness, Am i ea u Economic, ISSN 2247-9104, The
Bucha es Uni e si y o Economic S udies, Bucha es , Vol. 27, Iss. 70, pp. 939-956,
h ps://doi.o g/10.24818/EA/2025/70/939
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Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 939
DOUBLE MATERIALITY IN SUSTAINABILITY REPORTING:
REVEALING ESG-SDGs CONNECTIONS FOR BUSINESSES’ AWARENESS
Camelia Iuliana Lungu1
*
, Chi ața Ca aiani2, And eea Mădălina Bojan3
Co nelia Dascălu4 and Raluca And eea Achim5
1)2)3)4)5) Bucha es Uni e si y o Economic S udies, Bucha es , Romania
Please ci e his a icle as:
Lungu, C.I., Ca aiani, C., Bojan, A.M., Dascălu, C. and
Achim, R.A., 2025. Double Ma e iali y in Sus ainabili y
Repo ing: Re ealing ESG-SDGs Connec ions o
Businesses’ Awa eness. Am i ea u Economic, 27(70),
pp. 939-956.
DOI: h ps://doi.o g/10.24818/EA/2025/70/939
A icle His o y
Recei ed: 29 Ma ch 2025
Re ised: 14 May 2025
Accep ed: 16 June 2025
Abs ac
The aim o his esea ch is o in es iga e he concep o double ma e iali y embedded in
sus ainabili y epo ing equi emen s ha add ess bo h business and socie y pe spec i es.
In ligh o s akeholde , legi imacy, and ins i u ional heo ies, his documen explo es how
en i onmen al, social, and go e nance (ESG) policies and p ac ices ( inancial ma e iali y)
included in a business s a egy may be ela ed o incen i es o companies o p io i ise
Sus ainable De elopmen Goals (SDGs) (impac ma e iali y). The da a a e collec ed om he
Re ini i Eikon da abase o non inancial in e na ional companies, o e he 2015-2024
pe iod. Pa ame ic and nonpa ame ic es s o di e ences in means, co ela ion analysis, and
ixed e ec s obus eg essions a e employed o alida e h ee esea ch hypo heses.
The esul s illus a e signi ican di e ences on inancial and impac pe spec i es o
ma e iali y in Eu opean Union (EU) companies, as compa ed o non-EU companies. S ong
associa ions be ween ESG sco es and SDGs a e iden i ied and discussed using he double
ma e iali y app oach. SDGs p io i isa ion in gene al, bu also mapped o en i onmen al,
social, and go e nance, is ound o ha e mixed impac s on ESG policies and p ac ices.
The indings suppo he hypo hesis ha p io i isa ion o he SDGs may ensu e a balance
among di e gen in e es s o manage s, in es o s, and o he s akeholde s. The s udy has
academic and p ac ical con ibu ions o managemen decisions ha in eg a e sus ainable
de elopmen goals o expand businesses' awa eness o sus ainabili y epo ing equi emen s.
Keywo ds: double ma e iali y, sus ainabili y epo ing, En i onmen al, Social, and
Go e nance (ESG) policies and p ac ices, Sus ainable De elopmen Goals (SDGs)
p io i isa ion.
JEL Classi ica ion: M41, Q01, Q56
*
Co esponding au ho , Camelia Iuliana Lungu – e-mail: camelia.[email p o ec ed]
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons
A ibu ion License, which pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in
any medium, p o ided he o iginal wo k is p ope ly ci ed. © 2025 The Au ho (s).
AE
Double Ma e iali y in Sus ainabili y Repo ing: Re ealing ESG-SDGs Connec ions
o Businesses’ Awa eness
940 Am i ea u Economic
In oduc ion
An exponen ial inc ease, especially in he con ex o “mul i ace ed landscape o di e en
in e na ional epo ing s anda ds” (Fiand ino, Tonelli, and De alle, 2022, p.684), is
highligh ed by ecen ly published esea ch on ma e iali y discussed om a sus ainabili y
pe spec i e (Adams and Abhayawansa, 2022; Co ea-Mejia, Co ea-Ga cia, and Ga cia-
Benau, 2024; Lungu, Ca aiani, and Bojan, 2024). The g owing in e es o policymake s,
esea che s, and in es o s in sus ainable businesses (Mon ei o e al., 2024; Hoang, Pham and
Nguen, 2023) is ei ied in a no able g ow h o en i onmen al, social, and go e nance (ESG)
disclosu e. By opening businesses o hei s akeholde s, companies can add ess global issues
and help c ea e a mo e sus ainable and equi able u u e (Mon ei o e al., 2024). To mee he
needs o s akeholde s, ESG policies and p ac ices can be ela ed o he 17 Sus ainable
De elopmen Goals (SDGs), included in he Uni ed Na ions (UN) 2030 Agenda (UN, 2015),
ha add ess he mos p essing sus ainabili y issues in he wo ld (Pizzi, Rosa i, and Ven u elli,
2021; Delgado-Ceballos e al., 2023; Tyan, Liu and Fu, 2023; Nicolo e al., 2024).
De eloped om he millennium sus ainabili y goals es ablished in 2000, he SDGs included
in he 2030 Agenda o Sus ainable De elopmen a e he esul o long-s anding e o s by
he UN o ad ance global sus ainabili y (Delgado-Ceballos e al., 2023). Fu he mo e, he
g adual changes in he ocus o he sha eholde s model owa ds an in eg a ed s akeholde s
model o adjus he business s a egy a e mi o ed in he ac i i y o s anda d make s. The
Clima e Disclosu e P ojec (CDP), he Clima e Disclosu e S anda ds Boa d (CDSB), he
Global Repo ing Ini ia i e (GRI), he In e na ional In eg a ed Repo ing Council (IIRC) and
he Sus ainabili y Accoun ing S anda ds Boa d (SASB) wo ked oge he o es ablish he basis
o guidelines o comp ehensi e co po a e epo ing (CDP, CDSB, GRI, IIRC, and SASB,
2020). They decided o join he e o s o he Eu opean Commission (EC) and he
In e na ional Financial Repo ing S anda ds (IFRS) Founda ion in de eloping a gene al
se ing o sus ainabili y epo ing (K i ogo sky, 2024).
F om an ins i u ional pe spec i e, s anda d make s ocus on sha eholde s and o he
s akeholde s as he main use s o sus ainabili y- ela ed in o ma ion, exposing wo ma e iali y
concep s. Fi s , he ma e iali y o he in o ma ion disclosed is ela ed o economic decision-
making o ien a ed owa d ins i u ional p o ide s o inancial capi al and o he c ea ion o
en e p ise alue. Second, sus ainabili y epo ing should include in o ma ion ha is ma e ial
in e ms o he signi ican impac s o he o ganisa ion on he economy, en i onmen , and
people, and hei impo ance o i s s akeholde s (CDP, CDSB, GRI, IIRC, and SASB, 2020).
Recen ly, he Co po a e Sus ainabili y Repo ing Di ec i e (CSRD) has been adop ed in he
EU (EC, 2022), es ablishing he double ma e iali y p inciple. This equi es companies o
epo how sus ainabili y ma e s a ec hem ( inancial ma e iali y) as well as hei ex e nal
impac s, on socie y and he en i onmen (impac ma e iali y).
Pizzi, Rosa i, and Ven u elli (2021) highligh he limi ed con ibu ions o accoun ing schola s
o he cu en academic deba e on he SDGs. In addi ion, Delgado-Ceballos e al. (2023), o
Co ea-Mejia, Co ea-Ga cia, and Ga cia-Benau (2024) unde sco e he need o u u e
esea ch conduc ed on en i onmen al, social, and go e nance dimensions o co po a e
sus ainabili y policies and p ac ices in ela ion wi h sus ainable de elopmen goals.
The aim o his esea ch is o highligh whe he p io i isa ion o he SDGs along wi h ESG
policies and p ac ices may help companies o be e espond o he needs o hei s akeholde s
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
AE
Vol. 27 • No. 70 • Augus 2025 941
and sha eholde s. The double ma e iali y concep is app oached unde he ligh o
s akeholde s, legi imacy, and ins i u ional heo ies in o de o con ibu e o a balance among
di e gen in e es s o manage s, in es o s, and o he s akeholde s. ESG policies and
p ac ices, conside ed he ounda ion o a sus ainable business, a e used o concep ualise he
inancial ma e iali y. SDGs e e ences included in co po a e epo ing a e used o measu e
he le el o p io i isa ions o he UN 2030 Agenda goals, as a p oxy o impac ma e iali y.
Signi ican di e ences be ween companies, based on ins i u ional cha ac e is ics, may poin
o he selec ion o p io i ies and c i ical gaps o engaging wi h globally add essed
sus ainabili y goals. To add ess he aim o his esea ch, he objec i es a e o mula ed in o de
o in es iga e he di e ences be ween EU and non-EU companies, bu also o ela e he wo
pe spec i es o ma e iali y ( inancial and impac ).
Company-yea da a collec ed om he Re ini i Eikon da abase o he 2015-2024 pe iod a e
examined using pa ame ic and nonpa ame ic es s o di e ences in means, co ela ion, and
eg ession analyses. Endogenei y and mul icollinea i y a e add essed using ixed e ec s o
yea , indus y, and coun y included in obus eg essions o p o ide a be e i o he da a,
while al e na i e measu es a e used o alida e he esul s.
This empi ical app oach con ibu es o he academic and p ac ical unde s anding o an
e ol ing business model ha inco po a es he decision o engage in cu en sus ainabili y
amewo ks and policies. Fi s , his pape ex ends he esea ch and knowledge abou he
ela ionship be ween ESG policies and p ac ices and SDGs p io i isa ion a he co po a e
le el, adding o p e ious s udies o Delgado-Ceballos e al. (2023), Hoang, Pham, and Nguen
(2023), Soni (2023), Nicolo e al. (2024). o Tyan, Liu, and Fu (2024). Consequen ly, he
esea ch con ibu es o a deepe unde s anding o how sus ainabili y epo ing aligns wi h
global sus ainable de elopmen goals. Second, i ad ances he double ma e iali y esea ch
ield h ough an o iginal con ibu ion by o e ing comp ehensi e and ex ensi e empi ical
e idence on ESG policies and p ac ices and SDGs p io i isa ion o companies wi h
headqua e s in EU coun ies, as well as in non-EU coun ies. The eby, i acili a es a
compa a i e analysis wi hin di e en ins i u ional se ings, emphasising he in eg a ion o
manda o y equi emen s ega ding double ma e iali y in o he mos ecen Eu opean
egula ions. Thi d, he p ac ical implica ions o he pa icipa ion o companies in he SDGs
a e highligh ed and discussed, di e en ia ed acco ding o he h ee dis inc dimensions o
co po a e sus ainabili y: en i onmen al, social, and go e nance.
The s uc u e o he emainde o he pape is as ollows. In Sec ion 1, he ele an li e a u e,
he unde lying heo ies, and he esea ch hypo heses a e ou lined. Sec ion 2 desc ibes he
esea ch me hodology, including da a and sample, a iables, s a is ical es s, and econome ic
models. Sec ion 3 discusses he esul s and addi ional obus ness es s. Conclusions
summa ise he main indings and p esen he inal ema ks, as well as limi a ions and u u e
esea ch p oposals.
1. Li e a u e e iew - Double ma e iali y, heo ies, and esea ch hypo heses
1.1. The concep o double ma e iali y
Today, he e is an inc eased awa eness o inding esponsible ways o design sus ainable
businesses ha in eg a e he non-accomplished objec i es in a eas o c i ical impo ance o
humani y and plane (people, plane , p ospe i y, peace, and pa ne ship) in o de o achie e
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Double Ma e iali y in Sus ainabili y Repo ing: Re ealing ESG-SDGs Connec ions
o Businesses’ Awa eness
942 Am i ea u Economic
global sus ainabili y (Delgado-Ceballos e al., 2023). Resea ch on he pa icipa ion o
companies in add essing he 17 SDGs included in he 2030 Agenda o he UN has gained
inc eased a en ion in he li e a u e (Hummel and Szekely, 2021; Khaled, Ali, and Mohamed,
2021; Pizzi, Rosa i, and Ven u elli, 2021; Delgado-Ceballos e al., 2023; Whi ingham e al.,
2023). Fu he mo e, he mul idisciplina y cha ac e is ic o he opic o he SDGs is
highligh ed by ela ing i o a ious a eas such as accoun ing o co po a e sus ainabili y
pe o mance, u he ela ed o ESG policies and p ac ices (Khaled, Ali and Mohamed, 2021;
Hoang, Pham and Nguen, 2023; Mon ei o e al., 2024).
ESG policies and p ac ices inco po a ed in sus ainable business and publicly communica ed
espond o sha eholde p essu e and unde lie he accoun abili y o companies and hei
legi imacy o ope a e. They illus a e he inancial pe spec i e o he ma e iali y pu sued by
companies when es ablishing he signi ican in o ma ion o be disclosed in hei co po a e
epo s. Complemen a y o hei socie al-o ien a ed goal, he SDGs a e also ele an o
companies in p o iding a amewo k o iden i y challenges and oppo uni ies and o
con ibu e o long- e m ad an ages (Delgado-Ceballos e al., 2023). This may guide
companies in selec ing he ma e ial in o ma ion ha shows i s impac on socie y and he
en i onmen . The ins i u ional pe spec i e may explain how he no ma i e p essu e o
socie y’s need o sus ainabili y d i es changes in businesses (Whi ingham e al., 2023).
The concep o ma e iali y was used p io in inancial epo ing o iden i y ele an
in o ma ion ha can in luence use s’ decisions o change hei judgmen when omi ed o
mis ep esen ed. This app oach is iden i ied as he economic o inancial pe spec i e o
ma e iali y (Fiand ino, Tonelli, and De alle, 2022). Howe e , he e ol ing de ini ion and
implemen a ion o he ma e iali y concep in eg a es cu en ou wa d and inwa d conce ns
abou sus ainable businesses, s akeholde engagemen , o how sus ainabili y is assessed and
epo ed (Co ea-Mejia, Co ea-Ga cia, and Ga cia-Benau, 2024).
The Eu opean Commission (EC) was he i s o include he concep o double ma e iali y,
which encompasses bo h inancial and en i onmen al and social issues. To illumina e he
concep o ma e iali y, Rai h (2023) analyses co po a e esponsibili y policies in he EU and
p esen s he business pe spec i e and he ‘social case’ o ma e ial issues. The business
pe spec i e concen a es on business isks (EC, 2022), esponds o sha eholde s and o he
in es o s claims, unde sco es in e nal impac s o ESG ma e s being inancially ma e ial o
a company ha is a ec ed ou side-in (A as, Fu una, and Kazak, 2024). The ‘social case’
ocusses on business impac s on he en i onmen and i s s akeholde s, and highligh s he
in luence o he company's inside ma e ial (A as, Fu una, and Kazak, 2024; Co ea-Mejia,
Co ea-Ga cia, and Ga cia-Benau, 2024). In a company ha assumes i s social ole,
s akeholde s help iden i y ma e ial social and en i onmen al aspec s (Fiand ino, Tonelli and
De alle, 2022) ha can be a ec ed by business ope a ions. The concep was ex ended in he
CSRD, equi ing companies o disclose in o ma ion on bo h he business pe spec i e
( inancial ma e iali y) and he socie y pe spec i e (impac ma e iali y) applicable om he
2024 epo ing yea .
Co ea-Mejia, Co ea-Ga cia, and Ga cia-Benau (2024) ou line ha ea ly commi men o
double ma e iali y shows a company’s eadiness o he ime o manda o y implemen a ion
o CSRD. Addi ionally, ea ly adop e s may ha e a compe i i e ad an age o e la e adop e s,
which may be e lec ed in be e sus ainabili y pe o mance. The e o e, ea ly adop e s play a
key ole, since hey a e he i s o emb ace new sus ainabili y policies and p ac ices and
ela ing hem o he inco po a ion o SDGs in o business s a egy. Pizzi, Rosa i, and
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 943
Ven u elli (2021) highligh he collabo a i e e o in applying he UN 2030 Agenda, while
A as, Fu una, and Kazak (2024) claim o a di ec in e play o public and in e na ional
ins i u ional ac o s, p i a e businesses, academia, and socie ies o achie e he SDGs.
The new s anda ds in sus ainabili y epo ing, eleased in e na ionally and ac oss indus ies,
ensu e high-quali y ESG in o ma ion (Fiand ino, Tonelli, and De alle, 2022), along wi h he
inancial one. Co po a e epo ing may be a d i e o sus ainable businesses, c ea ing
p emises o connec he ESG policies and p ac ices wi h he p io i isa ion o ele an SDGs.
The g owing in e es in achie ing co po a e sus ainabili y, along wi h he ecogni ion by
s akeholde s o he pu sui o sus ainable business ou comes, con ibu es o he de elopmen
o double ma e iali y (Delgado-Ceballos e al., 2023), linking inancial in e es s wi h
en i onmen al, social, and go e nance objec i es, ensu ing global sus ainabili y
achie emen .
2.2. Theo e ical channels o double ma e iali y in sus ainabili y epo ing
A sus ainable business changes co po a e epo ing owa d sus ainabili y, s eng hened by
he impac o en i onmen al and social policies on company ac i i ies, he ocus on company
s akeholde s, o he newes socie al wo ldwide a angemen s claiming o double ma e ial
in o ma ion (Adams and Abhayawansa, 2022). Fiand ino, Tonelli, and De alle (2022)
iden i y a g owing body o li e a u e g ounded in s akeholde heo y, which ad oca es o
double ma e iali y assessmen , based on s akeholde engagemen s a egies, bu also aimed
a bo h socie y and he en i onmen . Fu he mo e, he awa eness o s akeholde s abou he
ela ionship be ween inancial ma e iali y and impac ma e iali y imp o es he isibili y,
legi imacy, and epu a ion o companies, and he e o e he pe o mance h ough alue
c ea ion. Conside ing he complexi y o he concep o double ma e iali y, a single-sided
concep ual app oach is insu icien o cap u e he he e ogeneous cha ac e o p ac ices
adop ed in sus ainabili y epo ing (Sepul eda-Alza e, Ga cia-Benau, and Gomez-Villegas,
2021; Fiand ino, Tonelli, and De alle, 2022). Acco dingly, s akeholde , legi imacy, and
ins i u ional heo ies should be conside ed complemen a y, a he han compe ing, when
ying o explain he ela ionship be ween an o ganisa ion and he socie y wi hin which i
ope a es (Fiand ino, Tonelli, and De alle, 2022).
The selec ion o hese heo ies is aligned wi h he esea ch objec i e o p esen ing wo
pe spec i es on he concep o double ma e iali y ( inancial and impac ) suppo ed by he
idea ha he exis ence and unc ion o companies depend on he in e es s o bo h
s akeholde s, whose legi imacy is ensu ed by a legisla i e amewo k and a sys em o social
no ms and p inciples (Beske, Haus ein, and Lo son, 2020; Chouaibi and Zoua i, 2021;
Hoang, Pham, and Nguyen, 2023).
Acco ding o s akeholde heo y, companies mus conside he in e es s o hei s akeholde s
when making decisions and se ing pe o mance and epo ing objec i es. The e o e, one o
hei main goals is o demons a e hei social in ol emen o sa is y he needs o i s di e en
s akeholde s (Khaled, Ali, and Mohamed, 2021). In a no ma i e con ex , s akeholde heo y
explains how ela ionships be ween companies and s akeholde s c ea e long- e m alue,
sugges ing he impac ma e iali y pe spec i e. Companies should conside he expec a ions
o a ious key s akeholde s, including in es o s and employees, in o de o espond o hei
in e es s on sus ainabili y- ela ed p ac ices (Khaled, Ali, and Mohamed, 2021; Fiand ino,
Tonelli, and De alle, 2022; Sepul eda-Alza e, Ga cia-Benau, and Gomez-Villegas, 2022;
Hoang, Pham and Nguyen, 2023). In addi ion, companies can ocus on add essing he
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Double Ma e iali y in Sus ainabili y Repo ing: Re ealing ESG-SDGs Connec ions
o Businesses’ Awa eness
944 Am i ea u Economic
speci ic needs o s akeholde s, including he in ol emen o he go e nmen in he
implemen a ion o he SDGs.
Legi imacy heo y es ablishes he in e connec i i y be ween o ganisa ions and socie y,
p omo ing he su i al o businesses by ecommending whe he sus ainable ac ions o he
company a e app op ia e and consis en wi h hei in eg a ed se o alues and no ms (Nicolo
e al., 2024). The p essu e o social and poli ical expec a ions ac s as a igge o
sus ainabili y disclosu e and explains he changes in he gene al s a egy o companies o
ensu e i s legi imacy. S akeholde s om coun ies ocused on ESG policies and p ac ices
ha e a clea unde s anding o SDG p io i isa ion, con ibu ing o gene al e o s o achie e
en i onmen al, social, and go e nance a ge s (Dimes and Molina i, 2024). Hence,
legi imacy heo y an icipa es ha olun a y epo ing will each a wide audience a he han
jus a ew chosen social g oups, aspec ha could be associa ed wi h a s a egic beha iou
o ien a ed owa ds enhancing legi imacy (Hoang, Pham, and Nguyen, 2023). Consequen ly,
gains in legi imacy make company ac ions desi able and mo i a e sus ainable businesses o
p oac i ely emb ace double ma e iali y (Co ea-Mejia, Ga cia-Benau, and Co ea-Ga cia,
2024), suppo ing hei manda o y inclusion in he Eu opean legisla ion. Hummel and
Szekely (2021) d aw a en ion o olun a y disclosu e o co po a e social esponsibili y,
conside ing he landscape o s akeholde and legi imacy heo ies. The au ho s highligh ha
in o de o ac i ely a ec hei legi imacy, companies disclose non inancial in o ma ion o
bo h capi al ma ke ac o s and o he non inancial s akeholde s.
Ins i u ional heo y examines o ganisa ions om he homogeneous cha ac e is ics ce i ied
by belonging o he same ins i u ional a ea, sha ing he poli ical, inancial, educa ional,
cul u al, and economic sys ems. The baseline idea o he ins i u ional heo y s a es ha he
ope a ing sys em o he company a ec s i s o e all ac i i y (Hoang, Pham, and Nguyen,
2023). The e o e, companies a e conside ed o be expec ed o comply wi h he equi emen s
o he ins i u ional en i onmen , in eg a ing aspec s o sus ainabili y epo ing (Khaled, Ali
and Mohamed, 2021; Fiand ino, Tonelli, and De alle, 2022). Fo example, companies
in e nalise ESG policies and p ac ices d i en by ins i u ional p essu es, such as sus ainabili y
epo ing equi emen s shaped in line wi h he engagemen o he SDGs. Long- e m alue
c ea ion and o ganisa ional legi imacy a e me when en i ies adjus o hese cons ain s, being
able o mee social expec a ions and imp o e hei s anding (Mon ei o e al., 2024). Thus, he
ins i u ional pe spec i e may explain how he no ma i e p essu e d i es changes in co po a e
s a egy (Whi ingham e al., 2023) owa ds sus ainable businesses.
These heo ies o ien a ed owa d an economic en i onmen , bu also a social and poli ical
en i onmen , a e used o highligh he ex e nal p essu e posi ed by di e en ypes o
s akeholde s on sus ainable p ac ices o companies, highligh ing he means by which
businesses ope a e wi hin a complex and dynamic socioeconomic con ex (Beske, Haus ein,
and Lo son, 2020).
2.3. Resea ch hypo heses
Inc eased e idence o meaning ul no ma i e p essu e e lec ed in mo e anspa en
disclosu e o ESG policies and p ac ices and a highe le el o p io i ising he SDGs in i e
esea che s o espond o he wide ecognised gap o na ow- ocused s udies ela ed o SDGs
o ESG policies and p ac ices (Co ea-Mejia, Ga cia-Benau, and Co ea-Ga cia, 2024;
Whi ingham e al., 2023).
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 945
A limi ed numbe o s udies conduc esea ch on double ma e iali y pe spec i es included in
non inancial co po a e epo s, o e ing a limi ed pe spec i e o ESG policies and p ac ices
o SDGs p io i isa ion, including only speci ic indus ies and coun ies, o using c oss-
indus y samples. Fu he mo e, p e ious esea ch e lec s di e gen app oaches on he
concep o double ma e iali y, emphasising he complexi y o i s in eg a ion in sus ainabili y
epo ing. The e o e, Delgado-Ceballos e al. (2023) p esen he ela ionship be ween SDG
p io i isa ion and ESG policies and p ac ices in he con ex o double ma e iali y, h ough a
desc ip i e app oach, wi h limi ed empi ical e idence on he link be ween inancial
ma e iali y and impac ma e iali y. Fu he mo e, A as, Fu una, and Kazak (2024) p esen
empi ical e idence on he associa ion o SDGs wi h ESG policies and p ac ices in he con ex
o double ma e iali y, bu only o a sample o inancial ins i u ions, an aspec ha limi s he
ele ance o he esul s o o he indus ies. Co ea-Mejia, Ga cia-Benau and Co ea-Ga cia
(2024) and Sepul eda-Alza e, Ga cia-Benau, and Gomez-Villegas (2021) analyse he impac
o co po a e go e nance and inancial pe o mance on SDGs p io i isa ion o a sample ha
includes La in-Ame ican companies.es. Howe e , implica ions o double ma e iali y in he
con ex o ESG-SDGs connec ion a e no discussed, while he esul s a e limi ed o speci ic
geog aphical egions. Th ough a quali a i e esea ch based on con en analysis o
sus ainabili y epo s o Eu opean companies, Co ea-Mejia, Co ea-Ga cia, and Ga cia-
Benau (2024) iden i y di e ences be ween he o m and he subs ance o he concep o
double ma e iali y in business p ac ice. The sample limi a ion o a ela i ely low numbe o
companies om a speci ic egion could a ec he obus ness o he esul s and a possible
ex apola ion. In addi ion, he es ima ion o he le el o implemen a ion o he double
ma e iali y concep is in luenced by he subjec i ism ha cha ac e ises he g ouping and
in e p e a ion o da a collec ed h ough con en analysis. Mon ei o e al. (2024) limi hei
esea ch o in es iga ing he ela ionship be ween SDG5 and ESG epo ing p ac ices o UE
companies, while Nicolo e al. (2024) analyse he impac o ESG pe o mance on SDG sco e
o a sample o in e na ional companies, limi ed o only 2, 402 obse a ions o 635
companies om 45 coun ies, egionally di e en ia ed. Fiand ino, Tonelli and De alle
(2022) poin ou a a ie y o esea ch me hods ega ding he double ma e iali y concep ,
unde sco ed by di e se heo e ical app oach.
These con as s wi h espec o he me hodological and con ex ual di e ences could highligh
a po en ial lack o con e gence a he le el o applicabili y o double ma e iali y in he
con ex o sus ainabili y epo ing. P io li e a u e (Mon ei o e al., 2024; Tyan, Liu, and Fu,
2024) emphasises ha o be e unde s and double ma e iali y phenomena, mo e in-dep h
analyses o SDG disclosu e ac oss companies, coun ies, and longe epo ing ho izons
should be analysed as associa ed wi h ESG policies and p ac ices. The g ow h o
inco po a ing ESG aspec s in o he sus ainable business and decision making p ocess can be
mo i a ed mo e by i s impac on co po a e alue ( inancial ma e iali y) han by e hical
conce ns ela ed o he impac o he company on socie y and he en i onmen (impac
ma e iali y). The wo sides o ma e iali y embedded in co po a e sus ainabili y da a epo ed
by companies a ound he wo ld ollowing he launch o he Sus ainable De elopmen Goals
in 2015 a e add essed, wi h he aim o illing he gap iden i ied in p e ious s udies.
In ligh o hese conside a ions, he e is a no iceable need o ini ia e esea ch ha explo es
he ela ionship be ween ESG policies and p ac ices (as inancial ma e iali y) and
p io i isa ion o SDGs (as impac ma e iali y) o a holis ic unde s anding o business
s a egy. This esea ch aims o p o ide signi ican con ibu ions o exis ing esea ch gaps
ega ding he concep o double ma e iali y and is designed o espond o u u e esea ch
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Double Ma e iali y in Sus ainabili y Repo ing: Re ealing ESG-SDGs Connec ions
o Businesses’ Awa eness
946 Am i ea u Economic
di ec ions iden i ied in he exis ing li e a u e. Hence, h ee main esea ch hypo heses a e
o mula ed:
RH1. The e is a signi ican di e ence in he double ma e iali y pe spec i es o EU and non-
EU companies.
RH2. Financial ma e iali y is s ongly associa ed wi h impac ma e iali y.
RH3. An inc ease in impac ma e iali y has a signi ican posi i e in luence on inancial
ma e iali y.
2. Resea ch me hodology
This esea ch aims o in es iga e a ious aspec s o sus ainabili y epo ing amed wi hin
he double ma e iali y app oach equi ed by Eu opean and in e na ional egula ions and
s anda ds. The s udy e eals he impo ance o he concep o double ma e iali y ( inancial
ma e iali y and impac ma e iali y) in add essing he sus ainabili y nexus by connec ing he
equi emen s o he 17 SDGs wi h he ESG policies and p ac ices epo ed by companies.
2.1. Da a and esea ch a iables
The ini ial sample conside ed o his empi ical s udy consis s o a o al o 58,985 company-
yea obse a ions (no abula ed in his pape , bu a ailable upon eques ), collec ed om
Re ini i Eikon da abase, o in e na ional companies ac i a ing in non- inancial indus ies,
o e he pe iod 2015-2024. The Re ini i Eikon pla o m has been selec ed due o he
comp ehensi e co e age o bo h ESG sco es and SDGs included in co po a e epo ing, as
well as inancial indica o s. The complex me hodology used (LSEG, 2023), wi h a his o y
da ing back o 2002, and co e ing mo e han 90% o global ma ke capi alisa ion o mo e
han 15,500 global public and p i a e companies, ensu es he alidi y o he da a used in his
s udy. The use o in e na ional lis ed companies (also s udied by Khaled, Ali and Mohamed,
2021 and Nicolo e al., 2024) cap u es he inc eased egula ions placed on co po a e
sus ainabili y equi emen s o e he las yea s, a ound he wo ld. The 2015-2024 ime ame
was chosen o explo e he e olu ion o ESG policies and p ac ices epo ing along wi h SDG
p io i isa ion s a ing immedia ely a e he elease o he UN 2030 Agenda, un il he cu en
pe iod.
Obse a ions wi h missing da a o ESG, SDG sco es, and con ol a iables we e elimina ed,
gene a ing an in e media e sample o 43,424 obse a ions. Based on he desc ip i e s a is ics
ela ed o skewness and ku osis subsequen ly analysed, high alues ha e been de ec ed o
he a iables: Re u n on asse s (ROA), F ee cash low (FCF), and Financial le e age (LEV).
Using he d op unc ion om STATA .18, he ex eme alues compu ed o he h ee
a iables based on he 1% and 99% pe cen iles we e excluded, esul ing in a inal sample o
40,867 obse a ions o 10,075 companies om 91 coun ies a ound he wo ld, ac i a ing in
10 di e en indus ies. Addi ionally, he o e all sample was spli in o wo sub-samples: one
o 6,316 obse a ions wi h companies ha ing he headqua e s in he EU coun ies and one
o 34,551 obse a ions wi h companies no es ablished in EU coun ies. Thus, adding o
p e ious esea ch, his s udy ex ends bo h he analysed pe iod, and he numbe o sampled
companies, aking in o conside a ion he ins i u ional con ex o he wo sub-samples (EU
companies and non-EU companies). I di ec ly explains he p e ailing speci ic app oaches a
Sus ainabili y Repo ing: Ca alys o O ganisa ional and P o essional Change
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Vol. 27 • No. 70 • Augus 2025 953
Table no. 5. Robus ness checks o eg ession analysis
Va iables
DV: ENV
DV: SOC
DV: GOV
O e all sample N=40,7867 obs.
SDG
0.059***
0.064***
0.020***
SDG_ENV
0.015***
0.011**
0.006
SDG_SOC
0.029***
0.032***
0.007
SDG_GOV
0.016**
0.021***
0.007
EU sample N=6,316 obs.
SDG
0.035***
0.030***
0.017*
SDG_ENV
0.022*
-0.009
0.008
SDG_SOC
-0.004
0.013
0.007
SDG_GOV
0.017
0.025**
0.003
Non-EU sample N=34,551 obs.
SDG
0.063***
0.069***
0.018***
SDG_ENV
0.014**
0.016**
0.006
SDG_SOC
0.035***
0.032***
0.006
SDG_GOV
0.015**
0.021***
0.006
No es: Va iables a e de ined in Table no.1. The symbols ***, ** and * indica e signi icance a he
1%, 5% and 10% le els, espec i ely. Con ol a iables, yea , indus y, and coun y FE and obus
-s a is ics a e included ( alues no abula ed, a ailable on eques ).
Sou ce: Da a collec ed om Re ini i Eikon, p ocessed by au ho s using STATA 18 e sion.
Conclusions
This empi ical s udy examines he double ma e iali y pe spec i es included in sus ainabili y
epo ing equi emen s, explo ing po en ial con ibu ions o connec ing he SDGs o
company-le el sus ainabili y o imp o e ESG policies and p ac ices epo ing. Despi e he
exis ing esea ch connec ing ESG policies and p ac ices o sus ainable de elopmen goals,
mos o hese s udies ocus on alignmen among a ious equi emen s, he connec ion o he
SDGs wi h co po a e pe o mance, o on disclosing he implemen a ion o double ma e iali y
equi emen s. Al hough ex ensi e concep ual deba e has been iden i ied in he li e a u e on
double ma e iali y, he e emains a lack o empi ical esea ch in his eme ging ield.
In o de o add o p e ious esea ch and o ill he gap ega ding dimensions less explo ed
hus a , he o iginal con ibu ion o he p esen s udy consis s in p oposing a shi in he
esea ch pa adigm, wi h a ocus on he complexi y o he double ma e iali y concep . Thus,
h ough empi ical esea ch conduc ed on a ele an sample, his esea ch examines he
in e connec ion o he wo pe spec i es, inancial ma e iali y and impac ma e iali y. The
enac men o he indings in o he p ac ices o companies, along wi h he necessi y o
di e en ia ed app oach o EU e sus non-EU companies, ep esen s con ibu ions g ounded
in scien i ically alida ed esul s and suppo s he ad ancemen o in o med managemen
decisions.
The main indings illus a e di e ences in ESG policies and p ac ices, as well as in SDG
p io i isa ion o EU compa ed o non-EU companies, ha may be gene a ed by di e en
egula o y amewo ks and s anda ds o sus ainabili y epo ing. The co ela ion analysis
highligh s ha en i onmen ally ela ed SDGs a e mo e p io i ised by companies wi h
s onge en i onmen al ESG policies and p ac ices. Muchmo e, socially-o ien ed companies
seem o p io i ise mo e he SDGs, compa ed o go e nance-o ien ed companies. The esul s
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Double Ma e iali y in Sus ainabili y Repo ing: Re ealing ESG-SDGs Connec ions
o Businesses’ Awa eness
954 Am i ea u Economic
a e u he alida ed by eg essions wi h decomposed and al e na i e measu es, showing ha
he highe he p io i isa ion o SDGs, he mo e ESG policies and p ac ices a e epo ed by
companies, bo h o e all, bu also o each pilla .
The unde lying heo ies a e alida ed by he indings illus a ing ha epo ing o ESG
policies and p ac ices may bene i om p io i isa ion o SDGs. Fi s , s akeholde heo y
s a es ha companies pa icipa e in ESG ac i i ies o sa is y he demands and expec a ions o
di e en s akeholde s, c ea ing a long- e m ela ionship be ween hem. Second, in line wi h
he legi imacy heo y, in o de o ensu e a posi i e impac on socie y and he en i onmen
whe e hey ac i a e, companies became mo e open owa ds ESG ini ia i es. Thi d,
ins i u ional heo y p o ides an unde s anding o how companies eac o ins i u ional
amewo ks, socie al expec a ions, and ex e nal in luences.
In conclusion, his esea ch alida es he s a emen ha double ma e iali y may aise
awa eness o businesses o imp o e co po a e sus ainabili y policies and p ac ices, e lec ed
in ESG sco es, conside ing s akeholde s’ in e es s, and p io i ising SDGs. Thus, in es o s'
in e es s in sus ainabili y ( inancial ma e iali y) a e econciled wi h he ex e nal impac o he
business on socie y and he en i onmen (impac ma e iali y).
Al hough his s udy sheds new ligh on he esea ch o double ma e iali y in sus ainabili y
epo ing, limi a ions ela ed o he unequal dis ibu ion o EU companies compa ed o non-
EU coun ies, he he e ogenei y o he sample, he pa ial e e ence o he speci ic ESG
ca ego ies o o indi idual SDGs, as well as managemen inside pe spec i es a e
acknowledged. Fu he mo e, po en ial limi a ions o he da a ex ac ed om Re ini i should
be highligh ed, as well as he gene ic endogenei y isk ha cha ac e ises eg ession-based
esea ch.
Fu u e esea ch may ex end he in es iga ion by including an in-dep h analysis o each ESG
policy and p ac ice and each SDG. In addi ion, a sec o al analysis can be pe o med o
es ablish how a ious indus ies p io i ise he SDGs. To success ully suppo he goals o he
2030 Agenda, u u e esea ch may add ess he p io i y anking o SGDs aking in o accoun
cha ac e is ics a he coun y and company le el. Fu he mo e, causali y analysis may
iden i y u he insigh ul connec ions be ween ESG and SDGs.
Acknowledgemen s
This pape was co- inanced by The Bucha es Uni e si y o Economic S udies du ing he
PhD p og am.
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