Introduction
The Corporate Sustainability Reporting Directive (CSRD) is a ground breaking regulatory framework that aims to enhance the consistency, comparability, and transparency of sustainability reporting across both financial and non-financial companies in the European Union (EU). Officially adopted in November 2022 and effective as of January 5, 2023, the directive significantly broadens the scope of mandatory sustainability disclosures, with a phased implementation starting in 2024 for large public-interest entities.
Replacing the Non-Financial Reporting Directive (NFRD), the CSRD introduces more stringent requirements for reporting on environmental, social, and governance (ESG) factors. By expanding its applicability to a wider range of companies and increasing the depth of required disclosures, the CSRD represents a major shift in how companies must communicate their sustainability practices. This enhanced transparency is critical for corporate decision-making and investor assessments, driving the allocation of capital towards more sustainable business models.
The directive has far-reaching implications for both financial and non-financial institutions. Financial institutions, as key intermediaries in capital allocation, are central to aligning their reporting and risk management practices with the CSRD’s enhanced transparency goals. Non-financial institutions, meanwhile, face challenges in integrating comprehensive ESG reporting into their existing frameworks, balancing operational performance with regulatory compliance. Together, these sectors will play a critical role in advancing the EU's Sustainable Finance Agenda, promoting accountability, and supporting the European Green Deal’s objectives.
Sustainable Development Goals
The CSRD's alignment with the United Nations' Sustainable Development Goals (SDGs) further underscores its global significance, as it promotes responsible business practices that contribute to:
Promoting Accountability and Transparency | SDG 12: Responsible Consumption and Production |
Advancing Climate Action | SDG 13: Climate Action |
Channelling Capital to Sustainable Projects | SDG 7: Affordable and Clean Energy, SDG 9: Industry, Innovation, and Infrastructure |
Reducing Inequality and Promoting Decent Work | SDG 8: Decent Work and Economic Growth, SDG 10: Reduced Inequalities |
Strengthening Governance and Institutional Integrity | SDG 16: Peace, Justice, and Strong Institutions |
Encouraging Partnerships for Sustainability | SDG 17: Partnerships for the Goals |
Fostering Innovation and Technological Advancement | SDG 9: Industry, Innovation, and Infrastructure |
Boosting Investor Confidence in Sustainable Enterprises | SDG 8: Decent Work and Economic Growth |
Call for papers
In recognition of the CSRD's strategic relevance, The Journal of Risk Finance (JRF) invites submissions for a special issue focusing on the challenges and opportunities presented by the CSRD for both financial and non-financial institutions. This issue seeks to explore how the directive is reshaping corporate governance, transparency, risk management, and sustainability practices across different sectors. It aims to contribute to academic discussions by examining both theoretical frameworks and practical implications, particularly how institutions can navigate the complexities of CSRD compliance while fostering long-term sustainability.
List of topic areas
Potential research topics include, but are not limited to, the following:
- CSRD Implementation and Corporate Transparency:
Analysis of deployment strategies in financial and non-financial sectors and their impact on corporate disclosures. - Strategic Challenges for Financial Institutions:
How the CSRD influences risk management practices, portfolio management, and capital allocation, particularly regarding ESG integration. - Non-Financial Corporations and CSRD Compliance:
The operational and strategic challenges non-financial companies face in integrating comprehensive ESG reporting into their business models. - Investor Behavior and Sustainable Finance:
How the CSRD is influencing investor preferences, capital flows, and the broader shift towards sustainable investment strategies. - Regulatory Expectations and Cross-Sector Collaboration:
Exploring the CSRD's role in fostering collaboration between financial and non-financial sectors to meet regulatory demands. - Global Standards and the CSRD:
Interactions between the CSRD and global sustainability standards (e.g., IFRS Sustainability Standards) and their implications for multinational corporations. - Opportunities for Enhanced Trust and Performance:
How companies can leverage CSRD-aligned reporting to build stakeholder trust, enhance reputation, and improve financial performance. - Sectoral Comparisons:
Comparative analysis of CSRD adoption across different industries (e.g., banking, manufacturing, energy) and its impact on corporate behavior and reporting.
Submissions information
We encourage submissions that combine academic rigor with practical relevance. Papers should offer actionable insights for both scholars and practitioners, particularly those involved in corporate governance, risk management, sustainability, and regulatory compliance. All papers will be subject to a double-blind peer review process in line with The Journal of Risk Finance’s standards of excellence.
Submissions are made using ScholarOne Manuscripts. Authors should select (from the drop-down menu) the special issue title at the appropriate step in the submission process, i.e. in response to "Please select the issue you are submitting to".
Submitted articles must not have been previously published, nor should they be under consideration for publication anywhere else, while under review for this journal. Author guidelines must be strictly followed.
For any inquiries regarding this call for papers, please contact Professor Amir Hasnaoui ([email protected]).
We look forward to receiving your submissions and contributing to the advancement of research on the CSRD and its implications for both financial and non-financial institutions.
Key dates
- Submissions Open: November 1, 2024
- Submission Deadline: September 30, 2025
Accepted papers will be available online through Early Cite upon acceptance and processing.