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readily use companies’ sustainability disclosures to inform investment decisions and advice accurately” (Bernow et al., 2019). This is due to the fact that a company’s sustainability disclosures do not have to follow a standard similar to the financial reporting. In April 2021, European Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD). This directive requires the companies to report in accordance with mandatory EU sustainability reporting standards and audit for the reported information (European Commission, 2021).
It is believed that more detailed sustainability information would be revealed, which would provide a better knowledge of a firm’s sustainability performance after commencement of this directive. Future research on the directive’s effect on firms’ disclosure of sustainability performance and the subsequent impact on the application of sustainable fundamental analysis model is much appreciated.
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