Toward a novel Sustainability Transparency Index for improved governance in agri-food value chains: A comparative study of Finnish and Ukrainian companies

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The paper addresses ESG-based disclosure and transparency measurement in the context of a comparative analysis of Finnish and Ukrainian agri-food businesses based on the Sustainability Transparency Index (STI) and Sustainable Development Goals (SDG). Based on the normalization method, SDG-related text mining, and qualitative text analytics, the sustainability information of the largest agri-food companies was traced. Among GRI, ISSB, and ESRS disclosure standards, only GRI 13 has clearly established SDG alignment with most material stakeholders’ requests. The results of the study give a snapshot of sustainability transparency in the agri-food business in 2023, where the indices of Finnish companies are higher than those of Ukrainian ones, with clear SDG 12, waste and water management priority compared to SDG 2 and sustainable agriculture in Ukraine. Regulatory recommendations based on a comparative analysis of sustainability disclosure in both countries include better alignment with EU (Finnish) benchmarks, reporting and assurance practices for Ukrainian companies, and the incorporation of recent EU sustainability disclosure approaches for Finnish companies.

Acknowledgment
Inna Makarenko gratefully acknowledges the support of the Academy of Finland (Decision 353888).

 
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    • Figure 1. Most relevant SDGs in Ukrainian company sustainability reporting (in order of priority, the percentage of co-occurrences corresponding to each goal)
    • Figure 2. Most relevant SDGs in Finnish company sustainability reporting (in order of priority, the percentage of co-occurrences corresponding to each goal)
    • Figure 3. SDG targets detected in Ukrainian company sustainability reporting (percentage of keywords relevant to each goal)
    • Figure 4. SDG targets detected in Finnish company sustainability reporting (percentage of keywords relevant to each target)
    • Figure 5. Mind map on Ukrainian company sustainability reporting
    • Figure 6. Mind map on Finnish company sustainability repo
    • Table 1. STI calculations for Ukrainian sample companies in 2023 (extract)
    • Table 2. STI calculations for Finnish sample companies in 2023 (extract)
    • Table 3. SDG prioritization in Ukrainian company sustainability reporting
    • Table 4. SDG prioritization in Finnish companies’ sustainability reporting
    • Table 5. Topical clusters in Ukrainian company sustainability reporting
    • Table 6. Topical clusters in Finnish companies’ sustainability reporting
    • Conceptualization
      Inna Makarenko
    • Funding acquisition
      Inna Makarenko
    • Methodology
      Inna Makarenko
    • Project administration
      Inna Makarenko
    • Software
      Inna Makarenko
    • Supervision
      Inna Makarenko, Bodo Steiner
    • Writing – original draft
      Inna Makarenko, Kateryna Yuhai
    • Investigation
      Bodo Steiner, Kateryna Yuhai
    • Resources
      Bodo Steiner
    • Validation
      Bodo Steiner
    • Visualization
      Bodo Steiner, Kateryna Yuhai
    • Writing – review & editing
      Bodo Steiner
    • Data curation
      Kateryna Yuhai
    • Formal Analysis
      Kateryna Yuhai