Ujawnienia w ramach Taksonomii Unii Europejskiej jako instrument regulacyjny i narracyjny: dowody z polskich spółek giełdowych
EU Taxonomy disclosures as a regulatory and narrative instrument: Evidence from Polish listed companies

Summary/Abstract: Purpose: Drawing on institutional theory, legitimacy theory, and signaling theory, this article examines whether EU Taxonomy disclosures provide a coherent narrative of corporate sustainability transformation and explores their role as both a regulatory and a communicative instrument in sustainability reporting. Methodology/approach: The study combines an analysis of the European regulatory framework and prior literature with a qualitative content analysis of taxonomy-related indicators (turnover, capital expenditure (CapEx), and operating expenditure (OpEx)) disclosed by 58 companies listed on the Warsaw Stock Exchange in their reports for 2022–2023. The narrative value of taxonomy disclosures was assessed through the analysis of indicator consistency, year-to-year stability, green operating profit, and patterns observed across turnover, CapEx, and OpEx indicators. Findings: The results reveal substantial differences across sectors and companies. While taxonomy disclosures enhance quantitative transparency and comparability, their narrative value remains limited because turnover, CapEx, and OpEx indicators often provide inconsistent signals regarding sustainability transformation. In many industries, taxonomy-aligned investments substantially exceed taxonomy-aligned reve-nues, suggesting an investment–revenue gap.Research limitations/implications: The study is limited to Polish listed companies and the first two years of mandatory taxonomy reporting. Originality/value: The article contributes to the emerging literature on the EU Taxonomy by examining the narrative value of primary taxonomy disclosures. The findings suggest that taxonomy disclosures perform regulatory, signaling, and legitimizing func-tions, although their narrative coherence remains limited.

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