Model biznesu jako determinanta ujawnień czynników ryzyka w raportach wybranych linii lotniczych
Business Model as a Determinant of Risk Disclosures in the Annual Reports of Selected Airlines

Summary/Abstract: Aim: The aim of this article is to analyze narrative risk disclosures in the annual reports of four airlines: Delta Air Lines, Lufthansa, Ryanair, and Enter Air for the years 2018-2022. Particular attention was paid to identifying changes in the scope and manner of risk disclosures by entities under the shared macro risk conditions caused by the COVID-19 pandemic. Methodology: The study was conducted using qualitative content analysis. The analysis covered the identification of disclosed categories of risk and the assessment of changes in the narrative and interpretation of risks over time and between entities. Results: The findings indicate significant differences in the volume, detail, and prioritization of reported risk factors among the analyzed airlines. It was shown that the business model acts as a filter shaping the scope and manner of narrative risk reporting. The COVID-19 pandemic and the increasing importance of sustainability requirements had a clear impact on the changes in report contents. Implications and recommendations: the study confirms that risk reporting, including the airline sector itself, requires greater consistency and transparency in disclosures. Further research is recommended on the impact of internal determinants, such as business models and strategies, on risk disclosure practices. Originality/value: The article offers a novel perspective on the determinants of risk reporting in the airline sector, highlighting the importance of the business model as a contextual variable shaping the narrative of risk factors and their relevance to the entity’s future value.

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