Zmiany poziomu ujawnień środowiskowych informacji finansowych w raportach rocznych wybranych spółek publicznych
Changes of level of financial environmental disclosure in annual reports of selected listed companies

Summary/Abstract: The aim of the article is to analyse changes of level of financial environmental disclosure in the annual reports for 2005-2015 of selected 20 companies listed on the Warsaw Stock Exchange which significantly affect the environment. A content analysis was used in order to analyse the level of disclosure (the extent and quality). The analysis proved that in the years 2005-2015 there had been a weak growth trend of the disclosure level. Shifts of the disclosure level resulted to a higher degree from the changes of the extent of disclosed information than from the changes of the disclosure quality. Due to the lack of changes of legal rules concerning disclosing financial environmental information in annual reports of listed companies in the analysed years, it can be assumed that, according to the legitimacy theory, the increase in disclosure level reflected the growing expectations of the society towards the firms in terms of their economic activity minimising the negative impact on the environment.

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