In this paper, we analyse whether there is a difference
in the transparency of sustainability reporting between listed state-owned
enterprises (SOEs) and listed non-state-owned enterprises (non-SOEs). Employing
theoretical approaches (chiefly stakeholder and legitimization theories), we
concluded that a wider set of assignments and duties for SOEs call on these
companies to expand their sustainability reporting relative to non-SOEs.
Transparency is quantified using the widely applied GRI index and its sub-indices.
The proposition receives strong support from Finland, where the state is the
most significant owner of listed companies in Europe. The result suggests that the
state as a shareholder of a listed company results in an observable distinction
in a company’s reporting environment. Finally, we suggest several avenues for
further research.