The Role of Sustainable Accounting in Enhancing Financial Stability Under Crisis Conditions: A Romanian Perspective
Year: 2026
Type: article
Abstract: This paper analyses how sustainability accounting and ESG disclosure contribute to financial stability in three major Romanian energy companies: OMV Petrom, Hidroelectrica and Transgaz. Drawing on a qualitative content analysis of annual and sustainability reports for 2020–2024, supported by selected regulatory and market information, the study examines how ESG indicators are defined, measured and connected to profitability, leverage and cash-flow resilience during overlapping crises. The results indicate that ESG reporting has become more standardised and decision-useful, although the extent to which sustainability information is integrated into financial analysis varies across firms. OMV Petrom links decarbonisation objectives to capital allocation decisions, Hidroelectrica benefits from strong governance and a low-risk financial structure, while Transgaz focuses on compliance, network reliability and gradual transition. The paper concludes with several implications for regulators, investors and preparers of financial statements in emerging markets
Institution: Vasile Goldis Western University of Arad
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7128943072
FWCI:
Cites:
Cited by:
Related to: