Abstract

Title: Empirical Analysis of Business Sustainability Reporting and Assurance in Scandinavian Countries before and after COVID-19

 Level: Student thesis, final assignment for master’s degree  in Business Administration

 Authors: Edward Arthur and Anoyika  Jennifer Chinaza

 Supervisor: Saeid Homayoun

 Date: May 2025

 Aim: The research aims to study the COVID-19 pandemic impact on Scandinavian publicly traded companies by analyzing their resilience based on sustainability reporting and third-party assurance practices.  The research evaluates sustainability reporting methods with assurance practices from 2020 and their effects on business value transparency and stakeholder trust in Danish and Swedish and Finnish and Norwegian companies.

Methodology: The study uses logical methodology to examine publicly traded companies through regression analysis based on their available data.The research analyzes ESG. 

reporting methods through the Global Reporting Initiative (GRI) and TCFD frameworks to understand how industry variations and assurance quality affect ESG disclosures' protective role during systemic disruptions.

 Result & conclusion: Firms with trustworthy ESG reports and transparent reporting demonstrated superior pandemic resilience.Third-party validation of ESG disclosures created increased transparency, which led to better investor trust, resulting in higher business value and enhanced stakeholder participation.ESG assurance adoption varies by sector, while Scandinavian legislative progress improves disclosure consistency.

Contribution of the thesis: The research develops ESG knowledge by merging sustainability assurance into institutional theory and signaling theories frameworks.Verified ESG reporting serves as an insurance mechanism that reduces risks while producing long-term value.Previous studies support the research findings that businesses with strong ESG systems perform better in market volatility and achieve higher profitability during times of crisis.

Suggestions for future research: Research should explore ESG assurance impact in shareholder-centric legal systems and compare ESG assurance effects before and after implementing the CSRD across EU member states.

Keywords: ESG, sustainability assurance, corporate governance, Scandinavian nations, COVID-19, signaling theory, legislative origin, optional and required reporting.