The Impact of TSRS and IFRS S on Climate Discourse: A Longitudinal Analysis of Türkiye and EU Samples
DOI:
https://doi.org/10.37241/jatss.2026.147Keywords:
sustainability reporting, TSRS & IFRS S, climate discourse, impression management, signal theory, greenwashingAbstract
Introduction: This study examines the impact of the mandatory TSRS/IFRS S standards on the climate discourse of BIST and EU companies. It holds an original value in terms of empirically revealing, through a longitudinal and global comparative methodology, whether the regulations transform corporate narratives into financial materiality-oriented, evidence-based technical information, whether the standards discipline corporate discourse, and whether they close the "intent-action" gap in the discourse.
Method: A longitudinal and comparative content analysis was conducted on the Integrated Reports of 24 manufacturing companies from Türkiye and the EU for the 2022–2024 period. Using MAXQDA software, the study coded texts based on TSRS/IFRS S 2 pillars. To measure narrative quality, specific discursive variables were examined, including "Climate Action Orientation", "Greenwashing Risk", and "Linguistic Tone". Statistical differences between samples and periods were analyzed via Mann-Whitney U and Kruskal-Wallis tests.
Results or Findings: Findings reveal that while Turkish companies significantly increased reporting volume in 2024 ("active adaptation"), they relied heavily on "future-oriented commitments" and "vague expressions" rather than concrete "impact" data. Furthermore, Turkish reports exhibited an overly optimistic tone compared to the balanced, evidence-based tone of the EU sample.
Discussion or Conclusion: The study concludes that mandatory standards triggered "excessive signaling" and symbolic compliance in Türkiye, increasing reporting volumes without immediately closing the "intent-action" gap. Consequently, the surge in "commitments" was not matched by concrete "impact" data. Furthermore, while governance structures exhibit global isomorphism, significant divergences in linguistic tone and operational depth persist between the Turkish and EU samples.
Downloads
References
Abhayawansa, S., & Adams, C. (2022). Towards a conceptual framework for non-financial reporting inclusive of pandemic and climate risk reporting. Meditari Accountancy Research, 30(3), 710-738. https://doi.org/10.1108/MEDAR-11-2020-1097
Acar Uğurlu, Y. (2024). 2000-2024 dönemi için yeşil aklama konusundaki küresel eğilimler. Mali Çözüm (İSMMMO), 34(186), 1787-1823.
Afifa, M. A., Nguyen, N. M., & Bui, D. V. (2025). Environmental, social and governance (ESG) disclosure quality in developing countries: Evidence from the ASEAN region. Corporate Governance: The International Journal of Business in Society, 25(7), 1728-1754. https://doi.org/10.1108/CG-02-2024-0102
Al Amosh, H. (2025). Exchange rate volatility and ESG performance: An international empirical analysis. The Journal of Corporate Accounting & Finance, 36, 14-28. https://doi.org/10.1002/jcaf.22774
Albitar, K., Hussainey, K., Kolade, N., & Gerged, A. (2020). ESG disclosure and firmperformance before and after IR: The moderating role of governance mechanisms. International Journal of Accounting and Information Management, 28(2), 1-21.
Albitar, K., Abdoush, T., & Hussainey, K. (2023). Do corporate governance mechanisms and ESG disclosure drive CSR narrative tones? International Journal of Finance & Economics, 28(4), 3876-3890.
Ali, K., Arslan, H. M., Mubeen, M., Azeem, H., Zhen-Yu, Z., Yushi, J., & Miao, M. (2025). From reporting to responsibility: Investigating the influence of sustainability disclosure on earnings management. Environment, Development and Sustainability, 27, 30431–30464. https://doi.org/10.1007/s10668-024-04920-y
Anıl, B., Aerts, W., Roszkowska-Menkes, M., & van Caneghem, T. (2025). CEO talk under scrutiny: Visibility and rhetorical impression management in sustainability narratives. Accounting, Auditing & Accountability Journal. https://doi.org/10.1108/AAAJ-08-2024-7297
Anwar, M., Sinnewe, E., & Quayle, A. (2025). Environmental disclosure tone and analyst forecast behaviour: A study of the EU Nonfinancial Reporting Directive. Accounting & Finance, 65(4), 3574–3604. https://doi.org/10.1111/acfi.70059
Ayrancı, M. (2025). Sürdürülebilirlik raporlarının kurumsal imaj oluşturmaya etkisi: Türk hava yolları ve Pegasus havayollarının karşılaştırmalı analizi. Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(4), 221-230. https://doi.org/10.52791/aksarayiibd.1667007
Bassyouny, H., Abdelfattah, T., & Tao, L. (2020). Beyond narrative disclosure tone: The upper echelons theory perspective. International Review of Financial Analysis, 70, 101499. https://doi.org/10.1016/j.irfa.2020.101499
Başar, Ü., & Doğruel, M. (2025). Identifying sustainability trends in the fast fashion industry with content analysis. Istanbul Gelisim University Journal of Social Sciences, 12(3), 1141-1161. https://doi.org/10.17336/igusbd.1712549
Başar, A. B., & Selimoğlu, S. K. (2025). Legal framework in Türkiye within the scope of transition from greenwashing to green trust. Muhasebe ve Finansman Dergisi, 108, 131-168. https://doi.org/10.25095/mufad.1763631
Bernardi, C., & Stark, A. W. (2018). Environmental, social and governance disclosure, integrated reporting, and the accuracy of analyst forecasts. The British Accounting Review, 50(1), 16-31. https://doi.org/10.1016/j.bar.2016.10.001
Carungu, J., Dimes, R., & Molinari, M. (2025). The influence of global sustainability reporting standards on the discourse within the EU. Sustainability Accounting, Management and Policy Journal. Advance online publication. https://doi.org/10.1108/SAMPJ-12-2024-1378
Cho, C. H., Michelon, G., & Patten, D. M. (2012). Impression management in sustainability reports: An empirical investigation of the use of graphs. Accounting and the Public Interest, 12(1), 16-37. https://doi.org/10.2308/apin-10249
de Villiers, C., Dimes, R., La Torre, M., & Molinari, M. (2024). The International Sustainability Standards Board’s (ISSB) past, present, and future: Critical reflections and a research agenda. Pacific Accounting Review, 36(2), 255–273. https://doi.org/10.1108/PAR-02-2024-0038
Deng, B., Peng, Z., Albitar, K., & Ji, L. (2024). Top management team stability and ESG greenwashing: Evidence from China. Business Strategy and the Environment, 34(1), 450-467. https://doi.org/10.1002/bse.3998
DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American sociological review, 48(2), 147-160.
Fang, C., Wang, Z., & Zhao, L. (2025). Environmental regulations and the greenwashing of corporate ESG reports. Economic Analysis and Policy, 87, 1469-1481. https://doi.org/10.1016/j.eap.2025.07.030
Fianko, S. K., Amoah, N., Addo, A., Agyeman, K., Gbadago, F. Y., Adjaye-Gyamfi, O., Agbemava, E., Agropah, F., Zaglago, L., Atiase, D. D., & Nooni, I. K. (2025). IFRS S1 and S2 implementation readiness in emerging markets: A multi-dimensional assessment framework and market readiness index. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-12-2024-0921
Grewal, J., & Serafeim, G. (2020). Research on corporate sustainability: Review and directions for future research. Foundations and Trends in Accounting, 14(2), 73-127. https://doi.org/10.1561/1400000061
Gültepe, M. (2025) Sürdürülebilirlik stratejilerinin halkla ilişkiler açısından incelenmesi: Hazır giyim markalarında marka aktivizmi yaklaşımları. INIF E- Dergi, 10(2), 953-975. https://doi.org/10.47107/inifedergi.1736543
Gürsoy, Ç., & Özuyar, P. (2024). BIST sürdürülebilirlik 25 endeksindeki şirketlerin sürdürülebilirlik konusuna yaklaşımları. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(3), 441-464. https://doi.org/10.53443/anadoluibfd.1440136
Henry, E. (2008). Are investors influenced by how earnings press releases are written? Journal of Business Communication, 45(4), 363-407. https://doi.org/10.1177/0021943608319388
Jung, S.-U. (2025). Tracing the Diffusion of Sustainability Discourse: Institutional Signals and Consumer Search Behavior in the United States. Sustainability, 17(17), Article 7697. https://doi.org/10.3390/su17177697
Kaldırım, Y., & Kaldırım, Z. (2025). BİST sürdürülebilirlik 25 endeksindeki işletmelerin sürdürülebilirlik raporlarının TSRS S1’e uyumu. Mali Çözüm (İSMMMO), 35(192), 1995-2020.https://archive.ismmmo.org.tr/docs/malicozum/192malicozum/10.pdf
Kamu Gözetimi, Muhasebe ve Denetim Standartları Kurumu (KGK). (2023). TSRS 1 Sürdürülebilirlikle İlgili Finansal Bilgilerin Açıklanmasına İlişkin Genel Hükümler. https://www.kgk.gov.tr
Kamu Gözetimi, Muhasebe ve Denetim Standartları Kurumu (KGK). (2023). TSRS 2 İklimle İlgili Açıklamalar. https://www.kgk.gov.tr
Kamu Gözetimi, Muhasebe ve Denetim Standartları Kurumu (KGK). (2024). 2024 faaliyet raporu. https://www.kgk.gov.tr
Kathan, M. C., Utz, S., Dorfleitner, G., Eckberg, J., & Chmel, L. (2025). What you see is not what you get: ESG scores and greenwashing risk. Finance Research Letters, 74, Article 106710. https://doi.org/10.1016/j.frl.2024.106710
Kılıç, M., & Kuzey, C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal, 33(1), 115–144. https://doi.org/10.1108/MAJ-12-2016-1498
Li, J., Peng, X., Gao, J., & Tang, Q. (2025). Detecting greenwashing behaviour in decarbonization performance. Accounting & Finance, 65(4), 3739–3762. https://doi.org/10.1111/acfi.70088
Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. The Journal of Finance, 66(1), 35–65. https://doi.org/10.1111/j.1540-6261.2010.01625.x
Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research note on standalone corporate social responsibility reports: Signaling or greenwashing? Critical perspectives on accounting, 24(4-5), 350-359 https://doi.org/10.1016/j.cpa.2012.09.008
Marquis, C., Toffel, M. W., & Zhou, Y. (2016). Scrutiny, norms, and selective disclosure: A global study of greenwashing. Organization science, 27(2), 483-504. https://doi.org/10.1287/orsc.2015.1039
Mahran, K., & Elamer, A. A. (2025). Shaping ESG commitment through organizational psychological capital: The role of CEO power. Business Strategy and the Environment, 34(1), 690-707. https://doi.org/10.1002/bse.4007
Maniora, J. (2017). Is integrated reporting really the superior mechanism for the integration of ethics into the core business model? An empirical analysis. Journal of Business Ethics, 140(4). https://doi.org/10.1007/s10551-015-2874-z
Ozsozgun Caliskan, A., Esen, E., & Barkemeyer, R. (2021). Impression management tactics in the CEO statements of Turkish sustainability reports. Business Ethics, the Environment & Responsibility, 30(4), 485–506. https://doi.org/10.1111/beer.12374
Özcan, Ö. D., & Akbaş, H. E. (2025). BIST sürdürülebilirlik endeksindeki şirketlerin TSRS 2 iklimle ilgili açıklamalar standardına hazırlık seviyeleri: Elektrik tesisleri ve güç jeneratörleri ile inşaat malzemeleri sektörleri üzerine bir araştırma. Uluslararası Sosyal Alan Araştırmaları Dergisi, 14(1), 151-171.
Özçelik, M. (2025). Sürdürülebilirlik raporlarının zorunlu güvence denetimi: Bağımsız denetçilerden görüşler. İşletme Araştırmaları Dergisi, 17(2), 1773-1793. https://doi.org/10.20491/isarder.2025.2064
Özdemir, N. (2024). Güncel gelişmeler ekseninde sürdürülebilirlik raporlama sürecinin ve Türkiye sürdürülebilirlik raporlama standartlarının değerlendirilmesi. Ekonomik ve Sosyal Araştırmalar Dergisi, 20(2), 444-458. https://izlik.org/JA63UJ59SW
Rabaya, A., & Saleh, N. M. (2022). The moderating effect of IR framework adoption on the relationship between environmental, social, and governance (ESG) disclosure and a firm's competitive advantage. Environment Development and Sustainabilty, 24(1). https://doi.org/10.1007/s10668-021-01519-5
Rakhavendra, A. H., Bala, P. K., & Mukherjee, A. (2023). CEO communications and ESG performance: Deciphering the impact of corporate narratives. International Journal of Business & Economics (IJBE), 8(2). https://doi.org/10.58885/ijbe.v08i2.190.ar
Rossi, P., & Candio, P. (2023). The independent and moderating role of choice of non-financial reporting format on forecast accuracy and ESG disclosure. Journal of Environmental Management, 345, 118891. https://doi.org/10.1016/j.jenvman.2023.118891
Saglam, B. B., Solak-Fiskin, C., & Akgul, E. F. (2024). Conveying the sustainability message through CEO letters: An investigation on selected transportation companies. World Review of Intermodal Transportation Research, 11(4), 436–458. https://doi.org/10.1504/WRITR.2023.10063023
Spaniol, M. J., Danilova-Jensen, E., Nielsen, M., Rosdahl, C. G., & Schmidt, C. J. (2024). Defining greenwashing: A concept analysis. Sustainability, 16(20), Article 9055. https://doi.org/10.3390/su16209055
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87, 354-374.
Tepeli, Y., & Büklü, E. (2025). Çevre dostu açıklamalar, yeşil pazarlama ve piyasa gerçekliği: Yeşil aklamanın finansal etkileri. Uluslararası Yönetim Akademisi Dergisi, 8(4), 1102-1114. https://doi.org/10.33712/mana.1831443
Todaro, N. M., & Torelli, R. (2024). From greenwashing to ESG-washing: A focus on the circular economy field. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.2786
Tumewang, Y., Ntim, C., & Haque, F. (2025). Task force on climate-related financial disclosures: A systematic literature review and future research agenda. Business Strategy and the Environment, 34(8), 10033–10058. https://doi.org/10.1002/bse.70112
Treepongkaruna, S., Yong, H. H. A., Thomsen, S., & Kyaw, K. (2024). Greenwashing, carbon emission, and ESG. Business Strategy and the Environment, 33(8), 8526–8539. https://doi.org/10.1002/bse.3929
Yu, W., Chavez, R., Feng, M., Wong, C. Y., & Fynes, B. (2020). Green human resource management and environmental cooperation: an ability-motivation-opportunity and contingency perspective. International Journal of Production Economics, 219, 224-235. https://doi.org/10.1016/j.ijpe.2019.06.013
Yuan, M., Wang, X., Suo, X., Lin, H., Yu, M., & Jiang, W. (2025). Affective orchestration at the helm! Unraveling CEO affects’ effect on corporate ESG performance. Business Ethics, the Environment & Responsibility. Advance online publication. https://doi.org/10.1111/beer.12813
Zhou, S., Simnett, R., & Green, W. (2017). Does integrated reporting matter to the capital market? Abacus, 53(1), 94-132. https://doi.org/10.1111/abac.12104
Downloads
Published
How to Cite
Issue
Section
