Sustainability Report in the context of pandemic from legitimacy theory and stakeholder theory perspective - A case study of Nordic Region Pharmaceutical companies

Sammanfattning: Purpose: This study aims to determine how a company uses sustainability reporting to engage its stakeholders, with a view toward analysing legitimacy theory and stakeholder theory. Sustainability disclosure is a key source for determining whether a stakeholder will keep a relationship with a company. Focusing on pharmaceuticals in the Nordic region yields more conclusive results because the Nordic countries place a high priority on sustainability. Methodology: Qualitative approach using Content Analysis method Theoretical perspective: This study is based on the sustainability reporting theory and previous research results on its impact on the sustainability practices of pharmaceutical companies. Empirical Foundation: The qualitative study is based on a sample of the top ten Nordic pharmaceutical companies for the years 2019 - 2021. Conclusion: Through content analysis, this study discusses the legitimacy and stakeholder theory perspective of Nordic pharmaceutical companies' disclosure of Sustainability Reports in the context of a pandemic. The analysis shows that most pharmaceutical companies improved the overall sustainable disclosure level during the pandemic, especially in the aspect of social sustainability, and paid more attention to drug access, employee health and safety, and human rights, but lacked in the aspect of environmental sustainability. The research shows that Nordic pharmaceutical companies create reports according to EU directives and regional rules such as GRI and SASB standards, and the preparation of enterprise sustainability reports during the pandemic is consistent with the legitimacy theory and stakeholder theory. The study emphasised the possible impact of pandemic on sustainable reporting of pharmaceutical companies, and revealed the internal relationship between sustainable reporting and related theories.