2026-04-27T16:08:46Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/110122025-12-27T23:42:22Zcom_10259_5238com_10259_5086com_10259_2604col_10259_6212

García Torea, Nicolás 671 600 0000-0003-4301-3517 Luque Vílchez, Mercedes 330 600 Rodríguez Gutiérrez, Pablo c5964b89-b650-4cb0-91c0-4cdf1e4d544a 600 2025-10-29T08:14:55Z 2025-10-29T08:14:55Z 2024-09 0155-9982 https://hdl.handle.net/10259/11012 10.1080/01559982.2024.2364953 1467-6303 The EU Taxonomy Regulation relies on sustainability reporting to channel financial resources to sustainable activities. Financial institutions are key actors in the Taxonomy setting because they operate as financial intermediaries and have a dual role as both users and preparers of sustainability information. This paper investigates the perceived uncertainty that characterizes the sustainability reporting regulatory environment of a particular type of financial institution, banks, to identify the elements that generate that perception. Drawing on literature on regulatory uncertainty, this paper conducts a case study of the Spanish banking industry informed by interviews and complemented by other data sources. The analysis unveils two significant elements driving regulatory uncertainty: the Taxonomy’s lack of clarity regarding the operationalization of its measures and rules and the timeline and oversight of its implementation. The study also documents that the Taxonomy induces uncertainty in the non-regulatory environment due to its unpredictable impact on banks’ reputation and market competition, as well as to the changes it provokes in banks’ internal structures and processes to address regulatory requirements. As the perception of regulatory uncertainty represents an impediment to compliance, understanding the elements giving rise to it can help to mitigate such perception and facilitate the fulfillment of regulatory demands. This investigation offers implications for policy and practice to facilitate the production of the sustainability information banks must disclose according to the EU Taxonomy, particularly the green asset ratio Nicolas Garcia-Torea and Mercedes Luque-Vílchez acknowledge the financial support provided by the Spanish Ministry of Science and Innovation (TED2021-129520B-I00), Agencia Nacional de Investigación (PID2021-122389OB-I00) and Junta de Castilla y León (BU069P20 y BU029P23). application/pdf eng Routledge Accounting Forum. 2024, V. 48, n. 3, p. 427–454 https://doi.org/10.1080/01559982.2024.2364953 Atribución-NoComercial 4.0 Internacional http://creativecommons.org/licenses/by-nc/4.0/ info:eu-repo/semantics/openAccess Banks EU Taxonomy GAR Regulation Sustainability reporting Uncertainty Información de sostenibilidad Sustainable development reporting The EU Taxonomy, sustainability reporting and financial institutions: understanding the elements driving regulatory uncertainty info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Accounting Forum 48 3 427 454 THUMBNAIL Garcia-af_2024.pdf.jpg Garcia-af_2024.pdf.jpg IM Thumbnail image/jpeg 4215 https://riubu.ubu.es/bitstream/10259/11012/5/Garcia-af_2024.pdf.jpg ef5e28a05377fa8e464714e66502de4d MD5 5 LICENSE license.txt license.txt text/plain; charset=utf-8 999 https://riubu.ubu.es/bitstream/10259/11012/3/license.txt b295bcbce42e2caabeb0c623d3860c06 MD5 3 CC-LICENSE license_rdf license_rdf application/rdf+xml; charset=utf-8 914 https://riubu.ubu.es/bitstream/10259/11012/2/license_rdf 24013099e9e6abb1575dc6ce0855efd5 MD5 2 ORIGINAL Garcia-af_2024.pdf Garcia-af_2024.pdf application/pdf 758532 https://riubu.ubu.es/bitstream/10259/11012/4/Garcia-af_2024.pdf 677ee9a2e9edb5bec299a742164f3f46 MD5 4 10259/11012 oai:riubu.ubu.es:10259/11012 2025-12-28 00:42:22.566 Repositorio Institucional de la Universidad de Burgos bubrep@ubu.es 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