166074 20260119170325.0 doi 10.1002/bse.70484 sideral 147477 ART-2025-147477 eng Suárez-Perales, Inés Universidad de Zaragoza (orcid)0000-0003-4045-5918 How are large firms integrating environmental requirements? stakeholders' engagement, environmental disclosure, and financial value creation 2025 In recent years, companies have been subjected to great pressures from different stakeholders, including the integration of environmental requirements and the need to disclose information related to these environmental changes. In addition, the conflict of interests existing has led some large companies to integrate the interests of certain stakeholders in a superficial or symbolic way, without carrying out the required integration process within the strategic decisions. From the theoretical approaches of agency and stakeholders, bridging the gap between governance theory and stakeholder engagement literature, this paper delves into the phenomenon known as stakeholders' engagement and the company's response to this integration, in a superficial or deep way, through the disclosure of environmental information. The results of an analysis of a sample of 540 large US companies over a 13‐year period reveal that independent directors play a dual role: promoting environmental communication with stakeholders' expectations and subsequently driving substantive environmental strategies that go beyond mere regulatory compliance. The article thus presents a progressive model in which effective environmental disclosure depends on the integration of stakeholder interests into corporate strategy. Our results also contribute to extend Porter's hypothesis by demonstrating that long‐term value creation associated with environmental performance depends on the substantive nature of the company's environmental strategy, which is actively facilitated by independent directors. Access copy available to the general public Unrestricted info:eu-repo/grantAgreement/ES/DGA/S42-23R-CREVALOR info:eu-repo/grantAgreement/ES/MICINN/PID2020-113338RB-I00 info:eu-repo/grantAgreement/EUR/MICINN/TED2021-130238B-I00 info:eu-repo/semantics/embargoedAccess All rights reserved http://www.europeana.eu/rights/rr-f/ info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Rivera-Torres, Pilar Universidad de Zaragoza (orcid)0000-0001-9319-5895 Garcés-Ayerbe, Conchita Universidad de Zaragoza (orcid)0000-0001-5003-4039 Beortegui Díaz, Rafael 4012 650 Universidad de Zaragoza Dpto. Direcc.Organiza.Empresas Área Organización de Empresas 4011 095 Universidad de Zaragoza Dpto. Direc.Mark.Inves.Mercad. Área Comerci.Investig.Mercados (2025), [13 pp.] Bus. strat. environ. Business Strategy and the Environment 0964-4733 424371 http://zaguan.unizar.es/record/166074/files/texto_completo.pdf Postprint info:eu-repo/date/embargoEnd/2027-12-04 1670678 http://zaguan.unizar.es/record/166074/files/texto_completo.jpg?subformat=icon icon Postprint info:eu-repo/date/embargoEnd/2027-12-04 oai:zaguan.unizar.es:166074 articulos driver 2026-01-19-14:39:28 ARTICLE