Corporate Biodiversity Reporting and Firm Outcomes: A Systematic Review and Strategic Research Agenda

ABSTRACT

This study provides a systematic literature review of emerging research on biodiversity, synthesising evidence on ownership structures, corporate innovation, biodiversity regulation, biodiversity risk, reporting practices, firm performance, national culture and governance quality. As nature‐related risks become increasingly financially material, biodiversity has gained prominence within accounting and corporate governance research. However, existing studies remain fragmented, largely atheoretical and methodologically narrow. Using a three‐stage systematic review of peer‐reviewed articles published between 1970 and 2025 across Scopus, Web of Science and EBSCO, we identify and analyse 40 high‐quality studies. The review integrates theoretical perspectives, research designs and empirical findings to examine the antecedents and consequences of corporate biodiversity reporting. Evidence suggests that biodiversity risk has economically significant effects on firm value and investor behaviour, while reporting is shaped by governance mechanisms, ownership structures and institutional pressures, often reflecting legitimacy concerns. Innovation emerges as a strategic response to biodiversity exposure. We conclude by outlining methodological gaps and proposing a multi‐theoretical, cross‐country research agenda.