Abstract
The decline in biodiversity poses significant risks to the sustainability of corporations and industries worldwide. In response, corporations are required to commit to understanding and reducing their impact on biodiversity and to reflect this commitment in their annual and sustainability reports. To find out how corporates address biodiversity issues and shape related disclosures, this research examines data from 2,779 companies that are publicly traded on stock exchanges in 59 different countries, covering the period from 2015 to 2023. We draw on the Natural Capital Based View (Carvalho et al., 2023) and found that though some companies have started taking the matter seriously. The findings show that green innovations have a direct positive impact on financial performance indicators. This implies that environmentally friendly innovations lead to more efficient resource use and improve a company's reputation, subsequently enhancing its financial outcomes.