In the context of institutional pressure and increasing stakeholders’ interest in sustainability reporting as a complementary dimension to financial reporting, the concerns of the academic environment are materializing through the development and integration of new paradigms in the specialized literature. From this perspective, this research answers the following questions: What was the research trend, research methods, but also theories regarding financial and sustainability reporting? What were the factors that generated changes in financial and sustainability reporting? What was the relationship between the requirements of financial and sustainability reporting frameworks and the main thematic directions of the academic literature? The research methodology is based on a structured literature review (SLR) that involved the identification and analysis of articles published in the period 2020–2024, coded based on conceptual and methodological criteria. The three-dimensional results of the research highlight: the evolution from predominantly theoretical contributions to empirical studies based on advanced econometric models and the use of a varied portfolio of theories; changes in financial and sustainability reporting are generated both by institutional and stakeholders’ pressures, as well as by the strengthening of the regulatory framework, especially at the European level; there is a convergence between the developments in the regulatory framework and the research directions in the specialized literature, with research focusing on dual materiality, information connectivity and the integration of financial reporting with sustainability reporting.

In the contemporary global context, emerging risks are characterized by a high degree of interconnectedness and rapid evolution, requiring companies to develop proactive governance and risk management mechanisms to address stakeholders’ expectations within a sustainability-oriented framework. This study investigates the associations of market capitalization, corporate governance mechanisms, and financial characteristics on the level of emerging risk disclosure in annual reports. Market capitalization is employed as a market-based indicator associated with investors’ aggregate perceptions of the firm, rather than as a direct or comprehensive measure of corporate reputation. The empirical analysis is based on a sample of 528 European companies, using data extracted from the London Stock Exchange Group (LSEG) Workspace database for 2024. To construct firm-level risk profiles, a manual content analysis approach was employed, focusing on the extent of disclosure related to the ten most relevant emerging risks identified by the Risk Leadership Network. These risks were subsequently classified, in accordance with the OECD framework, into three strategic pillars: Technology, Geopolitics and Economy, and Climate. By applying this research methodology, the study highlights the multidimensional nature of emerging risk disclosure, indicating that its relationship with market, corporate governance, and financial factors varies according to the nature of the risk examined. Market capitalization is significantly associated with climate risk disclosure, while corporate governance mechanisms and financial characteristics contribute differently to explaining the other dimensions of emerging risk disclosure.