ABSTRACT Sustainability reporting has become increasingly compelling, particularly among hybrid organizations such as B‐Corps, which seek to balance profit and purpose and are required to publish annual Impact Reports. This study assesses the completeness of disclosed information in the 2022 Impact Reports of 74 Italian B‐Corps, drawing on legitimacy theory to evaluate whether firms engage in substantive or symbolic reporting strategies. A content analysis, triangulated with data from a semi‐structured questionnaire, reveals that while environmental disclosures are often detailed and quantitative, indicating substantive disclosure strategies, reporting in the workers, community, customers, and governance areas is predominantly descriptive, reflecting symbolic approaches. Despite frequent references to global reporting standards, only a small minority of firms employ assurance mechanisms. The findings contribute to understanding how B‐Corps navigate legitimacy pressures and offer insights for strengthening transparency and credibility in sustainability reporting.
Ferraro et al. (2026) studied this question.