From Product Focus to Stakeholder Engagement: Mapping Shifting Priorities in Cosmetics Industry Sustainability Reporting

Stakeholder expectations play a central role in sustainability communication by driving firms toward more strategic and accountable practices beyond passive disclosure. This study examines how companies have adapted their responses to these expectations within complex international contexts. Using Leximancer, a machine‐learning–based text‐mining tool, we conduct a content analysis of 90 sustainability reports from 12 leading cosmetics companies over the period 2015–2023. Findings reveal a clear shift in communication priorities, with dominant themes including Products, Employees, Business, Management, and Brand. Reporting practices have evolved from compliance‐driven, product‐focused environmental disclosure toward greater emphasis on supply chain transparency and stakeholder engagement. At the same time, we identify persistent gaps in reporting content and external assurance. This study contributes to corporate social responsibility (CSR) and sustainability reporting literature by providing longitudinal, sector‐specific evidence on how reporting priorities evolve in response to stakeholder and institutional pressures. It also offers practical insights for practitioners seeking to better align sustainability communication with stakeholder expectations.