Biodiversity loss is a critical grand challenge, equalling climate change in its significance due to the deep interconnection between these crises. In the complex landscape of rethinking firms’ relationships with nature, the alarming loss of biological diversity is a critical aspect. Rates of biodiversity loss have been observed to be 10 to 100 times higher than historical norms, thereby placing human welfare at significant risk. The financial sector plays a crucial role in supporting and financing business activities that impact biodiversity. Financial institutions can help ensure that biodiversity is protected as they strongly influence business models and practices through capital allocation. In this context, they have both direct (e.g., use of resources) and indirect effects (e.g., investments) on biodiversity. Our sample consists of high-revenue financial institutions, which are (1) listed in the Financials S&P ranking by the end of 2023 and (2) listed in the Financials Euro Stoxx 600 by the end of 2023. The reporting period under investigation is 2010 to 2023.We develop a conceptual framework based on the institutional theory. The temporal scale based on the longitudinal analysis addresses the timing and continuity of biodiversity efforts. Methodologically, this study employs content analysis to investigate sustainability-related disclosure, as it provides an appropriate tool for examining meaning in text data. This analysis aims on conceptualizing organizational dynamics from biodiversity disclosure, considering various aspects of organizing such as the importance of time as well as strategy and identity.
