FN ISI Export Format VR 1.0 PT J TI Walking and Talking the Path to Legitimacy AF Milchev, Ilian AU Milchev, I AB Companies today are under increasing pressure to take responsibility for their environmental actions. Meeting stakeholder expectations can result in increased trust towards the company and thus, increased legitimacy. Legitimacy is widely acknowledged to be an indispensable resource for companies. To safeguard it, companies must not only “walk” their environmental commitments in practice, but progress should additionally be communicated (talk) to stakeholders. The present paper thus aims to explore the gap between the content of planning and controlling reporting initiatives, in the form of CoC’s and non-financial reports, in addition to analyzing the sentiment of non-financial reports. The study also seeks to examine the role of industry by comparing the actions of tourism and non-tourism companies. The results indicate that a walking and talking gap is present for all industries, and companies tend to report positively. The findings are discussed in relation to legitimacy theory. ER