Non-Financial Disclosure and Corporate Financial Performance Under Directive 2014/95/EU: Evidence from Italian Listed Companies

IF 4.6 Q1 BUSINESS, FINANCE Accounting in Europe Pub Date : 2021-10-20 DOI:10.1080/17449480.2021.1979610
Marisa Agostini, Ericka Costa, Blerita Korca
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引用次数: 19

Abstract

Abstract This paper investigates the impact of Directive 2014/95/EU on both the quantity and quality of non-financial disclosure (NFD) and its relationship with corporate financial performance (CFP) in 20 Italian listed companies. The current study considers both the annual reports (AR) and social and environmental reports (SER) released two years prior (2015–2016) and two years after (2017–2018) the Directive’s application. A manual content analysis was conducted and OLS regression analyses were carried out to evaluate the relationship between NFD and CFP, measured by ROA, ROE and Tobin’s Q. The findings show that the Directive affected the quantity of NFD, but not the quality, and that a transfer of information occurred from the different reporting mediums considered. Overall, NFD quality is significant and positively associated with CFP when measured by ROA and ROE, however, the mandatory NFD quality following the Directive does not show a significant relationship with CFP.
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2014/95/EU指令下的非财务披露与公司财务绩效:来自意大利上市公司的证据
摘要本文研究了2014/95/EU指令对20家意大利上市公司非财务披露数量和质量的影响及其与公司财务业绩的关系。目前的研究考虑了该指令应用两年前(2015-2016)和两年后(2017-2018)发布的年度报告(AR)和社会与环境报告(SER)。进行了手动内容分析,并进行了OLS回归分析,以评估通过ROA、ROE和Tobin’s Q测量的NFD和CFP之间的关系。研究结果表明,该指令影响了NFD的数量,但没有影响质量,并且信息传递来自所考虑的不同报告介质。总的来说,当通过ROA和ROE测量时,NFD质量是显著的,并且与CFP呈正相关,然而,遵循该指令的强制性NFD质量与CFP没有显示出显著的关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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