Assessing the Effects of Directive 2014/95/EU on Nonfinancial Information Reporting: Evidence from Italian and Spanish Listed Companies

Stefanía Carolina Posadas and Lara Tarquinio
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Stefanía Carolina Posadas: Department of Economic Studies, University “G. d’Annunzio” of Chieti-Pescara, 65127 Pescara, Italy
Lara Tarquinio: Department of Economic Studies, University “G. d’Annunzio” of Chieti-Pescara, 65127 Pescara, Italy

Administrative Sciences, 2021, vol. 11, issue 3, 1-28

Abstract: This paper explored the effects of new regulation on the disclosure of NFI in two European countries, Italy and Spain. The method used to develop the analysis is mainly qualitative. Content analysis was performed to verify the sustainability indicators disclosed by Italian and Spanish companies, listed on the FTSE MIB and IBEX 35 Indexes, before and after the Directive’s publication and implementation in national legislation. The level of NFI disclosure was scored using a disclosure index. The comparative analysis found a progressive reduction in disclosure levels for Italian companies compared with Spanish companies, for which an expansion of the disclosure was detected. Moreover, a reduced gap between the quantity of NFI reported in the two countries was found. This is one of the few studies to use a 3-year longitudinal analysis to investigate the EU Directive’s impact at the cross-country level.

Keywords: nonfinancial information; Directive 2014/95/EU; disclosure index; Italy; Spain (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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