Encompassing Non-Financial Reporting in A Coercive Framework for Enhancing Social Responsibility: Romanian Listed Companies’ Case

Adriana Tiron-Tudor (), Cristina Silvia Nistor, Cristina Alexandrina ªtefãnescu and Gianluca Zanellato
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Adriana Tiron-Tudor: Babeº-Bolyai University, Cluj-Napoca, Romania
Cristina Silvia Nistor: Babeº-Bolyai University, Cluj-Napoca, Romania
Cristina Alexandrina ªtefãnescu: Babeº-Bolyai University, Cluj-Napoca, Romania
Gianluca Zanellato: Babeº-Bolyai University, Cluj-Napoca, Romania
Authors registered in the RePEc Author Service: Adriana Tiron Tudor

The AMFITEATRU ECONOMIC journal, 2019, vol. 21, issue 52, 590

Abstract: This study investigates the disclosure levels of Romanians listed companies’ pre and post the implementation of the European Directive 2014/95 (EUD) in order to explore the effects of the new regulation entered into force in January 2017, under the institutional lens. Moreover, the paper emphasises whether Romanian Energy (Oil & Gas and Utilities) listed companies are delineating, in their reports, issues regarding environmental, social, and governance (ESG) aspects. The empirical research performed throughout a pre/post effect analysis of the level of non-financial disclosure, followed by an exploration of its determinants using the Paired-samples t-test and regression analysis enable us to demonstrate a slight increasing in disclosure level, after the entry into force of the EUD. Moreover, Energy companies who are the most challenged by the bio-economy trend, demonstrated a considerable increasing in terms of disclosure as well as focused and awareness about ESG issues. Research findings lead to an effort increasing in order to satisfy EUD requirements, information are useful to practitioners and policy makers. According to authors best knowledge this is the first assessment of disclosure levels and its determinant pre and post directive adoption in the Romanian case, which can result useful to appreciate the effect of the EUD.

Keywords: non-financial disclosure; sustainability; bio-economy; social responsibility; disclosure index; European Directive 95/2014; Romania. (search for similar items in EconPapers)
JEL-codes: Q01 Q57 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (15)

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Persistent link: https://EconPapers.repec.org/RePEc:aes:amfeco:v:21:y:2019:i:52:p:590

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