Environmental Information Transparency—Evidence from Romanian Companies

Marius Sorin Dinca, Mara Madaleno, Mirela Camelia Baba and Gheorghita Dinca
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Marius Sorin Dinca: Finance and Accounting Department, Transilvania University of Brasov, 500036 Brașov, Romania
Mara Madaleno: GOVCOPP and DEGEIT, University of Aveiro, 3810-193 Aveiro, Portugal
Mirela Camelia Baba: Finance and Accounting Department, Transilvania University of Brasov, 500036 Brașov, Romania
Gheorghita Dinca: Finance and Accounting Department, Transilvania University of Brasov, 500036 Brașov, Romania

Sustainability, 2019, vol. 11, issue 18, 1-22

Abstract: The purpose of this paper is to analyse disclosure of environmental information (DEI) for a set of 100 companies listed at the Bucharest Stock Exchange (BSE) and identify possible correlations between this and the evolution of some relevant economic and financial measures of companies’ activities. For these purposes we have calculated an index of environmental information disclosure and we employed a system dynamic panel data estimation model and panel corrected standard errors for sampled companies for the 2013–2017 period. The results we have obtained show that sampled companies have a low degree of environmental information disclosure, as the highest registered score was of 15 out of a maximum of 29 points, with an average of merely 6.37 points. Regarding the possible correlations, the tests performed have shown that entity size, expressed by the number of employees, is the factor which positively influences environmental information’s disclosure. Results also evidence that performance determines the quantity of information the firm provides to external users, as opposed to maturity/age. Our study is the first approaching companies from Bucharest Stock Exchange with data for 5 years using a mixed approach (DEI–index and regressions) and we think the results obtained are useful for managers, general public and investors, considering that size and performance greatly influence companies’ environmental awareness.

Keywords: environmental information; transparency; sustainability report; economic and financial measures (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:11:y:2019:i:18:p:5040-:d:267414

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